KESTELYN: 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.
KESTELYN
Largest movements
- Current investments +€2.7m
new in 2025: €2.7m
- Cash -€2.5m
down €2.5m (-41.2%), from €6.1m to €3.6m
mainly Current investments (-€2.7m) and Contributions, distributions and other (-€2.0m)
- Receivables within one year -€314,648
down €314,648 (-30.2%), from €1.0m to €726,114
of which Trade receivables: -€352,730
- Stocks and contracts -€96,190
down €96,190 (-6.8%), from €1.4m to €1.3m
- Profit (loss) carried forward +€2.1m
up €2.1m (+6,113%), from €34,400 to €2.1m
- Reserves -€2.0m
down €2.0m (-23.7%), from €8.5m to €6.5m
of which Distributable reserves: -€2.0m
- Trade debts -€268,360
down €268,360 (-64.6%), from €415,171 to €146,810
- Gross operating margin +€150,527
up €150,527 (+5.3%), from €2.8m to €3.0m
- Financial income +€74,765
up €74,765 (+201%), from €37,153 to €111,918
- Taxes +€50,747
up €50,747 (+7.8%), from €652,667 to €703,414
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 | €9,141,740 | €8,905,979 | -€235,761 | -2.6% |
| Fixed assets | 21/28 | €575,183 | €594,043 | +€18,860 | +3.3% |
| Tangible fixed assets | 22/27 | €573,282 | €592,142 | +€18,860 | +3.3% |
| Land and buildings | 22 | €539,890 | €533,960 | -€5,930 | -1.1% |
| Plant, machinery and equipment | 23 | €33,392 | €21,425 | -€11,967 | -35.8% |
| Furniture and vehicles | 24 | - | €36,757 | +€36,757 | |
| Financial fixed assets | 28 | €1,901 | €1,901 | = | 0.0% |
| Current assets | 29/58 | €8,566,557 | €8,311,936 | -€254,621 | -3.0% |
| Stocks and contracts in progress | 3 | €1,406,960 | €1,310,770 | -€96,190 | -6.8% |
| Stocks | 30/36 | €1,406,960 | €1,310,770 | -€96,190 | -6.8% |
| Amounts receivable within one year | 40/41 | €1,040,762 | €726,114 | -€314,648 | -30.2% |
| Trade receivables | 40 | €1,028,888 | €676,158 | -€352,730 | -34.3% |
| Other amounts receivable | 41 | €11,874 | €49,957 | +€38,083 | +321% |
| Current investments | 50/53 | - | €2,659,000 | +€2.7m | |
| Cash at bank and in hand | 54/58 | €6,092,433 | €3,583,748 | -€2.5m | -41.2% |
| Deferred charges and accrued income | 490/1 | €26,402 | €32,304 | +€5,902 | +22.4% |
| Total equity and liabilities | 10/49 | €9,141,740 | €8,905,979 | -€235,761 | -2.6% |
| Equity | 10/15 | €8,578,656 | €8,681,569 | +€102,913 | +1.2% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €8,454,256 | €6,454,256 | -€2.0m | -23.7% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €913,940 | €913,940 | = | 0.0% |
| Distributable reserves | 133 | €7,531,316 | €5,531,316 | -€2.0m | -26.6% |
| Profit (loss) carried forward | 14 | €34,400 | €2,137,313 | +€2.1m | +6,113% |
| Amounts payable | 17/49 | €563,084 | €224,411 | -€338,673 | -60.1% |
| Amounts payable within one year | 42/48 | €558,654 | €219,801 | -€338,853 | -60.7% |
| Trade debts | 44 | €415,171 | €146,810 | -€268,360 | -64.6% |
| Suppliers | 440/4 | €415,171 | €146,810 | -€268,360 | -64.6% |
| Taxes, remuneration and social security | 45 | €143,483 | €72,990 | -€70,493 | -49.1% |
| Taxes | 450/3 | €125,849 | €55,046 | -€70,803 | -56.3% |
| Remuneration and social security | 454/9 | €17,634 | €17,944 | +€310 | +1.8% |
| Accrued charges and deferred income | 492/3 | €4,430 | €4,610 | +€180 | +4.1% |
| Remuneration, social security and pensions | 62 | €212,487 | €194,215 | -€18,272 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,928 | €28,284 | +€7,356 | +35.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€450 | €25,000 | +€25,450 | |
| Other operating charges | 640/8 | €23,750 | €27,109 | +€3,360 | +14.1% |
| Non-recurring operating charges | 66A | - | €753 | +€753 | |
| Gross operating margin | 9900 | €2,822,048 | €2,972,574 | +€150,527 | +5.3% |
| Operating profit (loss) | 9901 | €2,565,333 | €2,697,214 | +€131,880 | +5.1% |
| Financial income | 75/76B | €37,153 | €111,918 | +€74,765 | +201% |
| Recurring financial income | 75 | €37,153 | €111,918 | +€74,765 | +201% |
| Financial charges | 65/66B | €2,114 | €2,806 | +€691 | +32.7% |
| Recurring financial charges | 65 | €2,114 | €2,806 | +€691 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €2,600,372 | €2,806,326 | +€205,954 | +7.9% |
| Income taxes | 67/77 | €652,667 | €703,414 | +€50,747 | +7.8% |
| Profit (loss) for the period | 9904 | €1,947,705 | €2,102,913 | +€155,207 | +8.0% |
| Transfer to tax-exempt reserves | 689 | €421,000 | - | -€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,526,705 | €2,102,913 | +€576,207 | +37.7% |
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 23 October 2026 via checked.be.