KENI: what changed
KENI
Largest movements
- Cash +€105,814
up €105,814 (+874%), from €12,101 to €117,915
mainly Net result for the year (+€54,044) and Receivables within one year (+€34,385)
- Receivables within one year -€34,385
down €34,385 (-6.3%), from €549,324 to €514,939
of which Trade receivables: -€99,563
- Stocks and contracts -€27,273
down €27,273 (-100%), from €27,273 to €0
- Tangible fixed assets -€9,487
down €9,487 (-87.5%), from €10,840 to €1,353
of which Plant, machinery and equipment: -€8,063
- Reserves +€54,044
up €54,044 (+18.0%), from €300,878 to €354,922
of which Distributable reserves: +€54,044
- Current portion of long-term debt -€41,576
down €41,576 (-100%), from €41,576 to €0
- Trade debts +€30,924
up €30,924 (+29.8%), from €103,914 to €134,838
- Accrued charges and deferred income -€7,461
down €7,461 (-100%), from €7,461 to €0
- Staff costs +€140,221
up €140,221 (+20.3%), from €691,614 to €831,836
- Gross operating margin +€86,903
up €86,903 (+9.7%), from €897,098 to €984,002
- Other operating charges +€49,612
up €49,612 (+161%), from €30,785 to €80,397
- Taxes -€33,150
down €33,150 (-59.9%), from €55,357 to €22,207
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €619,522 | €652,483 | +€32,961 | +5.3% |
| Fixed assets | 21/28 | €10,840 | €1,353 | -€9,487 | -87.5% |
| Tangible fixed assets | 22/27 | €10,840 | €1,353 | -€9,487 | -87.5% |
| Plant, machinery and equipment | 23 | €9,416 | €1,353 | -€8,063 | -85.6% |
| Furniture and vehicles | 24 | €240 | €0 | -€240 | -100% |
| Other tangible fixed assets | 26 | €1,184 | €0 | -€1,184 | -100% |
| Current assets | 29/58 | €608,682 | €651,130 | +€42,448 | +7.0% |
| Stocks and contracts in progress | 3 | €27,273 | €0 | -€27,273 | -100% |
| Stocks | 30/36 | €27,273 | €0 | -€27,273 | -100% |
| Amounts receivable within one year | 40/41 | €549,324 | €514,939 | -€34,385 | -6.3% |
| Trade receivables | 40 | €211,123 | €111,560 | -€99,563 | -47.2% |
| Other amounts receivable | 41 | €338,201 | €403,379 | +€65,178 | +19.3% |
| Cash at bank and in hand | 54/58 | €12,101 | €117,915 | +€105,814 | +874% |
| Deferred charges and accrued income | 490/1 | €19,984 | €18,276 | -€1,708 | -8.5% |
| Total equity and liabilities | 10/49 | €619,522 | €652,483 | +€32,961 | +5.3% |
| Equity | 10/15 | €342,128 | €396,172 | +€54,044 | +15.8% |
| Contributions | 10/11 | €41,250 | €41,250 | = | 0.0% |
| Reserves | 13 | €300,878 | €354,922 | +€54,044 | +18.0% |
| Non-distributable reserves | 130/1 | €5,375 | €5,375 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,375 | €5,375 | = | 0.0% |
| Distributable reserves | 133 | €295,503 | €349,547 | +€54,044 | +18.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €277,394 | €256,311 | -€21,083 | -7.6% |
| Amounts payable within one year | 42/48 | €269,932 | €256,311 | -€13,622 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €41,576 | €0 | -€41,576 | -100% |
| Financial debts | 43 | €45,000 | €45,000 | = | 0.0% |
| Credit institutions | 430/8 | €45,000 | €45,000 | = | 0.0% |
| Trade debts | 44 | €103,914 | €134,838 | +€30,924 | +29.8% |
| Suppliers | 440/4 | €103,914 | €134,838 | +€30,924 | +29.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €79,443 | €76,473 | -€2,970 | -3.7% |
| Taxes | 450/3 | €18,987 | €15,896 | -€3,091 | -16.3% |
| Remuneration and social security | 454/9 | €60,456 | €60,577 | +€121 | +0.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €7,461 | €0 | -€7,461 | -100% |
| Remuneration, social security and pensions | 62 | €691,614 | €831,836 | +€140,221 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,577 | €404 | -€2,173 | -84.3% |
| Other operating charges | 640/8 | €30,785 | €80,397 | +€49,612 | +161% |
| Non-recurring operating charges | 66A | - | €1,424 | +€1,424 | |
| Gross operating margin | 9900 | €897,098 | €984,002 | +€86,903 | +9.7% |
| Operating profit (loss) | 9901 | €172,121 | €69,941 | -€102,180 | -59.4% |
| Financial income | 75/76B | €19,984 | €18,608 | -€1,376 | -6.9% |
| Recurring financial income | 75 | €19,984 | €18,608 | -€1,376 | -6.9% |
| Financial charges | 65/66B | €13,808 | €12,299 | -€1,509 | -10.9% |
| Recurring financial charges | 65 | €13,808 | €12,299 | -€1,509 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €178,298 | €76,251 | -€102,047 | -57.2% |
| Income taxes | 67/77 | €55,357 | €22,207 | -€33,150 | -59.9% |
| Profit (loss) for the period | 9904 | €122,941 | €54,044 | -€68,897 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €122,941 | €54,044 | -€68,897 | -56.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.