KEREL: 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.
KEREL
Largest movements
- Receivables after one year +€150,000
up €150,000 (+84.7%), from €177,000 to €327,000
- Cash -€98,269
down €98,269 (-36.4%), from €270,217 to €171,948
mainly Receivables after one year (-€150,000) and Other debts (-€65,544)
- Receivables within one year -€19,285
down €19,285 (-20.5%), from €94,116 to €74,830
of which Trade receivables: -€17,210
- Reserves +€90,962
up €90,962 (+11.3%), from €803,719 to €894,681
of which Distributable reserves: +€90,962
- Other debts -€65,544
down €65,544 (-78.1%), from €83,954 to €18,410
- Trade debts -€22,728
down €22,728 (-57.8%), from €39,334 to €16,606
- Tax, wage and social debts +€13,986
up €13,986 (+184%), from €7,606 to €21,592
- Short-term financial debts +€10,097
up €10,097, from €0 to €10,097
- Gross operating margin -€23,462
down €23,462 (-13.8%), from €170,119 to €146,657
- Taxes -€7,811
down €7,811 (-15.7%), from €49,771 to €41,960
- Financial income +€4,577
up €4,577 (+95.5%), from €4,795 to €9,372
- Depreciation +€4,150
up €4,150 (+44.9%), from €9,242 to €13,392
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 | €940,875 | €970,154 | +€29,279 | +3.1% |
| Fixed assets | 21/28 | €384,134 | €377,344 | -€6,790 | -1.8% |
| Tangible fixed assets | 22/27 | €68,651 | €61,861 | -€6,790 | -9.9% |
| Land and buildings | 22 | - | €6,288 | +€6,288 | |
| Plant, machinery and equipment | 23 | €32,330 | €26,919 | -€5,411 | -16.7% |
| Furniture and vehicles | 24 | €36,321 | €28,654 | -€7,667 | -21.1% |
| Financial fixed assets | 28 | €315,483 | €315,483 | = | 0.0% |
| Current assets | 29/58 | €556,741 | €592,810 | +€36,069 | +6.5% |
| Amounts receivable after more than one year | 29 | €177,000 | €327,000 | +€150,000 | +84.7% |
| Trade receivables | 290 | €177,000 | €327,000 | +€150,000 | +84.7% |
| Amounts receivable within one year | 40/41 | €94,116 | €74,830 | -€19,285 | -20.5% |
| Trade receivables | 40 | €71,812 | €54,602 | -€17,210 | -24.0% |
| Other amounts receivable | 41 | €22,304 | €20,229 | -€2,075 | -9.3% |
| Cash at bank and in hand | 54/58 | €270,217 | €171,948 | -€98,269 | -36.4% |
| Deferred charges and accrued income | 490/1 | €15,408 | €19,032 | +€3,623 | +23.5% |
| Total equity and liabilities | 10/49 | €940,875 | €970,154 | +€29,279 | +3.1% |
| Equity | 10/15 | €809,919 | €900,881 | +€90,962 | +11.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €803,719 | €894,681 | +€90,962 | +11.3% |
| Tax-exempt reserves | 132 | €82 | €82 | = | 0.0% |
| Distributable reserves | 133 | €803,637 | €894,599 | +€90,962 | +11.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €130,956 | €69,273 | -€61,683 | -47.1% |
| Amounts payable within one year | 42/48 | €130,894 | €66,706 | -€64,188 | -49.0% |
| Financial debts | 43 | €0 | €10,097 | +€10,097 | |
| Credit institutions | 430/8 | €0 | €10,097 | +€10,097 | |
| Trade debts | 44 | €39,334 | €16,606 | -€22,728 | -57.8% |
| Suppliers | 440/4 | €39,334 | €16,606 | -€22,728 | -57.8% |
| Taxes, remuneration and social security | 45 | €7,606 | €21,592 | +€13,986 | +184% |
| Taxes | 450/3 | €7,606 | €21,592 | +€13,986 | +184% |
| Other amounts payable | 47/48 | €83,954 | €18,410 | -€65,544 | -78.1% |
| Accrued charges and deferred income | 492/3 | €62 | €2,568 | +€2,506 | +4,041% |
| Non-recurring operating income | 76A | €4,525 | €0 | -€4,525 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,242 | €13,392 | +€4,150 | +44.9% |
| Other operating charges | 640/8 | €2,017 | €2,342 | +€325 | +16.1% |
| Gross operating margin | 9900 | €170,119 | €146,657 | -€23,462 | -13.8% |
| Operating profit (loss) | 9901 | €158,860 | €130,922 | -€27,937 | -17.6% |
| Financial income | 75/76B | €4,795 | €9,372 | +€4,577 | +95.5% |
| Recurring financial income | 75 | €4,795 | €9,372 | +€4,577 | +95.5% |
| Financial charges | 65/66B | €5,875 | €7,373 | +€1,498 | +25.5% |
| Recurring financial charges | 65 | €5,875 | €7,373 | +€1,498 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €157,780 | €132,922 | -€24,858 | -15.8% |
| Income taxes | 67/77 | €49,771 | €41,960 | -€7,811 | -15.7% |
| Profit (loss) for the period | 9904 | €108,008 | €90,962 | -€17,046 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €108,008 | €90,962 | -€17,046 | -15.8% |
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 29 October 2026 via checked.be.