KESTELAW: 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.
KESTELAW
Largest movements
- Cash +€15,435
up €15,435 (+65.2%), from €23,673 to €39,108
mainly Net result for the year (+€39,298) and Depreciation (+€11,269)
- Tangible fixed assets -€11,269
down €11,269 (-26.2%), from €42,956 to €31,687
of which Furniture and vehicles: -€11,269
- Receivables within one year +€3,053
up €3,053 (+1,076%), from €284 to €3,337
of which Trade receivables: +€3,215
- Deferred charges and accrued income +€1,404
up €1,404 (+52.1%), from €2,696 to €4,100
- Other debts +€3,329
up €3,329 (+8.4%), from €39,835 to €43,164
- Short-term financial debts +€2,411
up €2,411 (+412%), from €586 to €2,996
- Trade debts +€2,215
up €2,215 (+173%), from €1,283 to €3,497
- Depreciation -€4,814
down €4,814 (-29.9%), from €16,083 to €11,269
- Taxes +€1,161
up €1,161 (+10.8%), from €10,794 to €11,955
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 | €69,609 | €78,232 | +€8,623 | +12.4% |
| Fixed assets | 21/28 | €42,956 | €31,687 | -€11,269 | -26.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €42,956 | €31,687 | -€11,269 | -26.2% |
| Furniture and vehicles | 24 | €41,356 | €30,087 | -€11,269 | -27.2% |
| Other tangible fixed assets | 26 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €26,653 | €46,545 | +€19,892 | +74.6% |
| Amounts receivable within one year | 40/41 | €284 | €3,337 | +€3,053 | +1,076% |
| Trade receivables | 40 | €78 | €3,292 | +€3,215 | +4,148% |
| Other amounts receivable | 41 | €206 | €45 | -€161 | -78.1% |
| Cash at bank and in hand | 54/58 | €23,673 | €39,108 | +€15,435 | +65.2% |
| Deferred charges and accrued income | 490/1 | €2,696 | €4,100 | +€1,404 | +52.1% |
| Total equity and liabilities | 10/49 | €69,609 | €78,232 | +€8,623 | +12.4% |
| Equity | 10/15 | €20,483 | €20,781 | +€298 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23 | €321 | +€298 | +1,320% |
| Amounts payable | 17/49 | €49,127 | €57,452 | +€8,325 | +16.9% |
| Amounts payable within one year | 42/48 | €49,114 | €57,437 | +€8,323 | +16.9% |
| Financial debts | 43 | €586 | €2,996 | +€2,411 | +412% |
| Credit institutions | 430/8 | €586 | €2,996 | +€2,411 | +412% |
| Trade debts | 44 | €1,283 | €3,497 | +€2,215 | +173% |
| Suppliers | 440/4 | €1,283 | €3,497 | +€2,215 | +173% |
| Taxes, remuneration and social security | 45 | €7,410 | €7,779 | +€369 | +5.0% |
| Taxes | 450/3 | €7,410 | €7,779 | +€369 | +5.0% |
| Other amounts payable | 47/48 | €39,835 | €43,164 | +€3,329 | +8.4% |
| Accrued charges and deferred income | 492/3 | €13 | €15 | +€2 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,083 | €11,269 | -€4,814 | -29.9% |
| Other operating charges | 640/8 | €666 | €697 | +€31 | +4.6% |
| Gross operating margin | 9900 | €64,115 | €63,525 | -€589 | -0.9% |
| Operating profit (loss) | 9901 | €47,366 | €51,560 | +€4,194 | +8.9% |
| Financial income | 75/76B | €169 | €0 | -€169 | -100% |
| Recurring financial income | 75 | €169 | €0 | -€169 | -100% |
| Financial charges | 65/66B | €204 | €307 | +€102 | +50.1% |
| Recurring financial charges | 65 | €204 | €307 | +€102 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | €47,330 | €51,253 | +€3,923 | +8.3% |
| Income taxes | 67/77 | €10,794 | €11,955 | +€1,161 | +10.8% |
| Profit (loss) for the period | 9904 | €36,536 | €39,298 | +€2,762 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,536 | €39,298 | +€2,762 | +7.6% |
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 16 October 2026 via checked.be.