Kendho: 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.
Kendho
Largest movements
- Receivables within one year +€12,156
up €12,156 (+95.7%), from €12,705 to €24,861
of which Trade receivables: +€8,145
- Deferred charges and accrued income -€796
down €796 (-89.3%), from €891 to €96
- Cash -€737
down €737 (-2.0%), from €37,226 to €36,489
mainly Receivables within one year (-€12,156) and Tax, wage and social debts (-€3,249)
- Reserves +€8,441
up €8,441 (+26.8%), from €31,514 to €39,955
- Trade debts +€4,062
up €4,062 (+218.4%), from €1,860 to €5,923
- Tax, wage and social debts -€3,249
down €3,249 (-36.1%), from €8,990 to €5,741
of which Taxes: -€3,473
- Other debts +€1,299
up €1,299 (+18.2%), from €7,154 to €8,453
- Gross operating margin -€20,732
down €20,732 (-58.4%), from €35,477 to €14,745
- Taxes -€4,780
down €4,780 (-57.8%), from €8,269 to €3,489
- Financial charges +€979
up €979 (+411.8%), from €238 to €1,216
- Other operating charges +€544
up €544, from €0 to €544
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 | €52,019 | €62,856 | +€10,837 | +20.8% |
| Fixed assets | 21/28 | €1,196 | €1,410 | +€214 | +17.9% |
| Tangible fixed assets | 22/27 | €1,196 | €1,410 | +€214 | +17.9% |
| Furniture and vehicles | 24 | €1,196 | €1,410 | +€214 | +17.9% |
| Current assets | 29/58 | €50,823 | €61,446 | +€10,623 | +20.9% |
| Amounts receivable within one year | 40/41 | €12,705 | €24,861 | +€12,156 | +95.7% |
| Trade receivables | 40 | €12,705 | €20,850 | +€8,145 | +64.1% |
| Other amounts receivable | 41 | - | €4,011 | +€4,011 | |
| Cash at bank and in hand | 54/58 | €37,226 | €36,489 | -€737 | -2.0% |
| Deferred charges and accrued income | 490/1 | €891 | €96 | -€796 | -89.3% |
| Total equity and liabilities | 10/49 | €52,019 | €62,856 | +€10,837 | +20.8% |
| Equity | 10/15 | €34,014 | €42,455 | +€8,441 | +24.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €31,514 | €39,955 | +€8,441 | +26.8% |
| Distributable reserves | 133 | €31,514 | €39,955 | +€8,441 | +26.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €18,005 | €20,401 | +€2,396 | +13.3% |
| Amounts payable within one year | 42/48 | €18,005 | €20,117 | +€2,112 | +11.7% |
| Trade debts | 44 | €1,860 | €5,923 | +€4,062 | +218.4% |
| Suppliers | 440/4 | €1,860 | €5,923 | +€4,062 | +218.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €8,990 | €5,741 | -€3,249 | -36.1% |
| Taxes | 450/3 | €8,990 | €5,517 | -€3,473 | -38.6% |
| Remuneration and social security | 454/9 | €0 | €224 | +€224 | |
| Other amounts payable | 47/48 | €7,154 | €8,453 | +€1,299 | +18.2% |
| Accrued charges and deferred income | 492/3 | - | €284 | +€284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,031 | €1,085 | +€54 | +5.2% |
| Other operating charges | 640/8 | €0 | €544 | +€544 | |
| Gross operating margin | 9900 | €35,477 | €14,745 | -€20,732 | -58.4% |
| Operating profit (loss) | 9901 | €34,446 | €13,116 | -€21,330 | -61.9% |
| Financial income | 75/76B | - | €30 | +€30 | |
| Recurring financial income | 75 | - | €30 | +€30 | |
| Financial charges | 65/66B | €238 | €1,216 | +€979 | +411.8% |
| Recurring financial charges | 65 | €238 | €1,216 | +€979 | +411.8% |
| Profit (loss) for the period before taxes | 9903 | €34,208 | €11,930 | -€22,278 | -65.1% |
| Income taxes | 67/77 | €8,269 | €3,489 | -€4,780 | -57.8% |
| Profit (loss) for the period | 9904 | €25,940 | €8,441 | -€17,499 | -67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,940 | €8,441 | -€17,499 | -67.5% |
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.