KENOMAR: 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.
KENOMAR
Largest movements
- Stocks and contracts +€1.4m
up €1.4m (+410.7%), from €351,423 to €1.8m
- Tangible fixed assets -€100,485
down €100,485 (-3.9%), from €2.6m to €2.5m
of which Land and buildings: -€78,378
- Cash -€68,569
down €68,569 (-71.7%), from €95,590 to €27,021
mainly Stocks and contracts (-€1.4m) and Trade debts (-€66,172)
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Other debts +€137,829
up €137,829 (+4.2%), from €3.3m to €3.4m
- Trade debts -€66,172
down €66,172 (-98.4%), from €67,235 to €1,062
- Turnover -€117,455
no longer reported in 2025 (was €117,455)
- Purchases and services -€44,815
no longer reported in 2025 (was €44,815)
- Financial charges +€8,176
up €8,176 (+11199.0%), from €73 to €8,249
- Gross operating margin +€7,217
up €7,217 (+8.3%), from €87,294 to €94,510
- Financial income -€2,551
down €2,551 (-100.0%), from €2,551 to €0
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 | €4,089,773 | €5,372,473 | +€1.3m | +31.4% |
| Fixed assets | 21/28 | €3,604,982 | €3,504,497 | -€100,485 | -2.8% |
| Tangible fixed assets | 22/27 | €2,604,982 | €2,504,497 | -€100,485 | -3.9% |
| Land and buildings | 22 | €2,525,836 | €2,447,458 | -€78,378 | -3.1% |
| Plant, machinery and equipment | 23 | €506 | €355 | -€152 | -30.0% |
| Furniture and vehicles | 24 | €78,640 | €56,684 | -€21,956 | -27.9% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €484,790 | €1,867,976 | +€1.4m | +285.3% |
| Stocks and contracts in progress | 3 | €351,423 | €1,794,616 | +€1.4m | +410.7% |
| Stocks | 30/36 | €351,423 | €1,794,616 | +€1.4m | +410.7% |
| Amounts receivable within one year | 40/41 | €37,777 | €46,339 | +€8,561 | +22.7% |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €37,777 | €46,339 | +€8,561 | +22.7% |
| Cash at bank and in hand | 54/58 | €95,590 | €27,021 | -€68,569 | -71.7% |
| Total equity and liabilities | 10/49 | €4,089,773 | €5,372,473 | +€1.3m | +31.4% |
| Equity | 10/15 | €735,373 | €706,255 | -€29,118 | -4.0% |
| Contributions | 10/11 | €115,000 | €115,000 | = | 0.0% |
| Capital | 10 | €115,000 | €115,000 | = | 0.0% |
| Issued capital | 100 | €115,000 | €115,000 | = | 0.0% |
| Reserves | 13 | €588,385 | €588,385 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,500 | €11,500 | = | 0.0% |
| Legal reserve | 130 | €11,500 | €11,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,519 | €19,519 | = | 0.0% |
| Distributable reserves | 133 | €557,366 | €557,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,988 | €2,870 | -€29,118 | -91.0% |
| Amounts payable | 17/49 | €3,354,400 | €4,666,218 | +€1.3m | +39.1% |
| Amounts payable after more than one year | 17 | €15,830 | €15,960 | +€130 | +0.8% |
| Other amounts payable | 178/9 | €15,830 | €15,960 | +€130 | +0.8% |
| Amounts payable within one year | 42/48 | €3,338,570 | €4,646,184 | +€1.3m | +39.2% |
| Financial debts | 43 | - | €1,238,168 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,238,168 | +€1.2m | |
| Trade debts | 44 | €67,235 | €1,062 | -€66,172 | -98.4% |
| Suppliers | 440/4 | €67,235 | €1,062 | -€66,172 | -98.4% |
| Taxes, remuneration and social security | 45 | €2,617 | €405 | -€2,211 | -84.5% |
| Taxes | 450/3 | €2,617 | €405 | -€2,211 | -84.5% |
| Other amounts payable | 47/48 | €3,268,718 | €3,406,548 | +€137,829 | +4.2% |
| Accrued charges and deferred income | 492/3 | €0 | €4,074 | +€4,074 | +40737100.0% |
| Turnover | 70 | €117,455 | - | -€117,455 | |
| Goods, raw materials, services and sundry goods | 60/61 | €44,815 | - | -€44,815 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,911 | €101,325 | -€587 | -0.6% |
| Other operating charges | 640/8 | €11,829 | €13,688 | +€1,859 | +15.7% |
| Gross operating margin | 9900 | €87,294 | €94,510 | +€7,217 | +8.3% |
| Operating profit (loss) | 9901 | -€26,447 | -€20,503 | +€5,944 | +22.5% |
| Financial income | 75/76B | €2,551 | €0 | -€2,551 | -100.0% |
| Recurring financial income | 75 | €2,551 | €0 | -€2,551 | -100.0% |
| Financial charges | 65/66B | €73 | €8,249 | +€8,176 | +11199.0% |
| Recurring financial charges | 65 | €73 | €8,249 | +€8,176 | +11199.0% |
| Profit (loss) for the period before taxes | 9903 | -€23,969 | -€28,752 | -€4,783 | -20.0% |
| Income taxes | 67/77 | €340 | €366 | +€26 | +7.5% |
| Profit (loss) for the period | 9904 | -€24,309 | -€29,118 | -€4,809 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,309 | -€29,118 | -€4,809 | -19.8% |
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 11 October 2026 via checked.be.