Kenat: 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.
Kenat
Largest movements
- Cash +€6,831
up €6,831 (+19.0%), from €36,016 to €42,847
mainly Net result for the year (+€31,109) and Depreciation (+€6,753)
- Receivables within one year +€6,611
up €6,611 (+22.4%), from €29,521 to €36,132
of which Trade receivables: +€4,417
- Reserves +€11,885
up €11,885 (+10.4%), from €114,589 to €126,474
of which Distributable reserves: +€11,885
- Gross operating margin +€19,164
up €19,164 (+51.5%), from €37,214 to €56,377
- Taxes +€5,016
up €5,016 (+68.4%), from €7,339 to €12,355
- Financial charges +€1,818
up €1,818 (+40.3%), from €4,512 to €6,331
- Financial income +€769
up €769 (+51.9%), from €1,483 to €2,252
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 | €253,432 | €264,627 | +€11,196 | +4.4% |
| Fixed assets | 21/28 | €105,740 | €104,352 | -€1,388 | -1.3% |
| Tangible fixed assets | 22/27 | €105,448 | €104,060 | -€1,388 | -1.3% |
| Land and buildings | 22 | €104,279 | €99,133 | -€5,147 | -4.9% |
| Furniture and vehicles | 24 | €1,169 | €4,927 | +€3,758 | +321.5% |
| Financial fixed assets | 28 | €292 | €292 | = | 0.0% |
| Current assets | 29/58 | €147,691 | €160,275 | +€12,584 | +8.5% |
| Amounts receivable within one year | 40/41 | €29,521 | €36,132 | +€6,611 | +22.4% |
| Trade receivables | 40 | €23,849 | €28,266 | +€4,417 | +18.5% |
| Other amounts receivable | 41 | €5,672 | €7,867 | +€2,195 | +38.7% |
| Current investments | 50/53 | €82,140 | €81,280 | -€860 | -1.0% |
| Cash at bank and in hand | 54/58 | €36,016 | €42,847 | +€6,831 | +19.0% |
| Deferred charges and accrued income | 490/1 | €14 | €15 | +€1 | +9.1% |
| Total equity and liabilities | 10/49 | €253,432 | €264,627 | +€11,196 | +4.4% |
| Equity | 10/15 | €146,563 | €158,447 | +€11,885 | +8.1% |
| Contributions | 10/11 | €31,973 | €31,973 | = | 0.0% |
| Contributions outside capital | 11 | €31,973 | €31,973 | = | 0.0% |
| Other | 1109/19 | €31,973 | €31,973 | = | 0.0% |
| Reserves | 13 | €114,589 | €126,474 | +€11,885 | +10.4% |
| Non-distributable reserves | 130/1 | €6,953 | €6,953 | = | 0.0% |
| Legal reserve | 130 | €6,953 | €6,953 | = | 0.0% |
| Distributable reserves | 133 | €107,637 | €119,521 | +€11,885 | +11.0% |
| Amounts payable | 17/49 | €106,869 | €106,180 | -€689 | -0.6% |
| Amounts payable within one year | 42/48 | €106,869 | €106,180 | -€689 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €2,719 | €2,661 | -€58 | -2.1% |
| Financial debts | 43 | €3,384 | €4,185 | +€801 | +23.7% |
| Other loans | 439 | €3,384 | €4,185 | +€801 | +23.7% |
| Trade debts | 44 | €2,051 | €314 | -€1,737 | -84.7% |
| Suppliers | 440/4 | €2,051 | €314 | -€1,737 | -84.7% |
| Taxes, remuneration and social security | 45 | €12,296 | €13,205 | +€909 | +7.4% |
| Taxes | 450/3 | €12,296 | €13,205 | +€909 | +7.4% |
| Other amounts payable | 47/48 | €86,419 | €85,815 | -€604 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,151 | €6,753 | -€398 | -5.6% |
| Other operating charges | 640/8 | €2,017 | €2,081 | +€64 | +3.2% |
| Gross operating margin | 9900 | €37,214 | €56,377 | +€19,164 | +51.5% |
| Operating profit (loss) | 9901 | €28,046 | €47,543 | +€19,497 | +69.5% |
| Financial income | 75/76B | €1,483 | €2,252 | +€769 | +51.9% |
| Recurring financial income | 75 | €1,483 | €2,252 | +€769 | +51.9% |
| Financial charges | 65/66B | €4,512 | €6,331 | +€1,818 | +40.3% |
| Recurring financial charges | 65 | €4,512 | €6,331 | +€1,818 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €25,017 | €43,465 | +€18,448 | +73.7% |
| Income taxes | 67/77 | €7,339 | €12,355 | +€5,016 | +68.4% |
| Profit (loss) for the period | 9904 | €17,678 | €31,109 | +€13,432 | +76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,678 | €31,109 | +€13,432 | +76.0% |
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 9 October 2026 via checked.be.