KESTELYN-DEVOS: 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.
KESTELYN-DEVOS
Largest movements
- Cash -€53,713
down €53,713 (-17.3%), from €310,737 to €257,025
mainly Net result for the year (-€106,949)
- Receivables within one year -€21,620
down €21,620 (-42.5%), from €50,835 to €29,215
of which Other amounts receivable: -€19,991
- Financial fixed assets -€19,929
down €19,929 (-34.0%), from €58,578 to €38,649
- Profit (loss) carried forward -€106,949
down €106,949 (-40.9%), from €261,705 to €154,756
- Gross operating margin +€22,941
up €22,941 (+18.0%), from -€127,591 to -€104,649
- Other operating charges -€1,703
down €1,703 (-57.0%), from €2,986 to €1,283
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 | €442,115 | €342,418 | -€99,697 | -22.6% |
| Fixed assets | 21/28 | €67,470 | €43,207 | -€24,263 | -36.0% |
| Tangible fixed assets | 22/27 | €8,892 | €4,558 | -€4,334 | -48.7% |
| Furniture and vehicles | 24 | €7,849 | €4,311 | -€3,538 | -45.1% |
| Other tangible fixed assets | 26 | €1,043 | €247 | -€796 | -76.4% |
| Financial fixed assets | 28 | €58,578 | €38,649 | -€19,929 | -34.0% |
| Current assets | 29/58 | €374,645 | €299,211 | -€75,434 | -20.1% |
| Stocks and contracts in progress | 3 | €10,100 | €10,100 | = | 0.0% |
| Stocks | 30/36 | €10,100 | €10,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €50,835 | €29,215 | -€21,620 | -42.5% |
| Trade receivables | 40 | €9,721 | €8,092 | -€1,630 | -16.8% |
| Other amounts receivable | 41 | €41,114 | €21,123 | -€19,991 | -48.6% |
| Cash at bank and in hand | 54/58 | €310,737 | €257,025 | -€53,713 | -17.3% |
| Deferred charges and accrued income | 490/1 | €2,973 | €2,871 | -€101 | -3.4% |
| Total equity and liabilities | 10/49 | €442,115 | €342,418 | -€99,697 | -22.6% |
| Equity | 10/15 | €438,176 | €331,228 | -€106,949 | -24.4% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €148,972 | €148,972 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €130,222 | €130,222 | = | 0.0% |
| Profit (loss) carried forward | 14 | €261,705 | €154,756 | -€106,949 | -40.9% |
| Amounts payable | 17/49 | €3,938 | €11,190 | +€7,252 | +184.1% |
| Amounts payable within one year | 42/48 | €3,894 | €11,190 | +€7,297 | +187.4% |
| Trade debts | 44 | €210 | €3,025 | +€2,815 | +1338.6% |
| Suppliers | 440/4 | €210 | €3,025 | +€2,815 | +1338.6% |
| Taxes, remuneration and social security | 45 | €3,683 | €7,563 | +€3,879 | +105.3% |
| Taxes | 450/3 | €3,683 | €3,683 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €3,879 | +€3,879 | |
| Other amounts payable | 47/48 | - | €602 | +€602 | |
| Accrued charges and deferred income | 492/3 | €45 | - | -€45 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €364 | - | -€364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,588 | €4,334 | +€746 | +20.8% |
| Other operating charges | 640/8 | €2,986 | €1,283 | -€1,703 | -57.0% |
| Gross operating margin | 9900 | -€127,591 | -€104,649 | +€22,941 | +18.0% |
| Operating profit (loss) | 9901 | -€134,529 | -€110,266 | +€24,263 | +18.0% |
| Financial income | 75/76B | €4,674 | €3,564 | -€1,109 | -23.7% |
| Recurring financial income | 75 | €4,674 | €3,564 | -€1,109 | -23.7% |
| Financial charges | 65/66B | €377 | €262 | -€115 | -30.5% |
| Recurring financial charges | 65 | €377 | €262 | -€115 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€130,233 | -€106,964 | +€23,269 | +17.9% |
| Income taxes | 67/77 | €638 | -€15 | -€653 | |
| Profit (loss) for the period | 9904 | -€130,870 | -€106,949 | +€23,921 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€130,870 | -€106,949 | +€23,921 | +18.3% |
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 1 October 2026 via checked.be.