Dave Kenis: 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.
Dave Kenis
Largest movements
- Tangible fixed assets +€18,359
up €18,359 (+87.0%), from €21,100 to €39,459
of which Plant, machinery and equipment: +€19,090
- Cash -€11,009
down €11,009 (-21.9%), from €50,256 to €39,247
mainly Investment in fixed assets (net) (-€28,250) and Receivables within one year (-€10,721)
- Receivables within one year +€10,721
up €10,721 (+3,077%), from €348 to €11,069
of which Trade receivables: +€8,279
- Deferred charges and accrued income +€3,328
up €3,328 (+180%), from €1,853 to €5,180
- Reserves +€20,163
up €20,163 (+68.7%), from €29,370 to €49,533
- Other debts +€1,465
up €1,465 (+5.5%), from €26,619 to €28,084
- Gross operating margin -€7,057
down €7,057 (-16.0%), from €44,222 to €37,165
- Depreciation +€5,492
up €5,492 (+125%), from €4,400 to €9,891
- Taxes -€5,455
down €5,455 (-55.7%), from €9,790 to €4,334
- Financial charges +€1,988
new in 2025: €1,988
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 | €73,558 | €94,955 | +€21,397 | +29.1% |
| Fixed assets | 21/28 | €21,100 | €39,459 | +€18,359 | +87.0% |
| Tangible fixed assets | 22/27 | €21,100 | €39,459 | +€18,359 | +87.0% |
| Plant, machinery and equipment | 23 | - | €19,090 | +€19,090 | |
| Furniture and vehicles | 24 | €21,100 | €15,800 | -€5,300 | -25.1% |
| Other tangible fixed assets | 26 | - | €4,569 | +€4,569 | |
| Current assets | 29/58 | €52,457 | €55,496 | +€3,039 | +5.8% |
| Amounts receivable within one year | 40/41 | €348 | €11,069 | +€10,721 | +3,077% |
| Trade receivables | 40 | - | €8,279 | +€8,279 | |
| Other amounts receivable | 41 | €348 | €2,790 | +€2,442 | +701% |
| Cash at bank and in hand | 54/58 | €50,256 | €39,247 | -€11,009 | -21.9% |
| Deferred charges and accrued income | 490/1 | €1,853 | €5,180 | +€3,328 | +180% |
| Total equity and liabilities | 10/49 | €73,558 | €94,955 | +€21,397 | +29.1% |
| Equity | 10/15 | €32,370 | €52,533 | +€20,163 | +62.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €29,370 | €49,533 | +€20,163 | +68.7% |
| Distributable reserves | 133 | €29,370 | €49,533 | +€20,163 | +68.7% |
| Amounts payable | 17/49 | €41,188 | €42,423 | +€1,234 | +3.0% |
| Amounts payable within one year | 42/48 | €41,188 | €42,423 | +€1,234 | +3.0% |
| Trade debts | 44 | €3,279 | €2,482 | -€797 | -24.3% |
| Suppliers | 440/4 | €3,279 | €2,482 | -€797 | -24.3% |
| Taxes, remuneration and social security | 45 | €11,290 | €11,857 | +€567 | +5.0% |
| Taxes | 450/3 | €9,790 | €10,357 | +€567 | +5.8% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €26,619 | €28,084 | +€1,465 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,400 | €9,891 | +€5,492 | +125% |
| Other operating charges | 640/8 | €662 | €804 | +€141 | +21.3% |
| Gross operating margin | 9900 | €44,222 | €37,165 | -€7,057 | -16.0% |
| Operating profit (loss) | 9901 | €39,159 | €26,470 | -€12,690 | -32.4% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | - | €1,988 | +€1,988 | |
| Recurring financial charges | 65 | - | €1,988 | +€1,988 | |
| Profit (loss) for the period before taxes | 9903 | €39,159 | €24,498 | -€14,662 | -37.4% |
| Income taxes | 67/77 | €9,790 | €4,334 | -€5,455 | -55.7% |
| Profit (loss) for the period | 9904 | €29,370 | €20,163 | -€9,206 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €29,370 | €20,163 | -€9,206 | -31.3% |
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 24 October 2026 via checked.be.