KENNY: 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.
KENNY
Largest movements
- Receivables within one year -€30,735
down €30,735 (-93.4%), from €32,896 to €2,161
of which Other amounts receivable: -€29,424
- Tangible fixed assets -€2,206
down €2,206 (-63.3%), from €3,487 to €1,281
of which Plant, machinery and equipment: -€1,824
- Cash +€874
up €874 (+19.5%), from €4,491 to €5,364
mainly Receivables within one year (+€30,735) and Other debts (+€29,706)
- Profit (loss) carried forward -€44,272
down €44,272 (-14.2%), from -€311,968 to -€356,239
- Other debts +€29,706
up €29,706 (+18.8%), from €157,982 to €187,688
- Debts after one year -€17,228
down €17,228 (-26.7%), from €64,586 to €47,358
- Trade debts -€1,235
down €1,235 (-85.5%), from €1,445 to €210
- Short-term financial debts +€915
up €915 (+6.9%), from €13,217 to €14,132
- Write-downs +€28,562
new in 2025: €28,562
- Other operating charges -€19,921
down €19,921 (-94.6%), from €21,056 to €1,135
- Gross operating margin -€16,921
down €16,921, from €8,570 to -€8,351
- Depreciation -€914
down €914 (-29.3%), from €3,121 to €2,206
- Financial charges +€431
up €431 (+12.0%), from €3,586 to €4,017
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 | €43,224 | €11,156 | -€32,067 | -74.2% |
| Fixed assets | 21/28 | €5,837 | €3,631 | -€2,206 | -37.8% |
| Tangible fixed assets | 22/27 | €3,487 | €1,281 | -€2,206 | -63.3% |
| Land and buildings | 22 | €418 | €35 | -€383 | -91.6% |
| Plant, machinery and equipment | 23 | €3,069 | €1,245 | -€1,824 | -59.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €2,350 | €2,350 | = | 0.0% |
| Current assets | 29/58 | €37,387 | €7,525 | -€29,861 | -79.9% |
| Amounts receivable within one year | 40/41 | €32,896 | €2,161 | -€30,735 | -93.4% |
| Trade receivables | 40 | €1,310 | €0 | -€1,310 | -100.0% |
| Other amounts receivable | 41 | €31,585 | €2,161 | -€29,424 | -93.2% |
| Cash at bank and in hand | 54/58 | €4,491 | €5,364 | +€874 | +19.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €43,224 | €11,156 | -€32,067 | -74.2% |
| Equity | 10/15 | -€212,739 | -€257,011 | -€44,272 | -20.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €79,229 | €79,229 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €77,229 | €77,229 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€311,968 | -€356,239 | -€44,272 | -14.2% |
| Amounts payable | 17/49 | €255,962 | €268,167 | +€12,204 | +4.8% |
| Amounts payable after more than one year | 17 | €64,586 | €47,358 | -€17,228 | -26.7% |
| Financial debts | 170/4 | €64,586 | €47,358 | -€17,228 | -26.7% |
| Amounts payable within one year | 42/48 | €191,376 | €220,809 | +€29,432 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €18,095 | €17,228 | -€867 | -4.8% |
| Financial debts | 43 | €13,217 | €14,132 | +€915 | +6.9% |
| Credit institutions | 430/8 | €13,217 | €14,132 | +€915 | +6.9% |
| Trade debts | 44 | €1,445 | €210 | -€1,235 | -85.5% |
| Suppliers | 440/4 | €1,445 | €210 | -€1,235 | -85.5% |
| Taxes, remuneration and social security | 45 | €637 | €1,551 | +€913 | +143.3% |
| Taxes | 450/3 | €637 | €1,551 | +€913 | +143.3% |
| Other amounts payable | 47/48 | €157,982 | €187,688 | +€29,706 | +18.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €12,526 | €0 | -€12,526 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,121 | €2,206 | -€914 | -29.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €28,562 | +€28,562 | |
| Other operating charges | 640/8 | €21,056 | €1,135 | -€19,921 | -94.6% |
| Non-recurring operating charges | 66A | €7,495 | €0 | -€7,495 | -100.0% |
| Gross operating margin | 9900 | €8,570 | -€8,351 | -€16,921 | |
| Operating profit (loss) | 9901 | -€23,102 | -€40,255 | -€17,153 | -74.2% |
| Financial income | 75/76B | €128 | €0 | -€128 | -100.0% |
| Recurring financial income | 75 | €128 | €0 | -€128 | -100.0% |
| Financial charges | 65/66B | €3,586 | €4,017 | +€431 | +12.0% |
| Recurring financial charges | 65 | €3,586 | €4,017 | +€431 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | -€26,560 | -€44,272 | -€17,712 | -66.7% |
| Income taxes | 67/77 | €22 | €0 | -€22 | -100.0% |
| Profit (loss) for the period | 9904 | -€26,582 | -€44,272 | -€17,690 | -66.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,582 | -€44,272 | -€17,690 | -66.5% |
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 8 October 2026 via checked.be.