Kestemont: 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.
What changed
Kestemont
NACE 11.050, Manufacture of beer
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€373,624
2024 · -€66,387-€307,237
Equity
€104,319
2024 · €284,182-€179,863
Cash
€36,221
2024 · €57,560-€21,339
Balance sheet total
€2.4m
2024 · €2.7m-€324,307
Largest movements
Assets
- Stocks and contracts -€155,399
down €155,399 (-24.4%), from €637,842 to €482,442
- Tangible fixed assets -€56,389
down €56,389 (-3.1%), from €1.8m to €1.7m
of which Plant, machinery and equipment: -€74,403
- Receivables within one year -€49,347
down €49,347 (-29.6%), from €166,592 to €117,245
of which Trade receivables: -€62,463
- Deferred charges and accrued income -€40,407
down €40,407 (-94.3%), from €42,864 to €2,457
Equity and liabilities
- Profit (loss) carried forward -€373,624
new in 2025: -€373,624
- Debts after one year -€328,815
down €328,815 (-47.8%), from €687,626 to €358,810
- Other debts +€269,040
up €269,040 (+36.6%), from €735,725 to €1.0m
- Contributions +€180,000
up €180,000 (+726.1%), from €24,789 to €204,789
- Trade debts -€46,379
down €46,379 (-32.7%), from €141,983 to €95,604
Income statement
- Gross operating margin -€787,623
down €787,623 (-78.1%), from €1.0m to €220,844
- Staff costs -€449,502
down €449,502 (-57.5%), from €781,656 to €332,155
- Depreciation -€12,693
down €12,693 (-6.3%), from €201,040 to €188,348
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.
Result 2024
-€66,387
Gross operating margin
-€787,623
Staff costs
+€449,502
Depreciation
+€12,693
Write-downs
+€7,152
Other operating charges
+€7,842
Other operating items
+€5,107
Financial income
-€222
Financial charges
-€1,699
Taxes
-€184
Deferred taxes and other
+€196
Result 2025
-€373,624
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.
From operations
+€285,733
Investment
-€130,533
Financing
-€176,539
Cash 2024
€57,560
From operations (derived)
+€285,733
Net result for the year
-€373,624
Depreciation
+€188,348
Stocks and contracts
+€155,399
Receivables within one year
+€49,347
Deferred charges and accrued income
+€40,407
Provisions
+€735
Trade debts
-€46,379
Tax, wage and social debts
-€1,803
Other debts
+€269,040
Accrued charges and deferred income
+€4,263
Investment (derived)
-€130,533
Investment in fixed assets (net)
-€130,533
Financing
-€176,539
Debts after one year
-€328,815
Current portion of long-term debt
-€40,449
Short-term financial debts
-€1,035
Contributions, distributions and other
+€193,760
Cash 2025
€36,221
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,709,286 | €2,384,979 | -€324,307 | -12.0% |
| Fixed assets | 21/28 | €1,804,429 | €1,746,614 | -€57,815 | -3.2% |
| Intangible fixed assets | 21 | €2,593 | €1,571 | -€1,021 | -39.4% |
| Tangible fixed assets | 22/27 | €1,800,606 | €1,744,218 | -€56,389 | -3.1% |
| Land and buildings | 22 | €1,119,055 | €1,165,677 | +€46,621 | +4.2% |
| Plant, machinery and equipment | 23 | €598,937 | €524,534 | -€74,403 | -12.4% |
| Furniture and vehicles | 24 | €17,606 | €13,254 | -€4,353 | -24.7% |
| Leasing and similar rights | 25 | €65,008 | €40,754 | -€24,255 | -37.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,230 | €825 | -€405 | -32.9% |
| Current assets | 29/58 | €904,857 | €638,366 | -€266,492 | -29.5% |
| Stocks and contracts in progress | 3 | €637,842 | €482,442 | -€155,399 | -24.4% |
| Stocks | 30/36 | €637,842 | €482,442 | -€155,399 | -24.4% |
| Amounts receivable within one year | 40/41 | €166,592 | €117,245 | -€49,347 | -29.6% |
| Trade receivables | 40 | €147,185 | €84,723 | -€62,463 | -42.4% |
| Other amounts receivable | 41 | €19,407 | €32,523 | +€13,116 | +67.6% |
| Cash at bank and in hand | 54/58 | €57,560 | €36,221 | -€21,339 | -37.1% |
| Deferred charges and accrued income | 490/1 | €42,864 | €2,457 | -€40,407 | -94.3% |
| Total equity and liabilities | 10/49 | €2,709,286 | €2,384,979 | -€324,307 | -12.0% |
| Equity | 10/15 | €284,182 | €104,319 | -€179,863 | -63.3% |
| Contributions | 10/11 | €24,789 | €204,789 | +€180,000 | +726.1% |
| Reserves | 13 | €259,393 | €259,393 | = | 0.0% |
| Distributable reserves | 133 | €259,393 | €259,393 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€373,624 | -€373,624 | |
| Investment grants | 15 | - | €13,760 | +€13,760 | |
| Provisions and deferred taxes | 16 | - | €735 | +€735 | |
| Deferred taxes | 168 | - | €735 | +€735 | |
| Amounts payable | 17/49 | €2,425,104 | €2,279,926 | -€145,178 | -6.0% |
| Amounts payable after more than one year | 17 | €687,626 | €358,810 | -€328,815 | -47.8% |
| Financial debts | 170/4 | €687,626 | €358,810 | -€328,815 | -47.8% |
| Amounts payable within one year | 42/48 | €1,720,041 | €1,899,415 | +€179,375 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €203,086 | €162,637 | -€40,449 | -19.9% |
| Financial debts | 43 | €587,766 | €586,731 | -€1,035 | -0.2% |
| Credit institutions | 430/8 | €587,766 | €586,731 | -€1,035 | -0.2% |
| Trade debts | 44 | €141,983 | €95,604 | -€46,379 | -32.7% |
| Suppliers | 440/4 | €141,983 | €95,604 | -€46,379 | -32.7% |
| Taxes, remuneration and social security | 45 | €51,480 | €49,677 | -€1,803 | -3.5% |
| Taxes | 450/3 | €4,233 | €8,244 | +€4,011 | +94.8% |
| Remuneration and social security | 454/9 | €47,247 | €41,434 | -€5,814 | -12.3% |
| Other amounts payable | 47/48 | €735,725 | €1,004,765 | +€269,040 | +36.6% |
| Accrued charges and deferred income | 492/3 | €17,437 | €21,700 | +€4,263 | +24.4% |
| Non-recurring operating income | 76A | €220,194 | €142,705 | -€77,489 | -35.2% |
| Remuneration, social security and pensions | 62 | €781,656 | €332,155 | -€449,502 | -57.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,040 | €188,348 | -€12,693 | -6.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,576 | -€3,576 | -€7,152 | |
| Other operating charges | 640/8 | €31,078 | €23,236 | -€7,842 | -25.2% |
| Non-recurring operating charges | 66A | €5,235 | €128 | -€5,107 | -97.6% |
| Gross operating margin | 9900 | €1,008,467 | €220,844 | -€787,623 | -78.1% |
| Operating profit (loss) | 9901 | -€14,118 | -€319,446 | -€305,328 | -2162.6% |
| Financial income | 75/76B | €4,132 | €3,911 | -€222 | -5.4% |
| Recurring financial income | 75 | €4,132 | €3,911 | -€222 | -5.4% |
| Financial charges | 65/66B | €56,216 | €57,915 | +€1,699 | +3.0% |
| Recurring financial charges | 65 | €56,216 | €57,915 | +€1,699 | +3.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€66,202 | -€373,451 | -€307,248 | -464.1% |
| Transfer from deferred taxes | 780 | - | €196 | +€196 | |
| Income taxes | 67/77 | €184 | €368 | +€184 | +100.0% |
| Profit (loss) for the period | 9904 | -€66,387 | -€373,624 | -€307,237 | -462.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,387 | -€373,624 | -€307,237 | -462.8% |
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 9 October 2026 via checked.be.