KENGAR: 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.
KENGAR
Largest movements
- Receivables within one year -€1.0m
down €1.0m (-45.6%), from €2.3m to €1.2m
of which Trade receivables: -€1.2m
- Stocks and contracts -€281,908
down €281,908 (-23.8%), from €1.2m to €900,195
- Deferred charges and accrued income +€235,554
up €235,554 (+553%), from €42,580 to €278,134
- Trade debts -€725,648
down €725,648 (-72.0%), from €1.0m to €281,951
- Short-term financial debts -€271,109
down €271,109 (-12.9%), from €2.1m to €1.8m
- Other debts -€118,398
down €118,398 (-73.8%), from €160,519 to €42,121
- Reserves +€90,502
up €90,502 (+21.8%), from €416,030 to €506,532
- Current portion of long-term debt -€65,973
down €65,973 (-65.8%), from €100,318 to €34,345
- Turnover +€2.4m
new in 2025: €2.4m
- Purchases and services +€2.2m
new in 2025: €2.2m
- Gross operating margin +€62,333
up €62,333 (+30.9%), from €201,986 to €264,318
- Taxes +€38,784
up €38,784 (+196%), from €19,738 to €58,522
- Financial charges -€37,402
down €37,402 (-25.8%), from €145,011 to €107,609
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 | €4,067,240 | €2,979,489 | -€1.1m | -26.7% |
| Fixed assets | 21/28 | €486,851 | €490,269 | +€3,418 | +0.7% |
| Tangible fixed assets | 22/27 | €471,311 | €474,729 | +€3,418 | +0.7% |
| Land and buildings | 22 | €406,418 | €397,436 | -€8,982 | -2.2% |
| Plant, machinery and equipment | 23 | €17,558 | €12,145 | -€5,414 | -30.8% |
| Furniture and vehicles | 24 | €7,664 | €28,254 | +€20,589 | +269% |
| Other tangible fixed assets | 26 | €39,670 | €36,895 | -€2,775 | -7.0% |
| Financial fixed assets | 28 | €15,540 | €15,540 | = | 0.0% |
| Current assets | 29/58 | €3,580,389 | €2,489,220 | -€1.1m | -30.5% |
| Stocks and contracts in progress | 3 | €1,182,103 | €900,195 | -€281,908 | -23.8% |
| Stocks | 30/36 | €1,182,103 | €900,195 | -€281,908 | -23.8% |
| Amounts receivable within one year | 40/41 | €2,254,909 | €1,227,483 | -€1.0m | -45.6% |
| Trade receivables | 40 | €1,764,734 | €547,742 | -€1.2m | -69.0% |
| Other amounts receivable | 41 | €490,176 | €679,741 | +€189,565 | +38.7% |
| Cash at bank and in hand | 54/58 | €100,796 | €83,408 | -€17,388 | -17.3% |
| Deferred charges and accrued income | 490/1 | €42,580 | €278,134 | +€235,554 | +553% |
| Total equity and liabilities | 10/49 | €4,067,240 | €2,979,489 | -€1.1m | -26.7% |
| Equity | 10/15 | €493,527 | €584,029 | +€90,502 | +18.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €71,297 | €71,297 | = | 0.0% |
| Reserves | 13 | €416,030 | €506,532 | +€90,502 | +21.8% |
| Distributable reserves | 133 | €416,030 | €506,532 | +€90,502 | +21.8% |
| Amounts payable | 17/49 | €3,573,713 | €2,395,461 | -€1.2m | -33.0% |
| Amounts payable after more than one year | 17 | €168,436 | €149,683 | -€18,753 | -11.1% |
| Financial debts | 170/4 | €168,436 | €149,683 | -€18,753 | -11.1% |
| Amounts payable within one year | 42/48 | €3,405,276 | €2,245,778 | -€1.2m | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €100,318 | €34,345 | -€65,973 | -65.8% |
| Financial debts | 43 | €2,094,909 | €1,823,801 | -€271,109 | -12.9% |
| Credit institutions | 430/8 | €2,094,909 | €1,823,801 | -€271,109 | -12.9% |
| Trade debts | 44 | €1,007,599 | €281,951 | -€725,648 | -72.0% |
| Suppliers | 440/4 | €1,007,599 | €281,951 | -€725,648 | -72.0% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €41,930 | €58,559 | +€16,628 | +39.7% |
| Taxes | 450/3 | €41,930 | €58,559 | +€16,628 | +39.7% |
| Other amounts payable | 47/48 | €160,519 | €42,121 | -€118,398 | -73.8% |
| Turnover | 70 | - | €2,390,513 | +€2.4m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €2,192,378 | +€2.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,513 | €33,938 | -€575 | -1.7% |
| Other operating charges | 640/8 | €4,406 | €6,432 | +€2,026 | +46.0% |
| Gross operating margin | 9900 | €201,986 | €264,318 | +€62,333 | +30.9% |
| Operating profit (loss) | 9901 | €163,066 | €223,948 | +€60,882 | +37.3% |
| Financial income | 75/76B | €20,094 | €32,685 | +€12,591 | +62.7% |
| Recurring financial income | 75 | €20,094 | €32,685 | +€12,591 | +62.7% |
| Financial charges | 65/66B | €145,011 | €107,609 | -€37,402 | -25.8% |
| Recurring financial charges | 65 | €145,011 | €107,609 | -€37,402 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €38,149 | €149,024 | +€110,875 | +291% |
| Income taxes | 67/77 | €19,738 | €58,522 | +€38,784 | +196% |
| Profit (loss) for the period | 9904 | €18,411 | €90,502 | +€72,091 | +392% |
| Profit (loss) for the period to be appropriated | 9905 | €18,411 | €90,502 | +€72,091 | +392% |
Source: filed annual accounts (NBB), financial years ended 29 June 2024 and 29 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.