KENZOA: 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.
KENZOA
Largest movements
- Tangible fixed assets +€69,315
new in 2025: €69,315
of which Leasing and similar rights: +€68,662
- Cash +€2,826
up €2,826 (+23.8%), from €11,895 to €14,721
mainly Debts after one year (+€54,581) and Current portion of long-term debt (+€12,317)
- Receivables within one year -€2,719
down €2,719 (-90.8%), from €2,995 to €277
- Deferred charges and accrued income +€2,359
up €2,359 (+492%), from €480 to €2,839
- Debts after one year +€54,581
new in 2025: €54,581
- Current portion of long-term debt +€12,317
new in 2025: €12,317
- Trade debts +€7,045
up €7,045 (+3,706%), from €190 to €7,235
- Contributions +€1,860
up €1,860 (+30.0%), from €6,200 to €8,060
- Reserves -€1,860
down €1,860 (-41.2%), from €4,510 to €2,650
of which Non-distributable reserves: -€1,860
- Gross operating margin -€3,860
down €3,860 (-59.0%), from €6,544 to €2,684
- Depreciation +€1,319
up €1,319 (+500%), from €264 to €1,583
- Other operating charges +€492
up €492 (+73.8%), from €667 to €1,159
- Financial charges +€416
up €416 (+194%), from €214 to €630
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 | €17,370 | €89,151 | +€71,781 | +413% |
| Fixed assets | 21/28 | €2,000 | €71,315 | +€69,315 | +3,466% |
| Tangible fixed assets | 22/27 | - | €69,315 | +€69,315 | |
| Furniture and vehicles | 24 | - | €653 | +€653 | |
| Leasing and similar rights | 25 | - | €68,662 | +€68,662 | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €15,370 | €17,836 | +€2,466 | +16.0% |
| Amounts receivable within one year | 40/41 | €2,995 | €277 | -€2,719 | -90.8% |
| Other amounts receivable | 41 | €2,995 | €277 | -€2,719 | -90.8% |
| Cash at bank and in hand | 54/58 | €11,895 | €14,721 | +€2,826 | +23.8% |
| Deferred charges and accrued income | 490/1 | €480 | €2,839 | +€2,359 | +492% |
| Total equity and liabilities | 10/49 | €17,370 | €89,151 | +€71,781 | +413% |
| Equity | 10/15 | €7,323 | €6,257 | -€1,066 | -14.6% |
| Contributions | 10/11 | €6,200 | €8,060 | +€1,860 | +30.0% |
| Reserves | 13 | €4,510 | €2,650 | -€1,860 | -41.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €2,650 | €2,650 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,387 | -€4,453 | -€1,066 | -31.5% |
| Amounts payable | 17/49 | €10,047 | €82,894 | +€72,847 | +725% |
| Amounts payable after more than one year | 17 | - | €54,581 | +€54,581 | |
| Financial debts | 170/4 | - | €54,581 | +€54,581 | |
| Amounts payable within one year | 42/48 | €10,047 | €28,313 | +€18,266 | +182% |
| Current portion of amounts payable after more than one year | 42 | - | €12,317 | +€12,317 | |
| Trade debts | 44 | €190 | €7,235 | +€7,045 | +3,706% |
| Suppliers | 440/4 | €190 | €7,235 | +€7,045 | +3,706% |
| Taxes, remuneration and social security | 45 | €374 | €470 | +€96 | +25.7% |
| Taxes | 450/3 | €374 | €470 | +€96 | +25.7% |
| Other amounts payable | 47/48 | €9,484 | €8,291 | -€1,192 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264 | €1,583 | +€1,319 | +500% |
| Other operating charges | 640/8 | €667 | €1,159 | +€492 | +73.8% |
| Gross operating margin | 9900 | €6,544 | €2,684 | -€3,860 | -59.0% |
| Operating profit (loss) | 9901 | €5,613 | -€59 | -€5,671 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +7,100% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +7,100% |
| Financial charges | 65/66B | €214 | €630 | +€416 | +194% |
| Recurring financial charges | 65 | €214 | €630 | +€416 | +194% |
| Profit (loss) for the period before taxes | 9903 | €5,399 | -€688 | -€6,086 | |
| Income taxes | 67/77 | €374 | €378 | +€5 | +1.3% |
| Profit (loss) for the period | 9904 | €5,025 | -€1,066 | -€6,091 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,025 | -€1,066 | -€6,091 |
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 14 October 2026 via checked.be.