KINETIC: 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.
KINETIC
Largest movements
- Tangible fixed assets +€663,893
up €663,893 (+911.7%), from €72,818 to €736,711
of which Assets under construction and advance payments: +€562,476
- Receivables within one year +€88,705
up €88,705 (+31680192.9%), from €0 to €88,705
of which Trade receivables: +€88,705
- Intangible fixed assets -€10,000
down €10,000 (-33.3%), from €30,000 to €20,000
- Debts after one year +€644,082
up €644,082 (+1105.6%), from €58,259 to €702,341
of which Financial debts: +€529,726
- Contributions +€100,000
up €100,000 (+1612.9%), from €6,200 to €106,200
- Trade debts +€79,389
up €79,389 (+1437.3%), from €5,524 to €84,913
- Other debts -€42,872
down €42,872 (-66.4%), from €64,576 to €21,704
- Profit (loss) carried forward -€37,246
down €37,246 (-151.3%), from -€24,625 to -€61,872
- Gross operating margin -€9,165
down €9,165 (-26.1%), from €35,150 to €25,985
- Financial charges +€7,482
up €7,482 (+173.3%), from €4,317 to €11,799
- Depreciation +€932
up €932 (+2.9%), from €32,017 to €32,949
- Other operating charges +€449
up €449 (+18.2%), from €2,470 to €2,918
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 | €130,239 | €872,489 | +€742,250 | +569.9% |
| Fixed assets | 21/28 | €102,818 | €756,711 | +€653,893 | +636.0% |
| Intangible fixed assets | 21 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Tangible fixed assets | 22/27 | €72,818 | €736,711 | +€663,893 | +911.7% |
| Land and buildings | 22 | - | €104,000 | +€104,000 | |
| Plant, machinery and equipment | 23 | €7,872 | €3,115 | -€4,758 | -60.4% |
| Furniture and vehicles | 24 | €4,656 | €17,491 | +€12,835 | +275.7% |
| Other tangible fixed assets | 26 | €60,290 | €49,629 | -€10,660 | -17.7% |
| Assets under construction and advance payments | 27 | - | €562,476 | +€562,476 | |
| Current assets | 29/58 | €27,421 | €115,778 | +€88,357 | +322.2% |
| Amounts receivable within one year | 40/41 | €0 | €88,705 | +€88,705 | +31680192.9% |
| Trade receivables | 40 | €0 | €88,705 | +€88,705 | |
| Other amounts receivable | 41 | €0 | €0 | -€0 | -100.0% |
| Cash at bank and in hand | 54/58 | €26,964 | €26,562 | -€402 | -1.5% |
| Deferred charges and accrued income | 490/1 | €456 | €511 | +€55 | +12.0% |
| Total equity and liabilities | 10/49 | €130,239 | €872,489 | +€742,250 | +569.9% |
| Equity | 10/15 | -€18,007 | €44,747 | +€62,754 | |
| Contributions | 10/11 | €6,200 | €106,200 | +€100,000 | +1612.9% |
| Reserves | 13 | €418 | €418 | = | 0.0% |
| Distributable reserves | 133 | €418 | €418 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,625 | -€61,872 | -€37,246 | -151.3% |
| Amounts payable | 17/49 | €148,246 | €827,742 | +€679,496 | +458.4% |
| Amounts payable after more than one year | 17 | €58,259 | €702,341 | +€644,082 | +1105.6% |
| Financial debts | 170/4 | €58,259 | €587,985 | +€529,726 | +909.3% |
| Other amounts payable | 178/9 | - | €114,356 | +€114,356 | |
| Amounts payable within one year | 42/48 | €89,987 | €125,373 | +€35,386 | +39.3% |
| Current portion of amounts payable after more than one year | 42 | €14,494 | €14,689 | +€194 | +1.3% |
| Trade debts | 44 | €5,524 | €84,913 | +€79,389 | +1437.3% |
| Suppliers | 440/4 | €5,524 | €84,913 | +€79,389 | +1437.3% |
| Taxes, remuneration and social security | 45 | €5,393 | €4,067 | -€1,326 | -24.6% |
| Taxes | 450/3 | €1,171 | €2,367 | +€1,196 | +102.1% |
| Remuneration and social security | 454/9 | €4,222 | €1,700 | -€2,522 | -59.7% |
| Other amounts payable | 47/48 | €64,576 | €21,704 | -€42,872 | -66.4% |
| Accrued charges and deferred income | 492/3 | - | €28 | +€28 | |
| Non-recurring operating income | 76A | €532 | €0 | -€532 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,017 | €32,949 | +€932 | +2.9% |
| Other operating charges | 640/8 | €2,470 | €2,918 | +€449 | +18.2% |
| Non-recurring operating charges | 66A | €26 | €15,136 | +€15,110 | +58116.3% |
| Gross operating margin | 9900 | €35,150 | €25,985 | -€9,165 | -26.1% |
| Operating profit (loss) | 9901 | €637 | -€25,019 | -€25,656 | |
| Financial income | 75/76B | €109 | €121 | +€11 | +10.4% |
| Recurring financial income | 75 | €109 | €121 | +€11 | +10.4% |
| Financial charges | 65/66B | €4,317 | €11,799 | +€7,482 | +173.3% |
| Recurring financial charges | 65 | €4,317 | €11,799 | +€7,482 | +173.3% |
| Profit (loss) for the period before taxes | 9903 | -€3,571 | -€36,697 | -€33,127 | -927.8% |
| Income taxes | 67/77 | €648 | €549 | -€99 | -15.3% |
| Profit (loss) for the period | 9904 | -€4,219 | -€37,246 | -€33,027 | -782.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,219 | -€37,246 | -€33,027 | -782.9% |
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 4 October 2026 via checked.be.