Kestens Construct: 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.
Kestens Construct
Largest movements
- Cash -€176,137
down €176,137 (-63.2%), from €278,702 to €102,565
mainly Accrued charges and deferred income (-€140,000) and Receivables within one year (-€81,914)
- Receivables within one year +€81,914
up €81,914 (+35.5%), from €230,855 to €312,769
of which Trade receivables: +€63,619
- Tangible fixed assets -€19,841
down €19,841 (-36.7%), from €54,039 to €34,198
of which Plant, machinery and equipment: -€11,910
- Accrued charges and deferred income -€140,000
no longer reported in 2025 (was €140,000)
- Reserves +€44,872
up €44,872 (+11.9%), from €375,733 to €420,605
of which Distributable reserves: +€44,872
- Trade debts -€19,014
down €19,014 (-52.3%), from €36,383 to €17,369
- Gross operating margin +€13,981
up €13,981 (+10.8%), from €129,194 to €143,175
- Depreciation +€8,047
up €8,047 (+47.8%), from €16,831 to €24,878
- Staff costs +€5,223
up €5,223 (+10.3%), from €50,824 to €56,047
- Financial charges +€3,902
up €3,902 (+2,120%), from €184 to €4,086
- Other operating charges -€2,817
down €2,817 (-72.0%), from €3,913 to €1,096
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 | €573,616 | €460,316 | -€113,300 | -19.8% |
| Fixed assets | 21/28 | €54,059 | €34,218 | -€19,841 | -36.7% |
| Tangible fixed assets | 22/27 | €54,039 | €34,198 | -€19,841 | -36.7% |
| Plant, machinery and equipment | 23 | €37,240 | €25,330 | -€11,910 | -32.0% |
| Furniture and vehicles | 24 | €16,799 | €8,868 | -€7,931 | -47.2% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €519,557 | €426,098 | -€93,459 | -18.0% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Contracts in progress | 37 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €230,855 | €312,769 | +€81,914 | +35.5% |
| Trade receivables | 40 | €214,036 | €277,655 | +€63,619 | +29.7% |
| Other amounts receivable | 41 | €16,819 | €35,114 | +€18,295 | +109% |
| Cash at bank and in hand | 54/58 | €278,702 | €102,565 | -€176,137 | -63.2% |
| Deferred charges and accrued income | 490/1 | - | €764 | +€764 | |
| Total equity and liabilities | 10/49 | €573,616 | €460,316 | -€113,300 | -19.8% |
| Equity | 10/15 | €397,233 | €442,105 | +€44,872 | +11.3% |
| Contributions | 10/11 | €21,500 | €21,500 | = | 0.0% |
| Reserves | 13 | €375,733 | €420,605 | +€44,872 | +11.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €375,733 | €420,605 | +€44,872 | +11.9% |
| Amounts payable | 17/49 | €176,383 | €18,210 | -€158,173 | -89.7% |
| Amounts payable within one year | 42/48 | €36,383 | €18,210 | -€18,173 | -49.9% |
| Trade debts | 44 | €36,383 | €17,369 | -€19,014 | -52.3% |
| Suppliers | 440/4 | €36,383 | €17,369 | -€19,014 | -52.3% |
| Taxes, remuneration and social security | 45 | - | €842 | +€842 | |
| Taxes | 450/3 | - | €43 | +€43 | |
| Remuneration and social security | 454/9 | - | €799 | +€799 | |
| Accrued charges and deferred income | 492/3 | €140,000 | - | -€140,000 | |
| Remuneration, social security and pensions | 62 | €50,824 | €56,047 | +€5,223 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,831 | €24,878 | +€8,047 | +47.8% |
| Other operating charges | 640/8 | €3,913 | €1,096 | -€2,817 | -72.0% |
| Gross operating margin | 9900 | €129,194 | €143,175 | +€13,981 | +10.8% |
| Operating profit (loss) | 9901 | €57,626 | €61,154 | +€3,528 | +6.1% |
| Financial income | 75/76B | €392 | €326 | -€66 | -16.8% |
| Recurring financial income | 75 | €392 | €326 | -€66 | -16.8% |
| Financial charges | 65/66B | €184 | €4,086 | +€3,902 | +2,120% |
| Recurring financial charges | 65 | €184 | €4,086 | +€3,902 | +2,120% |
| Profit (loss) for the period before taxes | 9903 | €57,834 | €57,395 | -€439 | -0.8% |
| Income taxes | 67/77 | €14,625 | €12,522 | -€2,103 | -14.4% |
| Profit (loss) for the period | 9904 | €43,209 | €44,872 | +€1,663 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €43,209 | €44,872 | +€1,663 | +3.8% |
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 25 October 2026 via checked.be.