KENZA: 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.
KENZA
Largest movements
- Tangible fixed assets -€10,655
down €10,655 (-7.5%), from €142,179 to €131,524
- Receivables within one year +€6,581
up €6,581 (+3.6%), from €185,181 to €191,762
of which Trade receivables: +€5,564
- Short-term financial debts -€24,478
no longer reported in 2025 (was €24,478)
- Current portion of long-term debt +€23,880
up €23,880 (+1,799%), from €1,327 to €25,207
- Profit (loss) carried forward -€17,628
down €17,628 (-9.3%), from €190,493 to €172,864
- Other debts +€8,353
up €8,353 (+28.4%), from €29,445 to €37,798
- Gross operating margin +€7,561
up €7,561 (+79.4%), from -€9,520 to -€1,959
- Financial charges +€3,806
up €3,806 (+54.4%), from €7,002 to €10,808
- Financial income -€1,853
down €1,853 (-15.8%), from €11,730 to €9,877
- Other operating charges +€530
up €530 (+15.8%), from €3,359 to €3,889
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 | €387,411 | €381,862 | -€5,548 | -1.4% |
| Fixed assets | 21/28 | €200,176 | €189,522 | -€10,655 | -5.3% |
| Tangible fixed assets | 22/27 | €142,179 | €131,524 | -€10,655 | -7.5% |
| Land and buildings | 22 | €142,179 | €131,524 | -€10,655 | -7.5% |
| Financial fixed assets | 28 | €57,997 | €57,997 | = | 0.0% |
| Current assets | 29/58 | €187,234 | €192,341 | +€5,107 | +2.7% |
| Amounts receivable within one year | 40/41 | €185,181 | €191,762 | +€6,581 | +3.6% |
| Trade receivables | 40 | - | €5,564 | +€5,564 | |
| Other amounts receivable | 41 | €185,181 | €186,197 | +€1,017 | +0.5% |
| Cash at bank and in hand | 54/58 | €506 | €579 | +€73 | +14.5% |
| Deferred charges and accrued income | 490/1 | €1,548 | - | -€1,548 | |
| Total equity and liabilities | 10/49 | €387,411 | €381,862 | -€5,548 | -1.4% |
| Equity | 10/15 | €210,944 | €193,316 | -€17,628 | -8.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,493 | €172,864 | -€17,628 | -9.3% |
| Amounts payable | 17/49 | €176,467 | €188,547 | +€12,080 | +6.8% |
| Amounts payable after more than one year | 17 | €120,051 | €119,844 | -€207 | -0.2% |
| Financial debts | 170/4 | €115,051 | €119,844 | +€4,793 | +4.2% |
| Other amounts payable | 178/9 | €5,000 | - | -€5,000 | |
| Amounts payable within one year | 42/48 | €55,640 | €65,170 | +€9,530 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €1,327 | €25,207 | +€23,880 | +1,799% |
| Financial debts | 43 | €24,478 | - | -€24,478 | |
| Credit institutions | 430/8 | €24,478 | - | -€24,478 | |
| Trade debts | 44 | €231 | €1,985 | +€1,755 | +761% |
| Suppliers | 440/4 | €231 | €1,985 | +€1,755 | +761% |
| Taxes, remuneration and social security | 45 | €160 | €180 | +€20 | +12.5% |
| Taxes | 450/3 | €160 | €180 | +€20 | +12.5% |
| Other amounts payable | 47/48 | €29,445 | €37,798 | +€8,353 | +28.4% |
| Accrued charges and deferred income | 492/3 | €775 | €3,532 | +€2,757 | +356% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,655 | €10,655 | = | 0.0% |
| Other operating charges | 640/8 | €3,359 | €3,889 | +€530 | +15.8% |
| Gross operating margin | 9900 | -€9,520 | -€1,959 | +€7,561 | +79.4% |
| Operating profit (loss) | 9901 | -€23,533 | -€16,502 | +€7,031 | +29.9% |
| Financial income | 75/76B | €11,730 | €9,877 | -€1,853 | -15.8% |
| Recurring financial income | 75 | €11,730 | €9,877 | -€1,853 | -15.8% |
| Financial charges | 65/66B | €7,002 | €10,808 | +€3,806 | +54.4% |
| Recurring financial charges | 65 | €7,002 | €10,808 | +€3,806 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | -€18,805 | -€17,434 | +€1,371 | +7.3% |
| Income taxes | 67/77 | €159 | €194 | +€35 | +21.9% |
| Profit (loss) for the period | 9904 | -€18,964 | -€17,628 | +€1,336 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,964 | -€17,628 | +€1,336 | +7.0% |
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 16 October 2026 via checked.be.