K-NAL: 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.
K-NAL
Largest movements
- Tangible fixed assets -€69,706
down €69,706 (-15.6%), from €446,712 to €377,006
of which Other tangible fixed assets: -€39,702
- Deferred charges and accrued income +€58,264
up €58,264 (+1,399%), from €4,165 to €62,429
- Cash -€25,351
down €25,351 (-54.7%), from €46,369 to €21,018
mainly Deferred charges and accrued income (-€58,264) and Debts after one year (-€52,980)
- Stocks and contracts +€14,020
up €14,020 (+51.2%), from €27,379 to €41,399
- Debts after one year -€52,980
down €52,980 (-31.7%), from €166,938 to €113,958
- Trade debts -€41,983
down €41,983 (-23.3%), from €179,925 to €137,941
- Profit (loss) carried forward +€22,385
up €22,385 (+6.7%), from €332,660 to €355,046
- Other debts +€22,000
new in 2025: €22,000
- Tax, wage and social debts +€21,633
up €21,633 (+25.4%), from €85,079 to €106,713
of which Taxes: +€20,190
- Gross operating margin -€54,202
down €54,202 (-7.8%), from €694,014 to €639,813
- Staff costs +€33,599
up €33,599 (+7.5%), from €449,122 to €482,721
- Taxes -€8,959
down €8,959 (-45.8%), from €19,562 to €10,604
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 | €910,015 | €874,380 | -€35,635 | -3.9% |
| Fixed assets | 21/28 | €461,780 | €385,634 | -€76,146 | -16.5% |
| Intangible fixed assets | 21 | €15,068 | €8,628 | -€6,440 | -42.7% |
| Tangible fixed assets | 22/27 | €446,712 | €377,006 | -€69,706 | -15.6% |
| Plant, machinery and equipment | 23 | €9,442 | €9,353 | -€89 | -0.9% |
| Furniture and vehicles | 24 | €108,361 | €78,446 | -€29,915 | -27.6% |
| Other tangible fixed assets | 26 | €328,909 | €289,207 | -€39,702 | -12.1% |
| Current assets | 29/58 | €448,235 | €488,746 | +€40,511 | +9.0% |
| Stocks and contracts in progress | 3 | €27,379 | €41,399 | +€14,020 | +51.2% |
| Stocks | 30/36 | €27,379 | €41,399 | +€14,020 | +51.2% |
| Amounts receivable within one year | 40/41 | €370,322 | €363,899 | -€6,423 | -1.7% |
| Trade receivables | 40 | €22,241 | €6,387 | -€15,854 | -71.3% |
| Other amounts receivable | 41 | €348,081 | €357,512 | +€9,431 | +2.7% |
| Cash at bank and in hand | 54/58 | €46,369 | €21,018 | -€25,351 | -54.7% |
| Deferred charges and accrued income | 490/1 | €4,165 | €62,429 | +€58,264 | +1,399% |
| Total equity and liabilities | 10/49 | €910,015 | €874,380 | -€35,635 | -3.9% |
| Equity | 10/15 | €400,860 | €423,246 | +€22,385 | +5.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €332,660 | €355,046 | +€22,385 | +6.7% |
| Amounts payable | 17/49 | €509,155 | €451,134 | -€58,021 | -11.4% |
| Amounts payable after more than one year | 17 | €166,938 | €113,958 | -€52,980 | -31.7% |
| Financial debts | 170/4 | €166,938 | €113,958 | -€52,980 | -31.7% |
| Amounts payable within one year | 42/48 | €342,217 | €337,176 | -€5,041 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €77,213 | €70,522 | -€6,691 | -8.7% |
| Trade debts | 44 | €179,925 | €137,941 | -€41,983 | -23.3% |
| Suppliers | 440/4 | €179,925 | €137,941 | -€41,983 | -23.3% |
| Taxes, remuneration and social security | 45 | €85,079 | €106,713 | +€21,633 | +25.4% |
| Taxes | 450/3 | €41,591 | €61,781 | +€20,190 | +48.5% |
| Remuneration and social security | 454/9 | €43,488 | €44,932 | +€1,444 | +3.3% |
| Other amounts payable | 47/48 | - | €22,000 | +€22,000 | |
| Remuneration, social security and pensions | 62 | €449,122 | €482,721 | +€33,599 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,303 | €94,725 | +€422 | +0.4% |
| Other operating charges | 640/8 | €24,022 | €17,625 | -€6,397 | -26.6% |
| Non-recurring operating charges | 66A | €50 | €150 | +€100 | +200% |
| Gross operating margin | 9900 | €694,014 | €639,813 | -€54,202 | -7.8% |
| Operating profit (loss) | 9901 | €126,517 | €44,592 | -€81,925 | -64.8% |
| Financial income | 75/76B | €12,881 | €13,343 | +€462 | +3.6% |
| Recurring financial income | 75 | €12,881 | €13,343 | +€462 | +3.6% |
| Financial charges | 65/66B | €27,862 | €24,946 | -€2,916 | -10.5% |
| Recurring financial charges | 65 | €27,862 | €24,946 | -€2,916 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €111,536 | €32,989 | -€78,547 | -70.4% |
| Income taxes | 67/77 | €19,562 | €10,604 | -€8,959 | -45.8% |
| Profit (loss) for the period | 9904 | €91,974 | €22,385 | -€69,589 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €91,974 | €22,385 | -€69,589 | -75.7% |
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 27 October 2026 via checked.be.