KENWELD: 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.
KENWELD
Largest movements
- Receivables within one year +€66,863
up €66,863 (+66.5%), from €100,487 to €167,350
of which Trade receivables: +€52,304
- Cash +€8,154
up €8,154 (+17.7%), from €46,074 to €54,228
mainly Net result for the year (+€83,696) and Tax, wage and social debts (+€27,702)
- Financial fixed assets +€8,025
up €8,025 (+535.0%), from €1,500 to €9,525
- Tangible fixed assets +€7,230
up €7,230 (+50.4%), from €14,360 to €21,591
- Deferred charges and accrued income +€3,927
up €3,927 (+1709.4%), from €230 to €4,156
- Profit (loss) carried forward +€83,696
up €83,696 (+90.6%), from €92,389 to €176,085
- Tax, wage and social debts +€27,702
up €27,702 (+215.3%), from €12,869 to €40,571
of which Remuneration and social security: +€19,274
- Trade debts -€16,112
down €16,112 (-38.5%), from €41,839 to €25,727
- Debts after one year -€4,438
down €4,438 (-57.2%), from €7,754 to €3,316
- Current portion of long-term debt +€3,369
up €3,369 (+58.3%), from €5,782 to €9,151
- Gross operating margin +€133,560
up €133,560 (+46.6%), from €286,316 to €419,875
- Staff costs +€105,813
up €105,813 (+54.2%), from €195,250 to €301,063
- Taxes +€5,631
up €5,631 (+31.5%), from €17,869 to €23,500
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 | €162,650 | €256,849 | +€94,199 | +57.9% |
| Fixed assets | 21/28 | €15,860 | €31,116 | +€15,255 | +96.2% |
| Tangible fixed assets | 22/27 | €14,360 | €21,591 | +€7,230 | +50.4% |
| Plant, machinery and equipment | 23 | €14,360 | €21,591 | +€7,230 | +50.4% |
| Financial fixed assets | 28 | €1,500 | €9,525 | +€8,025 | +535.0% |
| Current assets | 29/58 | €146,790 | €225,734 | +€78,944 | +53.8% |
| Amounts receivable within one year | 40/41 | €100,487 | €167,350 | +€66,863 | +66.5% |
| Trade receivables | 40 | €92,361 | €144,665 | +€52,304 | +56.6% |
| Other amounts receivable | 41 | €8,125 | €22,684 | +€14,559 | +179.2% |
| Cash at bank and in hand | 54/58 | €46,074 | €54,228 | +€8,154 | +17.7% |
| Deferred charges and accrued income | 490/1 | €230 | €4,156 | +€3,927 | +1709.4% |
| Total equity and liabilities | 10/49 | €162,650 | €256,849 | +€94,199 | +57.9% |
| Equity | 10/15 | €94,389 | €178,085 | +€83,696 | +88.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,389 | €176,085 | +€83,696 | +90.6% |
| Amounts payable | 17/49 | €68,261 | €78,764 | +€10,503 | +15.4% |
| Amounts payable after more than one year | 17 | €7,754 | €3,316 | -€4,438 | -57.2% |
| Financial debts | 170/4 | €7,754 | €3,316 | -€4,438 | -57.2% |
| Amounts payable within one year | 42/48 | €60,507 | €75,448 | +€14,942 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €5,782 | €9,151 | +€3,369 | +58.3% |
| Trade debts | 44 | €41,839 | €25,727 | -€16,112 | -38.5% |
| Suppliers | 440/4 | €41,839 | €25,727 | -€16,112 | -38.5% |
| Taxes, remuneration and social security | 45 | €12,869 | €40,571 | +€27,702 | +215.3% |
| Taxes | 450/3 | €12,869 | €21,297 | +€8,429 | +65.5% |
| Remuneration and social security | 454/9 | - | €19,274 | +€19,274 | |
| Other amounts payable | 47/48 | €18 | - | -€18 | |
| Remuneration, social security and pensions | 62 | €195,250 | €301,063 | +€105,813 | +54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,096 | €7,191 | +€4,095 | +132.3% |
| Other operating charges | 640/8 | €765 | €1,219 | +€455 | +59.5% |
| Gross operating margin | 9900 | €286,316 | €419,875 | +€133,560 | +46.6% |
| Operating profit (loss) | 9901 | €87,204 | €110,402 | +€23,197 | +26.6% |
| Financial income | 75/76B | €195 | €254 | +€60 | +30.6% |
| Recurring financial income | 75 | €195 | €254 | +€60 | +30.6% |
| Financial charges | 65/66B | €4,478 | €3,461 | -€1,017 | -22.7% |
| Recurring financial charges | 65 | €4,478 | €3,461 | -€1,017 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €82,922 | €107,195 | +€24,274 | +29.3% |
| Income taxes | 67/77 | €17,869 | €23,500 | +€5,631 | +31.5% |
| Profit (loss) for the period | 9904 | €65,053 | €83,696 | +€18,643 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €65,053 | €83,696 | +€18,643 | +28.7% |
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 12 October 2026 via checked.be.