D. KESTERMANS: what changed
Two fiscal 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.
D. KESTERMANS
Largest movements
- Cash +€66,053
up €66,053 (+167.1%), from €39,524 to €105,577
mainly Net result for the year (+€77,439) and Other debts (+€24,103)
- Current investments +€18,106
up €18,106 (+9.8%), from €185,527 to €203,633
- Receivables within one year -€16,238
down €16,238 (-13.3%), from €122,415 to €106,177
of which Trade receivables: -€15,938
- Tangible fixed assets -€8,031
down €8,031 (-27.0%), from €29,772 to €21,741
of which Furniture and vehicles: -€5,362
- Reserves +€52,038
up €52,038 (+19.5%), from €267,498 to €319,536
- Other debts +€24,103
up €24,103 (+1858.9%), from €1,297 to €25,400
- Contributions -€10,000
down €10,000 (-18.9%), from €52,859 to €42,859
- Tax, wage and social debts -€7,547
down €7,547 (-17.7%), from €42,526 to €34,979
of which Taxes: -€9,799
- Write-downs -€9,779
down €9,779 (-66.9%), from €14,623 to €4,844
- Staff costs +€5,808
up €5,808 (+4.7%), from €124,830 to €130,638
- Financial income +€3,759
up €3,759 (+991.7%), from €379 to €4,138
- Depreciation -€3,638
down €3,638 (-27.6%), from €13,199 to €9,561
- Gross operating margin -€2,966
down €2,966 (-1.2%), from €255,533 to €252,567
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.
Cash bridge derived
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 | €387,169 | €446,666 | +€59,497 | +15.4% |
| Fixed assets | 21/28 | €33,394 | €25,425 | -€7,969 | -23.9% |
| Intangible fixed assets | 21 | €615 | €450 | -€165 | -26.8% |
| Tangible fixed assets | 22/27 | €29,772 | €21,741 | -€8,031 | -27.0% |
| Land and buildings | 22 | €20,516 | €18,249 | -€2,267 | -11.0% |
| Furniture and vehicles | 24 | €8,854 | €3,492 | -€5,362 | -60.6% |
| Leasing and similar rights | 25 | €402 | - | -€402 | |
| Financial fixed assets | 28 | €3,008 | €3,234 | +€227 | +7.5% |
| Current assets | 29/58 | €353,775 | €421,241 | +€67,466 | +19.1% |
| Amounts receivable within one year | 40/41 | €122,415 | €106,177 | -€16,238 | -13.3% |
| Trade receivables | 40 | €118,371 | €102,433 | -€15,938 | -13.5% |
| Other amounts receivable | 41 | €4,045 | €3,744 | -€300 | -7.4% |
| Current investments | 50/53 | €185,527 | €203,633 | +€18,106 | +9.8% |
| Cash at bank and in hand | 54/58 | €39,524 | €105,577 | +€66,053 | +167.1% |
| Deferred charges and accrued income | 490/1 | €6,308 | €5,854 | -€454 | -7.2% |
| Total equity and liabilities | 10/49 | €387,169 | €446,666 | +€59,497 | +15.4% |
| Equity | 10/15 | €321,254 | €363,292 | +€42,039 | +13.1% |
| Contributions | 10/11 | €52,859 | €42,859 | -€10,000 | -18.9% |
| Reserves | 13 | €267,498 | €319,536 | +€52,038 | +19.5% |
| Distributable reserves | 133 | €267,498 | €319,536 | +€52,038 | +19.5% |
| Profit (loss) carried forward | 14 | €896 | €897 | +€1 | +0.1% |
| Provisions and deferred taxes | 16 | €4,378 | €5,000 | +€622 | +14.2% |
| Provisions for liabilities and charges | 160/5 | €4,378 | €5,000 | +€622 | +14.2% |
| Major repairs and maintenance | 162 | €4,378 | €5,000 | +€622 | +14.2% |
| Amounts payable | 17/49 | €61,537 | €78,374 | +€16,836 | +27.4% |
| Amounts payable within one year | 42/48 | €60,892 | €77,994 | +€17,102 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €412 | - | -€412 | |
| Trade debts | 44 | €6,205 | €4,668 | -€1,537 | -24.8% |
| Suppliers | 440/4 | €6,205 | €4,668 | -€1,537 | -24.8% |
| Advances received on contracts in progress | 46 | €10,452 | €12,948 | +€2,495 | +23.9% |
| Taxes, remuneration and social security | 45 | €42,526 | €34,979 | -€7,547 | -17.7% |
| Taxes | 450/3 | €25,207 | €15,408 | -€9,799 | -38.9% |
| Remuneration and social security | 454/9 | €17,319 | €19,571 | +€2,252 | +13.0% |
| Other amounts payable | 47/48 | €1,297 | €25,400 | +€24,103 | +1858.9% |
| Accrued charges and deferred income | 492/3 | €645 | €380 | -€266 | -41.2% |
| Remuneration, social security and pensions | 62 | €124,830 | €130,638 | +€5,808 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,199 | €9,561 | -€3,638 | -27.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,623 | €4,844 | -€9,779 | -66.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€677 | €622 | +€1,299 | |
| Other operating charges | 640/8 | €3,853 | €3,214 | -€638 | -16.6% |
| Non-recurring operating charges | 66A | €577 | - | -€577 | |
| Gross operating margin | 9900 | €255,533 | €252,567 | -€2,966 | -1.2% |
| Operating profit (loss) | 9901 | €99,129 | €103,688 | +€4,559 | +4.6% |
| Financial income | 75/76B | €379 | €4,138 | +€3,759 | +991.7% |
| Recurring financial income | 75 | €379 | €4,138 | +€3,759 | +991.7% |
| Financial charges | 65/66B | €820 | €688 | -€132 | -16.1% |
| Recurring financial charges | 65 | €820 | €688 | -€132 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €98,688 | €107,138 | +€8,450 | +8.6% |
| Transfer from deferred taxes | 780 | €9 | - | -€9 | |
| Income taxes | 67/77 | €26,864 | €29,699 | +€2,836 | +10.6% |
| Profit (loss) for the period | 9904 | €71,833 | €77,439 | +€5,606 | +7.8% |
| Transfer from tax-exempt reserves | 789 | €26 | - | -€26 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,859 | €77,439 | +€5,580 | +7.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.