ERWAN & KENZO: 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.
ERWAN & KENZO
Largest movements
- Cash -€162,587
down €162,587 (-53.3%), from €305,028 to €142,441
mainly Net result for the year (-€89,960) and Receivables within one year (-€23,966)
- Receivables within one year +€23,966
up €23,966 (+29.1%), from €82,260 to €106,226
of which Trade receivables: +€27,865
- Profit (loss) carried forward -€89,960
down €89,960 (-79.7%), from €112,930 to €22,969
- Other debts -€18,177
down €18,177 (-97.5%), from €18,651 to €475
- Debts after one year -€15,287
down €15,287 (-10.3%), from €148,284 to €132,997
- Current portion of long-term debt -€11,101
down €11,101 (-42.1%), from €26,388 to €15,287
- Trade debts -€10,283
down €10,283 (-5.8%), from €176,093 to €165,810
- Gross operating margin -€128,301
down €128,301, from €71,528 to -€56,773
- Staff costs -€28,699
down €28,699 (-82.0%), from €34,988 to €6,289
- Write-downs +€4,462
new in 2025: €4,462
- Depreciation +€3,842
up €3,842 (+29.2%), from €13,159 to €17,001
- Financial income -€3,624
down €3,624 (-94.1%), from €3,850 to €226
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 | €586,081 | €437,962 | -€148,118 | -25.3% |
| Fixed assets | 21/28 | €182,379 | €178,505 | -€3,874 | -2.1% |
| Tangible fixed assets | 22/27 | €176,923 | €173,049 | -€3,874 | -2.2% |
| Land and buildings | 22 | €167,733 | €166,678 | -€1,055 | -0.6% |
| Plant, machinery and equipment | 23 | €396 | €732 | +€336 | +84.7% |
| Furniture and vehicles | 24 | €8,794 | €5,640 | -€3,154 | -35.9% |
| Financial fixed assets | 28 | €5,456 | €5,456 | = | 0.0% |
| Current assets | 29/58 | €403,701 | €259,457 | -€144,244 | -35.7% |
| Amounts receivable after more than one year | 29 | €13,000 | €9,605 | -€3,395 | -26.1% |
| Other amounts receivable | 291 | €13,000 | €9,605 | -€3,395 | -26.1% |
| Stocks and contracts in progress | 3 | €2,455 | - | -€2,455 | |
| Stocks | 30/36 | €2,455 | - | -€2,455 | |
| Amounts receivable within one year | 40/41 | €82,260 | €106,226 | +€23,966 | +29.1% |
| Trade receivables | 40 | €67,846 | €95,710 | +€27,865 | +41.1% |
| Other amounts receivable | 41 | €14,414 | €10,516 | -€3,898 | -27.0% |
| Cash at bank and in hand | 54/58 | €305,028 | €142,441 | -€162,587 | -53.3% |
| Deferred charges and accrued income | 490/1 | €959 | €1,185 | +€226 | +23.6% |
| Total equity and liabilities | 10/49 | €586,081 | €437,962 | -€148,118 | -25.3% |
| Equity | 10/15 | €159,572 | €69,612 | -€89,960 | -56.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,930 | €22,969 | -€89,960 | -79.7% |
| Investment grants | 15 | €7,433 | €7,433 | = | 0.0% |
| Amounts payable | 17/49 | €426,509 | €368,350 | -€58,158 | -13.6% |
| Amounts payable after more than one year | 17 | €148,284 | €132,997 | -€15,287 | -10.3% |
| Financial debts | 170/4 | €148,284 | €132,997 | -€15,287 | -10.3% |
| Amounts payable within one year | 42/48 | €278,224 | €235,353 | -€42,871 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €26,388 | €15,287 | -€11,101 | -42.1% |
| Trade debts | 44 | €176,093 | €165,810 | -€10,283 | -5.8% |
| Suppliers | 440/4 | €176,093 | €165,810 | -€10,283 | -5.8% |
| Advances received on contracts in progress | 46 | €50,783 | €53,566 | +€2,783 | +5.5% |
| Taxes, remuneration and social security | 45 | €6,309 | €215 | -€6,093 | -96.6% |
| Taxes | 450/3 | €2,938 | €215 | -€2,722 | -92.7% |
| Remuneration and social security | 454/9 | €3,371 | - | -€3,371 | |
| Other amounts payable | 47/48 | €18,651 | €475 | -€18,177 | -97.5% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €34,988 | €6,289 | -€28,699 | -82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,159 | €17,001 | +€3,842 | +29.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,462 | +€4,462 | |
| Other operating charges | 640/8 | €2,580 | €2,431 | -€149 | -5.8% |
| Gross operating margin | 9900 | €71,528 | -€56,773 | -€128,301 | |
| Operating profit (loss) | 9901 | €20,801 | -€86,956 | -€107,757 | |
| Financial income | 75/76B | €3,850 | €226 | -€3,624 | -94.1% |
| Recurring financial income | 75 | €3,850 | €226 | -€3,624 | -94.1% |
| Financial charges | 65/66B | €3,233 | €3,198 | -€36 | -1.1% |
| Recurring financial charges | 65 | €3,233 | €3,198 | -€36 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €21,418 | -€89,927 | -€111,346 | |
| Income taxes | 67/77 | €1,345 | €33 | -€1,312 | -97.6% |
| Profit (loss) for the period | 9904 | €20,073 | -€89,960 | -€110,033 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,073 | -€89,960 | -€110,033 |
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 22 October 2026 via checked.be.