Kestico
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 9 filings
Turnover
≈ €180,000
Estimated: probably between €140,000 and €230,000
Total assets
€134,447▼ 7.7%
2024 · €145,587
Net result
€44,979▲ 33.8%
2024 · €33,629
Working capital
€17,990▲ 98.7%
2024 · €9,054
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€60,993
▲ 30.5%
2025
20182025
Net result
€44,979
▲ 33.8%
2025
middle half of the sector
20182025
Equity
€63,681
▼ 8.7%
2025
middle half of the sector
20182025
Total assets
€134,447
▼ 7.7%
2025
middle half of the sector
20182025
Debt
€70,766
▼ 6.7%
2025
20182025
Working capital
€17,990
▲ 98.7%
2025
middle half of the sector
20182025
Solvency
47.4%
▼ 0.5pp
2025
middle half of the sector
20182025
Current ratio
1.27
▲ 0.12
2025
middle half of the sector
20182025
Return on assets (ROA)
33.5%
▲ 10.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,049-€91,212▲ 599%€9,329▼ 89.8%€13,595▲ 45.7%€5,732▼ 57.8%€5,425▼ 5.3%€46,737▲ 761%€60,993▲ 30.5%
Net result€7,279-€71,583▲ 883%€5,889within the sector's middle half▼ 91.8%€9,140within the sector's middle half▲ 55.2%€2,069below the sector's middle half▼ 77.4%€1,740below the sector's middle half▼ 15.9%€33,629within the sector's middle half▲ 19×€44,979within the sector's middle half▲ 33.8%
Equity€19,761-€91,344▲ 362%€38,133within the sector's middle half▼ 58.3%€42,273within the sector's middle half▲ 10.9%€34,342within the sector's middle half▼ 18.8%€36,082within the sector's middle half▲ 5.1%€69,712within the sector's middle half▲ 93.2%€63,681within the sector's middle half▼ 8.7%
Total assets€39,262-€116,598▲ 197%€106,410within the sector's middle half▼ 8.7%€66,213below the sector's middle half▼ 37.8%€120,255within the sector's middle half▲ 81.6%€158,345within the sector's middle half▲ 31.7%€145,587within the sector's middle half▼ 8.1%€134,447within the sector's middle half▼ 7.7%
Debt€19,501-€25,254▲ 29.5%€68,277▲ 170%€23,940▼ 64.9%€85,914▲ 259%€122,263▲ 42.3%€75,875▼ 37.9%€70,766▼ 6.7%
Working capital€22,391-€88,279▲ 294%€34,459within the sector's middle half▼ 61.0%€32,059within the sector's middle half▼ 7.0%€12,452within the sector's middle half▼ 61.2%-€33,999below the sector's middle half€9,054within the sector's middle half€17,990within the sector's middle half▲ 98.7%
Solvency50.3%-78.3%▲ 28.0pp35.8%within the sector's middle half▼ 42.5pp63.8%within the sector's middle half▲ 28.0pp28.6%within the sector's middle half▼ 35.3pp22.8%below the sector's middle half▼ 5.8pp47.9%within the sector's middle half▲ 25.1pp47.4%within the sector's middle half▼ 0.5pp
Current ratio2.33-4.50▲ 2.171.51within the sector's middle half▼ 2.982.43within the sector's middle half▲ 0.921.26within the sector's middle half▼ 1.170.64below the sector's middle half▼ 0.621.15within the sector's middle half▲ 0.511.27within the sector's middle half▲ 0.12
Return on assets (ROA)18.5%-61.4%▲ 42.9pp5.5%within the sector's middle half▼ 55.9pp13.8%within the sector's middle half▲ 8.3pp1.7%within the sector's middle half▼ 12.1pp1.1%below the sector's middle half▼ 0.6pp23.1%within the sector's middle half▲ 22.0pp33.5%within the sector's middle half▲ 10.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 31% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €134,447
Fixed assets
€50,878 ▼ 34.3%
Current assets
€83,568 ▲ 22.7%
Equity and liabilities €134,447
Equity
€63,681 ▼ 8.7%
Debt
€70,766 ▼ 6.7%
Debt's share of the balance-sheet total rises from 52.1% to 52.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€87,566▲
2024 · €72,677
Cash flow
€71,553▲
2024 · €59,570
Debt to equity
1.11▲
2024 · 1.09
ROE
70.6%▲
2024 · 48.2%
Interest coverage
26.03▲
2024 · 22.75
Debt ≤ 1 year
€65,578▲
2024 · €59,081
Debt > 1 year
€2,962▼
2024 · €14,768
Income taxes
€12,768▲
2024 · €10,147
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,014 | €61,142 | €56,039 | €5,489 | - |
| Depreciation and write-downs of the year | €2,918 | €12,183 | €18,883 | €25,940 | €26,573 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,900 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,617 | €1,532 | €2,052 | €2,918 | €12,183 | €18,883 | €25,940 | €26,573 | ▲ 2.4% |
| Other operating charges640/8 | - | - | - | €1,589 | €746 | €970 | €1,754 | €844 | ▼ 51.9% |
| Gross operating margin9900 | €20,868 | €94,103 | €13,317 | €18,102 | €18,661 | €25,278 | €74,431 | €88,411 | ▲ 18.8% |
| Operating profit (loss)9901 | €13,049 | €91,212 | €9,329 | €13,595 | €5,732 | €5,425 | €46,737 | €60,993 | ▲ 30.5% |
| Financial income75/76B | - | - | - | €350 | €225 | €228 | €234 | €118 | ▼ 49.8% |
| Recurring financial income75 | - | - | €162 | €350 | €225 | €228 | €234 | €118 | ▼ 49.8% |
| Financial charges65/66B | - | - | - | €1,654 | €1,297 | €2,218 | €3,195 | €3,364 | ▲ 5.3% |
| Recurring financial charges65 | €1,844 | €517 | €1,248 | €1,654 | €1,297 | €2,218 | €3,195 | €3,364 | ▲ 5.3% |
| Profit (loss) for the period before taxes9903 | €11,205 | €90,695 | €8,243 | €12,291 | €4,660 | €3,435 | €43,776 | €57,747 | ▲ 31.9% |
| Income taxes67/77 | €3,926 | €19,112 | €2,354 | €3,151 | €2,592 | €1,695 | €10,147 | €12,768 | ▲ 25.8% |
| Profit (loss) for the period9904 | €7,279 | €71,583 | €5,889 | €9,140 | €2,069 | €1,740 | €33,629 | €44,979 | ▲ 33.8% |
| Profit (loss) for the period to be appropriated9905 | €7,279 | €71,583 | €5,889 | €9,140 | €2,069 | €1,740 | €33,629 | €44,979 | ▲ 33.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €39,262 | €116,598 | €106,410 | €66,213 | €120,255 | €158,345 | €145,587 | €134,447 | ▼ 7.7% |
| Fixed assets21/28 | - | €3,065 | €4,691 | €11,787 | €60,746 | €97,903 | €77,452 | €50,878 | ▼ 34.3% |
| Tangible fixed assets22/27 | - | €3,065 | €4,691 | €11,787 | €60,746 | €97,903 | €77,452 | €50,878 | ▼ 34.3% |
| Plant, machinery and equipment23 | - | - | - | - | €1,040 | €802 | €563 | €325 | ▼ 42.3% |
| Furniture and vehicles24 | - | - | - | €4,490 | €51,824 | €90,166 | €69,153 | €43,950 | ▼ 36.4% |
| Other tangible fixed assets26 | - | - | - | €7,297 | €7,882 | €6,935 | €7,735 | €6,604 | ▼ 14.6% |
| Current assets29/58 | €39,262 | €113,533 | €101,719 | €54,426 | €59,509 | €60,442 | €68,135 | €83,568 | ▲ 22.7% |
| Amounts receivable within one year40/41 | €15,894 | €18,269 | €24,114 | €28,041 | €30,902 | €43,171 | €45,953 | €700 | ▼ 98.5% |
| Trade receivables40 | - | - | - | €11,191 | €13,502 | €24,871 | €30,953 | - | - |
| Other amounts receivable41 | - | - | - | €16,850 | €17,400 | €18,300 | €15,000 | €700 | ▼ 95.3% |
| Cash at bank and in hand54/58 | €21,864 | €84,507 | €75,796 | €24,404 | €26,516 | €13,121 | €19,338 | €81,034 | ▲ 319% |
| Deferred charges and accrued income490/1 | - | - | - | €1,981 | €2,091 | €4,150 | €2,844 | €1,835 | ▼ 35.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €39,262 | €116,598 | €106,410 | €66,213 | €120,255 | €158,345 | €145,587 | €134,447 | ▼ 7.7% |
| Equity10/15 | €19,761 | €91,344 | €38,133 | €42,273 | €34,342 | €36,082 | €69,712 | €63,681 | ▼ 8.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €13,510 | €85,010 | €18,510 | €23,510 | €13,510 | €17,010 | €51,010 | €45,000 | ▼ 11.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €21,650 | €11,650 | €17,010 | €51,010 | €45,000 | ▼ 11.8% |
| Profit (loss) carried forward14 | €51 | €134 | €1,023 | €163 | €2,232 | €472 | €102 | €81 | ▼ 20.3% |
| Amounts payable17/49 | €19,501 | €25,254 | €68,277 | €23,940 | €85,914 | €122,263 | €75,875 | €70,766 | ▼ 6.7% |
| Amounts payable after more than one year17 | €2,630 | - | - | - | €38,173 | €26,505 | €14,768 | €2,962 | ▼ 79.9% |
| Financial debts170/4 | - | - | - | - | €38,173 | €26,505 | €14,768 | €2,962 | ▼ 79.9% |
| Amounts payable within one year42/48 | €16,871 | €25,254 | €67,260 | €22,367 | €47,057 | €94,441 | €59,081 | €65,578 | ▲ 11.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €11,600 | €11,668 | €11,737 | €11,806 | ▲ 0.6% |
| Trade debts44 | €4,378 | €483 | €1,068 | €810 | €171 | €2,091 | €51 | €1,533 | ▲ 30× |
| Suppliers440/4 | - | - | - | €810 | €171 | €2,091 | €51 | €1,533 | ▲ 30× |
| Taxes, remuneration and social security45 | - | - | - | €5,210 | €3,649 | €5,329 | €4,422 | €5,325 | ▲ 20.4% |
| Taxes450/3 | - | - | - | €5,210 | €3,649 | €5,329 | €4,422 | €5,325 | ▲ 20.4% |
| Other amounts payable47/48 | - | - | - | €16,347 | €31,637 | €75,354 | €42,871 | €46,915 | ▲ 9.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,573 | €684 | €1,316 | €2,026 | €2,225 | ▲ 9.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,279 | €71,583 | €5,889 | €9,140 | €2,069 | €1,740 | €33,629 | €44,979 | ▲ 33.8% |
| + Depreciation and write-downs630 | €6,617 | €1,532 | €2,052 | €2,918 | €12,183 | €18,883 | €25,940 | €26,573 | ▲ 2.4% |
| Operating cash flow (approximation) | €13,896 | €73,115 | €7,941 | €12,058 | €14,252 | €20,623 | €59,570 | €71,553 | ▲ 20.1% |
| Investment in fixed assets (approximation) | - | - | -€3,678 | -€10,014 | -€61,143 | -€56,039 | -€5,489 | €0 | - |
| Change in cash | - | €62,643 | -€8,711 | -€51,392 | €2,112 | -€13,395 | €6,217 | €61,696 | ▲ 892% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as Kestico has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Kestico itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for Kestico. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00329233 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00165966 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00192674 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00182371 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20077615 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25200523 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-21000506 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24900202 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41700537 |