BOUWONDERNEMING KERSTENS: 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.
What changed
BOUWONDERNEMING KERSTENS
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€213,740
2024 · €243,278-€29,538
Equity
€969,345
2024 · €975,355-€6,010
Cash
€5,389
2024 · -+€5,389
Balance sheet total
€1.6m
2024 · €1.5m+€69,214
Largest movements
Assets
- Receivables within one year +€124,084
up €124,084 (+12.1%), from €1.0m to €1.2m
of which Trade receivables: +€143,348
- Tangible fixed assets -€56,828
down €56,828 (-11.2%), from €509,396 to €452,568
Equity and liabilities
- Trade debts +€128,662
up €128,662 (+247%), from €51,990 to €180,652
- Debts after one year -€42,449
down €42,449 (-11.0%), from €386,378 to €343,929
- Short-term financial debts -€20,440
down €20,440 (-23.8%), from €85,934 to €65,494
Income statement
- Gross operating margin -€47,006
down €47,006 (-8.8%), from €531,183 to €484,177
- Staff costs -€22,706
down €22,706 (-23.9%), from €94,967 to €72,261
- Depreciation +€17,535
up €17,535 (+44.6%), from €39,293 to €56,828
- Taxes -€12,468
down €12,468 (-10.8%), from €115,492 to €103,024
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.
Result 2024
€243,278
Gross operating margin
-€47,006
Staff costs
+€22,706
Depreciation
-€17,535
Other operating charges
-€1,785
Financial income
+€281
Financial charges
+€1,333
Taxes
+€12,468
Result 2025
€213,740
raises the resultlowers the result
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.
From operations
+€286,482
Investment
€0
Financing
-€281,093
Cash 2024
€0
From operations (derived)
+€286,482
Net result for the year
+€213,740
Depreciation
+€56,828
Receivables within one year
-€124,084
Deferred charges and accrued income
+€3,431
Trade debts
+€128,662
Tax, wage and social debts
+€7,905
Financing
-€281,093
Debts after one year
-€42,449
Current portion of long-term debt
+€1,546
Short-term financial debts
-€20,440
Contributions, distributions and other
-€219,750
Cash 2025
€5,389
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,548,685 | €1,617,899 | +€69,214 | +4.5% |
| Fixed assets | 21/28 | €518,471 | €461,643 | -€56,828 | -11.0% |
| Tangible fixed assets | 22/27 | €509,396 | €452,568 | -€56,828 | -11.2% |
| Land and buildings | 22 | €397,139 | €383,119 | -€14,020 | -3.5% |
| Plant, machinery and equipment | 23 | €33,320 | €20,259 | -€13,061 | -39.2% |
| Furniture and vehicles | 24 | €46,192 | €29,240 | -€16,952 | -36.7% |
| Leasing and similar rights | 25 | €32,550 | €19,950 | -€12,600 | -38.7% |
| Other tangible fixed assets | 26 | €195 | - | -€195 | |
| Financial fixed assets | 28 | €9,075 | €9,075 | = | 0.0% |
| Current assets | 29/58 | €1,030,214 | €1,156,256 | +€126,042 | +12.2% |
| Amounts receivable within one year | 40/41 | €1,026,783 | €1,150,867 | +€124,084 | +12.1% |
| Trade receivables | 40 | €157,018 | €300,366 | +€143,348 | +91.3% |
| Other amounts receivable | 41 | €869,765 | €850,501 | -€19,264 | -2.2% |
| Cash at bank and in hand | 54/58 | - | €5,389 | +€5,389 | |
| Deferred charges and accrued income | 490/1 | €3,431 | - | -€3,431 | |
| Total equity and liabilities | 10/49 | €1,548,685 | €1,617,899 | +€69,214 | +4.5% |
| Equity | 10/15 | €975,355 | €969,345 | -€6,010 | -0.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €954,250 | €948,240 | -€6,010 | -0.6% |
| Tax-exempt reserves | 132 | €72 | €72 | = | 0.0% |
| Distributable reserves | 133 | €954,178 | €948,168 | -€6,010 | -0.6% |
| Profit (loss) carried forward | 14 | €1,105 | €1,105 | = | 0.0% |
| Amounts payable | 17/49 | €573,330 | €648,554 | +€75,224 | +13.1% |
| Amounts payable after more than one year | 17 | €386,378 | €343,929 | -€42,449 | -11.0% |
| Financial debts | 170/4 | €386,378 | €343,929 | -€42,449 | -11.0% |
| Amounts payable within one year | 42/48 | €186,952 | €304,625 | +€117,673 | +62.9% |
| Current portion of amounts payable after more than one year | 42 | €40,903 | €42,449 | +€1,546 | +3.8% |
| Financial debts | 43 | €85,934 | €65,494 | -€20,440 | -23.8% |
| Credit institutions | 430/8 | €85,934 | €65,494 | -€20,440 | -23.8% |
| Trade debts | 44 | €51,990 | €180,652 | +€128,662 | +247% |
| Suppliers | 440/4 | €51,990 | €180,652 | +€128,662 | +247% |
| Taxes, remuneration and social security | 45 | €8,125 | €16,030 | +€7,905 | +97.3% |
| Taxes | 450/3 | €2,439 | €10,987 | +€8,548 | +350% |
| Remuneration and social security | 454/9 | €5,686 | €5,043 | -€643 | -11.3% |
| Non-recurring operating income | 76A | €5,083 | - | -€5,083 | |
| Remuneration, social security and pensions | 62 | €94,967 | €72,261 | -€22,706 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,293 | €56,828 | +€17,535 | +44.6% |
| Other operating charges | 640/8 | €6,239 | €8,024 | +€1,785 | +28.6% |
| Gross operating margin | 9900 | €531,183 | €484,177 | -€47,006 | -8.8% |
| Operating profit (loss) | 9901 | €390,684 | €347,064 | -€43,620 | -11.2% |
| Financial income | 75/76B | €16 | €297 | +€281 | +1,756% |
| Recurring financial income | 75 | €16 | €297 | +€281 | +1,756% |
| Financial charges | 65/66B | €31,930 | €30,597 | -€1,333 | -4.2% |
| Recurring financial charges | 65 | €31,930 | €30,597 | -€1,333 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €358,770 | €316,764 | -€42,006 | -11.7% |
| Income taxes | 67/77 | €115,492 | €103,024 | -€12,468 | -10.8% |
| Profit (loss) for the period | 9904 | €243,278 | €213,740 | -€29,538 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €243,278 | €213,740 | -€29,538 | -12.1% |
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 1 November 2026 via checked.be.