Dr. C. Kesteloot: 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.
Dr. C. Kesteloot
Largest movements
- Cash +€121,915
up €121,915 (+66.1%), from €184,343 to €306,258
mainly Other debts (+€252,669) and Net result for the year (+€133,415)
- Receivables after one year -€21,619
no longer reported in 2025 (was €21,619)
- Receivables within one year -€8,450
down €8,450 (-19.8%), from €42,688 to €34,238
of which Other amounts receivable: -€8,584
- Tangible fixed assets -€4,341
down €4,341 (-16.4%), from €26,393 to €22,053
of which Land and buildings: -€3,456
- Other debts +€252,669
up €252,669 (+56,387%), from €448 to €253,117
- Reserves -€216,585
down €216,585 (-84.3%), from €256,788 to €40,203
- Tax, wage and social debts +€52,500
new in 2025: €52,500
- Gross operating margin -€15,833
down €15,833 (-8.1%), from €195,429 to €179,596
- Taxes -€3,057
down €3,057 (-6.8%), from €45,027 to €41,970
- Depreciation -€2,676
down €2,676 (-38.1%), from €7,017 to €4,341
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 | €276,284 | €364,478 | +€88,194 | +31.9% |
| Fixed assets | 21/28 | €26,393 | €22,053 | -€4,341 | -16.4% |
| Tangible fixed assets | 22/27 | €26,393 | €22,053 | -€4,341 | -16.4% |
| Land and buildings | 22 | €24,795 | €21,339 | -€3,456 | -13.9% |
| Furniture and vehicles | 24 | €1,599 | €714 | -€885 | -55.4% |
| Current assets | 29/58 | €249,891 | €342,425 | +€92,534 | +37.0% |
| Amounts receivable after more than one year | 29 | €21,619 | - | -€21,619 | |
| Other amounts receivable | 291 | €21,619 | - | -€21,619 | |
| Amounts receivable within one year | 40/41 | €42,688 | €34,238 | -€8,450 | -19.8% |
| Trade receivables | 40 | €11,100 | €11,234 | +€134 | +1.2% |
| Other amounts receivable | 41 | €31,587 | €23,003 | -€8,584 | -27.2% |
| Cash at bank and in hand | 54/58 | €184,343 | €306,258 | +€121,915 | +66.1% |
| Deferred charges and accrued income | 490/1 | €1,241 | €1,930 | +€689 | +55.5% |
| Total equity and liabilities | 10/49 | €276,284 | €364,478 | +€88,194 | +31.9% |
| Equity | 10/15 | €275,388 | €58,803 | -€216,585 | -78.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €256,788 | €40,203 | -€216,585 | -84.3% |
| Distributable reserves | 133 | €256,788 | €40,203 | -€216,585 | -84.3% |
| Amounts payable | 17/49 | €896 | €305,675 | +€304,779 | +34,008% |
| Amounts payable within one year | 42/48 | €896 | €305,675 | +€304,779 | +34,008% |
| Trade debts | 44 | €448 | €58 | -€390 | -87.0% |
| Suppliers | 440/4 | €448 | €58 | -€390 | -87.0% |
| Taxes, remuneration and social security | 45 | - | €52,500 | +€52,500 | |
| Taxes | 450/3 | - | €52,500 | +€52,500 | |
| Other amounts payable | 47/48 | €448 | €253,117 | +€252,669 | +56,387% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,017 | €4,341 | -€2,676 | -38.1% |
| Other operating charges | 640/8 | €1,092 | €465 | -€626 | -57.4% |
| Gross operating margin | 9900 | €195,429 | €179,596 | -€15,833 | -8.1% |
| Operating profit (loss) | 9901 | €187,321 | €174,790 | -€12,531 | -6.7% |
| Financial income | 75/76B | €506 | €715 | +€208 | +41.1% |
| Recurring financial income | 75 | €506 | €715 | +€208 | +41.1% |
| Financial charges | 65/66B | €535 | €120 | -€415 | -77.6% |
| Recurring financial charges | 65 | €535 | €120 | -€415 | -77.6% |
| Profit (loss) for the period before taxes | 9903 | €187,293 | €175,385 | -€11,907 | -6.4% |
| Income taxes | 67/77 | €45,027 | €41,970 | -€3,057 | -6.8% |
| Profit (loss) for the period | 9904 | €142,266 | €133,415 | -€8,851 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €142,266 | €133,415 | -€8,851 | -6.2% |
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 25 October 2026 via checked.be.