KOEN KENIS: what changed
KOEN KENIS
Largest movements
- Stocks and contracts +€67,326
up €67,326 (+962%), from €7,000 to €74,326
- Receivables within one year -€42,473
down €42,473 (-50.9%), from €83,463 to €40,990
of which Trade receivables: -€21,618
- Cash -€9,510
down €9,510 (-71.8%), from €13,254 to €3,744
mainly Stocks and contracts (-€67,326) and Investment in fixed assets (net) (-€27,906)
- Tangible fixed assets -€5,817
down €5,817 (-9.9%), from €59,002 to €53,185
of which Furniture and vehicles: -€10,564
- Reserves +€23,800
new in 2025: €23,800
- Debts after one year -€19,531
down €19,531 (-64.3%), from €30,364 to €10,834
- Short-term financial debts +€15,099
up €15,099, from €0 to €15,099
- Tax, wage and social debts -€7,222
down €7,222 (-40.9%), from €17,663 to €10,441
of which Taxes: -€4,214
- Trade debts -€4,244
down €4,244 (-25.7%), from €16,484 to €12,239
- Gross operating margin -€40,966
down €40,966 (-35.8%), from €114,334 to €73,368
- Taxes -€4,463
down €4,463 (-30.4%), from €14,687 to €10,224
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €165,043 | €174,357 | +€9,314 | +5.6% |
| Fixed assets | 21/28 | €59,002 | €53,185 | -€5,817 | -9.9% |
| Tangible fixed assets | 22/27 | €59,002 | €53,185 | -€5,817 | -9.9% |
| Plant, machinery and equipment | 23 | €36,669 | €41,416 | +€4,748 | +12.9% |
| Furniture and vehicles | 24 | €22,334 | €11,769 | -€10,564 | -47.3% |
| Current assets | 29/58 | €106,041 | €121,172 | +€15,131 | +14.3% |
| Stocks and contracts in progress | 3 | €7,000 | €74,326 | +€67,326 | +962% |
| Stocks | 30/36 | €7,000 | €74,326 | +€67,326 | +962% |
| Amounts receivable within one year | 40/41 | €83,463 | €40,990 | -€42,473 | -50.9% |
| Trade receivables | 40 | €47,258 | €25,640 | -€21,618 | -45.7% |
| Other amounts receivable | 41 | €36,205 | €15,350 | -€20,856 | -57.6% |
| Cash at bank and in hand | 54/58 | €13,254 | €3,744 | -€9,510 | -71.8% |
| Deferred charges and accrued income | 490/1 | €2,324 | €2,112 | -€212 | -9.1% |
| Total equity and liabilities | 10/49 | €165,043 | €174,357 | +€9,314 | +5.6% |
| Equity | 10/15 | €81,672 | €106,213 | +€24,541 | +30.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €23,800 | +€23,800 | |
| Distributable reserves | 133 | - | €23,800 | +€23,800 | |
| Profit (loss) carried forward | 14 | €75,672 | €76,413 | +€741 | +1.0% |
| Amounts payable | 17/49 | €83,371 | €68,144 | -€15,227 | -18.3% |
| Amounts payable after more than one year | 17 | €30,364 | €10,834 | -€19,531 | -64.3% |
| Financial debts | 170/4 | €30,364 | €10,834 | -€19,531 | -64.3% |
| Amounts payable within one year | 42/48 | €53,007 | €57,310 | +€4,304 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €18,860 | €19,531 | +€670 | +3.6% |
| Financial debts | 43 | €0 | €15,099 | +€15,099 | |
| Other loans | 439 | €0 | €15,099 | +€15,099 | |
| Trade debts | 44 | €16,484 | €12,239 | -€4,244 | -25.7% |
| Suppliers | 440/4 | €16,484 | €12,239 | -€4,244 | -25.7% |
| Taxes, remuneration and social security | 45 | €17,663 | €10,441 | -€7,222 | -40.9% |
| Taxes | 450/3 | €14,655 | €10,441 | -€4,214 | -28.8% |
| Remuneration and social security | 454/9 | €3,007 | €0 | -€3,007 | -100% |
| Non-recurring operating income | 76A | €32,582 | €0 | -€32,582 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,596 | €33,723 | +€1,127 | +3.5% |
| Other operating charges | 640/8 | €2,549 | €2,706 | +€157 | +6.2% |
| Gross operating margin | 9900 | €114,334 | €73,368 | -€40,966 | -35.8% |
| Operating profit (loss) | 9901 | €79,190 | €36,940 | -€42,250 | -53.4% |
| Financial income | 75/76B | €597 | €0 | -€597 | -100% |
| Recurring financial income | 75 | €597 | €0 | -€597 | -100% |
| Financial charges | 65/66B | €2,422 | €2,174 | -€247 | -10.2% |
| Recurring financial charges | 65 | €2,422 | €2,174 | -€247 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €77,365 | €34,765 | -€42,600 | -55.1% |
| Income taxes | 67/77 | €14,687 | €10,224 | -€4,463 | -30.4% |
| Profit (loss) for the period | 9904 | €62,678 | €24,541 | -€38,137 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,678 | €24,541 | -€38,137 | -60.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.