KINEVALI: 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.
KINEVALI
Largest movements
- Receivables within one year -€14,639
down €14,639 (-99.8%), from €14,670 to €31
of which Trade receivables: -€14,465
- Tangible fixed assets -€12,014
down €12,014 (-24.9%), from €48,259 to €36,245
of which Land and buildings: -€9,622
- Deferred charges and accrued income -€1,974
down €1,974 (-77.5%), from €2,546 to €572
- Debts after one year -€15,842
down €15,842 (-45.8%), from €34,621 to €18,779
- Profit (loss) carried forward -€14,286
down €14,286 (-95.3%), from €14,990 to €704
- Trade debts -€4,281
no longer reported in 2025 (was €4,281)
- Reserves +€2,875
new in 2025: €2,875
- Tax, wage and social debts +€1,789
new in 2025: €1,789
- Other operating charges +€2,114
up €2,114 (+114.0%), from €1,854 to €3,968
- Gross operating margin -€2,038
down €2,038 (-7.7%), from €26,412 to €24,374
- Depreciation -€2,015
down €2,015 (-16.0%), from €12,560 to €10,545
- Taxes -€1,054
down €1,054 (-36.9%), from €2,858 to €1,804
- Financial charges -€340
down €340 (-28.9%), from €1,177 to €837
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 | €90,203 | €60,555 | -€29,648 | -32.9% |
| Formation expenses | 20 | €782 | €512 | -€270 | -34.5% |
| Fixed assets | 21/28 | €50,285 | €37,619 | -€12,666 | -25.2% |
| Intangible fixed assets | 21 | €2,026 | €1,374 | -€652 | -32.2% |
| Tangible fixed assets | 22/27 | €48,259 | €36,245 | -€12,014 | -24.9% |
| Land and buildings | 22 | €45,867 | €36,245 | -€9,622 | -21.0% |
| Plant, machinery and equipment | 23 | €53 | - | -€53 | |
| Furniture and vehicles | 24 | €2,339 | - | -€2,339 | |
| Current assets | 29/58 | €39,136 | €22,424 | -€16,712 | -42.7% |
| Amounts receivable within one year | 40/41 | €14,670 | €31 | -€14,639 | -99.8% |
| Trade receivables | 40 | €14,496 | €31 | -€14,465 | -99.8% |
| Other amounts receivable | 41 | €174 | - | -€174 | |
| Cash at bank and in hand | 54/58 | €21,920 | €21,821 | -€99 | -0.5% |
| Deferred charges and accrued income | 490/1 | €2,546 | €572 | -€1,974 | -77.5% |
| Total equity and liabilities | 10/49 | €90,203 | €60,555 | -€29,648 | -32.9% |
| Equity | 10/15 | €35,450 | €24,039 | -€11,411 | -32.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | - | €2,875 | +€2,875 | |
| Distributable reserves | 133 | - | €2,875 | +€2,875 | |
| Profit (loss) carried forward | 14 | €14,990 | €704 | -€14,286 | -95.3% |
| Amounts payable | 17/49 | €54,753 | €36,516 | -€18,237 | -33.3% |
| Amounts payable after more than one year | 17 | €34,621 | €18,779 | -€15,842 | -45.8% |
| Financial debts | 170/4 | €34,621 | €18,779 | -€15,842 | -45.8% |
| Amounts payable within one year | 42/48 | €20,132 | €17,737 | -€2,395 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €15,612 | €15,842 | +€230 | +1.5% |
| Trade debts | 44 | €4,281 | - | -€4,281 | |
| Suppliers | 440/4 | €4,281 | - | -€4,281 | |
| Taxes, remuneration and social security | 45 | - | €1,789 | +€1,789 | |
| Taxes | 450/3 | - | €1,789 | +€1,789 | |
| Other amounts payable | 47/48 | €239 | €106 | -€133 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,560 | €10,545 | -€2,015 | -16.0% |
| Other operating charges | 640/8 | €1,854 | €3,968 | +€2,114 | +114.0% |
| Non-recurring operating charges | 66A | - | €4,401 | +€4,401 | |
| Gross operating margin | 9900 | €26,412 | €24,374 | -€2,038 | -7.7% |
| Operating profit (loss) | 9901 | €11,998 | €5,460 | -€6,538 | -54.5% |
| Financial income | 75/76B | €113 | €56 | -€57 | -50.4% |
| Recurring financial income | 75 | €113 | €56 | -€57 | -50.4% |
| Financial charges | 65/66B | €1,177 | €837 | -€340 | -28.9% |
| Recurring financial charges | 65 | €1,177 | €837 | -€340 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €10,934 | €4,679 | -€6,255 | -57.2% |
| Income taxes | 67/77 | €2,858 | €1,804 | -€1,054 | -36.9% |
| Profit (loss) for the period | 9904 | €8,076 | €2,875 | -€5,201 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,076 | €2,875 | -€5,201 | -64.4% |
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 12 October 2026 via checked.be.