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.
Kerstens
Largest movements
- Receivables within one year +€14,031
up €14,031 (+69.8%), from €20,094 to €34,125
of which Other amounts receivable: +€14,021
- Cash -€13,259
down €13,259 (-46.9%), from €28,253 to €14,994
mainly Other debts (-€54,182) and Receivables within one year (-€14,031)
- Tangible fixed assets -€4,647
down €4,647 (-9.3%), from €50,046 to €45,399
of which Furniture and vehicles: -€3,830
- Deferred charges and accrued income -€2,779
no longer reported in 2025 (was €2,779)
- Other debts -€54,182
no longer reported in 2025 (was €54,182)
- Reserves +€47,412
up €47,412 (+169%), from €28,073 to €75,485
- Tax, wage and social debts -€9,600
no longer reported in 2025 (was €9,600)
- Trade debts +€9,466
up €9,466 (+92.8%), from €10,203 to €19,669
- Staff costs +€4,889
up €4,889 (+9.3%), from €52,357 to €57,246
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 | €102,309 | €95,155 | -€7,154 | -7.0% |
| Fixed assets | 21/28 | €51,183 | €46,036 | -€5,147 | -10.1% |
| Intangible fixed assets | 21 | €1,137 | €637 | -€500 | -44.0% |
| Tangible fixed assets | 22/27 | €50,046 | €45,399 | -€4,647 | -9.3% |
| Plant, machinery and equipment | 23 | €20,597 | €19,780 | -€817 | -4.0% |
| Furniture and vehicles | 24 | €29,449 | €25,619 | -€3,830 | -13.0% |
| Current assets | 29/58 | €51,126 | €49,119 | -€2,008 | -3.9% |
| Amounts receivable within one year | 40/41 | €20,094 | €34,125 | +€14,031 | +69.8% |
| Trade receivables | 40 | - | €10 | +€10 | |
| Other amounts receivable | 41 | €20,094 | €34,115 | +€14,021 | +69.8% |
| Cash at bank and in hand | 54/58 | €28,253 | €14,994 | -€13,259 | -46.9% |
| Deferred charges and accrued income | 490/1 | €2,779 | - | -€2,779 | |
| Total equity and liabilities | 10/49 | €102,309 | €95,155 | -€7,154 | -7.0% |
| Equity | 10/15 | €28,324 | €75,486 | +€47,162 | +167% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €28,073 | €75,485 | +€47,412 | +169% |
| Distributable reserves | 133 | €28,073 | €75,485 | +€47,412 | +169% |
| Profit (loss) carried forward | 14 | €250 | - | -€250 | |
| Amounts payable | 17/49 | €73,985 | €19,669 | -€54,316 | -73.4% |
| Amounts payable within one year | 42/48 | €73,985 | €19,669 | -€54,316 | -73.4% |
| Trade debts | 44 | €10,203 | €19,669 | +€9,466 | +92.8% |
| Suppliers | 440/4 | €10,203 | €19,669 | +€9,466 | +92.8% |
| Taxes, remuneration and social security | 45 | €9,600 | - | -€9,600 | |
| Taxes | 450/3 | €9,600 | - | -€9,600 | |
| Other amounts payable | 47/48 | €54,182 | - | -€54,182 | |
| Remuneration, social security and pensions | 62 | €52,357 | €57,246 | +€4,889 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,542 | €18,537 | +€995 | +5.7% |
| Other operating charges | 640/8 | €1,154 | €1,666 | +€512 | +44.3% |
| Gross operating margin | 9900 | €143,596 | €143,033 | -€563 | -0.4% |
| Operating profit (loss) | 9901 | €72,543 | €65,584 | -€6,959 | -9.6% |
| Financial income | 75/76B | €368 | - | -€368 | |
| Recurring financial income | 75 | €368 | - | -€368 | |
| Financial charges | 65/66B | €187 | €887 | +€700 | +374% |
| Recurring financial charges | 65 | €187 | €887 | +€700 | +374% |
| Profit (loss) for the period before taxes | 9903 | €72,724 | €64,697 | -€8,027 | -11.0% |
| Income taxes | 67/77 | €18,466 | €17,535 | -€931 | -5.0% |
| Profit (loss) for the period | 9904 | €54,258 | €47,162 | -€7,096 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,258 | €47,162 | -€7,096 | -13.1% |
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 29 October 2026 via checked.be.