HKN 11: 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.
HKN 11
Largest movements
- Stocks and contracts -€603,044
down €603,044 (-68.8%), from €876,713 to €273,670
- Receivables within one year +€185,968
up €185,968 (+1,243%), from €14,957 to €200,925
of which Trade receivables: +€185,968
- Tangible fixed assets -€24,951
down €24,951 (-1.8%), from €1.4m to €1.4m
of which Land and buildings: -€12,999
- Short-term financial debts -€1.3m
down €1.3m (-99.9%), from €1.3m to €1,593
- Current portion of long-term debt +€554,501
up €554,501 (+4,781%), from €11,598 to €566,099
- Debts after one year +€294,273
up €294,273 (+129%), from €227,542 to €521,815
- Profit (loss) carried forward +€31,676
up €31,676 (+31.7%), from €99,984 to €131,659
- Gross operating margin +€229,579
up €229,579 (+208%), from €110,140 to €339,718
- Taxes +€63,808
up €63,808 (+47,195%), from €135 to €63,943
- Other operating charges +€41,606
up €41,606 (+182%), from €22,911 to €64,517
- Financial charges -€38,288
down €38,288 (-40.3%), from €95,000 to €56,712
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 | €2,328,682 | €1,864,712 | -€463,970 | -19.9% |
| Fixed assets | 21/28 | €1,412,816 | €1,387,866 | -€24,951 | -1.8% |
| Tangible fixed assets | 22/27 | €1,412,816 | €1,387,866 | -€24,951 | -1.8% |
| Land and buildings | 22 | €1,369,487 | €1,356,488 | -€12,999 | -0.9% |
| Furniture and vehicles | 24 | €43,330 | €31,378 | -€11,952 | -27.6% |
| Current assets | 29/58 | €915,865 | €476,846 | -€439,019 | -47.9% |
| Stocks and contracts in progress | 3 | €876,713 | €273,670 | -€603,044 | -68.8% |
| Stocks | 30/36 | €876,713 | €273,670 | -€603,044 | -68.8% |
| Amounts receivable within one year | 40/41 | €14,957 | €200,925 | +€185,968 | +1,243% |
| Trade receivables | 40 | €14,601 | €200,569 | +€185,968 | +1,274% |
| Other amounts receivable | 41 | €355 | €355 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €24,195 | €1,054 | -€23,142 | -95.6% |
| Deferred charges and accrued income | 490/1 | - | €1,198 | +€1,198 | |
| Total equity and liabilities | 10/49 | €2,328,682 | €1,864,712 | -€463,970 | -19.9% |
| Equity | 10/15 | €120,444 | €152,119 | +€31,676 | +26.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,984 | €131,659 | +€31,676 | +31.7% |
| Amounts payable | 17/49 | €2,208,238 | €1,712,593 | -€495,645 | -22.4% |
| Amounts payable after more than one year | 17 | €227,542 | €521,815 | +€294,273 | +129% |
| Financial debts | 170/4 | €227,542 | €521,815 | +€294,273 | +129% |
| Amounts payable within one year | 42/48 | €1,980,696 | €1,190,778 | -€789,918 | -39.9% |
| Current portion of amounts payable after more than one year | 42 | €11,598 | €566,099 | +€554,501 | +4,781% |
| Financial debts | 43 | €1,344,000 | €1,593 | -€1.3m | -99.9% |
| Credit institutions | 430/8 | €1,344,000 | €1,593 | -€1.3m | -99.9% |
| Trade debts | 44 | €13,493 | €1,507 | -€11,986 | -88.8% |
| Suppliers | 440/4 | €13,493 | €1,507 | -€11,986 | -88.8% |
| Taxes, remuneration and social security | 45 | €8,541 | €18,407 | +€9,866 | +116% |
| Taxes | 450/3 | €2,329 | €2,342 | +€13 | +0.5% |
| Remuneration and social security | 454/9 | €6,211 | €16,065 | +€9,853 | +159% |
| Other amounts payable | 47/48 | €603,065 | €603,173 | +€108 | 0.0% |
| Remuneration, social security and pensions | 62 | €34,607 | €36,361 | +€1,754 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,602 | €86,510 | -€1,092 | -1.2% |
| Other operating charges | 640/8 | €22,911 | €64,517 | +€41,606 | +182% |
| Gross operating margin | 9900 | €110,140 | €339,718 | +€229,579 | +208% |
| Operating profit (loss) | 9901 | -€34,980 | €152,331 | +€187,311 | |
| Financial charges | 65/66B | €95,000 | €56,712 | -€38,288 | -40.3% |
| Recurring financial charges | 65 | €95,000 | €56,712 | -€38,288 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | -€129,981 | €95,619 | +€225,600 | |
| Income taxes | 67/77 | €135 | €63,943 | +€63,808 | +47,195% |
| Profit (loss) for the period | 9904 | -€130,116 | €31,676 | +€161,791 | |
| Profit (loss) for the period to be appropriated | 9905 | -€130,116 | €31,676 | +€161,791 |
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 18 October 2026 via checked.be.