'T Kerckevelt: 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.
'T Kerckevelt
Largest movements
- Tangible fixed assets -€5,649
down €5,649 (-30.5%), from €18,523 to €12,874
of which Plant, machinery and equipment: -€5,337
- Cash +€4,397
up €4,397 (+128%), from €3,431 to €7,828
mainly Tax, wage and social debts (+€9,397) and Depreciation (+€5,649)
- Receivables within one year +€3,236
up €3,236 (+2.2%), from €150,424 to €153,660
of which Other amounts receivable: +€3,272
- Stocks and contracts -€2,534
down €2,534 (-17.0%), from €14,941 to €12,407
- Tax, wage and social debts +€9,397
up €9,397 (+38.4%), from €24,501 to €33,898
of which Taxes: +€7,019
- Profit (loss) carried forward -€9,150
down €9,150 (-70.4%), from €13,004 to €3,854
- Trade debts +€3,617
up €3,617 (+8.1%), from €44,483 to €48,100
- Debts after one year -€2,116
down €2,116 (-2.6%), from €82,416 to €80,300
of which Financial debts: -€2,416
- Gross operating margin -€7,266
down €7,266 (-10.0%), from €72,571 to €65,305
- Depreciation +€1,924
up €1,924 (+51.7%), from €3,725 to €5,649
- Staff costs +€1,644
up €1,644 (+2.9%), from €57,638 to €59,282
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 | €188,617 | €189,254 | +€637 | +0.3% |
| Fixed assets | 21/28 | €19,414 | €13,765 | -€5,649 | -29.1% |
| Tangible fixed assets | 22/27 | €18,523 | €12,874 | -€5,649 | -30.5% |
| Plant, machinery and equipment | 23 | €18,211 | €12,874 | -€5,337 | -29.3% |
| Other tangible fixed assets | 26 | €312 | - | -€312 | |
| Financial fixed assets | 28 | €891 | €891 | = | 0.0% |
| Current assets | 29/58 | €169,203 | €175,489 | +€6,286 | +3.7% |
| Stocks and contracts in progress | 3 | €14,941 | €12,407 | -€2,534 | -17.0% |
| Stocks | 30/36 | €14,941 | €12,407 | -€2,534 | -17.0% |
| Amounts receivable within one year | 40/41 | €150,424 | €153,660 | +€3,236 | +2.2% |
| Trade receivables | 40 | €582 | €546 | -€36 | -6.2% |
| Other amounts receivable | 41 | €149,842 | €153,114 | +€3,272 | +2.2% |
| Cash at bank and in hand | 54/58 | €3,431 | €7,828 | +€4,397 | +128% |
| Deferred charges and accrued income | 490/1 | €407 | €1,594 | +€1,187 | +292% |
| Total equity and liabilities | 10/49 | €188,617 | €189,254 | +€637 | +0.3% |
| Equity | 10/15 | €33,464 | €24,314 | -€9,150 | -27.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,004 | €3,854 | -€9,150 | -70.4% |
| Amounts payable | 17/49 | €155,153 | €164,940 | +€9,787 | +6.3% |
| Amounts payable after more than one year | 17 | €82,416 | €80,300 | -€2,116 | -2.6% |
| Financial debts | 170/4 | €2,416 | - | -€2,416 | |
| Other amounts payable | 178/9 | €80,000 | €80,300 | +€300 | +0.4% |
| Amounts payable within one year | 42/48 | €71,537 | €84,640 | +€13,103 | +18.3% |
| Current portion of amounts payable after more than one year | 42 | €2,553 | €2,642 | +€89 | +3.5% |
| Trade debts | 44 | €44,483 | €48,100 | +€3,617 | +8.1% |
| Suppliers | 440/4 | €44,483 | €48,100 | +€3,617 | +8.1% |
| Taxes, remuneration and social security | 45 | €24,501 | €33,898 | +€9,397 | +38.4% |
| Taxes | 450/3 | €6,609 | €13,628 | +€7,019 | +106% |
| Remuneration and social security | 454/9 | €17,892 | €20,270 | +€2,378 | +13.3% |
| Accrued charges and deferred income | 492/3 | €1,200 | - | -€1,200 | |
| Remuneration, social security and pensions | 62 | €57,638 | €59,282 | +€1,644 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,725 | €5,649 | +€1,924 | +51.7% |
| Other operating charges | 640/8 | €1,697 | €2,151 | +€454 | +26.8% |
| Gross operating margin | 9900 | €72,571 | €65,305 | -€7,266 | -10.0% |
| Operating profit (loss) | 9901 | €9,511 | -€1,777 | -€11,288 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €7,614 | €7,115 | -€499 | -6.6% |
| Recurring financial charges | 65 | €7,614 | €7,115 | -€499 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €1,897 | -€8,888 | -€10,785 | |
| Income taxes | 67/77 | €255 | €262 | +€7 | +2.7% |
| Profit (loss) for the period | 9904 | €1,642 | -€9,150 | -€10,792 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,642 | -€9,150 | -€10,792 |
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 23 October 2026 via checked.be.