KEST: what changed
Two fiscal 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.
KEST
Largest movements
- Tangible fixed assets +€53,138
up €53,138 (+55.3%), from €96,099 to €149,237
of which Furniture and vehicles: +€52,920
- Receivables within one year +€27,597
up €27,597 (+67.2%), from €41,047 to €68,643
of which Trade receivables: +€15,546
- Cash +€22,093
up €22,093 (+35.7%), from €61,941 to €84,034
mainly Debts after one year (+€47,862) and Depreciation (+€32,108)
- Financial fixed assets -€16,627
down €16,627 (-100.0%), from €16,627 to €0
- Debts after one year +€47,862
up €47,862, from €0 to €47,862
- Accrued charges and deferred income +€18,331
up €18,331 (+603.2%), from €3,039 to €21,370
- Current portion of long-term debt +€12,127
up €12,127 (+937.9%), from €1,293 to €13,420
- Reserves +€11,224
up €11,224 (+8.3%), from €135,172 to €146,397
- Profit (loss) carried forward -€3,734
down €3,734 (-100.0%), from €3,734 to €0
- Depreciation +€14,883
up €14,883 (+86.4%), from €17,225 to €32,108
- Gross operating margin -€7,087
down €7,087 (-6.7%), from €106,156 to €99,069
- Taxes -€5,608
down €5,608 (-49.4%), from €11,342 to €5,734
- Staff costs -€5,314
down €5,314 (-96.9%), from €5,484 to €170
- Financial charges +€3,621
up €3,621 (+7.6%), from €47,788 to €51,410
of which Financial charges: +€4,597
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.
Cash bridge derived
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 | €218,112 | €303,277 | +€85,165 | +39.0% |
| Fixed assets | 21/28 | €112,726 | €149,237 | +€36,511 | +32.4% |
| Tangible fixed assets | 22/27 | €96,099 | €149,237 | +€53,138 | +55.3% |
| Plant, machinery and equipment | 23 | €2,418 | €1,782 | -€636 | -26.3% |
| Furniture and vehicles | 24 | €87,281 | €140,201 | +€52,920 | +60.6% |
| Other tangible fixed assets | 26 | €6,401 | €7,254 | +€854 | +13.3% |
| Financial fixed assets | 28 | €16,627 | €0 | -€16,627 | -100.0% |
| Current assets | 29/58 | €105,386 | €154,040 | +€48,654 | +46.2% |
| Amounts receivable within one year | 40/41 | €41,047 | €68,643 | +€27,597 | +67.2% |
| Trade receivables | 40 | €18,580 | €34,126 | +€15,546 | +83.7% |
| Other amounts receivable | 41 | €22,467 | €34,518 | +€12,051 | +53.6% |
| Cash at bank and in hand | 54/58 | €61,941 | €84,034 | +€22,093 | +35.7% |
| Deferred charges and accrued income | 490/1 | €2,398 | €1,363 | -€1,036 | -43.2% |
| Total equity and liabilities | 10/49 | €218,112 | €303,277 | +€85,165 | +39.0% |
| Equity | 10/15 | €167,306 | €174,797 | +€7,491 | +4.5% |
| Contributions | 10/11 | €28,400 | €28,400 | = | 0.0% |
| Reserves | 13 | €135,172 | €146,397 | +€11,224 | +8.3% |
| Distributable reserves | 133 | €135,172 | €146,397 | +€11,224 | +8.3% |
| Profit (loss) carried forward | 14 | €3,734 | €0 | -€3,734 | -100.0% |
| Amounts payable | 17/49 | €50,806 | €128,480 | +€77,674 | +152.9% |
| Amounts payable after more than one year | 17 | €0 | €47,862 | +€47,862 | |
| Financial debts | 170/4 | €0 | €47,862 | +€47,862 | |
| Amounts payable within one year | 42/48 | €47,767 | €59,248 | +€11,481 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €1,293 | €13,420 | +€12,127 | +937.9% |
| Trade debts | 44 | €5,291 | €5,443 | +€152 | +2.9% |
| Suppliers | 440/4 | €5,291 | €5,443 | +€152 | +2.9% |
| Advances received on contracts in progress | 46 | €140 | €1,278 | +€1,137 | +811.0% |
| Taxes, remuneration and social security | 45 | €1,452 | €905 | -€547 | -37.6% |
| Taxes | 450/3 | €1,452 | €905 | -€547 | -37.6% |
| Other amounts payable | 47/48 | €39,592 | €38,203 | -€1,389 | -3.5% |
| Accrued charges and deferred income | 492/3 | €3,039 | €21,370 | +€18,331 | +603.2% |
| Non-recurring operating income | 76A | €0 | €2,479 | +€2,479 | |
| Remuneration, social security and pensions | 62 | €5,484 | €170 | -€5,314 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,225 | €32,108 | +€14,883 | +86.4% |
| Other operating charges | 640/8 | €2,454 | €2,730 | +€276 | +11.3% |
| Gross operating margin | 9900 | €106,156 | €99,069 | -€7,087 | -6.7% |
| Operating profit (loss) | 9901 | €80,993 | €64,060 | -€16,932 | -20.9% |
| Financial income | 75/76B | €129 | €574 | +€445 | +346.3% |
| Recurring financial income | 75 | €129 | €574 | +€445 | +346.3% |
| Financial charges | 65/66B | €47,788 | €51,410 | +€3,621 | +7.6% |
| Recurring financial charges | 65 | €46,586 | €51,182 | +€4,597 | +9.9% |
| Non-recurring financial charges | 66B | €1,202 | €227 | -€975 | -81.1% |
| Profit (loss) for the period before taxes | 9903 | €33,333 | €13,225 | -€20,108 | -60.3% |
| Income taxes | 67/77 | €11,342 | €5,734 | -€5,608 | -49.4% |
| Profit (loss) for the period | 9904 | €21,991 | €7,491 | -€14,500 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,991 | €7,491 | -€14,500 | -65.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.