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 -€55,121
down €55,121 (-12.2%), from €453,062 to €397,941
of which Furniture and vehicles: -€42,353
- Cash +€29,331
up €29,331 (+53.4%), from €54,921 to €84,251
mainly Depreciation (+€60,685) and Net result for the year (+€36,838)
- Debts after one year -€46,577
down €46,577 (-50.0%), from €93,139 to €46,563
of which Financial debts: -€50,077
- Reserves +€30,000
up €30,000 (+16.6%), from €181,050 to €211,050
- Other debts +€24,096
up €24,096 (+12.3%), from €195,948 to €220,044
- Current portion of long-term debt -€18,270
down €18,270 (-29.5%), from €62,029 to €43,759
- Trade debts -€16,688
down €16,688 (-16.1%), from €103,773 to €87,085
- Other operating charges -€38,005
down €38,005 (-90.5%), from €41,980 to €3,975
- Gross operating margin +€14,343
up €14,343 (+6.9%), from €207,266 to €221,608
- Financial charges +€7,254
up €7,254 (+68.9%), from €10,522 to €17,776
- Taxes +€6,003
up €6,003 (+38.0%), from €15,795 to €21,799
- Staff costs -€3,123
down €3,123 (-3.7%), from €83,661 to €80,538
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 | €725,029 | €695,303 | -€29,726 | -4.1% |
| Fixed assets | 21/28 | €524,582 | €466,596 | -€57,985 | -11.1% |
| Intangible fixed assets | 21 | €33,836 | €30,672 | -€3,164 | -9.4% |
| Tangible fixed assets | 22/27 | €453,062 | €397,941 | -€55,121 | -12.2% |
| Plant, machinery and equipment | 23 | €888 | - | -€888 | |
| Furniture and vehicles | 24 | €177,906 | €135,553 | -€42,353 | -23.8% |
| Other tangible fixed assets | 26 | €274,269 | €262,388 | -€11,881 | -4.3% |
| Financial fixed assets | 28 | €37,684 | €37,984 | +€300 | +0.8% |
| Current assets | 29/58 | €200,447 | €228,706 | +€28,259 | +14.1% |
| Stocks and contracts in progress | 3 | €63,765 | €63,765 | = | 0.0% |
| Stocks | 30/36 | €63,765 | €63,765 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €78,213 | €76,804 | -€1,409 | -1.8% |
| Trade receivables | 40 | €67,362 | €57,732 | -€9,631 | -14.3% |
| Other amounts receivable | 41 | €10,851 | €19,072 | +€8,221 | +75.8% |
| Cash at bank and in hand | 54/58 | €54,921 | €84,251 | +€29,331 | +53.4% |
| Deferred charges and accrued income | 490/1 | €3,548 | €3,886 | +€338 | +9.5% |
| Total equity and liabilities | 10/49 | €725,029 | €695,303 | -€29,726 | -4.1% |
| Equity | 10/15 | €239,534 | €276,372 | +€36,838 | +15.4% |
| Contributions | 10/11 | €20,625 | €20,625 | = | 0.0% |
| Reserves | 13 | €181,050 | €211,050 | +€30,000 | +16.6% |
| Distributable reserves | 133 | €181,050 | €211,050 | +€30,000 | +16.6% |
| Profit (loss) carried forward | 14 | €37,860 | €44,697 | +€6,838 | +18.1% |
| Amounts payable | 17/49 | €485,494 | €418,931 | -€66,563 | -13.7% |
| Amounts payable after more than one year | 17 | €93,139 | €46,563 | -€46,577 | -50.0% |
| Financial debts | 170/4 | €93,139 | €43,063 | -€50,077 | -53.8% |
| Other amounts payable | 178/9 | - | €3,500 | +€3,500 | |
| Amounts payable within one year | 42/48 | €390,931 | €371,457 | -€19,473 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €62,029 | €43,759 | -€18,270 | -29.5% |
| Financial debts | 43 | €3,145 | €2,629 | -€516 | -16.4% |
| Credit institutions | 430/8 | €3,145 | €2,629 | -€516 | -16.4% |
| Trade debts | 44 | €103,773 | €87,085 | -€16,688 | -16.1% |
| Suppliers | 440/4 | €103,773 | €87,085 | -€16,688 | -16.1% |
| Taxes, remuneration and social security | 45 | €26,035 | €17,940 | -€8,096 | -31.1% |
| Taxes | 450/3 | €5,271 | €2,634 | -€2,637 | -50.0% |
| Remuneration and social security | 454/9 | €20,764 | €15,306 | -€5,458 | -26.3% |
| Other amounts payable | 47/48 | €195,948 | €220,044 | +€24,096 | +12.3% |
| Accrued charges and deferred income | 492/3 | €1,425 | €911 | -€514 | -36.1% |
| Remuneration, social security and pensions | 62 | €83,661 | €80,538 | -€3,123 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,685 | €60,685 | = | 0.0% |
| Other operating charges | 640/8 | €41,980 | €3,975 | -€38,005 | -90.5% |
| Gross operating margin | 9900 | €207,266 | €221,608 | +€14,343 | +6.9% |
| Operating profit (loss) | 9901 | €20,939 | €76,410 | +€55,470 | +265% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €10,522 | €17,776 | +€7,254 | +68.9% |
| Recurring financial charges | 65 | €10,522 | €17,776 | +€7,254 | +68.9% |
| Profit (loss) for the period before taxes | 9903 | €10,417 | €58,636 | +€48,219 | +463% |
| Income taxes | 67/77 | €15,795 | €21,799 | +€6,003 | +38.0% |
| Profit (loss) for the period | 9904 | -€5,378 | €36,838 | +€42,216 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,378 | €36,838 | +€42,216 |
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 29 October 2026 via checked.be.