MARKET KENEDI: what changed
MARKET KENEDI
Largest movements
- Cash -€39,311
down €39,311 (-85.3%), from €46,069 to €6,758
mainly Stocks and contracts (-€24,627) and Net result for the year (-€23,371)
- Stocks and contracts +€24,627
up €24,627 (+35.1%), from €70,151 to €94,778
- Receivables within one year -€6,738
down €6,738 (-59.0%), from €11,414 to €4,676
of which Trade receivables: -€8,238
- Tangible fixed assets -€5,903
down €5,903 (-19.4%), from €30,467 to €24,564
of which Furniture and vehicles: -€3,035
- Profit (loss) carried forward -€23,371
down €23,371 (-25.2%), from €92,629 to €69,258
- Trade debts -€3,530
down €3,530 (-34.4%), from €10,258 to €6,728
- Short-term financial debts +€3,132
new in 2025: €3,132
- Tax, wage and social debts -€3,115
down €3,115 (-13.9%), from €22,358 to €19,243
of which Taxes: -€2,521
- Other debts -€1,651
down €1,651 (-9.8%), from €16,813 to €15,162
- Gross operating margin -€52,990
down €52,990 (-64.3%), from €82,418 to €29,428
- Staff costs +€17,238
up €17,238 (+92.6%), from €18,614 to €35,852
- Taxes -€14,046
down €14,046 (-96.6%), from €14,539 to €493
- Other operating charges -€1,425
down €1,425 (-38.4%), from €3,710 to €2,285
- Depreciation +€1,125
up €1,125 (+12.5%), from €9,028 to €10,153
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 | €162,509 | €133,975 | -€28,534 | -17.6% |
| Fixed assets | 21/28 | €30,500 | €24,596 | -€5,904 | -19.4% |
| Tangible fixed assets | 22/27 | €30,467 | €24,564 | -€5,903 | -19.4% |
| Plant, machinery and equipment | 23 | €6,500 | €3,632 | -€2,868 | -44.1% |
| Furniture and vehicles | 24 | €23,967 | €20,932 | -€3,035 | -12.7% |
| Financial fixed assets | 28 | €33 | €32 | -€1 | -3.0% |
| Current assets | 29/58 | €132,009 | €109,379 | -€22,630 | -17.1% |
| Stocks and contracts in progress | 3 | €70,151 | €94,778 | +€24,627 | +35.1% |
| Stocks | 30/36 | €70,151 | €94,778 | +€24,627 | +35.1% |
| Amounts receivable within one year | 40/41 | €11,414 | €4,676 | -€6,738 | -59.0% |
| Trade receivables | 40 | €11,080 | €2,842 | -€8,238 | -74.4% |
| Other amounts receivable | 41 | €334 | €1,834 | +€1,500 | +449% |
| Cash at bank and in hand | 54/58 | €46,069 | €6,758 | -€39,311 | -85.3% |
| Deferred charges and accrued income | 490/1 | €4,375 | €3,167 | -€1,208 | -27.6% |
| Total equity and liabilities | 10/49 | €162,509 | €133,975 | -€28,534 | -17.6% |
| Equity | 10/15 | €113,080 | €89,710 | -€23,370 | -20.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,860 | +€1 | +0.1% |
| Distributable reserves | 133 | €1,859 | €1,860 | +€1 | +0.1% |
| Profit (loss) carried forward | 14 | €92,629 | €69,258 | -€23,371 | -25.2% |
| Amounts payable | 17/49 | €49,429 | €44,265 | -€5,164 | -10.4% |
| Amounts payable within one year | 42/48 | €49,429 | €44,265 | -€5,164 | -10.4% |
| Financial debts | 43 | - | €3,132 | +€3,132 | |
| Credit institutions | 430/8 | - | €3,132 | +€3,132 | |
| Trade debts | 44 | €10,258 | €6,728 | -€3,530 | -34.4% |
| Suppliers | 440/4 | €10,258 | €6,728 | -€3,530 | -34.4% |
| Taxes, remuneration and social security | 45 | €22,358 | €19,243 | -€3,115 | -13.9% |
| Taxes | 450/3 | €17,553 | €15,032 | -€2,521 | -14.4% |
| Remuneration and social security | 454/9 | €4,805 | €4,211 | -€594 | -12.4% |
| Other amounts payable | 47/48 | €16,813 | €15,162 | -€1,651 | -9.8% |
| Non-recurring operating income | 76A | - | €4,250 | +€4,250 | |
| Remuneration, social security and pensions | 62 | €18,614 | €35,852 | +€17,238 | +92.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,028 | €10,153 | +€1,125 | +12.5% |
| Other operating charges | 640/8 | €3,710 | €2,285 | -€1,425 | -38.4% |
| Gross operating margin | 9900 | €82,418 | €29,428 | -€52,990 | -64.3% |
| Operating profit (loss) | 9901 | €51,066 | -€18,862 | -€69,928 | |
| Financial income | 75/76B | €308 | €448 | +€140 | +45.5% |
| Recurring financial income | 75 | €308 | €448 | +€140 | +45.5% |
| Financial charges | 65/66B | €3,362 | €4,464 | +€1,102 | +32.8% |
| Recurring financial charges | 65 | €3,362 | €4,464 | +€1,102 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €48,012 | -€22,878 | -€70,890 | |
| Income taxes | 67/77 | €14,539 | €493 | -€14,046 | -96.6% |
| Profit (loss) for the period | 9904 | €33,473 | -€23,371 | -€56,844 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,473 | -€23,371 | -€56,844 |
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 4 November 2026 via checked.be.