RAF KERKHOFS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
RAF KERKHOFS
Largest movements
- Receivables within one year -€44,556
down €44,556 (-65.8%), from €67,732 to €23,176
of which Trade receivables: -€28,714
- Cash +€23,543
up €23,543 (+105%), from €22,490 to €46,032
mainly Receivables within one year (+€44,556) and Other debts (+€6,905)
- Reserves -€29,797
down €29,797 (-38.3%), from €77,862 to €48,065
- Other debts +€6,905
up €6,905 (+103%), from €6,699 to €13,604
- Trade debts +€2,968
up €2,968 (+243%), from €1,220 to €4,187
- Tax, wage and social debts -€1,929
down €1,929 (-47.7%), from €4,048 to €2,118
of which Taxes: -€1,929
- Gross operating margin -€12,647
down €12,647 (-70.0%), from €18,064 to €5,417
- Taxes -€5,685
down €5,685 (-95.8%), from €5,934 to €249
- Write-downs +€1,376
new in 2025: €1,376
- Depreciation -€1,058
down €1,058 (-64.5%), from €1,640 to €582
- Financial charges -€226
down €226 (-8.3%), from €2,709 to €2,483
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €92,893 | €70,975 | -€21,918 | -23.6% |
| Fixed assets | 21/28 | €1,921 | €1,339 | -€582 | -30.3% |
| Tangible fixed assets | 22/27 | €1,921 | €1,339 | -€582 | -30.3% |
| Furniture and vehicles | 24 | €306 | €0 | -€306 | -100% |
| Other tangible fixed assets | 26 | €1,615 | €1,339 | -€276 | -17.1% |
| Current assets | 29/58 | €90,972 | €69,636 | -€21,336 | -23.5% |
| Amounts receivable within one year | 40/41 | €67,732 | €23,176 | -€44,556 | -65.8% |
| Trade receivables | 40 | €43,250 | €14,536 | -€28,714 | -66.4% |
| Other amounts receivable | 41 | €24,482 | €8,640 | -€15,842 | -64.7% |
| Cash at bank and in hand | 54/58 | €22,490 | €46,032 | +€23,543 | +105% |
| Deferred charges and accrued income | 490/1 | €751 | €428 | -€323 | -43.0% |
| Total equity and liabilities | 10/49 | €92,893 | €70,975 | -€21,918 | -23.6% |
| Equity | 10/15 | €80,862 | €51,065 | -€29,797 | -36.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €77,862 | €48,065 | -€29,797 | -38.3% |
| Distributable reserves | 133 | €77,862 | €48,065 | -€29,797 | -38.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,030 | €19,910 | +€7,879 | +65.5% |
| Amounts payable within one year | 42/48 | €11,967 | €19,910 | +€7,943 | +66.4% |
| Trade debts | 44 | €1,220 | €4,187 | +€2,968 | +243% |
| Suppliers | 440/4 | €1,220 | €4,187 | +€2,968 | +243% |
| Taxes, remuneration and social security | 45 | €4,048 | €2,118 | -€1,929 | -47.7% |
| Taxes | 450/3 | €1,929 | €0 | -€1,929 | -100% |
| Remuneration and social security | 454/9 | €2,118 | €2,118 | = | 0.0% |
| Other amounts payable | 47/48 | €6,699 | €13,604 | +€6,905 | +103% |
| Accrued charges and deferred income | 492/3 | €64 | €0 | -€64 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,640 | €582 | -€1,058 | -64.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,376 | +€1,376 | |
| Other operating charges | 640/8 | €535 | €544 | +€9 | +1.7% |
| Gross operating margin | 9900 | €18,064 | €5,417 | -€12,647 | -70.0% |
| Operating profit (loss) | 9901 | €15,889 | €2,915 | -€12,974 | -81.7% |
| Financial income | 75/76B | - | €89 | +€89 | |
| Recurring financial income | 75 | - | €89 | +€89 | |
| Financial charges | 65/66B | €2,709 | €2,483 | -€226 | -8.3% |
| Recurring financial charges | 65 | €2,709 | €2,483 | -€226 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €13,180 | €522 | -€12,658 | -96.0% |
| Income taxes | 67/77 | €5,934 | €249 | -€5,685 | -95.8% |
| Profit (loss) for the period | 9904 | €7,246 | €273 | -€6,973 | -96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,246 | €273 | -€6,973 | -96.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.