KINVEST: 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.
KINVEST
Largest movements
- Receivables within one year -€331,198
down €331,198 (-33.4%), from €992,460 to €661,262
of which Other amounts receivable: -€347,689
- Tangible fixed assets -€40,523
down €40,523 (-9.7%), from €419,584 to €379,061
of which Land and buildings: -€41,240
- Other debts -€187,301
down €187,301 (-62.2%), from €301,076 to €113,775
- Contributions -€100,000
down €100,000 (-32.0%), from €312,526 to €212,526
- Accrued charges and deferred income -€69,449
down €69,449 (-48.8%), from €142,417 to €72,968
- Current portion of long-term debt -€27,755
down €27,755 (-75.7%), from €36,648 to €8,893
- Short-term financial debts +€17,525
new in 2025: €17,525
- Financial income -€526,100
down €526,100 (-98.1%), from €536,335 to €10,235
of which Non-recurring financial income: -€528,935
- Gross operating margin -€154,467
down €154,467 (-71.1%), from €217,222 to €62,755
- Taxes -€62,527
down €62,527 (-90.6%), from €69,052 to €6,525
- Depreciation -€25,632
down €25,632 (-32.9%), from €78,020 to €52,388
- Financial charges -€14,062
down €14,062 (-76.2%), from €18,454 to €4,392
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 | €1,493,293 | €1,122,810 | -€370,483 | -24.8% |
| Fixed assets | 21/28 | €470,526 | €444,003 | -€26,523 | -5.6% |
| Tangible fixed assets | 22/27 | €419,584 | €379,061 | -€40,523 | -9.7% |
| Land and buildings | 22 | €395,401 | €354,161 | -€41,240 | -10.4% |
| Plant, machinery and equipment | 23 | €2,839 | €9,171 | +€6,332 | +223% |
| Furniture and vehicles | 24 | €21,344 | €15,729 | -€5,615 | -26.3% |
| Financial fixed assets | 28 | €50,942 | €64,942 | +€14,000 | +27.5% |
| Current assets | 29/58 | €1,022,767 | €678,807 | -€343,960 | -33.6% |
| Amounts receivable within one year | 40/41 | €992,460 | €661,262 | -€331,198 | -33.4% |
| Trade receivables | 40 | €76,374 | €92,865 | +€16,491 | +21.6% |
| Other amounts receivable | 41 | €916,086 | €568,397 | -€347,689 | -38.0% |
| Cash at bank and in hand | 54/58 | €29,770 | €17,008 | -€12,762 | -42.9% |
| Deferred charges and accrued income | 490/1 | €537 | €537 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,493,293 | €1,122,810 | -€370,483 | -24.8% |
| Equity | 10/15 | €880,837 | €789,065 | -€91,772 | -10.4% |
| Contributions | 10/11 | €312,526 | €212,526 | -€100,000 | -32.0% |
| Reserves | 13 | €568,311 | €576,539 | +€8,228 | +1.4% |
| Tax-exempt reserves | 132 | €124,027 | €109,302 | -€14,725 | -11.9% |
| Distributable reserves | 133 | €444,284 | €467,237 | +€22,953 | +5.2% |
| Provisions and deferred taxes | 16 | €41,342 | €36,434 | -€4,908 | -11.9% |
| Deferred taxes | 168 | €41,342 | €36,434 | -€4,908 | -11.9% |
| Amounts payable | 17/49 | €571,114 | €297,311 | -€273,803 | -47.9% |
| Amounts payable after more than one year | 17 | €35,280 | €26,387 | -€8,893 | -25.2% |
| Financial debts | 170/4 | €35,280 | €26,387 | -€8,893 | -25.2% |
| Amounts payable within one year | 42/48 | €393,417 | €197,956 | -€195,461 | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €36,648 | €8,893 | -€27,755 | -75.7% |
| Financial debts | 43 | - | €17,525 | +€17,525 | |
| Credit institutions | 430/8 | - | €17,525 | +€17,525 | |
| Trade debts | 44 | €16,264 | €23,630 | +€7,366 | +45.3% |
| Suppliers | 440/4 | €16,264 | €23,630 | +€7,366 | +45.3% |
| Taxes, remuneration and social security | 45 | €39,429 | €34,133 | -€5,296 | -13.4% |
| Taxes | 450/3 | €39,429 | €34,133 | -€5,296 | -13.4% |
| Other amounts payable | 47/48 | €301,076 | €113,775 | -€187,301 | -62.2% |
| Accrued charges and deferred income | 492/3 | €142,417 | €72,968 | -€69,449 | -48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,020 | €52,388 | -€25,632 | -32.9% |
| Other operating charges | 640/8 | €9,663 | €6,365 | -€3,298 | -34.1% |
| Gross operating margin | 9900 | €217,222 | €62,755 | -€154,467 | -71.1% |
| Operating profit (loss) | 9901 | €129,539 | €4,002 | -€125,537 | -96.9% |
| Financial income | 75/76B | €536,335 | €10,235 | -€526,100 | -98.1% |
| Recurring financial income | 75 | €7,400 | €10,235 | +€2,835 | +38.3% |
| Non-recurring financial income | 76B | €528,935 | - | -€528,935 | |
| Financial charges | 65/66B | €18,454 | €4,392 | -€14,062 | -76.2% |
| Recurring financial charges | 65 | €18,454 | €4,392 | -€14,062 | -76.2% |
| Profit (loss) for the period before taxes | 9903 | €647,420 | €9,845 | -€637,575 | -98.5% |
| Transfer from deferred taxes | 780 | €7,363 | €4,908 | -€2,455 | -33.3% |
| Income taxes | 67/77 | €69,052 | €6,525 | -€62,527 | -90.6% |
| Profit (loss) for the period | 9904 | €585,731 | €8,228 | -€577,503 | -98.6% |
| Transfer from tax-exempt reserves | 789 | €22,087 | €14,725 | -€7,362 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €607,818 | €22,953 | -€584,865 | -96.2% |
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 17 October 2026 via checked.be.