Kitsune Projects: 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.
Kitsune Projects
Largest movements
- Stocks and contracts +€3,741
up €3,741 (+191.8%), from €1,950 to €5,692
- Tangible fixed assets +€3,056
up €3,056 (+9.8%), from €31,156 to €34,212
of which Furniture and vehicles: +€4,351
- Cash +€2,790
up €2,790 (+17.6%), from €15,808 to €18,598
mainly Net result for the year (+€8,357) and Depreciation (+€7,063)
- Receivables within one year +€1,378
up €1,378 (+54.8%), from €2,514 to €3,892
- Reserves +€8,357
up €8,357 (+179.7%), from €4,651 to €13,008
- Debts after one year -€5,109
down €5,109 (-70.0%), from €7,295 to €2,186
- Trade debts +€4,447
up €4,447 (+2136.0%), from €208 to €4,655
- Tax, wage and social debts +€3,232
up €3,232 (+155.6%), from €2,077 to €5,309
- Gross operating margin +€11,625
up €11,625 (+96.9%), from €11,995 to €23,620
- Taxes +€1,278
up €1,278 (+280.8%), from €455 to €1,733
- Depreciation +€707
up €707 (+11.1%), from €6,355 to €7,063
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 | €51,779 | €63,109 | +€11,330 | +21.9% |
| Fixed assets | 21/28 | €31,156 | €34,212 | +€3,056 | +9.8% |
| Tangible fixed assets | 22/27 | €31,156 | €34,212 | +€3,056 | +9.8% |
| Plant, machinery and equipment | 23 | €31,156 | €29,861 | -€1,295 | -4.2% |
| Furniture and vehicles | 24 | - | €4,351 | +€4,351 | |
| Current assets | 29/58 | €20,623 | €28,896 | +€8,273 | +40.1% |
| Stocks and contracts in progress | 3 | €1,950 | €5,692 | +€3,741 | +191.8% |
| Stocks | 30/36 | €1,950 | €5,692 | +€3,741 | +191.8% |
| Amounts receivable within one year | 40/41 | €2,514 | €3,892 | +€1,378 | +54.8% |
| Trade receivables | 40 | €2,514 | €3,892 | +€1,378 | +54.8% |
| Cash at bank and in hand | 54/58 | €15,808 | €18,598 | +€2,790 | +17.6% |
| Deferred charges and accrued income | 490/1 | €350 | €715 | +€365 | +104.2% |
| Total equity and liabilities | 10/49 | €51,779 | €63,109 | +€11,330 | +21.9% |
| Equity | 10/15 | €9,651 | €18,008 | +€8,357 | +86.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €4,651 | €13,008 | +€8,357 | +179.7% |
| Distributable reserves | 133 | €4,651 | €13,008 | +€8,357 | +179.7% |
| Amounts payable | 17/49 | €42,128 | €45,101 | +€2,973 | +7.1% |
| Amounts payable after more than one year | 17 | €7,295 | €2,186 | -€5,109 | -70.0% |
| Financial debts | 170/4 | €7,295 | €2,186 | -€5,109 | -70.0% |
| Amounts payable within one year | 42/48 | €34,833 | €42,915 | +€8,082 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €4,920 | €5,109 | +€189 | +3.8% |
| Trade debts | 44 | €208 | €4,655 | +€4,447 | +2136.0% |
| Suppliers | 440/4 | €208 | €4,655 | +€4,447 | +2136.0% |
| Taxes, remuneration and social security | 45 | €2,077 | €5,309 | +€3,232 | +155.6% |
| Taxes | 450/3 | €2,077 | €5,309 | +€3,232 | +155.6% |
| Other amounts payable | 47/48 | €27,628 | €27,842 | +€214 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,355 | €7,063 | +€707 | +11.1% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Non-recurring operating charges | 66A | - | €5,825 | +€5,825 | |
| Gross operating margin | 9900 | €11,995 | €23,620 | +€11,625 | +96.9% |
| Operating profit (loss) | 9901 | €5,514 | €10,604 | +€5,090 | +92.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -75.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -75.8% |
| Financial charges | 65/66B | €408 | €514 | +€106 | +26.0% |
| Recurring financial charges | 65 | €408 | €514 | +€106 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €5,106 | €10,089 | +€4,983 | +97.6% |
| Income taxes | 67/77 | €455 | €1,733 | +€1,278 | +280.8% |
| Profit (loss) for the period | 9904 | €4,651 | €8,357 | +€3,706 | +79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,651 | €8,357 | +€3,706 | +79.7% |
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 9 October 2026 via checked.be.