KENCAR: 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.
KENCAR
Largest movements
- Cash +€52,691
up €52,691 (+111.7%), from €47,175 to €99,866
mainly Net result for the year (+€32,983) and Depreciation (+€6,707)
- Tangible fixed assets -€6,288
down €6,288 (-42.4%), from €14,840 to €8,551
of which Furniture and vehicles: -€5,524
- Stocks and contracts -€6,162
down €6,162 (-16.8%), from €36,648 to €30,485
- Receivables within one year -€5,346
down €5,346 (-21.0%), from €25,486 to €20,140
- Reserves +€32,983
up €32,983 (+71.4%), from €46,202 to €79,184
- Trade debts +€5,316
up €5,316 (+49.5%), from €10,749 to €16,065
- Tax, wage and social debts -€4,584
down €4,584 (-22.9%), from €20,031 to €15,447
of which Taxes: -€4,652
- Current portion of long-term debt -€3,372
down €3,372 (-100.0%), from €3,372 to €0
- Short-term financial debts +€3,370
new in 2025: €3,370
- Gross operating margin -€7,032
down €7,032 (-7.8%), from €89,697 to €82,665
- Financial charges +€2,339
up €2,339 (+207.3%), from €1,129 to €3,468
- Taxes -€2,048
down €2,048 (-13.3%), from €15,390 to €13,342
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 | €125,353 | €159,960 | +€34,606 | +27.6% |
| Fixed assets | 21/28 | €15,796 | €9,089 | -€6,707 | -42.5% |
| Intangible fixed assets | 21 | €593 | €174 | -€419 | -70.6% |
| Tangible fixed assets | 22/27 | €14,840 | €8,551 | -€6,288 | -42.4% |
| Plant, machinery and equipment | 23 | €1,083 | €319 | -€764 | -70.6% |
| Furniture and vehicles | 24 | €13,757 | €8,233 | -€5,524 | -40.2% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €109,557 | €150,871 | +€41,313 | +37.7% |
| Stocks and contracts in progress | 3 | €36,648 | €30,485 | -€6,162 | -16.8% |
| Stocks | 30/36 | €36,648 | €30,485 | -€6,162 | -16.8% |
| Amounts receivable within one year | 40/41 | €25,486 | €20,140 | -€5,346 | -21.0% |
| Trade receivables | 40 | €25,486 | €20,140 | -€5,346 | -21.0% |
| Cash at bank and in hand | 54/58 | €47,175 | €99,866 | +€52,691 | +111.7% |
| Deferred charges and accrued income | 490/1 | €248 | €380 | +€132 | +53.1% |
| Total equity and liabilities | 10/49 | €125,353 | €159,960 | +€34,606 | +27.6% |
| Equity | 10/15 | €49,202 | €82,184 | +€32,983 | +67.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €46,202 | €79,184 | +€32,983 | +71.4% |
| Distributable reserves | 133 | €46,202 | €79,184 | +€32,983 | +71.4% |
| Amounts payable | 17/49 | €76,152 | €77,775 | +€1,624 | +2.1% |
| Amounts payable after more than one year | 17 | €42,000 | €42,000 | = | 0.0% |
| Financial debts | 170/4 | - | €21,000 | +€21,000 | |
| Other amounts payable | 178/9 | €42,000 | €21,000 | -€21,000 | -50.0% |
| Amounts payable within one year | 42/48 | €34,152 | €34,882 | +€730 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €3,372 | €0 | -€3,372 | -100.0% |
| Financial debts | 43 | - | €3,370 | +€3,370 | |
| Credit institutions | 430/8 | - | €3,370 | +€3,370 | |
| Trade debts | 44 | €10,749 | €16,065 | +€5,316 | +49.5% |
| Suppliers | 440/4 | €10,749 | €16,065 | +€5,316 | +49.5% |
| Taxes, remuneration and social security | 45 | €20,031 | €15,447 | -€4,584 | -22.9% |
| Taxes | 450/3 | €16,277 | €11,625 | -€4,652 | -28.6% |
| Remuneration and social security | 454/9 | €3,754 | €3,822 | +€68 | +1.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | €894 | +€894 | |
| Remuneration, social security and pensions | 62 | €25,641 | €25,181 | -€460 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,707 | €6,707 | = | 0.0% |
| Other operating charges | 640/8 | €1,506 | €1,149 | -€358 | -23.7% |
| Gross operating margin | 9900 | €89,697 | €82,665 | -€7,032 | -7.8% |
| Operating profit (loss) | 9901 | €55,843 | €49,628 | -€6,214 | -11.1% |
| Financial income | 75/76B | €20 | €164 | +€144 | +727.5% |
| Recurring financial income | 75 | €20 | €164 | +€144 | +727.5% |
| Financial charges | 65/66B | €1,129 | €3,468 | +€2,339 | +207.3% |
| Recurring financial charges | 65 | €1,129 | €3,468 | +€2,339 | +207.3% |
| Profit (loss) for the period before taxes | 9903 | €54,734 | €46,325 | -€8,409 | -15.4% |
| Income taxes | 67/77 | €15,390 | €13,342 | -€2,048 | -13.3% |
| Profit (loss) for the period | 9904 | €39,344 | €32,983 | -€6,361 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,344 | €32,983 | -€6,361 | -16.2% |
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 10 October 2026 via checked.be.