MD KINE: 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.
MD KINE
Largest movements
- Cash +€33,553
up €33,553 (+27.1%), from €124,020 to €157,574
mainly Other debts (+€45,000) and Net result for the year (+€30,806)
- Tangible fixed assets -€4,086
down €4,086 (-48.3%), from €8,453 to €4,367
of which Land and buildings: -€2,828
- Receivables within one year +€3,377
up €3,377 (+15.9%), from €21,189 to €24,567
- Other debts +€45,000
new in 2025: €45,000
- Reserves -€15,000
down €15,000 (-14.4%), from €103,859 to €88,859
- Tax, wage and social debts +€3,975
up €3,975 (+35.8%), from €11,100 to €15,075
- Debts after one year -€3,052
down €3,052 (-41.5%), from €7,355 to €4,303
- Gross operating margin +€10,584
up €10,584 (+24.7%), from €42,868 to €53,452
- Taxes +€4,744
up €4,744 (+42.2%), from €11,232 to €15,975
- Financial charges +€866
up €866 (+347%), from €250 to €1,116
- Other operating charges +€820
up €820 (+126%), from €648 to €1,468
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 | €153,911 | €186,755 | +€32,845 | +21.3% |
| Fixed assets | 21/28 | €8,701 | €4,615 | -€4,086 | -47.0% |
| Tangible fixed assets | 22/27 | €8,453 | €4,367 | -€4,086 | -48.3% |
| Land and buildings | 22 | €4,715 | €1,886 | -€2,828 | -60.0% |
| Furniture and vehicles | 24 | €3,739 | €2,481 | -€1,258 | -33.6% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €145,210 | €182,140 | +€36,931 | +25.4% |
| Amounts receivable within one year | 40/41 | €21,189 | €24,567 | +€3,377 | +15.9% |
| Other amounts receivable | 41 | €21,189 | €24,567 | +€3,377 | +15.9% |
| Cash at bank and in hand | 54/58 | €124,020 | €157,574 | +€33,553 | +27.1% |
| Total equity and liabilities | 10/49 | €153,911 | €186,755 | +€32,845 | +21.3% |
| Equity | 10/15 | €133,504 | €119,310 | -€14,194 | -10.6% |
| Reserves | 13 | €103,859 | €88,859 | -€15,000 | -14.4% |
| Distributable reserves | 133 | €103,859 | €88,859 | -€15,000 | -14.4% |
| Profit (loss) carried forward | 14 | €29,645 | €30,450 | +€806 | +2.7% |
| Amounts payable | 17/49 | €20,407 | €67,446 | +€47,039 | +231% |
| Amounts payable after more than one year | 17 | €7,355 | €4,303 | -€3,052 | -41.5% |
| Financial debts | 170/4 | €7,355 | €4,303 | -€3,052 | -41.5% |
| Amounts payable within one year | 42/48 | €13,052 | €63,143 | +€50,091 | +384% |
| Current portion of amounts payable after more than one year | 42 | €1,937 | €3,052 | +€1,115 | +57.6% |
| Trade debts | 44 | €16 | €16 | = | 0.0% |
| Suppliers | 440/4 | €16 | €16 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €11,100 | €15,075 | +€3,975 | +35.8% |
| Taxes | 450/3 | €11,100 | €15,075 | +€3,975 | +35.8% |
| Other amounts payable | 47/48 | - | €45,000 | +€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,840 | €4,086 | +€246 | +6.4% |
| Other operating charges | 640/8 | €648 | €1,468 | +€820 | +126% |
| Gross operating margin | 9900 | €42,868 | €53,452 | +€10,584 | +24.7% |
| Operating profit (loss) | 9901 | €38,379 | €47,897 | +€9,518 | +24.8% |
| Financial income | 75/76B | €111 | - | -€111 | |
| Recurring financial income | 75 | €111 | - | -€111 | |
| Financial charges | 65/66B | €250 | €1,116 | +€866 | +347% |
| Recurring financial charges | 65 | €250 | €1,116 | +€866 | +347% |
| Profit (loss) for the period before taxes | 9903 | €38,241 | €46,781 | +€8,540 | +22.3% |
| Income taxes | 67/77 | €11,232 | €15,975 | +€4,744 | +42.2% |
| Profit (loss) for the period | 9904 | €27,009 | €30,806 | +€3,797 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,009 | €30,806 | +€3,797 | +14.1% |
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 14 October 2026 via checked.be.