KWENOX: 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.
KWENOX
Largest movements
- Tangible fixed assets +€59,280
up €59,280 (+703%), from €8,433 to €67,714
of which Furniture and vehicles: +€59,814
- Cash +€34,926
up €34,926 (+80.5%), from €43,368 to €78,294
mainly Debts after one year (+€43,756) and Net result for the year (+€30,157)
- Receivables within one year -€3,284
down €3,284 (-16.8%), from €19,595 to €16,311
of which Trade receivables: -€2,489
- Debts after one year +€43,756
new in 2025: €43,756
- Reserves +€30,157
up €30,157 (+70.5%), from €42,760 to €72,917
- Current portion of long-term debt +€10,316
new in 2025: €10,316
- Other debts +€6,625
up €6,625 (+27.4%), from €24,172 to €30,797
- Gross operating margin +€5,870
up €5,870 (+13.6%), from €43,292 to €49,162
- Depreciation +€2,560
up €2,560 (+200%), from €1,277 to €3,837
- Taxes +€986
up €986 (+8.2%), from €12,025 to €13,012
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 | €71,397 | €162,318 | +€90,921 | +127% |
| Fixed assets | 21/28 | €8,433 | €67,714 | +€59,280 | +703% |
| Tangible fixed assets | 22/27 | €8,433 | €67,714 | +€59,280 | +703% |
| Plant, machinery and equipment | 23 | €3,591 | €3,057 | -€534 | -14.9% |
| Furniture and vehicles | 24 | €4,842 | €64,657 | +€59,814 | +1,235% |
| Current assets | 29/58 | €62,963 | €94,604 | +€31,641 | +50.3% |
| Amounts receivable within one year | 40/41 | €19,595 | €16,311 | -€3,284 | -16.8% |
| Trade receivables | 40 | €17,625 | €15,136 | -€2,489 | -14.1% |
| Other amounts receivable | 41 | €1,970 | €1,175 | -€796 | -40.4% |
| Cash at bank and in hand | 54/58 | €43,368 | €78,294 | +€34,926 | +80.5% |
| Total equity and liabilities | 10/49 | €71,397 | €162,318 | +€90,921 | +127% |
| Equity | 10/15 | €43,260 | €73,417 | +€30,157 | +69.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €42,760 | €72,917 | +€30,157 | +70.5% |
| Distributable reserves | 133 | €42,760 | €72,917 | +€30,157 | +70.5% |
| Amounts payable | 17/49 | €28,137 | €88,901 | +€60,765 | +216% |
| Amounts payable after more than one year | 17 | - | €43,756 | +€43,756 | |
| Financial debts | 170/4 | - | €43,756 | +€43,756 | |
| Amounts payable within one year | 42/48 | €28,137 | €45,145 | +€17,009 | +60.5% |
| Current portion of amounts payable after more than one year | 42 | - | €10,316 | +€10,316 | |
| Trade debts | 44 | €500 | €1,105 | +€605 | +121% |
| Suppliers | 440/4 | €500 | €1,105 | +€605 | +121% |
| Taxes, remuneration and social security | 45 | €3,465 | €2,927 | -€538 | -15.5% |
| Taxes | 450/3 | €3,465 | €2,927 | -€538 | -15.5% |
| Other amounts payable | 47/48 | €24,172 | €30,797 | +€6,625 | +27.4% |
| Remuneration, social security and pensions | 62 | €1,728 | €1,728 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,277 | €3,837 | +€2,560 | +200% |
| Other operating charges | 640/8 | - | €144 | +€144 | |
| Gross operating margin | 9900 | €43,292 | €49,162 | +€5,870 | +13.6% |
| Operating profit (loss) | 9901 | €40,287 | €43,453 | +€3,166 | +7.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €96 | €284 | +€188 | +196% |
| Recurring financial charges | 65 | €96 | €284 | +€188 | +196% |
| Profit (loss) for the period before taxes | 9903 | €40,190 | €43,168 | +€2,978 | +7.4% |
| Income taxes | 67/77 | €12,025 | €13,012 | +€986 | +8.2% |
| Profit (loss) for the period | 9904 | €28,165 | €30,157 | +€1,992 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,165 | €30,157 | +€1,992 | +7.1% |
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 20 October 2026 via checked.be.