KENDEM: 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.
KENDEM
Largest movements
- Stocks and contracts -€23,765
down €23,765 (-32.5%), from €73,117 to €49,352
- Cash +€14,772
up €14,772 (+95.8%), from €15,420 to €30,191
mainly Depreciation (+€36,269) and Stocks and contracts (+€23,765)
- Receivables within one year +€13,620
up €13,620 (+52.4%), from €25,978 to €39,599
- Trade debts +€18,895
up €18,895 (+509.9%), from €3,706 to €22,600
- Debts after one year -€18,659
down €18,659 (-6.7%), from €278,659 to €260,000
- Current portion of long-term debt +€5,001
new in 2025: €5,001
- Advances received -€4,559
down €4,559 (-100.0%), from €4,559 to €0
- Depreciation +€933
up €933 (+2.6%), from €35,336 to €36,269
- Other operating charges +€533
up €533 (+5.3%), from €10,109 to €10,643
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 | €376,984 | €378,064 | +€1,080 | +0.3% |
| Fixed assets | 21/28 | €259,579 | €255,964 | -€3,615 | -1.4% |
| Tangible fixed assets | 22/27 | €254,529 | €250,914 | -€3,615 | -1.4% |
| Plant, machinery and equipment | 23 | €242,946 | €244,830 | +€1,884 | +0.8% |
| Furniture and vehicles | 24 | €11,584 | €6,085 | -€5,499 | -47.5% |
| Financial fixed assets | 28 | €5,050 | €5,050 | = | 0.0% |
| Current assets | 29/58 | €117,405 | €122,100 | +€4,695 | +4.0% |
| Stocks and contracts in progress | 3 | €73,117 | €49,352 | -€23,765 | -32.5% |
| Stocks | 30/36 | €73,117 | €49,352 | -€23,765 | -32.5% |
| Amounts receivable within one year | 40/41 | €25,978 | €39,599 | +€13,620 | +52.4% |
| Trade receivables | 40 | €25,978 | €39,599 | +€13,620 | +52.4% |
| Cash at bank and in hand | 54/58 | €15,420 | €30,191 | +€14,772 | +95.8% |
| Deferred charges and accrued income | 490/1 | €2,890 | €2,958 | +€68 | +2.4% |
| Total equity and liabilities | 10/49 | €376,984 | €378,064 | +€1,080 | +0.3% |
| Equity | 10/15 | €84,517 | €84,759 | +€243 | +0.3% |
| Contributions | 10/11 | €42,966 | €42,966 | = | 0.0% |
| Reserves | 13 | €41,551 | €41,793 | +€243 | +0.6% |
| Distributable reserves | 133 | €41,551 | €41,793 | +€243 | +0.6% |
| Amounts payable | 17/49 | €292,467 | €293,305 | +€838 | +0.3% |
| Amounts payable after more than one year | 17 | €278,659 | €260,000 | -€18,659 | -6.7% |
| Financial debts | 170/4 | €278,659 | €260,000 | -€18,659 | -6.7% |
| Amounts payable within one year | 42/48 | €13,808 | €32,982 | +€19,174 | +138.9% |
| Current portion of amounts payable after more than one year | 42 | - | €5,001 | +€5,001 | |
| Trade debts | 44 | €3,706 | €22,600 | +€18,895 | +509.9% |
| Suppliers | 440/4 | €3,706 | €22,600 | +€18,895 | +509.9% |
| Advances received on contracts in progress | 46 | €4,559 | €0 | -€4,559 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,894 | €4,906 | +€11 | +0.2% |
| Taxes | 450/3 | €4,894 | €4,906 | +€11 | +0.2% |
| Other amounts payable | 47/48 | €649 | €475 | -€174 | -26.8% |
| Accrued charges and deferred income | 492/3 | - | €323 | +€323 | |
| Remuneration, social security and pensions | 62 | €16 | €0 | -€16 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,336 | €36,269 | +€933 | +2.6% |
| Other operating charges | 640/8 | €10,109 | €10,643 | +€533 | +5.3% |
| Gross operating margin | 9900 | €51,571 | €51,867 | +€296 | +0.6% |
| Operating profit (loss) | 9901 | €6,110 | €4,956 | -€1,155 | -18.9% |
| Financial income | 75/76B | €9 | €22 | +€13 | +142.2% |
| Recurring financial income | 75 | €9 | €22 | +€13 | +142.2% |
| Financial charges | 65/66B | €4,791 | €4,678 | -€113 | -2.4% |
| Recurring financial charges | 65 | €4,791 | €4,678 | -€113 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €1,328 | €300 | -€1,029 | -77.4% |
| Income taxes | 67/77 | - | €57 | +€57 | |
| Profit (loss) for the period | 9904 | €1,328 | €243 | -€1,086 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,328 | €243 | -€1,086 | -81.7% |
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.