KINEPHIL MODAVE: 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.
KINEPHIL MODAVE
Largest movements
- Current investments +€139,703
up €139,703 (+265%), from €52,769 to €192,471
- Cash -€102,000
down €102,000 (-60.2%), from €169,532 to €67,532
mainly Current investments (-€139,703) and Contributions, distributions and other (-€22,000)
- Tangible fixed assets -€11,860
down €11,860 (-16.1%), from €73,643 to €61,783
of which Furniture and vehicles: -€10,578
- Other debts +€35,268
up €35,268 (+61.2%), from €57,629 to €92,898
- Current portion of long-term debt -€18,544
down €18,544 (-82.7%), from €22,434 to €3,890
- Reserves +€7,500
up €7,500 (+8.0%), from €93,960 to €101,460
of which Distributable reserves: +€7,500
- Tax, wage and social debts +€4,360
up €4,360 (+78.4%), from €5,564 to €9,924
- Debts after one year -€3,890
down €3,890 (-28.9%), from €13,458 to €9,568
- Financial charges +€2,060
up €2,060 (+56.5%), from €3,648 to €5,708
- Financial income +€1,918
up €1,918 (+85.5%), from €2,245 to €4,163
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 | €305,873 | €330,410 | +€24,537 | +8.0% |
| Fixed assets | 21/28 | €73,643 | €61,783 | -€11,860 | -16.1% |
| Tangible fixed assets | 22/27 | €73,643 | €61,783 | -€11,860 | -16.1% |
| Plant, machinery and equipment | 23 | €1,101 | €4,949 | +€3,848 | +349% |
| Furniture and vehicles | 24 | €18,995 | €8,417 | -€10,578 | -55.7% |
| Leasing and similar rights | 25 | €16,009 | €12,047 | -€3,962 | -24.7% |
| Other tangible fixed assets | 26 | €37,538 | €36,369 | -€1,168 | -3.1% |
| Current assets | 29/58 | €232,230 | €268,627 | +€36,397 | +15.7% |
| Amounts receivable within one year | 40/41 | €6,170 | €5,777 | -€393 | -6.4% |
| Trade receivables | 40 | €6,170 | €5,777 | -€393 | -6.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €52,769 | €192,471 | +€139,703 | +265% |
| Cash at bank and in hand | 54/58 | €169,532 | €67,532 | -€102,000 | -60.2% |
| Deferred charges and accrued income | 490/1 | €3,759 | €2,846 | -€912 | -24.3% |
| Total equity and liabilities | 10/49 | €305,873 | €330,410 | +€24,537 | +8.0% |
| Equity | 10/15 | €206,392 | €213,989 | +€7,596 | +3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €93,960 | €101,460 | +€7,500 | +8.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €92,100 | €99,600 | +€7,500 | +8.1% |
| Profit (loss) carried forward | 14 | €100,032 | €100,129 | +€96 | +0.1% |
| Amounts payable | 17/49 | €99,481 | €116,421 | +€16,940 | +17.0% |
| Amounts payable after more than one year | 17 | €13,458 | €9,568 | -€3,890 | -28.9% |
| Financial debts | 170/4 | €13,458 | €9,568 | -€3,890 | -28.9% |
| Amounts payable within one year | 42/48 | €86,023 | €106,853 | +€20,830 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €22,434 | €3,890 | -€18,544 | -82.7% |
| Trade debts | 44 | €395 | €141 | -€254 | -64.4% |
| Suppliers | 440/4 | €395 | €141 | -€254 | -64.4% |
| Taxes, remuneration and social security | 45 | €5,564 | €9,924 | +€4,360 | +78.4% |
| Taxes | 450/3 | €5,564 | €9,924 | +€4,360 | +78.4% |
| Other amounts payable | 47/48 | €57,629 | €92,898 | +€35,268 | +61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,163 | €22,857 | +€694 | +3.1% |
| Other operating charges | 640/8 | €941 | €798 | -€143 | -15.2% |
| Gross operating margin | 9900 | €70,554 | €70,106 | -€448 | -0.6% |
| Operating profit (loss) | 9901 | €47,450 | €46,451 | -€999 | -2.1% |
| Financial income | 75/76B | €2,245 | €4,163 | +€1,918 | +85.5% |
| Recurring financial income | 75 | €2,245 | €4,163 | +€1,918 | +85.5% |
| Financial charges | 65/66B | €3,648 | €5,708 | +€2,060 | +56.5% |
| Recurring financial charges | 65 | €3,648 | €5,708 | +€2,060 | +56.5% |
| Profit (loss) for the period before taxes | 9903 | €46,047 | €44,906 | -€1,141 | -2.5% |
| Income taxes | 67/77 | €14,669 | €15,310 | +€640 | +4.4% |
| Profit (loss) for the period | 9904 | €31,377 | €29,596 | -€1,781 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,377 | €29,596 | -€1,781 | -5.7% |
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 15 October 2026 via checked.be.