KEN VANNERUM: 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 VANNERUM
Largest movements
- Receivables within one year -€27,020
down €27,020 (-98.4%), from €27,461 to €441
of which Trade receivables: -€14,520
- Cash +€26,998
up €26,998 (+123.4%), from €21,875 to €48,872
mainly Net result for the year (+€70,254) and Receivables within one year (+€27,020)
- Tangible fixed assets -€14,526
down €14,526 (-31.0%), from €46,883 to €32,357
of which Furniture and vehicles: -€13,621
- Profit (loss) carried forward -€26,746
down €26,746 (-96.3%), from €27,784 to €1,039
- Other debts +€13,245
up €13,245 (+23.0%), from €57,492 to €70,737
- Tax, wage and social debts +€5,528
up €5,528 (+184.2%), from €3,001 to €8,529
- Trade debts -€3,215
down €3,215 (-79.0%), from €4,069 to €854
- Accrued charges and deferred income -€2,350
down €2,350 (-100.0%), from €2,350 to €0
- Gross operating margin +€64,991
up €64,991 (+145.4%), from €44,690 to €109,681
- Taxes +€13,917
up €13,917 (+132.5%), from €10,501 to €24,417
- Depreciation +€10,193
up €10,193 (+235.3%), from €4,333 to €14,526
- Financial charges -€2,603
down €2,603 (-96.9%), from €2,685 to €83
- Financial income -€1,472
down €1,472 (-100.0%), from €1,472 to €0
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.
Cash bridge derived
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 | €97,965 | €83,159 | -€14,807 | -15.1% |
| Fixed assets | 21/28 | €46,883 | €32,357 | -€14,526 | -31.0% |
| Tangible fixed assets | 22/27 | €46,883 | €32,357 | -€14,526 | -31.0% |
| Land and buildings | 22 | €6,563 | €6,390 | -€173 | -2.6% |
| Plant, machinery and equipment | 23 | €2,887 | €2,155 | -€732 | -25.4% |
| Furniture and vehicles | 24 | €37,434 | €23,813 | -€13,621 | -36.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €51,082 | €50,802 | -€280 | -0.5% |
| Amounts receivable within one year | 40/41 | €27,461 | €441 | -€27,020 | -98.4% |
| Trade receivables | 40 | €14,520 | €0 | -€14,520 | -100.0% |
| Other amounts receivable | 41 | €12,941 | €441 | -€12,500 | -96.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €21,875 | €48,872 | +€26,998 | +123.4% |
| Deferred charges and accrued income | 490/1 | €1,746 | €1,488 | -€258 | -14.8% |
| Total equity and liabilities | 10/49 | €97,965 | €83,159 | -€14,807 | -15.1% |
| Equity | 10/15 | €29,784 | €3,039 | -€26,746 | -89.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,784 | €1,039 | -€26,746 | -96.3% |
| Amounts payable | 17/49 | €68,181 | €80,120 | +€11,939 | +17.5% |
| Amounts payable within one year | 42/48 | €65,831 | €80,120 | +€14,289 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €1,269 | €0 | -€1,269 | -100.0% |
| Trade debts | 44 | €4,069 | €854 | -€3,215 | -79.0% |
| Suppliers | 440/4 | €4,069 | €854 | -€3,215 | -79.0% |
| Taxes, remuneration and social security | 45 | €3,001 | €8,529 | +€5,528 | +184.2% |
| Taxes | 450/3 | €3,001 | €8,529 | +€5,528 | +184.2% |
| Other amounts payable | 47/48 | €57,492 | €70,737 | +€13,245 | +23.0% |
| Accrued charges and deferred income | 492/3 | €2,350 | €0 | -€2,350 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,333 | €14,526 | +€10,193 | +235.3% |
| Other operating charges | 640/8 | €1,610 | €400 | -€1,210 | -75.2% |
| Gross operating margin | 9900 | €44,690 | €109,681 | +€64,991 | +145.4% |
| Operating profit (loss) | 9901 | €38,747 | €94,755 | +€56,008 | +144.5% |
| Financial income | 75/76B | €1,472 | €0 | -€1,472 | -100.0% |
| Recurring financial income | 75 | €1,472 | €0 | -€1,472 | -100.0% |
| Financial charges | 65/66B | €2,685 | €83 | -€2,603 | -96.9% |
| Recurring financial charges | 65 | €2,685 | €83 | -€2,603 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €37,534 | €94,672 | +€57,138 | +152.2% |
| Income taxes | 67/77 | €10,501 | €24,417 | +€13,917 | +132.5% |
| Profit (loss) for the period | 9904 | €27,033 | €70,254 | +€43,221 | +159.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,033 | €70,254 | +€43,221 | +159.9% |
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 11 October 2026 via checked.be.