J.F. KEST: what changed
J.F. KEST
Largest movements
- Receivables within one year -€37,428
down €37,428 (-41.0%), from €91,378 to €53,950
of which Trade receivables: -€58,591
- Cash -€29,106
down €29,106 (-48.1%), from €60,520 to €31,414
mainly Trade debts (-€72,357) and Debts after one year (-€13,215)
- Tangible fixed assets -€12,237
down €12,237 (-20.0%), from €61,120 to €48,882
of which Furniture and vehicles: -€8,660
- Trade debts -€72,357
down €72,357 (-99.0%), from €73,112 to €755
- Debts after one year -€13,215
down €13,215 (-28.8%), from €45,806 to €32,591
- Profit (loss) carried forward +€6,436
up €6,436 (+11.0%), from €58,500 to €64,936
- Tax, wage and social debts +€4,251
up €4,251 (+50.0%), from €8,503 to €12,754
- Current portion of long-term debt -€3,886
down €3,886 (-22.8%), from €17,082 to €13,196
- Gross operating margin -€9,002
down €9,002 (-19.2%), from €46,774 to €37,772
- Taxes +€7,390
up €7,390 (+133%), from €5,546 to €12,936
- Financial income +€982
up €982 (+20,452%), from €5 to €987
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €213,017 | €134,246 | -€78,771 | -37.0% |
| Fixed assets | 21/28 | €61,120 | €48,882 | -€12,237 | -20.0% |
| Tangible fixed assets | 22/27 | €61,120 | €48,882 | -€12,237 | -20.0% |
| Plant, machinery and equipment | 23 | €26,432 | €22,854 | -€3,577 | -13.5% |
| Furniture and vehicles | 24 | €34,688 | €26,028 | -€8,660 | -25.0% |
| Current assets | 29/58 | €151,898 | €85,364 | -€66,534 | -43.8% |
| Amounts receivable within one year | 40/41 | €91,378 | €53,950 | -€37,428 | -41.0% |
| Trade receivables | 40 | €79,585 | €20,994 | -€58,591 | -73.6% |
| Other amounts receivable | 41 | €11,793 | €32,956 | +€21,163 | +179% |
| Cash at bank and in hand | 54/58 | €60,520 | €31,414 | -€29,106 | -48.1% |
| Total equity and liabilities | 10/49 | €213,017 | €134,246 | -€78,771 | -37.0% |
| Equity | 10/15 | €68,515 | €74,951 | +€6,436 | +9.4% |
| Contributions | 10/11 | €10,015 | €10,015 | = | 0.0% |
| Contributions outside capital | 11 | €10,015 | €10,015 | = | 0.0% |
| Other | 1109/19 | €10,015 | €10,015 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,500 | €64,936 | +€6,436 | +11.0% |
| Amounts payable | 17/49 | €144,502 | €59,295 | -€85,207 | -59.0% |
| Amounts payable after more than one year | 17 | €45,806 | €32,591 | -€13,215 | -28.8% |
| Financial debts | 170/4 | €45,806 | €32,591 | -€13,215 | -28.8% |
| Amounts payable within one year | 42/48 | €98,696 | €26,704 | -€71,992 | -72.9% |
| Current portion of amounts payable after more than one year | 42 | €17,082 | €13,196 | -€3,886 | -22.8% |
| Trade debts | 44 | €73,112 | €755 | -€72,357 | -99.0% |
| Suppliers | 440/4 | €73,112 | €755 | -€72,357 | -99.0% |
| Taxes, remuneration and social security | 45 | €8,503 | €12,754 | +€4,251 | +50.0% |
| Taxes | 450/3 | €8,503 | €12,754 | +€4,251 | +50.0% |
| Non-recurring operating income | 76A | €1,734 | - | -€1,734 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,181 | €17,164 | -€17 | -0.1% |
| Other operating charges | 640/8 | €74 | €261 | +€186 | +251% |
| Gross operating margin | 9900 | €46,774 | €37,772 | -€9,002 | -19.2% |
| Operating profit (loss) | 9901 | €29,518 | €20,347 | -€9,171 | -31.1% |
| Financial income | 75/76B | €5 | €987 | +€982 | +20,452% |
| Recurring financial income | 75 | €5 | €987 | +€982 | +20,452% |
| Financial charges | 65/66B | €1,831 | €1,961 | +€130 | +7.1% |
| Recurring financial charges | 65 | €1,831 | €1,961 | +€130 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €27,692 | €19,372 | -€8,319 | -30.0% |
| Income taxes | 67/77 | €5,546 | €12,936 | +€7,390 | +133% |
| Profit (loss) for the period | 9904 | €22,146 | €6,436 | -€15,710 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,146 | €6,436 | -€15,710 | -70.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.