Kennes Management: 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.
Kennes Management
Largest movements
- Financial fixed assets +€550,000
new in 2025: €550,000
- Current investments -€27,000
no longer reported in 2025 (was €27,000)
- Cash +€13,314
up €13,314 (+51.4%), from €25,881 to €39,195
mainly Contributions, distributions and other (+€275,000) and Debts after one year (+€210,000)
- Tangible fixed assets -€9,057
no longer reported in 2025 (was €9,057)
- Contributions +€275,000
up €275,000 (+11,000%), from €2,500 to €277,500
- Debts after one year +€210,000
new in 2025: €210,000
- Reserves +€32,785
new in 2025: €32,785
- Financial charges +€7,738
up €7,738 (+3,955%), from €196 to €7,933
- Gross operating margin -€6,380
down €6,380 (-9.3%), from €68,563 to €62,183
- Depreciation -€5,251
no longer reported in 2025 (was €5,251)
- Taxes +€4,091
up €4,091 (+30.2%), from €13,545 to €17,636
- Other operating charges +€1,123
up €1,123 (+160%), from €701 to €1,824
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 | €61,938 | €590,365 | +€528,427 | +853% |
| Fixed assets | 21/28 | €9,057 | €550,000 | +€540,943 | +5,973% |
| Tangible fixed assets | 22/27 | €9,057 | - | -€9,057 | |
| Furniture and vehicles | 24 | €9,057 | - | -€9,057 | |
| Financial fixed assets | 28 | - | €550,000 | +€550,000 | |
| Current assets | 29/58 | €52,881 | €40,365 | -€12,516 | -23.7% |
| Amounts receivable within one year | 40/41 | - | €204 | +€204 | |
| Trade receivables | 40 | - | €204 | +€204 | |
| Current investments | 50/53 | €27,000 | - | -€27,000 | |
| Cash at bank and in hand | 54/58 | €25,881 | €39,195 | +€13,314 | +51.4% |
| Deferred charges and accrued income | 490/1 | - | €966 | +€966 | |
| Total equity and liabilities | 10/49 | €61,938 | €590,365 | +€528,427 | +853% |
| Equity | 10/15 | €2,500 | €310,285 | +€307,785 | +12,311% |
| Contributions | 10/11 | €2,500 | €277,500 | +€275,000 | +11,000% |
| Reserves | 13 | - | €32,785 | +€32,785 | |
| Distributable reserves | 133 | - | €32,785 | +€32,785 | |
| Amounts payable | 17/49 | €59,438 | €280,080 | +€220,642 | +371% |
| Amounts payable after more than one year | 17 | - | €210,000 | +€210,000 | |
| Financial debts | 170/4 | - | €210,000 | +€210,000 | |
| Amounts payable within one year | 42/48 | €59,438 | €70,080 | +€10,642 | +17.9% |
| Trade debts | 44 | €1,338 | €1,944 | +€606 | +45.3% |
| Suppliers | 440/4 | €1,338 | €1,944 | +€606 | +45.3% |
| Taxes, remuneration and social security | 45 | €3,152 | €8,235 | +€5,082 | +161% |
| Taxes | 450/3 | €3,152 | €8,235 | +€5,082 | +161% |
| Other amounts payable | 47/48 | €54,948 | €59,901 | +€4,953 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,251 | - | -€5,251 | |
| Other operating charges | 640/8 | €701 | €1,824 | +€1,123 | +160% |
| Non-recurring operating charges | 66A | - | €3,272 | +€3,272 | |
| Gross operating margin | 9900 | €68,563 | €62,183 | -€6,380 | -9.3% |
| Operating profit (loss) | 9901 | €62,611 | €57,087 | -€5,523 | -8.8% |
| Financial income | 75/76B | €1,865 | €1,267 | -€598 | -32.1% |
| Recurring financial income | 75 | €1,865 | €1,267 | -€598 | -32.1% |
| Financial charges | 65/66B | €196 | €7,933 | +€7,738 | +3,955% |
| Recurring financial charges | 65 | €196 | €7,933 | +€7,738 | +3,955% |
| Profit (loss) for the period before taxes | 9903 | €64,280 | €50,421 | -€13,859 | -21.6% |
| Income taxes | 67/77 | €13,545 | €17,636 | +€4,091 | +30.2% |
| Profit (loss) for the period | 9904 | €50,735 | €32,785 | -€17,951 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €50,735 | €32,785 | -€17,951 | -35.4% |
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 15 October 2026 via checked.be.