THEO KENIS: 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.
THEO KENIS
Largest movements
- Tangible fixed assets -€110,376
down €110,376 (-18.6%), from €594,663 to €484,287
of which Leasing and similar rights: -€84,285
- Debts after one year -€87,602
down €87,602 (-61.4%), from €142,618 to €55,016
- Tax, wage and social debts -€23,052
down €23,052 (-32.8%), from €70,286 to €47,234
of which Taxes: -€24,590
- Reserves +€20,000
up €20,000 (+4.7%), from €427,065 to €447,065
- Other debts -€14,971
down €14,971 (-11.1%), from €135,121 to €120,150
- Gross operating margin -€190,161
down €190,161 (-28.6%), from €665,968 to €475,807
- Staff costs -€79,073
down €79,073 (-21.2%), from €372,404 to €293,331
- Taxes -€40,465
down €40,465 (-81.2%), from €49,858 to €9,393
- Depreciation -€13,942
down €13,942 (-10.8%), from €128,946 to €115,004
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 | €1,046,931 | €927,940 | -€118,991 | -11.4% |
| Fixed assets | 21/28 | €598,808 | €487,352 | -€111,456 | -18.6% |
| Tangible fixed assets | 22/27 | €594,663 | €484,287 | -€110,376 | -18.6% |
| Plant, machinery and equipment | 23 | €26,937 | €22,005 | -€4,932 | -18.3% |
| Furniture and vehicles | 24 | €200,822 | €180,760 | -€20,062 | -10.0% |
| Leasing and similar rights | 25 | €358,560 | €274,275 | -€84,285 | -23.5% |
| Other tangible fixed assets | 26 | €8,344 | €7,247 | -€1,097 | -13.1% |
| Financial fixed assets | 28 | €4,145 | €3,065 | -€1,080 | -26.1% |
| Current assets | 29/58 | €448,123 | €440,588 | -€7,535 | -1.7% |
| Amounts receivable within one year | 40/41 | €134,723 | €134,704 | -€19 | 0.0% |
| Trade receivables | 40 | €133,576 | €125,681 | -€7,895 | -5.9% |
| Other amounts receivable | 41 | €1,147 | €9,023 | +€7,876 | +687% |
| Cash at bank and in hand | 54/58 | €305,727 | €296,986 | -€8,741 | -2.9% |
| Deferred charges and accrued income | 490/1 | €7,673 | €8,898 | +€1,225 | +16.0% |
| Total equity and liabilities | 10/49 | €1,046,931 | €927,940 | -€118,991 | -11.4% |
| Equity | 10/15 | €590,882 | €609,756 | +€18,874 | +3.2% |
| Contributions | 10/11 | €161,550 | €161,550 | = | 0.0% |
| Reserves | 13 | €427,065 | €447,065 | +€20,000 | +4.7% |
| Distributable reserves | 133 | €427,065 | €447,065 | +€20,000 | +4.7% |
| Profit (loss) carried forward | 14 | €2,267 | €1,141 | -€1,126 | -49.7% |
| Amounts payable | 17/49 | €456,049 | €318,184 | -€137,865 | -30.2% |
| Amounts payable after more than one year | 17 | €142,618 | €55,016 | -€87,602 | -61.4% |
| Financial debts | 170/4 | €142,618 | €55,016 | -€87,602 | -61.4% |
| Amounts payable within one year | 42/48 | €306,608 | €256,280 | -€50,328 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €97,107 | €87,924 | -€9,183 | -9.5% |
| Trade debts | 44 | €4,094 | €972 | -€3,122 | -76.3% |
| Suppliers | 440/4 | €4,094 | €972 | -€3,122 | -76.3% |
| Taxes, remuneration and social security | 45 | €70,286 | €47,234 | -€23,052 | -32.8% |
| Taxes | 450/3 | €51,406 | €26,816 | -€24,590 | -47.8% |
| Remuneration and social security | 454/9 | €18,880 | €20,418 | +€1,538 | +8.1% |
| Other amounts payable | 47/48 | €135,121 | €120,150 | -€14,971 | -11.1% |
| Accrued charges and deferred income | 492/3 | €6,823 | €6,888 | +€65 | +1.0% |
| Non-recurring operating income | 76A | €11,687 | €13,360 | +€1,673 | +14.3% |
| Remuneration, social security and pensions | 62 | €372,404 | €293,331 | -€79,073 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,946 | €115,004 | -€13,942 | -10.8% |
| Other operating charges | 640/8 | €31,726 | €28,300 | -€3,426 | -10.8% |
| Gross operating margin | 9900 | €665,968 | €475,807 | -€190,161 | -28.6% |
| Operating profit (loss) | 9901 | €132,892 | €39,172 | -€93,720 | -70.5% |
| Financial income | 75/76B | €110 | €709 | +€599 | +545% |
| Recurring financial income | 75 | €110 | €709 | +€599 | +545% |
| Financial charges | 65/66B | €13,003 | €10,014 | -€2,989 | -23.0% |
| Recurring financial charges | 65 | €13,003 | €10,014 | -€2,989 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €119,999 | €29,867 | -€90,132 | -75.1% |
| Income taxes | 67/77 | €49,858 | €9,393 | -€40,465 | -81.2% |
| Profit (loss) for the period | 9904 | €70,141 | €20,474 | -€49,667 | -70.8% |
| Transfer from tax-exempt reserves | 789 | €46,299 | - | -€46,299 | |
| Profit (loss) for the period to be appropriated | 9905 | €116,440 | €20,474 | -€95,966 | -82.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.