K. 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.
K. KERSTENS
Largest movements
- Cash -€9,551
down €9,551 (-17.6%), from €54,339 to €44,788
mainly Contributions, distributions and other (-€100,144) and Current portion of long-term debt (-€2,727)
- Receivables within one year +€1,393
up €1,393 (+14.8%), from €9,413 to €10,806
of which Other amounts receivable: +€1,249
- Tangible fixed assets -€1,371
down €1,371 (-100%), from €1,371 to €0
- Deferred charges and accrued income -€676
down €676 (-64.8%), from €1,044 to €368
- Reserves -€52,282
down €52,282 (-100%), from €52,282 to €0
- Other debts +€46,460
up €46,460 (+1,708%), from €2,721 to €49,180
- Current portion of long-term debt -€2,727
down €2,727 (-100%), from €2,727 to €0
- Tax, wage and social debts -€1,132
down €1,132 (-21.9%), from €5,166 to €4,035
of which Taxes: -€1,132
- Gross operating margin -€7,649
down €7,649 (-10.2%), from €74,651 to €67,003
- Depreciation -€6,096
down €6,096 (-81.6%), from €7,467 to €1,371
- Financial income -€4,750
down €4,750 (-100%), from €4,750 to €0
- Taxes -€1,392
down €1,392 (-7.7%), from €18,143 to €16,751
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 | €66,167 | €55,962 | -€10,205 | -15.4% |
| Fixed assets | 21/28 | €1,371 | €0 | -€1,371 | -100% |
| Tangible fixed assets | 22/27 | €1,371 | €0 | -€1,371 | -100% |
| Leasing and similar rights | 25 | €1,371 | €0 | -€1,371 | -100% |
| Current assets | 29/58 | €64,796 | €55,962 | -€8,834 | -13.6% |
| Amounts receivable within one year | 40/41 | €9,413 | €10,806 | +€1,393 | +14.8% |
| Trade receivables | 40 | €9,131 | €9,275 | +€144 | +1.6% |
| Other amounts receivable | 41 | €282 | €1,531 | +€1,249 | +443% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €54,339 | €44,788 | -€9,551 | -17.6% |
| Deferred charges and accrued income | 490/1 | €1,044 | €368 | -€676 | -64.8% |
| Total equity and liabilities | 10/49 | €66,167 | €55,962 | -€10,205 | -15.4% |
| Equity | 10/15 | €54,282 | €2,000 | -€52,282 | -96.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €52,282 | €0 | -€52,282 | -100% |
| Distributable reserves | 133 | €52,282 | €0 | -€52,282 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €11,885 | €53,962 | +€42,077 | +354% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €11,885 | €53,962 | +€42,077 | +354% |
| Current portion of amounts payable after more than one year | 42 | €2,727 | €0 | -€2,727 | -100% |
| Trade debts | 44 | €1,271 | €747 | -€524 | -41.2% |
| Suppliers | 440/4 | €1,271 | €747 | -€524 | -41.2% |
| Taxes, remuneration and social security | 45 | €5,166 | €4,035 | -€1,132 | -21.9% |
| Taxes | 450/3 | €3,616 | €2,485 | -€1,132 | -31.3% |
| Remuneration and social security | 454/9 | €1,550 | €1,550 | = | 0.0% |
| Other amounts payable | 47/48 | €2,721 | €49,180 | +€46,460 | +1,708% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,467 | €1,371 | -€6,096 | -81.6% |
| Other operating charges | 640/8 | €1,285 | €870 | -€415 | -32.3% |
| Gross operating margin | 9900 | €74,651 | €67,003 | -€7,649 | -10.2% |
| Operating profit (loss) | 9901 | €65,900 | €64,762 | -€1,137 | -1.7% |
| Financial income | 75/76B | €4,750 | €0 | -€4,750 | -100% |
| Recurring financial income | 75 | €4,750 | €0 | -€4,750 | -100% |
| Financial charges | 65/66B | €225 | €149 | -€75 | -33.5% |
| Recurring financial charges | 65 | €225 | €149 | -€75 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €70,425 | €64,613 | -€5,812 | -8.3% |
| Income taxes | 67/77 | €18,143 | €16,751 | -€1,392 | -7.7% |
| Profit (loss) for the period | 9904 | €52,282 | €47,862 | -€4,420 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,282 | €47,862 | -€4,420 | -8.5% |
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 24 October 2026 via checked.be.