New Kintsugi: 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.
New Kintsugi
Largest movements
- Cash -€42,926
down €42,926 (-66.3%), from €64,735 to €21,809
mainly Contributions, distributions and other (-€125,000) and Debts after one year (-€27,013)
- Receivables within one year +€19,360
up €19,360 (+100%), from €19,360 to €38,720
- Tangible fixed assets -€10,440
down €10,440 (-84.2%), from €12,400 to €1,960
of which Leasing and similar rights: -€10,196
- Other debts +€85,005
up €85,005 (+75,782%), from €112 to €85,117
- Reserves -€64,357
down €64,357 (-26.1%), from €246,681 to €182,324
- Debts after one year -€27,013
down €27,013 (-46.6%), from €57,919 to €30,906
- Tax, wage and social debts -€25,570
down €25,570 (-64.3%), from €39,797 to €14,226
- Gross operating margin -€23,812
down €23,812 (-19.9%), from €119,856 to €96,044
- Taxes -€5,905
down €5,905 (-21.5%), from €27,443 to €21,538
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 | €381,045 | €345,159 | -€35,886 | -9.4% |
| Fixed assets | 21/28 | €264,859 | €254,419 | -€10,440 | -3.9% |
| Tangible fixed assets | 22/27 | €12,400 | €1,960 | -€10,440 | -84.2% |
| Plant, machinery and equipment | 23 | €1,200 | €1,552 | +€352 | +29.4% |
| Furniture and vehicles | 24 | €1,004 | €407 | -€597 | -59.4% |
| Leasing and similar rights | 25 | €10,196 | - | -€10,196 | |
| Financial fixed assets | 28 | €252,460 | €252,460 | = | 0.0% |
| Current assets | 29/58 | €116,186 | €90,740 | -€25,446 | -21.9% |
| Amounts receivable after more than one year | 29 | €26,930 | €26,930 | = | 0.0% |
| Other amounts receivable | 291 | €26,930 | €26,930 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,360 | €38,720 | +€19,360 | +100% |
| Trade receivables | 40 | €19,360 | €38,720 | +€19,360 | +100% |
| Cash at bank and in hand | 54/58 | €64,735 | €21,809 | -€42,926 | -66.3% |
| Deferred charges and accrued income | 490/1 | €5,160 | €3,281 | -€1,880 | -36.4% |
| Total equity and liabilities | 10/49 | €381,045 | €345,159 | -€35,886 | -9.4% |
| Equity | 10/15 | €249,181 | €184,824 | -€64,357 | -25.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €246,681 | €182,324 | -€64,357 | -26.1% |
| Distributable reserves | 133 | €246,681 | €182,324 | -€64,357 | -26.1% |
| Amounts payable | 17/49 | €131,864 | €160,335 | +€28,471 | +21.6% |
| Amounts payable after more than one year | 17 | €57,919 | €30,906 | -€27,013 | -46.6% |
| Financial debts | 170/4 | €57,919 | €30,906 | -€27,013 | -46.6% |
| Amounts payable within one year | 42/48 | €73,945 | €129,129 | +€55,184 | +74.6% |
| Current portion of amounts payable after more than one year | 42 | €29,709 | €26,913 | -€2,797 | -9.4% |
| Trade debts | 44 | €4,327 | €2,873 | -€1,454 | -33.6% |
| Suppliers | 440/4 | €4,327 | €2,873 | -€1,454 | -33.6% |
| Taxes, remuneration and social security | 45 | €39,797 | €14,226 | -€25,570 | -64.3% |
| Taxes | 450/3 | €39,797 | €14,226 | -€25,570 | -64.3% |
| Other amounts payable | 47/48 | €112 | €85,117 | +€85,005 | +75,782% |
| Accrued charges and deferred income | 492/3 | - | €300 | +€300 | |
| Non-recurring operating income | 76A | - | €456 | +€456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,966 | €11,918 | -€49 | -0.4% |
| Other operating charges | 640/8 | €1,397 | €1,258 | -€139 | -10.0% |
| Gross operating margin | 9900 | €119,856 | €96,044 | -€23,812 | -19.9% |
| Operating profit (loss) | 9901 | €106,493 | €82,869 | -€23,624 | -22.2% |
| Financial income | 75/76B | €70 | €1,157 | +€1,088 | +1,563% |
| Recurring financial income | 75 | €70 | €1,157 | +€1,088 | +1,563% |
| Financial charges | 65/66B | €850 | €1,845 | +€994 | +117% |
| Recurring financial charges | 65 | €850 | €1,845 | +€994 | +117% |
| Profit (loss) for the period before taxes | 9903 | €105,712 | €82,181 | -€23,531 | -22.3% |
| Income taxes | 67/77 | €27,443 | €21,538 | -€5,905 | -21.5% |
| Profit (loss) for the period | 9904 | €78,269 | €60,643 | -€17,626 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €78,269 | €60,643 | -€17,626 | -22.5% |
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 22 October 2026 via checked.be.