Kinsei: 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.
Kinsei
Largest movements
- Stocks and contracts -€22,318
down €22,318 (-58.7%), from €38,014 to €15,696
- Tangible fixed assets +€15,951
up €15,951 (+450.6%), from €3,540 to €19,491
of which Furniture and vehicles: +€17,231
- Cash -€3,136
down €3,136 (-51.7%), from €6,068 to €2,933
mainly Investment in fixed assets (net) (-€21,539) and Debts after one year (-€4,238)
- Receivables within one year +€1,301
up €1,301 (+653.5%), from €199 to €1,500
of which Trade receivables: +€1,060
- Debts after one year -€4,238
down €4,238 (-27.0%), from €15,699 to €11,461
- Profit (loss) carried forward -€4,119
down €4,119, from €2,240 to -€1,879
- Tax, wage and social debts -€816
down €816 (-57.3%), from €1,424 to €608
- Trade debts +€489
up €489 (+57.8%), from €846 to €1,336
- Depreciation +€4,387
up €4,387 (+365.4%), from €1,201 to €5,588
- Gross operating margin -€2,655
down €2,655 (-48.7%), from €5,450 to €2,795
- Taxes -€492
no longer reported in 2025 (was €492)
- Other operating charges -€442
down €442 (-57.3%), from €772 to €330
- Financial income -€178
down €178 (-83.5%), from €213 to €35
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 | €47,821 | €39,792 | -€8,029 | -16.8% |
| Fixed assets | 21/28 | €3,540 | €19,491 | +€15,951 | +450.6% |
| Tangible fixed assets | 22/27 | €3,540 | €19,491 | +€15,951 | +450.6% |
| Plant, machinery and equipment | 23 | €3,540 | €2,260 | -€1,280 | -36.2% |
| Furniture and vehicles | 24 | - | €17,231 | +€17,231 | |
| Current assets | 29/58 | €44,281 | €20,301 | -€23,980 | -54.2% |
| Stocks and contracts in progress | 3 | €38,014 | €15,696 | -€22,318 | -58.7% |
| Stocks | 30/36 | €38,014 | €15,696 | -€22,318 | -58.7% |
| Amounts receivable within one year | 40/41 | €199 | €1,500 | +€1,301 | +653.5% |
| Trade receivables | 40 | €199 | €1,259 | +€1,060 | +532.7% |
| Other amounts receivable | 41 | - | €241 | +€241 | |
| Cash at bank and in hand | 54/58 | €6,068 | €2,933 | -€3,136 | -51.7% |
| Deferred charges and accrued income | 490/1 | - | €173 | +€173 | |
| Total equity and liabilities | 10/49 | €47,821 | €39,792 | -€8,029 | -16.8% |
| Equity | 10/15 | €4,740 | €621 | -€4,119 | -86.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,240 | -€1,879 | -€4,119 | |
| Amounts payable | 17/49 | €43,082 | €39,172 | -€3,910 | -9.1% |
| Amounts payable after more than one year | 17 | €15,699 | €11,461 | -€4,238 | -27.0% |
| Financial debts | 170/4 | €15,699 | €11,461 | -€4,238 | -27.0% |
| Amounts payable within one year | 42/48 | €27,383 | €27,710 | +€328 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €4,052 | €4,238 | +€185 | +4.6% |
| Trade debts | 44 | €846 | €1,336 | +€489 | +57.8% |
| Suppliers | 440/4 | €846 | €1,336 | +€489 | +57.8% |
| Taxes, remuneration and social security | 45 | €1,424 | €608 | -€816 | -57.3% |
| Taxes | 450/3 | €1,424 | €608 | -€816 | -57.3% |
| Other amounts payable | 47/48 | €21,060 | €21,529 | +€469 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,201 | €5,588 | +€4,387 | +365.4% |
| Other operating charges | 640/8 | €772 | €330 | -€442 | -57.3% |
| Gross operating margin | 9900 | €5,450 | €2,795 | -€2,655 | -48.7% |
| Operating profit (loss) | 9901 | €3,478 | -€3,122 | -€6,600 | |
| Financial income | 75/76B | €213 | €35 | -€178 | -83.5% |
| Recurring financial income | 75 | €213 | €35 | -€178 | -83.5% |
| Financial charges | 65/66B | €960 | €1,032 | +€72 | +7.5% |
| Recurring financial charges | 65 | €960 | €1,032 | +€72 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €2,732 | -€4,119 | -€6,851 | |
| Income taxes | 67/77 | €492 | - | -€492 | |
| Profit (loss) for the period | 9904 | €2,240 | -€4,119 | -€6,359 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,240 | -€4,119 | -€6,359 |
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 29 September 2026 via checked.be.