Kendall 18: 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.
Kendall 18
Largest movements
- Current investments -€75,000
down €75,000 (-100%), from €75,000 to €0
- Receivables within one year +€30,692
up €30,692 (+116%), from €26,515 to €57,206
of which Trade receivables: +€24,095
- Cash +€30,189
up €30,189 (+28.2%), from €107,226 to €137,415
mainly Net result for the year (+€111,929) and Current investments (+€75,000)
- Tangible fixed assets -€7,528
down €7,528 (-32.2%), from €23,381 to €15,853
of which Furniture and vehicles: -€8,524
- Reserves -€28,071
down €28,071 (-12.6%), from €223,169 to €195,098
- Tax, wage and social debts +€15,338
up €15,338 (+2,055%), from €746 to €16,084
- Trade debts -€5,140
down €5,140 (-78.1%), from €6,583 to €1,443
- Gross operating margin +€93,443
up €93,443 (+151%), from €61,896 to €155,339
- Taxes +€20,096
up €20,096 (+152%), from €13,242 to €33,338
- Depreciation +€7,467
up €7,467 (+258%), from €2,897 to €10,365
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 | €233,819 | €214,125 | -€19,694 | -8.4% |
| Fixed assets | 21/28 | €23,381 | €15,853 | -€7,528 | -32.2% |
| Tangible fixed assets | 22/27 | €23,381 | €15,853 | -€7,528 | -32.2% |
| Plant, machinery and equipment | 23 | €7,974 | €8,970 | +€996 | +12.5% |
| Furniture and vehicles | 24 | €15,407 | €6,883 | -€8,524 | -55.3% |
| Current assets | 29/58 | €210,438 | €198,272 | -€12,166 | -5.8% |
| Amounts receivable within one year | 40/41 | €26,515 | €57,206 | +€30,692 | +116% |
| Trade receivables | 40 | €24,360 | €48,455 | +€24,095 | +98.9% |
| Other amounts receivable | 41 | €2,155 | €8,751 | +€6,597 | +306% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100% |
| Cash at bank and in hand | 54/58 | €107,226 | €137,415 | +€30,189 | +28.2% |
| Deferred charges and accrued income | 490/1 | €1,697 | €3,651 | +€1,953 | +115% |
| Total equity and liabilities | 10/49 | €233,819 | €214,125 | -€19,694 | -8.4% |
| Equity | 10/15 | €224,669 | €196,598 | -€28,071 | -12.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €223,169 | €195,098 | -€28,071 | -12.6% |
| Distributable reserves | 133 | €223,169 | €195,098 | -€28,071 | -12.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €9,150 | €17,527 | +€8,377 | +91.6% |
| Amounts payable within one year | 42/48 | €9,150 | €17,527 | +€8,377 | +91.6% |
| Trade debts | 44 | €6,583 | €1,443 | -€5,140 | -78.1% |
| Suppliers | 440/4 | €6,583 | €1,443 | -€5,140 | -78.1% |
| Taxes, remuneration and social security | 45 | €746 | €16,084 | +€15,338 | +2,055% |
| Taxes | 450/3 | €746 | €16,084 | +€15,338 | +2,055% |
| Other amounts payable | 47/48 | €1,820 | €0 | -€1,820 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,897 | €10,365 | +€7,467 | +258% |
| Other operating charges | 640/8 | €995 | €1,090 | +€95 | +9.5% |
| Gross operating margin | 9900 | €61,896 | €155,339 | +€93,443 | +151% |
| Operating profit (loss) | 9901 | €58,004 | €143,885 | +€85,881 | +148% |
| Financial income | 75/76B | €453 | €1,802 | +€1,350 | +298% |
| Recurring financial income | 75 | €453 | €1,802 | +€1,350 | +298% |
| Financial charges | 65/66B | €301 | €421 | +€120 | +40.1% |
| Recurring financial charges | 65 | €301 | €421 | +€120 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €58,156 | €145,267 | +€87,110 | +150% |
| Income taxes | 67/77 | €13,242 | €33,338 | +€20,096 | +152% |
| Profit (loss) for the period | 9904 | €44,914 | €111,929 | +€67,015 | +149% |
| Profit (loss) for the period to be appropriated | 9905 | €44,914 | €111,929 | +€67,015 | +149% |
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 19 October 2026 via checked.be.