KERSTENNE MANAGEMENT: 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.
KERSTENNE MANAGEMENT
Largest movements
- Current investments +€60,000
new in 2025: €60,000
- Cash -€57,266
down €57,266 (-72.5%), from €78,957 to €21,691
mainly Current investments (-€60,000) and Receivables within one year (-€22,591)
- Receivables within one year +€22,591
up €22,591 (+168%), from €13,428 to €36,019
of which Trade receivables: +€22,575
- Reserves +€26,275
up €26,275 (+45.2%), from €58,174 to €84,449
- Gross operating margin -€3,925
down €3,925 (-9.5%), from €41,196 to €37,271
- Taxes -€1,123
down €1,123 (-9.6%), from €11,701 to €10,578
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 | €92,840 | €118,057 | +€25,217 | +27.2% |
| Fixed assets | 21/28 | €455 | €347 | -€108 | -23.8% |
| Tangible fixed assets | 22/27 | €455 | €347 | -€108 | -23.8% |
| Furniture and vehicles | 24 | €455 | €347 | -€108 | -23.8% |
| Current assets | 29/58 | €92,385 | €117,710 | +€25,325 | +27.4% |
| Amounts receivable within one year | 40/41 | €13,428 | €36,019 | +€22,591 | +168% |
| Trade receivables | 40 | €13,428 | €36,003 | +€22,575 | +168% |
| Other amounts receivable | 41 | - | €17 | +€17 | |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €78,957 | €21,691 | -€57,266 | -72.5% |
| Total equity and liabilities | 10/49 | €92,840 | €118,057 | +€25,217 | +27.2% |
| Equity | 10/15 | €60,974 | €87,249 | +€26,275 | +43.1% |
| Contributions | 10/11 | €2,800 | €2,800 | = | 0.0% |
| Reserves | 13 | €58,174 | €84,449 | +€26,275 | +45.2% |
| Distributable reserves | 133 | €58,174 | €84,449 | +€26,275 | +45.2% |
| Amounts payable | 17/49 | €31,866 | €30,808 | -€1,058 | -3.3% |
| Amounts payable within one year | 42/48 | €31,866 | €30,808 | -€1,058 | -3.3% |
| Trade debts | 44 | €1,337 | €1,410 | +€73 | +5.4% |
| Suppliers | 440/4 | €1,337 | €1,410 | +€73 | +5.4% |
| Taxes, remuneration and social security | 45 | €28,845 | €28,440 | -€406 | -1.4% |
| Taxes | 450/3 | €28,845 | €28,440 | -€406 | -1.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,684 | €959 | -€725 | -43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87 | €108 | +€21 | +24.5% |
| Gross operating margin | 9900 | €41,196 | €37,271 | -€3,925 | -9.5% |
| Operating profit (loss) | 9901 | €41,109 | €37,163 | -€3,946 | -9.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €27 | €309 | +€282 | +1,046% |
| Recurring financial charges | 65 | €27 | €309 | +€282 | +1,046% |
| Profit (loss) for the period before taxes | 9903 | €41,082 | €36,853 | -€4,229 | -10.3% |
| Income taxes | 67/77 | €11,701 | €10,578 | -€1,123 | -9.6% |
| Profit (loss) for the period | 9904 | €29,381 | €26,275 | -€3,106 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,381 | €26,275 | -€3,106 | -10.6% |
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 17 October 2026 via checked.be.