KINENATH: 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.
KINENATH
Largest movements
- Tangible fixed assets +€173,672
up €173,672 (+86.5%), from €200,830 to €374,502
of which Land and buildings: +€147,868
- Cash +€31,829
up €31,829 (+227.9%), from €13,964 to €45,793
mainly Other debts (+€119,102) and Net result for the year (+€43,748)
- Other debts +€119,102
up €119,102 (+118.9%), from €100,206 to €219,308
- Reserves +€43,748
up €43,748 (+34.7%), from €126,207 to €169,955
- Debts after one year +€38,056
up €38,056 (+87.8%), from €43,348 to €81,404
- Trade debts +€16,496
up €16,496 (+3714.3%), from €444 to €16,940
- Current portion of long-term debt -€8,347
no longer reported in 2025 (was €8,347)
- Financial charges +€13,914
up €13,914 (+1110.6%), from €1,253 to €15,166
- Taxes -€3,594
down €3,594 (-15.3%), from €23,497 to €19,904
- Depreciation +€3,278
up €3,278 (+31.5%), from €10,403 to €13,681
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 | €291,489 | €496,359 | +€204,870 | +70.3% |
| Fixed assets | 21/28 | €203,830 | €377,502 | +€173,672 | +85.2% |
| Tangible fixed assets | 22/27 | €200,830 | €374,502 | +€173,672 | +86.5% |
| Land and buildings | 22 | €191,546 | €339,414 | +€147,868 | +77.2% |
| Plant, machinery and equipment | 23 | €3,740 | €8,042 | +€4,302 | +115.0% |
| Furniture and vehicles | 24 | €5,544 | €19,050 | +€13,506 | +243.6% |
| Leasing and similar rights | 25 | - | €7,996 | +€7,996 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €87,659 | €118,857 | +€31,198 | +35.6% |
| Amounts receivable within one year | 40/41 | €72,615 | €70,412 | -€2,203 | -3.0% |
| Trade receivables | 40 | €66,871 | €56,899 | -€9,972 | -14.9% |
| Other amounts receivable | 41 | €5,744 | €13,513 | +€7,769 | +135.2% |
| Cash at bank and in hand | 54/58 | €13,964 | €45,793 | +€31,829 | +227.9% |
| Deferred charges and accrued income | 490/1 | €1,080 | €2,652 | +€1,572 | +145.5% |
| Total equity and liabilities | 10/49 | €291,489 | €496,359 | +€204,870 | +70.3% |
| Equity | 10/15 | €126,207 | €169,955 | +€43,748 | +34.7% |
| Reserves | 13 | €126,207 | €169,955 | +€43,748 | +34.7% |
| Distributable reserves | 133 | €126,207 | €169,955 | +€43,748 | +34.7% |
| Amounts payable | 17/49 | €165,282 | €326,404 | +€161,122 | +97.5% |
| Amounts payable after more than one year | 17 | €43,348 | €81,404 | +€38,056 | +87.8% |
| Financial debts | 170/4 | €43,348 | €81,404 | +€38,056 | +87.8% |
| Amounts payable within one year | 42/48 | €121,934 | €245,000 | +€123,066 | +100.9% |
| Current portion of amounts payable after more than one year | 42 | €8,347 | - | -€8,347 | |
| Trade debts | 44 | €444 | €16,940 | +€16,496 | +3714.3% |
| Suppliers | 440/4 | €444 | €16,940 | +€16,496 | +3714.3% |
| Taxes, remuneration and social security | 45 | €12,936 | €8,752 | -€4,184 | -32.3% |
| Taxes | 450/3 | €10,936 | €6,703 | -€4,233 | -38.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,049 | +€49 | +2.5% |
| Other amounts payable | 47/48 | €100,206 | €219,308 | +€119,102 | +118.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,403 | €13,681 | +€3,278 | +31.5% |
| Other operating charges | 640/8 | €941 | €669 | -€271 | -28.8% |
| Gross operating margin | 9900 | €92,597 | €92,891 | +€295 | +0.3% |
| Operating profit (loss) | 9901 | €81,253 | €78,541 | -€2,712 | -3.3% |
| Financial income | 75/76B | €130 | €278 | +€147 | +112.8% |
| Recurring financial income | 75 | €130 | €278 | +€147 | +112.8% |
| Financial charges | 65/66B | €1,253 | €15,166 | +€13,914 | +1110.6% |
| Recurring financial charges | 65 | €1,253 | €15,166 | +€13,914 | +1110.6% |
| Profit (loss) for the period before taxes | 9903 | €80,131 | €63,652 | -€16,479 | -20.6% |
| Income taxes | 67/77 | €23,497 | €19,904 | -€3,594 | -15.3% |
| Profit (loss) for the period | 9904 | €56,633 | €43,748 | -€12,885 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €56,633 | €43,748 | -€12,885 | -22.8% |
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 9 October 2026 via checked.be.