Ilse Kennes: 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.
Ilse Kennes
Largest movements
- Cash +€150,994
up €150,994 (+112%), from €134,614 to €285,608
mainly Net result for the year (+€103,577) and Current investments (+€40,000)
- Current investments -€40,000
no longer reported in 2025 (was €40,000)
- Receivables within one year +€3,552
up €3,552 (+332%), from €1,071 to €4,623
of which Other amounts receivable: +€3,607
- Profit (loss) carried forward +€103,577
up €103,577 (+60.4%), from €171,442 to €275,019
- Tax, wage and social debts +€8,377
up €8,377 (+131%), from €6,418 to €14,795
- Gross operating margin +€6,346
up €6,346 (+5.0%), from €126,670 to €133,016
- Taxes +€2,166
up €2,166 (+8.2%), from €26,367 to €28,532
- Financial income +€1,654
up €1,654 (+130%), from €1,275 to €2,928
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 | €183,267 | €295,663 | +€112,396 | +61.3% |
| Fixed assets | 21/28 | €4,806 | €3,440 | -€1,366 | -28.4% |
| Tangible fixed assets | 22/27 | €4,806 | €3,440 | -€1,366 | -28.4% |
| Furniture and vehicles | 24 | €4,806 | €3,440 | -€1,366 | -28.4% |
| Current assets | 29/58 | €178,461 | €292,223 | +€113,762 | +63.7% |
| Amounts receivable within one year | 40/41 | €1,071 | €4,623 | +€3,552 | +332% |
| Trade receivables | 40 | €55 | - | -€55 | |
| Other amounts receivable | 41 | €1,016 | €4,623 | +€3,607 | +355% |
| Current investments | 50/53 | €40,000 | - | -€40,000 | |
| Cash at bank and in hand | 54/58 | €134,614 | €285,608 | +€150,994 | +112% |
| Deferred charges and accrued income | 490/1 | €2,775 | €1,992 | -€783 | -28.2% |
| Total equity and liabilities | 10/49 | €183,267 | €295,663 | +€112,396 | +61.3% |
| Equity | 10/15 | €174,442 | €278,019 | +€103,577 | +59.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,442 | €275,019 | +€103,577 | +60.4% |
| Amounts payable | 17/49 | €8,825 | €17,644 | +€8,819 | +99.9% |
| Amounts payable within one year | 42/48 | €8,825 | €17,644 | +€8,819 | +99.9% |
| Trade debts | 44 | €1,279 | €203 | -€1,076 | -84.2% |
| Suppliers | 440/4 | €1,279 | €203 | -€1,076 | -84.2% |
| Taxes, remuneration and social security | 45 | €6,418 | €14,795 | +€8,377 | +131% |
| Taxes | 450/3 | €6,418 | €14,795 | +€8,377 | +131% |
| Other amounts payable | 47/48 | €1,127 | €2,646 | +€1,519 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €615 | €1,366 | +€751 | +122% |
| Gross operating margin | 9900 | €126,670 | €133,016 | +€6,346 | +5.0% |
| Operating profit (loss) | 9901 | €126,055 | €131,649 | +€5,594 | +4.4% |
| Financial income | 75/76B | €1,275 | €2,928 | +€1,654 | +130% |
| Recurring financial income | 75 | €1,275 | €2,928 | +€1,654 | +130% |
| Financial charges | 65/66B | €2,685 | €2,468 | -€216 | -8.1% |
| Recurring financial charges | 65 | €2,685 | €2,468 | -€216 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €124,645 | €132,109 | +€7,464 | +6.0% |
| Income taxes | 67/77 | €26,367 | €28,532 | +€2,166 | +8.2% |
| Profit (loss) for the period | 9904 | €98,278 | €103,577 | +€5,299 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €98,278 | €103,577 | +€5,299 | +5.4% |
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.