Ken Lioen: 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.
Ken Lioen
Largest movements
- Cash -€210,052
down €210,052 (-66.4%), from €316,298 to €106,246
mainly Contributions, distributions and other (-€501,977) and Other debts (-€149,087)
- Receivables after one year +€74,700
up €74,700 (+24.8%), from €300,900 to €375,600
- Tangible fixed assets -€32,821
down €32,821 (-44.6%), from €73,553 to €40,732
of which Plant, machinery and equipment: -€18,892
- Short-term financial debts +€176,057
up €176,057 (+71.7%), from €245,604 to €421,661
- Reserves -€168,084
down €168,084 (-98.9%), from €169,944 to €1,860
of which Distributable reserves: -€168,084
- Other debts -€149,087
down €149,087 (-58.5%), from €255,000 to €105,913
- Tax, wage and social debts -€20,438
down €20,438 (-39.4%), from €51,832 to €31,393
- Gross operating margin +€90,315
up €90,315 (+24.7%), from €365,636 to €455,950
- Financial income -€77,054
down €77,054 (-77.6%), from €99,243 to €22,189
- Taxes +€35,772
up €35,772 (+56.5%), from €63,355 to €99,127
- Depreciation -€6,435
down €6,435 (-16.1%), from €39,945 to €33,510
- Financial charges +€5,421
up €5,421 (+531%), from €1,021 to €6,442
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 | €740,980 | €582,130 | -€158,850 | -21.4% |
| Fixed assets | 21/28 | €123,553 | €90,732 | -€32,821 | -26.6% |
| Tangible fixed assets | 22/27 | €73,553 | €40,732 | -€32,821 | -44.6% |
| Plant, machinery and equipment | 23 | €27,902 | €9,010 | -€18,892 | -67.7% |
| Furniture and vehicles | 24 | €45,651 | €31,722 | -€13,930 | -30.5% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €617,426 | €491,398 | -€126,028 | -20.4% |
| Amounts receivable after more than one year | 29 | €300,900 | €375,600 | +€74,700 | +24.8% |
| Other amounts receivable | 291 | €300,900 | €375,600 | +€74,700 | +24.8% |
| Amounts receivable within one year | 40/41 | €228 | €6,887 | +€6,659 | +2,916% |
| Trade receivables | 40 | €0 | €6,887 | +€6,887 | |
| Other amounts receivable | 41 | €228 | €0 | -€228 | -100% |
| Cash at bank and in hand | 54/58 | €316,298 | €106,246 | -€210,052 | -66.4% |
| Deferred charges and accrued income | 490/1 | - | €2,665 | +€2,665 | |
| Total equity and liabilities | 10/49 | €740,980 | €582,130 | -€158,850 | -21.4% |
| Equity | 10/15 | €188,544 | €20,460 | -€168,084 | -89.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €169,944 | €1,860 | -€168,084 | -98.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €168,084 | €0 | -€168,084 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €552,436 | €561,670 | +€9,234 | +1.7% |
| Amounts payable within one year | 42/48 | €552,436 | €561,670 | +€9,234 | +1.7% |
| Financial debts | 43 | €245,604 | €421,661 | +€176,057 | +71.7% |
| Credit institutions | 430/8 | €245,604 | €421,661 | +€176,057 | +71.7% |
| Trade debts | 44 | €0 | €2,702 | +€2,702 | |
| Suppliers | 440/4 | €0 | €2,702 | +€2,702 | |
| Taxes, remuneration and social security | 45 | €51,832 | €31,393 | -€20,438 | -39.4% |
| Taxes | 450/3 | €51,832 | €31,393 | -€20,438 | -39.4% |
| Other amounts payable | 47/48 | €255,000 | €105,913 | -€149,087 | -58.5% |
| Non-recurring operating income | 76A | €3,501 | €0 | -€3,501 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,945 | €33,510 | -€6,435 | -16.1% |
| Other operating charges | 640/8 | €573 | €5,167 | +€4,594 | +802% |
| Gross operating margin | 9900 | €365,636 | €455,950 | +€90,315 | +24.7% |
| Operating profit (loss) | 9901 | €325,118 | €417,273 | +€92,156 | +28.3% |
| Financial income | 75/76B | €99,243 | €22,189 | -€77,054 | -77.6% |
| Recurring financial income | 75 | €99,243 | €22,189 | -€77,054 | -77.6% |
| Financial charges | 65/66B | €1,021 | €6,442 | +€5,421 | +531% |
| Recurring financial charges | 65 | €1,021 | €6,442 | +€5,421 | +531% |
| Profit (loss) for the period before taxes | 9903 | €423,339 | €433,020 | +€9,681 | +2.3% |
| Income taxes | 67/77 | €63,355 | €99,127 | +€35,772 | +56.5% |
| Profit (loss) for the period | 9904 | €359,984 | €333,893 | -€26,091 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €359,984 | €333,893 | -€26,091 | -7.2% |
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 26 October 2026 via checked.be.