KENNETH EXPRESS: what changed
Two fiscal 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.
What changed
KENNETH EXPRESS
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€22,673
2024 · €76,536-€53,863
Equity
€295,056
2024 · €302,784-€7,728
Cash
€18,355
2024 · €10,282+€8,072
Balance sheet total
€2.8m
2024 · €2.6m+€144,209
Largest movements
Assets
- Tangible fixed assets +€135,169
up €135,169 (+5.4%), from €2.5m to €2.6m
of which Plant, machinery and equipment: +€180,071
Equity and liabilities
- Debts after one year +€120,002
up €120,002 (+6.3%), from €1.9m to €2.0m
of which Financial debts: +€139,433
Income statement
- Depreciation +€27,860
up €27,860 (+19.9%), from €140,306 to €168,165
- Taxes -€25,237
down €25,237 (-82.6%), from €30,562 to €5,324
- Staff costs +€23,043
up €23,043 (+12.2%), from €188,541 to €211,584
- Financial charges +€14,159
up €14,159 (+24.7%), from €57,275 to €71,434
- Gross operating margin -€7,245
down €7,245 (-1.4%), from €502,788 to €495,544
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.
Result 2024
€76,536
Gross operating margin
-€7,245
Staff costs
-€23,043
Depreciation
-€27,860
Other operating charges
-€4,943
Financial income
-€1,851
Financial charges
-€14,159
Taxes
+€25,237
Result 2025
€22,673
Cash bridge derived
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.
From operations
+€224,152
Investment
-€303,334
Financing
+€87,255
Cash 2024
€10,282
From operations (derived)
+€224,152
Net result for the year
+€22,673
Depreciation
+€168,165
Smaller working-capital items
+€155
Receivables within one year
-€1,123
Trade debts
+€13,462
Tax, wage and social debts
+€2,662
Other debts
+€18,158
Investment (derived)
-€303,334
Investment in fixed assets (net)
-€303,334
Financing
+€87,255
Debts after one year
+€120,002
Current portion of long-term debt
-€2,347
Contributions, distributions and other
-€30,400
Cash 2025
€18,355
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,648,816 | €2,793,025 | +€144,209 | +5.4% |
| Fixed assets | 21/28 | €2,505,035 | €2,640,203 | +€135,169 | +5.4% |
| Tangible fixed assets | 22/27 | €2,489,133 | €2,624,302 | +€135,169 | +5.4% |
| Land and buildings | 22 | €2,432,613 | €2,410,807 | -€21,806 | -0.9% |
| Plant, machinery and equipment | 23 | €14,949 | €195,020 | +€180,071 | +1204.6% |
| Furniture and vehicles | 24 | €615 | €3,328 | +€2,714 | +441.5% |
| Leasing and similar rights | 25 | €39,111 | €14,224 | -€24,887 | -63.6% |
| Other tangible fixed assets | 26 | - | €923 | +€923 | |
| Assets under construction and advance payments | 27 | €1,846 | - | -€1,846 | |
| Financial fixed assets | 28 | €15,901 | €15,901 | = | 0.0% |
| Current assets | 29/58 | €143,781 | €152,822 | +€9,040 | +6.3% |
| Stocks and contracts in progress | 3 | €91,308 | €91,888 | +€579 | +0.6% |
| Stocks | 30/36 | €91,308 | €91,888 | +€579 | +0.6% |
| Amounts receivable within one year | 40/41 | €37,635 | €38,758 | +€1,123 | +3.0% |
| Trade receivables | 40 | €26,252 | €19,452 | -€6,800 | -25.9% |
| Other amounts receivable | 41 | €11,383 | €19,306 | +€7,923 | +69.6% |
| Cash at bank and in hand | 54/58 | €10,282 | €18,355 | +€8,072 | +78.5% |
| Deferred charges and accrued income | 490/1 | €4,556 | €3,822 | -€734 | -16.1% |
| Total equity and liabilities | 10/49 | €2,648,816 | €2,793,025 | +€144,209 | +5.4% |
| Equity | 10/15 | €302,784 | €295,056 | -€7,728 | -2.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €240,284 | €232,556 | -€7,728 | -3.2% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €234,034 | €226,306 | -€7,728 | -3.3% |
| Amounts payable | 17/49 | €2,346,032 | €2,497,969 | +€151,937 | +6.5% |
| Amounts payable after more than one year | 17 | €1,895,766 | €2,015,768 | +€120,002 | +6.3% |
| Financial debts | 170/4 | €1,573,816 | €1,713,249 | +€139,433 | +8.9% |
| Trade debts | 175 | €321,950 | €302,519 | -€19,431 | -6.0% |
| Amounts payable within one year | 42/48 | €450,266 | €482,201 | +€31,935 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €183,261 | €180,915 | -€2,347 | -1.3% |
| Trade debts | 44 | €208,856 | €222,317 | +€13,462 | +6.4% |
| Suppliers | 440/4 | €208,856 | €222,317 | +€13,462 | +6.4% |
| Taxes, remuneration and social security | 45 | €47,427 | €50,089 | +€2,662 | +5.6% |
| Taxes | 450/3 | €14,192 | €13,694 | -€498 | -3.5% |
| Remuneration and social security | 454/9 | €33,235 | €36,395 | +€3,160 | +9.5% |
| Other amounts payable | 47/48 | €10,723 | €28,880 | +€18,158 | +169.3% |
| Remuneration, social security and pensions | 62 | €188,541 | €211,584 | +€23,043 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,306 | €168,165 | +€27,860 | +19.9% |
| Other operating charges | 640/8 | €12,714 | €17,657 | +€4,943 | +38.9% |
| Gross operating margin | 9900 | €502,788 | €495,544 | -€7,245 | -1.4% |
| Operating profit (loss) | 9901 | €161,228 | €98,138 | -€63,090 | -39.1% |
| Financial income | 75/76B | €3,145 | €1,294 | -€1,851 | -58.9% |
| Recurring financial income | 75 | €3,145 | €1,294 | -€1,851 | -58.9% |
| Financial charges | 65/66B | €57,275 | €71,434 | +€14,159 | +24.7% |
| Recurring financial charges | 65 | €57,275 | €71,434 | +€14,159 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €107,098 | €27,997 | -€79,100 | -73.9% |
| Income taxes | 67/77 | €30,562 | €5,324 | -€25,237 | -82.6% |
| Profit (loss) for the period | 9904 | €76,536 | €22,673 | -€53,863 | -70.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,536 | €22,673 | -€53,863 | -70.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.