KENDYA MANAGEMENT: what changed
Two fiscal 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.
KENDYA MANAGEMENT
Largest movements
- Cash -€96,506
down €96,506 (-74.8%), from €129,046 to €32,540
mainly Contributions, distributions and other (-€95,000) and Investment in fixed assets (net) (-€35,075)
- Current investments +€33,000
up €33,000 (+49.9%), from €66,117 to €99,117
- Receivables within one year -€25,128
down €25,128 (-83.8%), from €29,984 to €4,856
of which Trade receivables: -€14,604
- Tangible fixed assets +€21,757
up €21,757 (+112.2%), from €19,399 to €41,156
of which Furniture and vehicles: +€19,240
- Profit (loss) carried forward -€44,322
down €44,322 (-76.2%), from €58,175 to €13,853
- Other debts -€31,192
down €31,192 (-18.3%), from €170,000 to €138,808
- Current portion of long-term debt +€8,532
up €8,532 (+570.6%), from €1,495 to €10,027
- Debts after one year +€4,278
new in 2025: €4,278
- Tax, wage and social debts -€4,172
down €4,172 (-45.0%), from €9,277 to €5,105
- Gross operating margin -€149,738
down €149,738 (-63.0%), from €237,857 to €88,118
- Taxes -€35,369
down €35,369 (-63.7%), from €55,520 to €20,151
- Depreciation +€11,011
up €11,011 (+548.6%), from €2,007 to €13,018
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 | €245,043 | €179,660 | -€65,383 | -26.7% |
| Fixed assets | 21/28 | €19,399 | €41,456 | +€22,057 | +113.7% |
| Tangible fixed assets | 22/27 | €19,399 | €41,156 | +€21,757 | +112.2% |
| Furniture and vehicles | 24 | €10,180 | €29,420 | +€19,240 | +189.0% |
| Other tangible fixed assets | 26 | €9,219 | €11,735 | +€2,517 | +27.3% |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €225,644 | €138,204 | -€87,439 | -38.8% |
| Amounts receivable within one year | 40/41 | €29,984 | €4,856 | -€25,128 | -83.8% |
| Trade receivables | 40 | €17,991 | €3,387 | -€14,604 | -81.2% |
| Other amounts receivable | 41 | €11,993 | €1,469 | -€10,525 | -87.8% |
| Current investments | 50/53 | €66,117 | €99,117 | +€33,000 | +49.9% |
| Cash at bank and in hand | 54/58 | €129,046 | €32,540 | -€96,506 | -74.8% |
| Deferred charges and accrued income | 490/1 | €497 | €1,692 | +€1,195 | +240.7% |
| Total equity and liabilities | 10/49 | €245,043 | €179,660 | -€65,383 | -26.7% |
| Equity | 10/15 | €61,175 | €16,853 | -€44,322 | -72.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,175 | €13,853 | -€44,322 | -76.2% |
| Amounts payable | 17/49 | €183,868 | €162,807 | -€21,060 | -11.5% |
| Amounts payable after more than one year | 17 | - | €4,278 | +€4,278 | |
| Financial debts | 170/4 | - | €4,278 | +€4,278 | |
| Amounts payable within one year | 42/48 | €183,861 | €158,529 | -€25,331 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €1,495 | €10,027 | +€8,532 | +570.6% |
| Trade debts | 44 | €3,088 | €4,588 | +€1,500 | +48.6% |
| Suppliers | 440/4 | €3,088 | €4,588 | +€1,500 | +48.6% |
| Taxes, remuneration and social security | 45 | €9,277 | €5,105 | -€4,172 | -45.0% |
| Taxes | 450/3 | €9,277 | €5,105 | -€4,172 | -45.0% |
| Other amounts payable | 47/48 | €170,000 | €138,808 | -€31,192 | -18.3% |
| Accrued charges and deferred income | 492/3 | €7 | - | -€7 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,007 | €13,018 | +€11,011 | +548.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €237,857 | €88,118 | -€149,738 | -63.0% |
| Operating profit (loss) | 9901 | €235,462 | €74,700 | -€160,762 | -68.3% |
| Financial income | 75/76B | €1,642 | €286 | -€1,356 | -82.6% |
| Recurring financial income | 75 | €1,642 | €286 | -€1,356 | -82.6% |
| Financial charges | 65/66B | €4,099 | €4,157 | +€58 | +1.4% |
| Recurring financial charges | 65 | €4,099 | €4,157 | +€58 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €233,005 | €70,829 | -€162,176 | -69.6% |
| Income taxes | 67/77 | €55,520 | €20,151 | -€35,369 | -63.7% |
| Profit (loss) for the period | 9904 | €177,485 | €50,678 | -€126,807 | -71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €177,485 | €50,678 | -€126,807 | -71.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.