PHILIPPE KENEL: 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.
PHILIPPE KENEL
Largest movements
- Cash +€6,873
up €6,873 (+44.8%), from €15,341 to €22,214
mainly Receivables within one year (+€6,236) and Trade debts (+€2,730)
- Receivables within one year -€6,236
down €6,236 (-38.7%), from €16,119 to €9,883
of which Trade receivables: -€9,369
- Profit (loss) carried forward -€3,908
down €3,908 (-8.2%), from -€47,561 to -€51,469
- Trade debts +€2,730
up €2,730 (+105%), from €2,592 to €5,322
- Other debts +€1,185
up €1,185 (+2.1%), from €55,622 to €56,806
- Tax, wage and social debts +€597
up €597 (+156%), from €381 to €978
- Gross operating margin -€11,599
down €11,599, from €8,434 to -€3,164
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 | €31,494 | €32,097 | +€602 | +1.9% |
| Current assets | 29/58 | €31,494 | €32,097 | +€602 | +1.9% |
| Amounts receivable within one year | 40/41 | €16,119 | €9,883 | -€6,236 | -38.7% |
| Trade receivables | 40 | €14,924 | €5,555 | -€9,369 | -62.8% |
| Other amounts receivable | 41 | €1,195 | €4,328 | +€3,133 | +262% |
| Cash at bank and in hand | 54/58 | €15,341 | €22,214 | +€6,873 | +44.8% |
| Deferred charges and accrued income | 490/1 | €34 | - | -€34 | |
| Total equity and liabilities | 10/49 | €31,494 | €32,097 | +€602 | +1.9% |
| Equity | 10/15 | -€27,101 | -€31,009 | -€3,908 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€47,561 | -€51,469 | -€3,908 | -8.2% |
| Amounts payable | 17/49 | €58,595 | €63,106 | +€4,511 | +7.7% |
| Amounts payable within one year | 42/48 | €58,595 | €63,106 | +€4,511 | +7.7% |
| Trade debts | 44 | €2,592 | €5,322 | +€2,730 | +105% |
| Suppliers | 440/4 | €2,592 | €5,322 | +€2,730 | +105% |
| Taxes, remuneration and social security | 45 | €381 | €978 | +€597 | +156% |
| Taxes | 450/3 | €381 | €978 | +€597 | +156% |
| Other amounts payable | 47/48 | €55,622 | €56,806 | +€1,185 | +2.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €578 | - | -€578 | |
| Gross operating margin | 9900 | €8,434 | -€3,164 | -€11,599 | |
| Operating profit (loss) | 9901 | €7,469 | -€3,564 | -€11,033 | |
| Financial charges | 65/66B | €353 | €344 | -€8 | -2.4% |
| Recurring financial charges | 65 | €353 | €344 | -€8 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €7,116 | -€3,908 | -€11,025 | |
| Profit (loss) for the period | 9904 | €7,116 | -€3,908 | -€11,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,116 | -€3,908 | -€11,025 |
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 19 October 2026 via checked.be.