Kipco: 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.
Kipco
Largest movements
- Receivables within one year +€20,497
up €20,497 (+120.6%), from €17,002 to €37,499
of which Trade receivables: +€19,663
- Current investments +€14,999
new in 2025: €14,999
- Tangible fixed assets +€14,045
up €14,045 (+59.8%), from €23,489 to €37,534
of which Other tangible fixed assets: +€10,533
- Deferred charges and accrued income +€10,262
up €10,262 (+119.6%), from €8,583 to €18,844
- Receivables after one year +€7,500
up €7,500 (+30.0%), from €25,000 to €32,500
- Other debts +€115,787
up €115,787 (+406.9%), from €28,459 to €144,246
- Reserves -€88,326
down €88,326 (-65.0%), from €135,945 to €47,619
- Tax, wage and social debts +€33,583
up €33,583 (+1576.3%), from €2,131 to €35,714
of which Taxes: +€33,565
- Gross operating margin +€70,396
up €70,396 (+266.0%), from €26,462 to €96,858
- Taxes +€10,639
up €10,639 (+166.3%), from €6,396 to €17,035
- Other operating charges +€2,294
up €2,294 (+94.9%), from €2,418 to €4,712
- Financial charges +€975
up €975 (+25.3%), from €3,846 to €4,821
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 | €198,953 | €260,437 | +€61,485 | +30.9% |
| Fixed assets | 21/28 | €23,489 | €37,534 | +€14,045 | +59.8% |
| Tangible fixed assets | 22/27 | €23,489 | €37,534 | +€14,045 | +59.8% |
| Plant, machinery and equipment | 23 | €489 | - | -€489 | |
| Furniture and vehicles | 24 | - | €4,001 | +€4,001 | |
| Other tangible fixed assets | 26 | €23,000 | €33,533 | +€10,533 | +45.8% |
| Current assets | 29/58 | €175,463 | €222,903 | +€47,440 | +27.0% |
| Amounts receivable after more than one year | 29 | €25,000 | €32,500 | +€7,500 | +30.0% |
| Other amounts receivable | 291 | €25,000 | €32,500 | +€7,500 | +30.0% |
| Amounts receivable within one year | 40/41 | €17,002 | €37,499 | +€20,497 | +120.6% |
| Trade receivables | 40 | €14,398 | €34,061 | +€19,663 | +136.6% |
| Other amounts receivable | 41 | €2,604 | €3,438 | +€834 | +32.0% |
| Current investments | 50/53 | - | €14,999 | +€14,999 | |
| Cash at bank and in hand | 54/58 | €124,878 | €119,061 | -€5,818 | -4.7% |
| Deferred charges and accrued income | 490/1 | €8,583 | €18,844 | +€10,262 | +119.6% |
| Total equity and liabilities | 10/49 | €198,953 | €260,437 | +€61,485 | +30.9% |
| Equity | 10/15 | €160,945 | €72,619 | -€88,326 | -54.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €135,945 | €47,619 | -€88,326 | -65.0% |
| Distributable reserves | 133 | €135,945 | €47,619 | -€88,326 | -65.0% |
| Amounts payable | 17/49 | €38,008 | €187,819 | +€149,811 | +394.2% |
| Amounts payable within one year | 42/48 | €38,008 | €187,819 | +€149,811 | +394.2% |
| Trade debts | 44 | €7,418 | €7,859 | +€441 | +5.9% |
| Suppliers | 440/4 | €7,418 | €7,859 | +€441 | +5.9% |
| Taxes, remuneration and social security | 45 | €2,131 | €35,714 | +€33,583 | +1576.3% |
| Taxes | 450/3 | - | €33,565 | +€33,565 | |
| Remuneration and social security | 454/9 | €2,131 | €2,149 | +€18 | +0.8% |
| Other amounts payable | 47/48 | €28,459 | €144,246 | +€115,787 | +406.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,035 | €1,779 | +€743 | +71.8% |
| Other operating charges | 640/8 | €2,418 | €4,712 | +€2,294 | +94.9% |
| Gross operating margin | 9900 | €26,462 | €96,858 | +€70,396 | +266.0% |
| Operating profit (loss) | 9901 | €23,009 | €90,368 | +€67,359 | +292.7% |
| Financial income | 75/76B | €1,643 | €1,822 | +€179 | +10.9% |
| Recurring financial income | 75 | €1,643 | €1,822 | +€179 | +10.9% |
| Financial charges | 65/66B | €3,846 | €4,821 | +€975 | +25.3% |
| Recurring financial charges | 65 | €3,846 | €4,821 | +€975 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €20,806 | €87,369 | +€66,563 | +319.9% |
| Income taxes | 67/77 | €6,396 | €17,035 | +€10,639 | +166.3% |
| Profit (loss) for the period | 9904 | €14,410 | €70,334 | +€55,924 | +388.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,410 | €70,334 | +€55,924 | +388.1% |
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 11 October 2026 via checked.be.