KINDEX WEST: 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.
KINDEX WEST
Largest movements
- Cash -€20,714
down €20,714 (-96.1%), from €21,549 to €835
mainly Receivables within one year (-€11,454) and Net result for the year (-€10,401)
- Receivables within one year +€11,454
up €11,454 (+7.9%), from €145,396 to €156,850
of which Trade receivables: +€11,404
- Tangible fixed assets -€2,726
down €2,726 (-12.3%), from €22,117 to €19,390
- Profit (loss) carried forward -€8,541
new in 2025: -€8,541
- Trade debts -€6,615
down €6,615 (-41.5%), from €15,932 to €9,317
- Other debts +€3,546
up €3,546 (+51.3%), from €6,914 to €10,460
- Financial charges +€27,878
up €27,878 (+1,964%), from €1,419 to €29,297
- Staff costs -€21,331
down €21,331 (-68.8%), from €31,019 to €9,688
- Gross operating margin -€14,087
down €14,087 (-28.5%), from €49,371 to €35,284
- Financial income +€1,678
up €1,678, from €0 to €1,678
- Taxes +€992
up €992 (+25.6%), from €3,877 to €4,870
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 | €190,968 | €179,226 | -€11,743 | -6.1% |
| Fixed assets | 21/28 | €22,117 | €19,390 | -€2,726 | -12.3% |
| Tangible fixed assets | 22/27 | €22,117 | €19,390 | -€2,726 | -12.3% |
| Other tangible fixed assets | 26 | €22,117 | €19,390 | -€2,726 | -12.3% |
| Current assets | 29/58 | €168,852 | €159,835 | -€9,016 | -5.3% |
| Stocks and contracts in progress | 3 | €1,207 | €0 | -€1,207 | -100% |
| Stocks | 30/36 | €1,207 | €0 | -€1,207 | -100% |
| Amounts receivable within one year | 40/41 | €145,396 | €156,850 | +€11,454 | +7.9% |
| Trade receivables | 40 | €21,656 | €33,059 | +€11,404 | +52.7% |
| Other amounts receivable | 41 | €123,740 | €123,791 | +€50 | 0.0% |
| Cash at bank and in hand | 54/58 | €21,549 | €835 | -€20,714 | -96.1% |
| Deferred charges and accrued income | 490/1 | €700 | €2,151 | +€1,450 | +207% |
| Total equity and liabilities | 10/49 | €190,968 | €179,226 | -€11,743 | -6.1% |
| Equity | 10/15 | €154,616 | €144,215 | -€10,401 | -6.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €148,416 | €146,556 | -€1,860 | -1.3% |
| Distributable reserves | 133 | €148,416 | €146,556 | -€1,860 | -1.3% |
| Profit (loss) carried forward | 14 | - | -€8,541 | -€8,541 | |
| Amounts payable | 17/49 | €36,352 | €35,011 | -€1,341 | -3.7% |
| Amounts payable within one year | 42/48 | €35,914 | €34,396 | -€1,518 | -4.2% |
| Trade debts | 44 | €15,932 | €9,317 | -€6,615 | -41.5% |
| Suppliers | 440/4 | €15,932 | €9,317 | -€6,615 | -41.5% |
| Advances received on contracts in progress | 46 | - | €1,404 | +€1,404 | |
| Taxes, remuneration and social security | 45 | €13,068 | €13,215 | +€148 | +1.1% |
| Taxes | 450/3 | €7,802 | €11,339 | +€3,537 | +45.3% |
| Remuneration and social security | 454/9 | €5,266 | €1,876 | -€3,389 | -64.4% |
| Other amounts payable | 47/48 | €6,914 | €10,460 | +€3,546 | +51.3% |
| Accrued charges and deferred income | 492/3 | €438 | €615 | +€177 | +40.3% |
| Remuneration, social security and pensions | 62 | €31,019 | €9,688 | -€21,331 | -68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,726 | €2,726 | = | 0.0% |
| Other operating charges | 640/8 | €1,769 | €781 | -€988 | -55.8% |
| Gross operating margin | 9900 | €49,371 | €35,284 | -€14,087 | -28.5% |
| Operating profit (loss) | 9901 | €13,856 | €22,088 | +€8,232 | +59.4% |
| Financial income | 75/76B | €0 | €1,678 | +€1,678 | |
| Recurring financial income | 75 | €0 | €1,678 | +€1,678 | |
| Financial charges | 65/66B | €1,419 | €29,297 | +€27,878 | +1,964% |
| Recurring financial charges | 65 | €1,419 | €29,297 | +€27,878 | +1,964% |
| Profit (loss) for the period before taxes | 9903 | €12,437 | -€5,531 | -€17,968 | |
| Income taxes | 67/77 | €3,877 | €4,870 | +€992 | +25.6% |
| Profit (loss) for the period | 9904 | €8,559 | -€10,401 | -€18,960 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,559 | -€10,401 | -€18,960 |
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 25 October 2026 via checked.be.