B. KINAUX: 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.
B. KINAUX
Largest movements
- Tangible fixed assets -€8,877
down €8,877 (-3.4%), from €258,978 to €250,101
of which Land and buildings: -€8,464
- Current investments +€6,348
up €6,348 (+2.8%), from €228,540 to €234,887
- Cash -€5,892
down €5,892 (-12.9%), from €45,715 to €39,824
mainly Net result for the year (-€7,114) and Current investments (-€6,348)
- Profit (loss) carried forward -€7,114
down €7,114 (-16.0%), from -€44,379 to -€51,493
- Financial income +€6,369
new in 2025: €6,369
- Gross operating margin -€442
down €442 (-19.4%), from -€2,282 to -€2,723
- Depreciation -€430
down €430 (-4.6%), from €9,308 to €8,877
- Other operating charges +€54
up €54 (+3.2%), from €1,672 to €1,726
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 | €559,995 | €553,075 | -€6,921 | -1.2% |
| Fixed assets | 21/28 | €259,219 | €250,342 | -€8,877 | -3.4% |
| Tangible fixed assets | 22/27 | €258,978 | €250,101 | -€8,877 | -3.4% |
| Land and buildings | 22 | €258,474 | €250,010 | -€8,464 | -3.3% |
| Plant, machinery and equipment | 23 | €503 | €90 | -€413 | -82.1% |
| Financial fixed assets | 28 | €241 | €241 | = | 0.0% |
| Current assets | 29/58 | €300,776 | €302,733 | +€1,957 | +0.7% |
| Amounts receivable within one year | 40/41 | €25,570 | €28,022 | +€2,452 | +9.6% |
| Other amounts receivable | 41 | €25,570 | €28,022 | +€2,452 | +9.6% |
| Current investments | 50/53 | €228,540 | €234,887 | +€6,348 | +2.8% |
| Cash at bank and in hand | 54/58 | €45,715 | €39,824 | -€5,892 | -12.9% |
| Deferred charges and accrued income | 490/1 | €951 | - | -€951 | |
| Total equity and liabilities | 10/49 | €559,995 | €553,075 | -€6,921 | -1.2% |
| Equity | 10/15 | €559,995 | €552,881 | -€7,114 | -1.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €583,914 | €583,914 | = | 0.0% |
| Distributable reserves | 133 | €583,914 | €583,914 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,379 | -€51,493 | -€7,114 | -16.0% |
| Amounts payable | 17/49 | - | €194 | +€194 | |
| Amounts payable within one year | 42/48 | - | €194 | +€194 | |
| Trade debts | 44 | - | €194 | +€194 | |
| Suppliers | 440/4 | - | €194 | +€194 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,308 | €8,877 | -€430 | -4.6% |
| Other operating charges | 640/8 | €1,672 | €1,726 | +€54 | +3.2% |
| Gross operating margin | 9900 | -€2,282 | -€2,723 | -€442 | -19.4% |
| Operating profit (loss) | 9901 | -€13,262 | -€13,327 | -€65 | -0.5% |
| Financial income | 75/76B | - | €6,369 | +€6,369 | |
| Recurring financial income | 75 | - | €6,369 | +€6,369 | |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,397 | -€7,108 | +€6,289 | +46.9% |
| Income taxes | 67/77 | - | €6 | +€6 | |
| Profit (loss) for the period | 9904 | -€13,397 | -€7,114 | +€6,282 | +46.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,397 | -€7,114 | +€6,282 | +46.9% |
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 23 October 2026 via checked.be.