Kenimmo: 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.
Kenimmo
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+91.4%), from €2.4m to €4.6m
- Cash -€428,959
down €428,959 (-80.0%), from €536,159 to €107,199
mainly Investment in fixed assets (net) (-€2.4m) and Provisions (-€27,635)
- Debts after one year +€1.3m
up €1.3m (+268%), from €473,884 to €1.7m
- Other debts +€416,816
up €416,816 (+5,093%), from €8,184 to €425,000
- Current portion of long-term debt +€108,566
up €108,566 (+126%), from €86,056 to €194,622
- Depreciation +€151,735
up €151,735 (+157%), from €96,357 to €248,092
- Gross operating margin +€76,362
up €76,362 (+31.1%), from €245,211 to €321,573
- Taxes -€30,022
down €30,022 (-55.7%), from €53,852 to €23,830
- Financial charges +€27,166
up €27,166 (+134%), from €20,272 to €47,439
- Financial income -€22,033
down €22,033 (-100%), from €22,033 to €0
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 | €2,945,625 | €4,735,767 | +€1.8m | +60.8% |
| Fixed assets | 21/28 | €2,406,378 | €4,605,771 | +€2.2m | +91.4% |
| Tangible fixed assets | 22/27 | €2,406,378 | €4,605,771 | +€2.2m | +91.4% |
| Land and buildings | 22 | €2,406,378 | €4,605,771 | +€2.2m | +91.4% |
| Current assets | 29/58 | €539,247 | €129,996 | -€409,252 | -75.9% |
| Amounts receivable within one year | 40/41 | €3,089 | €17,887 | +€14,798 | +479% |
| Trade receivables | 40 | €2,945 | €5,387 | +€2,442 | +82.9% |
| Other amounts receivable | 41 | €144 | €12,500 | +€12,356 | +8,570% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €536,159 | €107,199 | -€428,959 | -80.0% |
| Deferred charges and accrued income | 490/1 | €0 | €4,909 | +€4,909 | |
| Total equity and liabilities | 10/49 | €2,945,625 | €4,735,767 | +€1.8m | +60.8% |
| Equity | 10/15 | €1,894,809 | €1,900,731 | +€5,922 | +0.3% |
| Contributions | 10/11 | €315,100 | €315,100 | = | 0.0% |
| Capital | 10 | €315,100 | €315,100 | = | 0.0% |
| Issued capital | 100 | €315,100 | €315,100 | = | 0.0% |
| Reserves | 13 | €1,578,711 | €1,584,633 | +€5,922 | +0.4% |
| Non-distributable reserves | 130/1 | €31,510 | €31,510 | = | 0.0% |
| Legal reserve | 130 | €31,510 | €31,510 | = | 0.0% |
| Tax-exempt reserves | 132 | €933,222 | €872,370 | -€60,852 | -6.5% |
| Distributable reserves | 133 | €613,979 | €680,753 | +€66,774 | +10.9% |
| Profit (loss) carried forward | 14 | €998 | €998 | = | 0.0% |
| Provisions and deferred taxes | 16 | €419,720 | €392,085 | -€27,635 | -6.6% |
| Deferred taxes | 168 | €419,720 | €392,085 | -€27,635 | -6.6% |
| Amounts payable | 17/49 | €631,096 | €2,442,951 | +€1.8m | +287% |
| Amounts payable after more than one year | 17 | €473,884 | €1,744,750 | +€1.3m | +268% |
| Financial debts | 170/4 | €473,884 | €1,744,750 | +€1.3m | +268% |
| Amounts payable within one year | 42/48 | €138,767 | €675,618 | +€536,850 | +387% |
| Current portion of amounts payable after more than one year | 42 | €86,056 | €194,622 | +€108,566 | +126% |
| Trade debts | 44 | €2,945 | €2,316 | -€628 | -21.3% |
| Suppliers | 440/4 | €2,945 | €2,316 | -€628 | -21.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €41,583 | €53,680 | +€12,096 | +29.1% |
| Taxes | 450/3 | €41,583 | €53,680 | +€12,096 | +29.1% |
| Other amounts payable | 47/48 | €8,184 | €425,000 | +€416,816 | +5,093% |
| Accrued charges and deferred income | 492/3 | €18,445 | €22,584 | +€4,139 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,357 | €248,092 | +€151,735 | +157% |
| Other operating charges | 640/8 | €22,434 | €23,926 | +€1,492 | +6.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €245,211 | €321,573 | +€76,362 | +31.1% |
| Operating profit (loss) | 9901 | €126,420 | €49,555 | -€76,865 | -60.8% |
| Financial income | 75/76B | €22,033 | €0 | -€22,033 | -100% |
| Recurring financial income | 75 | €22,033 | €0 | -€22,033 | -100% |
| Financial charges | 65/66B | €20,272 | €47,439 | +€27,166 | +134% |
| Recurring financial charges | 65 | €20,272 | €47,439 | +€27,166 | +134% |
| Profit (loss) for the period before taxes | 9903 | €128,181 | €2,117 | -€126,065 | -98.3% |
| Transfer from deferred taxes | 780 | €23,374 | €27,635 | +€4,262 | +18.2% |
| Income taxes | 67/77 | €53,852 | €23,830 | -€30,022 | -55.7% |
| Profit (loss) for the period | 9904 | €97,703 | €5,922 | -€91,781 | -93.9% |
| Transfer from tax-exempt reserves | 789 | €50,276 | €60,852 | +€10,576 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €147,979 | €66,774 | -€81,205 | -54.9% |
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 14 October 2026 via checked.be.