PATRICK KESTERS: 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.
PATRICK KESTERS
Largest movements
- Current investments +€213,005
up €213,005 (+27.9%), from €762,594 to €975,598
- Receivables within one year -€82,468
down €82,468 (-81.6%), from €101,070 to €18,602
of which Trade receivables: -€66,260
- Tangible fixed assets -€23,792
down €23,792 (-29.9%), from €79,509 to €55,717
of which Furniture and vehicles: -€18,298
- Cash +€18,279
up €18,279 (+6.9%), from €265,445 to €283,724
mainly Net result for the year (+€144,542) and Receivables within one year (+€82,468)
- Stocks and contracts +€15,240
up €15,240 (+138%), from €11,041 to €26,280
of which Contracts in progress: +€16,907
- Reserves +€144,542
up €144,542 (+15.2%), from €948,519 to €1.1m
- Trade debts -€19,950
down €19,950 (-63.5%), from €31,398 to €11,449
- Tax, wage and social debts +€19,125
up €19,125 (+136%), from €14,033 to €33,158
of which Taxes: +€18,914
- Gross operating margin +€22,919
up €22,919 (+8.8%), from €260,934 to €283,853
- Taxes +€7,049
up €7,049 (+12.8%), from €55,125 to €62,174
- Financial income +€5,338
up €5,338 (+55.1%), from €9,682 to €15,019
- Staff costs +€4,897
up €4,897 (+8.3%), from €59,060 to €63,957
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 | €1,228,372 | €1,368,370 | +€139,998 | +11.4% |
| Fixed assets | 21/28 | €79,509 | €55,717 | -€23,792 | -29.9% |
| Tangible fixed assets | 22/27 | €79,509 | €55,717 | -€23,792 | -29.9% |
| Land and buildings | 22 | €13,436 | €8,957 | -€4,479 | -33.3% |
| Plant, machinery and equipment | 23 | €2,861 | €1,846 | -€1,015 | -35.5% |
| Furniture and vehicles | 24 | €63,212 | €44,913 | -€18,298 | -28.9% |
| Current assets | 29/58 | €1,148,863 | €1,312,653 | +€163,790 | +14.3% |
| Stocks and contracts in progress | 3 | €11,041 | €26,280 | +€15,240 | +138% |
| Stocks | 30/36 | €6,041 | €4,374 | -€1,667 | -27.6% |
| Contracts in progress | 37 | €5,000 | €21,907 | +€16,907 | +338% |
| Amounts receivable within one year | 40/41 | €101,070 | €18,602 | -€82,468 | -81.6% |
| Trade receivables | 40 | €82,960 | €16,700 | -€66,260 | -79.9% |
| Other amounts receivable | 41 | €18,111 | €1,903 | -€16,208 | -89.5% |
| Current investments | 50/53 | €762,594 | €975,598 | +€213,005 | +27.9% |
| Cash at bank and in hand | 54/58 | €265,445 | €283,724 | +€18,279 | +6.9% |
| Deferred charges and accrued income | 490/1 | €8,713 | €8,447 | -€266 | -3.1% |
| Total equity and liabilities | 10/49 | €1,228,372 | €1,368,370 | +€139,998 | +11.4% |
| Equity | 10/15 | €1,165,889 | €1,310,432 | +€144,542 | +12.4% |
| Contributions | 10/11 | €217,370 | €217,370 | = | 0.0% |
| Reserves | 13 | €948,519 | €1,093,062 | +€144,542 | +15.2% |
| Distributable reserves | 133 | €948,519 | €1,093,062 | +€144,542 | +15.2% |
| Amounts payable | 17/49 | €62,483 | €57,938 | -€4,545 | -7.3% |
| Amounts payable within one year | 42/48 | €62,483 | €57,938 | -€4,545 | -7.3% |
| Trade debts | 44 | €31,398 | €11,449 | -€19,950 | -63.5% |
| Suppliers | 440/4 | €31,398 | €11,449 | -€19,950 | -63.5% |
| Taxes, remuneration and social security | 45 | €14,033 | €33,158 | +€19,125 | +136% |
| Taxes | 450/3 | €13,929 | €32,843 | +€18,914 | +136% |
| Remuneration and social security | 454/9 | €104 | €315 | +€211 | +202% |
| Other amounts payable | 47/48 | €17,051 | €13,331 | -€3,720 | -21.8% |
| Remuneration, social security and pensions | 62 | €59,060 | €63,957 | +€4,897 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,028 | €23,792 | -€236 | -1.0% |
| Other operating charges | 640/8 | €3,291 | €4,307 | +€1,016 | +30.9% |
| Gross operating margin | 9900 | €260,934 | €283,853 | +€22,919 | +8.8% |
| Operating profit (loss) | 9901 | €174,555 | €191,797 | +€17,242 | +9.9% |
| Financial income | 75/76B | €9,682 | €15,019 | +€5,338 | +55.1% |
| Recurring financial income | 75 | €9,682 | €15,019 | +€5,338 | +55.1% |
| Financial charges | 65/66B | €103 | €100 | -€3 | -2.9% |
| Recurring financial charges | 65 | €103 | €100 | -€3 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €184,134 | €206,716 | +€22,583 | +12.3% |
| Income taxes | 67/77 | €55,125 | €62,174 | +€7,049 | +12.8% |
| Profit (loss) for the period | 9904 | €129,009 | €144,542 | +€15,534 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,009 | €144,542 | +€15,534 | +12.0% |
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 19 October 2026 via checked.be.