KIPPENVEL: 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.
KIPPENVEL
Largest movements
- Receivables after one year -€200,000
down €200,000 (-100%), from €200,000 to €0
- Receivables within one year -€71,913
down €71,913 (-27.5%), from €261,368 to €189,455
of which Other amounts receivable: -€77,275
- Profit (loss) carried forward -€210,111
down €210,111 (-35.5%), from €592,530 to €382,420
- Trade debts -€19,485
down €19,485 (-76.4%), from €25,511 to €6,026
- Tax, wage and social debts -€18,424
down €18,424 (-94.5%), from €19,497 to €1,072
of which Taxes: -€18,424
- Debts after one year -€15,699
down €15,699 (-62.6%), from €25,097 to €9,399
- Other debts -€8,976
down €8,976 (-34.7%), from €25,884 to €16,908
- Gross operating margin +€52,657
up €52,657 (+10.7%), from €492,767 to €545,424
- Other operating charges +€13,795
up €13,795 (+317%), from €4,354 to €18,149
- Taxes +€13,561
up €13,561 (+10.7%), from €126,509 to €140,069
- Staff costs -€7,783
down €7,783 (-100%), from €7,783 to €0
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 | €708,712 | €437,502 | -€271,209 | -38.3% |
| Fixed assets | 21/28 | €177,578 | €177,115 | -€463 | -0.3% |
| Tangible fixed assets | 22/27 | €177,578 | €177,115 | -€463 | -0.3% |
| Land and buildings | 22 | €134,095 | €130,435 | -€3,659 | -2.7% |
| Plant, machinery and equipment | 23 | €1,360 | €807 | -€553 | -40.7% |
| Furniture and vehicles | 24 | €28,124 | €31,873 | +€3,750 | +13.3% |
| Other tangible fixed assets | 26 | €14,000 | €14,000 | = | 0.0% |
| Current assets | 29/58 | €531,134 | €260,387 | -€270,747 | -51.0% |
| Amounts receivable after more than one year | 29 | €200,000 | €0 | -€200,000 | -100% |
| Other amounts receivable | 291 | €200,000 | €0 | -€200,000 | -100% |
| Amounts receivable within one year | 40/41 | €261,368 | €189,455 | -€71,913 | -27.5% |
| Trade receivables | 40 | €2,699 | €8,061 | +€5,362 | +199% |
| Other amounts receivable | 41 | €258,669 | €181,394 | -€77,275 | -29.9% |
| Cash at bank and in hand | 54/58 | €41,314 | €35,578 | -€5,736 | -13.9% |
| Deferred charges and accrued income | 490/1 | €28,452 | €35,354 | +€6,903 | +24.3% |
| Total equity and liabilities | 10/49 | €708,712 | €437,502 | -€271,209 | -38.3% |
| Equity | 10/15 | €597,530 | €387,420 | -€210,111 | -35.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €592,530 | €382,420 | -€210,111 | -35.5% |
| Amounts payable | 17/49 | €111,182 | €50,083 | -€61,099 | -55.0% |
| Amounts payable after more than one year | 17 | €25,097 | €9,399 | -€15,699 | -62.6% |
| Financial debts | 170/4 | €25,097 | €9,399 | -€15,699 | -62.6% |
| Amounts payable within one year | 42/48 | €86,084 | €39,705 | -€46,379 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €15,192 | €15,699 | +€507 | +3.3% |
| Trade debts | 44 | €25,511 | €6,026 | -€19,485 | -76.4% |
| Suppliers | 440/4 | €25,511 | €6,026 | -€19,485 | -76.4% |
| Taxes, remuneration and social security | 45 | €19,497 | €1,072 | -€18,424 | -94.5% |
| Taxes | 450/3 | €19,497 | €1,072 | -€18,424 | -94.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €25,884 | €16,908 | -€8,976 | -34.7% |
| Accrued charges and deferred income | 492/3 | - | €979 | +€979 | |
| Remuneration, social security and pensions | 62 | €7,783 | €0 | -€7,783 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,491 | €18,384 | -€5,107 | -21.7% |
| Other operating charges | 640/8 | €4,354 | €18,149 | +€13,795 | +317% |
| Gross operating margin | 9900 | €492,767 | €545,424 | +€52,657 | +10.7% |
| Operating profit (loss) | 9901 | €457,139 | €508,890 | +€51,752 | +11.3% |
| Financial income | 75/76B | €26,588 | €26,310 | -€278 | -1.0% |
| Recurring financial income | 75 | €26,588 | €26,310 | -€278 | -1.0% |
| Financial charges | 65/66B | €2,277 | €5,242 | +€2,964 | +130% |
| Recurring financial charges | 65 | €2,277 | €5,242 | +€2,964 | +130% |
| Profit (loss) for the period before taxes | 9903 | €481,450 | €529,959 | +€48,509 | +10.1% |
| Income taxes | 67/77 | €126,509 | €140,069 | +€13,561 | +10.7% |
| Profit (loss) for the period | 9904 | €354,941 | €389,889 | +€34,948 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €354,941 | €389,889 | +€34,948 | +9.8% |
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 22 October 2026 via checked.be.