Dr. Tim Kinyentama: 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.
Dr. Tim Kinyentama
Largest movements
- Current investments -€125,000
down €125,000 (-62.5%), from €200,000 to €75,000
- Financial fixed assets +€99,950
new in 2025: €99,950
- Cash +€59,444
up €59,444 (+78.6%), from €75,628 to €135,072
mainly Current investments (+€125,000) and Net result for the year (+€101,026)
- Receivables within one year +€42,096
up €42,096 (+211%), from €19,958 to €62,054
- Other debts +€59,357
up €59,357 (+29.1%), from €204,221 to €263,578
- Profit (loss) carried forward +€31,026
up €31,026 (+39.9%), from €77,723 to €108,749
- Tax, wage and social debts -€14,314
down €14,314 (-79.4%), from €18,036 to €3,722
- Gross operating margin +€27,012
up €27,012 (+26.8%), from €100,813 to €127,825
- Taxes +€7,862
up €7,862 (+39.2%), from €20,042 to €27,904
- Depreciation -€3,224
down €3,224 (-82.2%), from €3,924 to €700
- Financial income +€1,810
up €1,810 (+219%), from €826 to €2,635
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 | €307,780 | €383,940 | +€76,160 | +24.7% |
| Fixed assets | 21/28 | €1,586 | €101,184 | +€99,599 | +6,280% |
| Tangible fixed assets | 22/27 | €1,586 | €1,234 | -€351 | -22.2% |
| Plant, machinery and equipment | 23 | €89 | - | -€89 | |
| Furniture and vehicles | 24 | €1,496 | €1,234 | -€262 | -17.5% |
| Financial fixed assets | 28 | - | €99,950 | +€99,950 | |
| Current assets | 29/58 | €306,194 | €282,756 | -€23,438 | -7.7% |
| Amounts receivable within one year | 40/41 | €19,958 | €62,054 | +€42,096 | +211% |
| Other amounts receivable | 41 | €19,958 | €62,054 | +€42,096 | +211% |
| Current investments | 50/53 | €200,000 | €75,000 | -€125,000 | -62.5% |
| Cash at bank and in hand | 54/58 | €75,628 | €135,072 | +€59,444 | +78.6% |
| Deferred charges and accrued income | 490/1 | €10,608 | €10,629 | +€21 | +0.2% |
| Total equity and liabilities | 10/49 | €307,780 | €383,940 | +€76,160 | +24.7% |
| Equity | 10/15 | €83,723 | €114,749 | +€31,026 | +37.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Contributions outside capital | 11 | €6,000 | €6,000 | = | 0.0% |
| Share premium | 1100/10 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,723 | €108,749 | +€31,026 | +39.9% |
| Amounts payable | 17/49 | €224,057 | €269,192 | +€45,135 | +20.1% |
| Amounts payable within one year | 42/48 | €223,545 | €268,424 | +€44,879 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €290 | - | -€290 | |
| Trade debts | 44 | €998 | €1,123 | +€125 | +12.5% |
| Suppliers | 440/4 | €998 | €1,123 | +€125 | +12.5% |
| Taxes, remuneration and social security | 45 | €18,036 | €3,722 | -€14,314 | -79.4% |
| Taxes | 450/3 | €18,036 | €3,722 | -€14,314 | -79.4% |
| Other amounts payable | 47/48 | €204,221 | €263,578 | +€59,357 | +29.1% |
| Accrued charges and deferred income | 492/3 | €512 | €768 | +€256 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,924 | €700 | -€3,224 | -82.2% |
| Other operating charges | 640/8 | €674 | €641 | -€33 | -4.9% |
| Gross operating margin | 9900 | €100,813 | €127,825 | +€27,012 | +26.8% |
| Operating profit (loss) | 9901 | €96,216 | €126,484 | +€30,269 | +31.5% |
| Financial income | 75/76B | €826 | €2,635 | +€1,810 | +219% |
| Recurring financial income | 75 | €826 | €2,635 | +€1,810 | +219% |
| Financial charges | 65/66B | €164 | €190 | +€26 | +15.8% |
| Recurring financial charges | 65 | €164 | €190 | +€26 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €96,877 | €128,929 | +€32,052 | +33.1% |
| Income taxes | 67/77 | €20,042 | €27,904 | +€7,862 | +39.2% |
| Profit (loss) for the period | 9904 | €76,835 | €101,026 | +€24,191 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,835 | €101,026 | +€24,191 | +31.5% |
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.