KENEMA: 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.
KENEMA
Largest movements
- Receivables within one year +€22,787
up €22,787 (+83.6%), from €27,245 to €50,032
- Tangible fixed assets -€7,962
down €7,962 (-49.3%), from €16,162 to €8,200
- Cash -€1,646
down €1,646 (-40.7%), from €4,042 to €2,396
mainly Receivables within one year (-€22,787) and Debts after one year (-€10,550)
- Profit (loss) carried forward +€17,055
up €17,055 (+67.9%), from €25,113 to €42,168
- Debts after one year -€10,550
down €10,550 (-95.6%), from €11,030 to €480
- Trade debts +€3,449
up €3,449 (+168%), from €2,047 to €5,496
- Current portion of long-term debt +€1,693
up €1,693 (+27.5%), from €6,159 to €7,852
- Tax, wage and social debts +€1,532
up €1,532 (+1,532%), from €100 to €1,632
- Gross operating margin +€5,620
up €5,620 (+21.0%), from €26,814 to €32,434
- Other operating charges +€2,373
up €2,373 (+52.8%), from €4,498 to €6,871
- Depreciation -€1,190
down €1,190 (-13.0%), from €9,152 to €7,962
- Financial income +€1,027
new in 2025: €1,027
- Taxes +€852
new in 2025: €852
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 | €47,449 | €60,628 | +€13,179 | +27.8% |
| Fixed assets | 21/28 | €16,162 | €8,200 | -€7,962 | -49.3% |
| Tangible fixed assets | 22/27 | €16,162 | €8,200 | -€7,962 | -49.3% |
| Furniture and vehicles | 24 | €16,162 | €8,200 | -€7,962 | -49.3% |
| Current assets | 29/58 | €31,287 | €52,428 | +€21,141 | +67.6% |
| Amounts receivable within one year | 40/41 | €27,245 | €50,032 | +€22,787 | +83.6% |
| Other amounts receivable | 41 | €27,245 | €50,032 | +€22,787 | +83.6% |
| Cash at bank and in hand | 54/58 | €4,042 | €2,396 | -€1,646 | -40.7% |
| Total equity and liabilities | 10/49 | €47,449 | €60,628 | +€13,179 | +27.8% |
| Equity | 10/15 | €28,113 | €45,168 | +€17,055 | +60.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,113 | €42,168 | +€17,055 | +67.9% |
| Amounts payable | 17/49 | €19,336 | €15,460 | -€3,876 | -20.0% |
| Amounts payable after more than one year | 17 | €11,030 | €480 | -€10,550 | -95.6% |
| Financial debts | 170/4 | €11,030 | €480 | -€10,550 | -95.6% |
| Amounts payable within one year | 42/48 | €8,306 | €14,980 | +€6,674 | +80.4% |
| Current portion of amounts payable after more than one year | 42 | €6,159 | €7,852 | +€1,693 | +27.5% |
| Trade debts | 44 | €2,047 | €5,496 | +€3,449 | +168% |
| Suppliers | 440/4 | €2,047 | €5,496 | +€3,449 | +168% |
| Taxes, remuneration and social security | 45 | €100 | €1,632 | +€1,532 | +1,532% |
| Taxes | 450/3 | €100 | €1,632 | +€1,532 | +1,532% |
| Non-recurring operating income | 76A | €612 | €250 | -€362 | -59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,152 | €7,962 | -€1,190 | -13.0% |
| Other operating charges | 640/8 | €4,498 | €6,871 | +€2,373 | +52.8% |
| Gross operating margin | 9900 | €26,814 | €32,434 | +€5,620 | +21.0% |
| Operating profit (loss) | 9901 | €13,164 | €17,601 | +€4,437 | +33.7% |
| Financial income | 75/76B | - | €1,027 | +€1,027 | |
| Recurring financial income | 75 | - | €1,027 | +€1,027 | |
| Financial charges | 65/66B | €1,322 | €721 | -€601 | -45.5% |
| Recurring financial charges | 65 | €1,322 | €721 | -€601 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €11,842 | €17,907 | +€6,065 | +51.2% |
| Income taxes | 67/77 | - | €852 | +€852 | |
| Profit (loss) for the period | 9904 | €11,842 | €17,055 | +€5,213 | +44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,842 | €17,055 | +€5,213 | +44.0% |
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 20 October 2026 via checked.be.