KENNY DECRUYENAERE: 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.
KENNY DECRUYENAERE
Largest movements
- Cash -€199,799
down €199,799 (-61.5%), from €325,012 to €125,213
mainly Contributions, distributions and other (-€354,000) and Investment in fixed assets (net) (-€55,515)
- Financial fixed assets +€52,671
new in 2025: €52,671
- Receivables within one year +€28,690
up €28,690 (+51.7%), from €55,481 to €84,171
of which Other amounts receivable: +€18,764
- Tangible fixed assets -€12,020
down €12,020 (-22.5%), from €53,337 to €41,317
of which Furniture and vehicles: -€13,140
- Reserves -€255,713
down €255,713 (-91.7%), from €279,000 to €23,287
- Other debts +€129,842
up €129,842 (+1,209%), from €10,738 to €140,579
- Trade debts +€30,528
up €30,528 (+1,328%), from €2,299 to €32,827
- Tax, wage and social debts -€16,242
down €16,242 (-19.1%), from €85,006 to €68,764
- Debts after one year -€15,217
down €15,217 (-37.6%), from €40,523 to €25,306
- Gross operating margin -€86,926
down €86,926 (-36.0%), from €241,330 to €154,404
- Taxes -€20,853
down €20,853 (-39.2%), from €53,257 to €32,404
- Other operating charges +€6,047
up €6,047 (+786%), from €770 to €6,817
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 | €433,830 | €307,480 | -€126,350 | -29.1% |
| Fixed assets | 21/28 | €53,337 | €93,989 | +€40,652 | +76.2% |
| Tangible fixed assets | 22/27 | €53,337 | €41,317 | -€12,020 | -22.5% |
| Plant, machinery and equipment | 23 | - | €1,121 | +€1,121 | |
| Furniture and vehicles | 24 | €53,337 | €40,197 | -€13,140 | -24.6% |
| Financial fixed assets | 28 | - | €52,671 | +€52,671 | |
| Current assets | 29/58 | €380,493 | €213,491 | -€167,002 | -43.9% |
| Amounts receivable within one year | 40/41 | €55,481 | €84,171 | +€28,690 | +51.7% |
| Trade receivables | 40 | €55,481 | €65,407 | +€9,926 | +17.9% |
| Other amounts receivable | 41 | - | €18,764 | +€18,764 | |
| Cash at bank and in hand | 54/58 | €325,012 | €125,213 | -€199,799 | -61.5% |
| Deferred charges and accrued income | 490/1 | - | €4,107 | +€4,107 | |
| Total equity and liabilities | 10/49 | €433,830 | €307,480 | -€126,350 | -29.1% |
| Equity | 10/15 | €280,614 | €24,787 | -€255,827 | -91.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €279,000 | €23,287 | -€255,713 | -91.7% |
| Distributable reserves | 133 | €279,000 | €23,287 | -€255,713 | -91.7% |
| Profit (loss) carried forward | 14 | €114 | - | -€114 | |
| Amounts payable | 17/49 | €153,216 | €282,693 | +€129,477 | +84.5% |
| Amounts payable after more than one year | 17 | €40,523 | €25,306 | -€15,217 | -37.6% |
| Financial debts | 170/4 | €40,523 | €25,306 | -€15,217 | -37.6% |
| Amounts payable within one year | 42/48 | €112,693 | €257,387 | +€144,694 | +128% |
| Current portion of amounts payable after more than one year | 42 | €14,651 | €15,217 | +€567 | +3.9% |
| Trade debts | 44 | €2,299 | €32,827 | +€30,528 | +1,328% |
| Suppliers | 440/4 | €2,299 | €32,827 | +€30,528 | +1,328% |
| Taxes, remuneration and social security | 45 | €85,006 | €68,764 | -€16,242 | -19.1% |
| Taxes | 450/3 | €85,006 | €68,764 | -€16,242 | -19.1% |
| Other amounts payable | 47/48 | €10,738 | €140,579 | +€129,842 | +1,209% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,795 | €14,863 | +€68 | +0.5% |
| Other operating charges | 640/8 | €770 | €6,817 | +€6,047 | +786% |
| Non-recurring operating charges | 66A | - | €295 | +€295 | |
| Gross operating margin | 9900 | €241,330 | €154,404 | -€86,926 | -36.0% |
| Operating profit (loss) | 9901 | €225,766 | €132,428 | -€93,337 | -41.3% |
| Financial income | 75/76B | €0 | €4 | +€4 | +21,650% |
| Recurring financial income | 75 | €0 | €4 | +€4 | +21,650% |
| Financial charges | 65/66B | €2,475 | €1,856 | -€619 | -25.0% |
| Recurring financial charges | 65 | €2,475 | €1,856 | -€619 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €223,291 | €130,577 | -€92,714 | -41.5% |
| Income taxes | 67/77 | €53,257 | €32,404 | -€20,853 | -39.2% |
| Profit (loss) for the period | 9904 | €170,034 | €98,173 | -€71,861 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €170,034 | €98,173 | -€71,861 | -42.3% |
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 30 October 2026 via checked.be.