KINEPHY: what changed
Two fiscal 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.
KINEPHY
Largest movements
- Tangible fixed assets -€11,747
down €11,747 (-15.8%), from €74,136 to €62,389
of which Land and buildings: -€7,247
- Deferred charges and accrued income +€7,663
up €7,663 (+62.5%), from €12,265 to €19,928
- Cash -€6,737
down €6,737 (-8.9%), from €75,494 to €68,757
mainly Contributions, distributions and other (-€22,073) and Debts after one year (-€9,483)
- Receivables within one year +€2,542
up €2,542 (+173.3%), from €1,467 to €4,009
of which Other amounts receivable: +€3,561
- Other debts +€21,083
new in 2025: €21,083
- Reserves -€20,354
down €20,354 (-23.4%), from €86,981 to €66,626
of which Distributable reserves: -€20,354
- Debts after one year -€9,483
down €9,483 (-25.0%), from €37,876 to €28,393
- Current portion of long-term debt -€2,273
down €2,273 (-19.3%), from €11,757 to €9,483
- Gross operating margin -€27,741
down €27,741 (-52.3%), from €53,034 to €25,293
- Taxes -€7,531
down €7,531 (-56.3%), from €13,385 to €5,854
- Depreciation -€2,390
down €2,390 (-14.9%), from €15,992 to €13,602
- Other operating charges +€831
up €831 (+73.8%), from €1,126 to €1,957
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 | €164,437 | €156,083 | -€8,354 | -5.1% |
| Fixed assets | 21/28 | €75,211 | €63,389 | -€11,822 | -15.7% |
| Tangible fixed assets | 22/27 | €74,136 | €62,389 | -€11,747 | -15.8% |
| Land and buildings | 22 | €65,058 | €57,811 | -€7,247 | -11.1% |
| Plant, machinery and equipment | 23 | €391 | €220 | -€171 | -43.7% |
| Furniture and vehicles | 24 | €8,687 | €4,358 | -€4,329 | -49.8% |
| Financial fixed assets | 28 | €1,075 | €1,000 | -€75 | -7.0% |
| Current assets | 29/58 | €89,226 | €92,694 | +€3,469 | +3.9% |
| Amounts receivable within one year | 40/41 | €1,467 | €4,009 | +€2,542 | +173.3% |
| Trade receivables | 40 | €1,261 | €242 | -€1,019 | -80.8% |
| Other amounts receivable | 41 | €206 | €3,767 | +€3,561 | +1725.5% |
| Cash at bank and in hand | 54/58 | €75,494 | €68,757 | -€6,737 | -8.9% |
| Deferred charges and accrued income | 490/1 | €12,265 | €19,928 | +€7,663 | +62.5% |
| Total equity and liabilities | 10/49 | €164,437 | €156,083 | -€8,354 | -5.1% |
| Equity | 10/15 | €110,386 | €90,032 | -€20,354 | -18.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,981 | €66,626 | -€20,354 | -23.4% |
| 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 | €85,121 | €64,766 | -€20,354 | -23.9% |
| Profit (loss) carried forward | 14 | €4,806 | €4,806 | = | 0.0% |
| Amounts payable | 17/49 | €54,050 | €66,051 | +€12,001 | +22.2% |
| Amounts payable after more than one year | 17 | €37,876 | €28,393 | -€9,483 | -25.0% |
| Financial debts | 170/4 | €37,876 | €28,393 | -€9,483 | -25.0% |
| Amounts payable within one year | 42/48 | €16,174 | €37,658 | +€21,484 | +132.8% |
| Current portion of amounts payable after more than one year | 42 | €11,757 | €9,483 | -€2,273 | -19.3% |
| Trade debts | 44 | €1,479 | €2,600 | +€1,121 | +75.8% |
| Suppliers | 440/4 | €1,479 | €2,600 | +€1,121 | +75.8% |
| Taxes, remuneration and social security | 45 | €2,939 | €4,492 | +€1,553 | +52.9% |
| Taxes | 450/3 | €839 | €2,392 | +€1,553 | +185.1% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | +€0 | 0.0% |
| Other amounts payable | 47/48 | - | €21,083 | +€21,083 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,992 | €13,602 | -€2,390 | -14.9% |
| Other operating charges | 640/8 | €1,126 | €1,957 | +€831 | +73.8% |
| Gross operating margin | 9900 | €53,034 | €25,293 | -€27,741 | -52.3% |
| Operating profit (loss) | 9901 | €35,916 | €9,734 | -€26,182 | -72.9% |
| Financial income | 75/76B | €153 | €398 | +€245 | +160.5% |
| Recurring financial income | 75 | €153 | €398 | +€245 | +160.5% |
| Financial charges | 65/66B | €2,994 | €2,560 | -€434 | -14.5% |
| Recurring financial charges | 65 | €2,994 | €2,560 | -€434 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €33,074 | €7,572 | -€25,502 | -77.1% |
| Income taxes | 67/77 | €13,385 | €5,854 | -€7,531 | -56.3% |
| Profit (loss) for the period | 9904 | €19,690 | €1,718 | -€17,971 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,690 | €1,718 | -€17,971 | -91.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.