KENNEY: 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.
KENNEY
Largest movements
- Cash +€452,404
up €452,404 (+190.0%), from €238,125 to €690,530
mainly Current investments (+€250,000) and Net result for the year (+€236,691)
- Current investments -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Receivables within one year -€27,205
down €27,205 (-66.8%), from €40,745 to €13,539
of which Other amounts receivable: -€34,041
- Reserves +€143,130
up €143,130 (+16.1%), from €887,483 to €1.0m
- Other debts +€40,935
up €40,935, from €0 to €40,935
- Debts after one year -€20,422
down €20,422 (-26.7%), from €76,379 to €55,957
- Gross operating margin -€17,750
down €17,750 (-3.5%), from €500,974 to €483,225
- Depreciation +€10,205
up €10,205 (+34.0%), from €30,038 to €40,243
- Taxes -€9,804
down €9,804 (-8.6%), from €114,325 to €104,522
- Financial income -€5,939
down €5,939 (-76.5%), from €7,766 to €1,827
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,079,012 | €1,263,514 | +€184,501 | +17.1% |
| Fixed assets | 21/28 | €544,389 | €552,946 | +€8,557 | +1.6% |
| Tangible fixed assets | 22/27 | €544,389 | €552,946 | +€8,557 | +1.6% |
| Land and buildings | 22 | €463,014 | €477,489 | +€14,475 | +3.1% |
| Plant, machinery and equipment | 23 | €9,320 | €4,476 | -€4,844 | -52.0% |
| Furniture and vehicles | 24 | €71,485 | €70,981 | -€504 | -0.7% |
| Other tangible fixed assets | 26 | €570 | €0 | -€570 | -100.0% |
| Current assets | 29/58 | €534,624 | €710,568 | +€175,945 | +32.9% |
| Stocks and contracts in progress | 3 | €4,000 | €5,152 | +€1,152 | +28.8% |
| Stocks | 30/36 | €4,000 | €5,152 | +€1,152 | +28.8% |
| Amounts receivable within one year | 40/41 | €40,745 | €13,539 | -€27,205 | -66.8% |
| Trade receivables | 40 | €108 | €6,943 | +€6,836 | +6333.9% |
| Other amounts receivable | 41 | €40,637 | €6,596 | -€34,041 | -83.8% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €238,125 | €690,530 | +€452,404 | +190.0% |
| Deferred charges and accrued income | 490/1 | €1,754 | €1,347 | -€407 | -23.2% |
| Total equity and liabilities | 10/49 | €1,079,012 | €1,263,514 | +€184,501 | +17.1% |
| Equity | 10/15 | €917,483 | €1,060,613 | +€143,130 | +15.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €887,483 | €1,030,613 | +€143,130 | +16.1% |
| Distributable reserves | 133 | €887,483 | €1,030,613 | +€143,130 | +16.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €161,529 | €202,901 | +€41,371 | +25.6% |
| Amounts payable after more than one year | 17 | €76,379 | €55,957 | -€20,422 | -26.7% |
| Financial debts | 170/4 | €76,379 | €55,957 | -€20,422 | -26.7% |
| Amounts payable within one year | 42/48 | €85,098 | €146,944 | +€61,846 | +72.7% |
| Current portion of amounts payable after more than one year | 42 | €19,764 | €20,422 | +€658 | +3.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €9,908 | €18,237 | +€8,328 | +84.1% |
| Suppliers | 440/4 | €9,908 | €18,237 | +€8,328 | +84.1% |
| Advances received on contracts in progress | 46 | €0 | €2,562 | +€2,562 | |
| Taxes, remuneration and social security | 45 | €55,426 | €64,788 | +€9,362 | +16.9% |
| Taxes | 450/3 | €46,735 | €51,223 | +€4,488 | +9.6% |
| Remuneration and social security | 454/9 | €8,691 | €13,565 | +€4,874 | +56.1% |
| Other amounts payable | 47/48 | €0 | €40,935 | +€40,935 | |
| Accrued charges and deferred income | 492/3 | €53 | €0 | -€53 | -100.0% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €92,735 | €92,603 | -€132 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,038 | €40,243 | +€10,205 | +34.0% |
| Other operating charges | 640/8 | €4,625 | €4,468 | -€157 | -3.4% |
| Gross operating margin | 9900 | €500,974 | €483,225 | -€17,750 | -3.5% |
| Operating profit (loss) | 9901 | €373,576 | €345,911 | -€27,666 | -7.4% |
| Financial income | 75/76B | €7,766 | €1,827 | -€5,939 | -76.5% |
| Recurring financial income | 75 | €7,766 | €1,827 | -€5,939 | -76.5% |
| Financial charges | 65/66B | €4,736 | €6,525 | +€1,789 | +37.8% |
| Recurring financial charges | 65 | €4,736 | €6,525 | +€1,789 | +37.8% |
| Profit (loss) for the period before taxes | 9903 | €376,606 | €341,212 | -€35,394 | -9.4% |
| Income taxes | 67/77 | €114,325 | €104,522 | -€9,804 | -8.6% |
| Profit (loss) for the period | 9904 | €262,281 | €236,691 | -€25,590 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €262,281 | €236,691 | -€25,590 | -9.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.