THOMAS KESSLER: 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.
THOMAS KESSLER
Largest movements
- Current investments -€268,910
down €268,910 (-73.8%), from €364,396 to €95,486
- Tangible fixed assets +€38,672
up €38,672 (+1,174%), from €3,293 to €41,965
of which Furniture and vehicles: +€24,909
- Receivables after one year +€34,000
up €34,000 (+7.1%), from €476,000 to €510,000
- Receivables within one year +€30,777
up €30,777 (+15.0%), from €205,528 to €236,305
of which Trade receivables: +€28,903
- Other debts -€75,396
down €75,396 (-9.4%), from €801,847 to €726,450
- Tax, wage and social debts -€50,758
down €50,758 (-34.1%), from €149,053 to €98,295
of which Taxes: -€50,758
- Debts after one year -€36,067
down €36,067 (-11.2%), from €322,636 to €286,569
- Gross operating margin +€83,628
up €83,628 (+26.2%), from €319,194 to €402,822
- Financial income +€76,591
up €76,591 (+112%), from €68,164 to €144,755
- Financial charges +€75,204
up €75,204, from -€20,236 to €54,968
- Taxes -€26,961
down €26,961 (-24.9%), from €108,401 to €81,439
- Depreciation +€13,203
up €13,203 (+1,184%), from €1,115 to €14,319
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 | €1,348,254 | €1,187,830 | -€160,424 | -11.9% |
| Fixed assets | 21/28 | €3,593 | €42,265 | +€38,672 | +1,076% |
| Tangible fixed assets | 22/27 | €3,293 | €41,965 | +€38,672 | +1,174% |
| Furniture and vehicles | 24 | €0 | €24,909 | +€24,909 | |
| Other tangible fixed assets | 26 | €3,293 | €17,056 | +€13,763 | +418% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €1,344,660 | €1,145,565 | -€199,096 | -14.8% |
| Amounts receivable after more than one year | 29 | €476,000 | €510,000 | +€34,000 | +7.1% |
| Trade receivables | 290 | €476,000 | €510,000 | +€34,000 | +7.1% |
| Amounts receivable within one year | 40/41 | €205,528 | €236,305 | +€30,777 | +15.0% |
| Trade receivables | 40 | €205,528 | €234,431 | +€28,903 | +14.1% |
| Other amounts receivable | 41 | - | €1,874 | +€1,874 | |
| Current investments | 50/53 | €364,396 | €95,486 | -€268,910 | -73.8% |
| Cash at bank and in hand | 54/58 | €291,958 | €302,875 | +€10,917 | +3.7% |
| Deferred charges and accrued income | 490/1 | €6,779 | €899 | -€5,880 | -86.7% |
| Total equity and liabilities | 10/49 | €1,348,254 | €1,187,830 | -€160,424 | -11.9% |
| Equity | 10/15 | €15,405 | €15,000 | -€405 | -2.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €405 | €0 | -€405 | -100% |
| Amounts payable | 17/49 | €1,332,849 | €1,172,830 | -€160,019 | -12.0% |
| Amounts payable after more than one year | 17 | €322,636 | €286,569 | -€36,067 | -11.2% |
| Financial debts | 170/4 | €322,636 | €286,569 | -€36,067 | -11.2% |
| Amounts payable within one year | 42/48 | €997,148 | €868,531 | -€128,617 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €34,845 | €36,067 | +€1,221 | +3.5% |
| Financial debts | 43 | €7,412 | €1,903 | -€5,509 | -74.3% |
| Credit institutions | 430/8 | €7,412 | €1,903 | -€5,509 | -74.3% |
| Trade debts | 44 | €3,991 | €5,816 | +€1,825 | +45.7% |
| Suppliers | 440/4 | €3,991 | €5,816 | +€1,825 | +45.7% |
| Taxes, remuneration and social security | 45 | €149,053 | €98,295 | -€50,758 | -34.1% |
| Taxes | 450/3 | €149,053 | €98,295 | -€50,758 | -34.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €801,847 | €726,450 | -€75,396 | -9.4% |
| Accrued charges and deferred income | 492/3 | €13,065 | €17,730 | +€4,665 | +35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,115 | €14,319 | +€13,203 | +1,184% |
| Other operating charges | 640/8 | €400 | €316 | -€84 | -21.0% |
| Gross operating margin | 9900 | €319,194 | €402,822 | +€83,628 | +26.2% |
| Operating profit (loss) | 9901 | €317,678 | €388,187 | +€70,509 | +22.2% |
| Financial income | 75/76B | €68,164 | €144,755 | +€76,591 | +112% |
| Recurring financial income | 75 | €68,164 | €144,755 | +€76,591 | +112% |
| Financial charges | 65/66B | -€20,236 | €54,968 | +€75,204 | |
| Recurring financial charges | 65 | -€20,236 | €54,968 | +€75,204 | |
| Profit (loss) for the period before taxes | 9903 | €406,079 | €477,974 | +€71,896 | +17.7% |
| Income taxes | 67/77 | €108,401 | €81,439 | -€26,961 | -24.9% |
| Profit (loss) for the period | 9904 | €297,678 | €396,535 | +€98,857 | +33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €297,678 | €396,535 | +€98,857 | +33.2% |
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 21 October 2026 via checked.be.