KAHN: 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.
KAHN
Largest movements
- Receivables within one year -€287,293
down €287,293 (-52.3%), from €549,827 to €262,533
of which Trade receivables: -€264,078
- Stocks and contracts -€201,598
down €201,598 (-87.9%), from €229,283 to €27,685
of which Contracts in progress: -€174,073
- Cash -€44,385
down €44,385 (-13.3%), from €332,874 to €288,489
mainly Other debts (-€633,616) and Contributions, distributions and other (-€100,000)
- Tangible fixed assets -€35,488
down €35,488 (-7.8%), from €454,381 to €418,892
of which Land and buildings: -€20,963
- Other debts -€633,616
down €633,616 (-68.2%), from €929,404 to €295,788
- Reserves +€132,205
up €132,205 (+31.5%), from €419,668 to €551,873
- Trade debts -€31,598
down €31,598 (-51.7%), from €61,070 to €29,472
- Debts after one year -€30,000
down €30,000 (-29.3%), from €102,500 to €72,500
- Gross operating margin -€104,611
down €104,611 (-19.1%), from €547,721 to €443,110
- Staff costs +€43,092
up €43,092 (+66.4%), from €64,894 to €107,986
- Financial income -€24,050
down €24,050 (-82.0%), from €29,338 to €5,289
- Taxes -€11,908
down €11,908 (-16.1%), from €73,748 to €61,840
- Depreciation +€6,897
up €6,897 (+24.1%), from €28,591 to €35,488
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 | €1,566,364 | €1,000,723 | -€565,642 | -36.1% |
| Fixed assets | 21/28 | €454,381 | €418,892 | -€35,488 | -7.8% |
| Tangible fixed assets | 22/27 | €454,381 | €418,892 | -€35,488 | -7.8% |
| Land and buildings | 22 | €398,213 | €377,250 | -€20,963 | -5.3% |
| Plant, machinery and equipment | 23 | €3,121 | €996 | -€2,125 | -68.1% |
| Furniture and vehicles | 24 | €53,047 | €40,647 | -€12,400 | -23.4% |
| Current assets | 29/58 | €1,111,984 | €581,830 | -€530,154 | -47.7% |
| Stocks and contracts in progress | 3 | €229,283 | €27,685 | -€201,598 | -87.9% |
| Stocks | 30/36 | €55,210 | €27,685 | -€27,525 | -49.9% |
| Contracts in progress | 37 | €174,073 | - | -€174,073 | |
| Amounts receivable within one year | 40/41 | €549,827 | €262,533 | -€287,293 | -52.3% |
| Trade receivables | 40 | €461,003 | €196,925 | -€264,078 | -57.3% |
| Other amounts receivable | 41 | €88,824 | €65,609 | -€23,215 | -26.1% |
| Cash at bank and in hand | 54/58 | €332,874 | €288,489 | -€44,385 | -13.3% |
| Deferred charges and accrued income | 490/1 | - | €3,123 | +€3,123 | |
| Total equity and liabilities | 10/49 | €1,566,364 | €1,000,723 | -€565,642 | -36.1% |
| Equity | 10/15 | €438,268 | €570,473 | +€132,205 | +30.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €419,668 | €551,873 | +€132,205 | +31.5% |
| Distributable reserves | 133 | €419,668 | €551,873 | +€132,205 | +31.5% |
| Amounts payable | 17/49 | €1,128,096 | €430,249 | -€697,847 | -61.9% |
| Amounts payable after more than one year | 17 | €102,500 | €72,500 | -€30,000 | -29.3% |
| Financial debts | 170/4 | €102,500 | €72,500 | -€30,000 | -29.3% |
| Amounts payable within one year | 42/48 | €1,020,474 | €357,749 | -€662,725 | -64.9% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €61,070 | €29,472 | -€31,598 | -51.7% |
| Suppliers | 440/4 | €61,070 | €29,472 | -€31,598 | -51.7% |
| Taxes, remuneration and social security | 45 | - | €2,490 | +€2,490 | |
| Taxes | 450/3 | - | €2,490 | +€2,490 | |
| Other amounts payable | 47/48 | €929,404 | €295,788 | -€633,616 | -68.2% |
| Accrued charges and deferred income | 492/3 | €5,122 | - | -€5,122 | |
| Remuneration, social security and pensions | 62 | €64,894 | €107,986 | +€43,092 | +66.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,591 | €35,488 | +€6,897 | +24.1% |
| Other operating charges | 640/8 | €2,270 | €2,431 | +€161 | +7.1% |
| Gross operating margin | 9900 | €547,721 | €443,110 | -€104,611 | -19.1% |
| Operating profit (loss) | 9901 | €451,966 | €297,205 | -€154,761 | -34.2% |
| Financial income | 75/76B | €29,338 | €5,289 | -€24,050 | -82.0% |
| Recurring financial income | 75 | €29,338 | €5,289 | -€24,050 | -82.0% |
| Financial charges | 65/66B | €2,012 | €8,448 | +€6,436 | +320% |
| Recurring financial charges | 65 | €2,012 | €8,448 | +€6,436 | +320% |
| Profit (loss) for the period before taxes | 9903 | €479,293 | €294,045 | -€185,247 | -38.7% |
| Income taxes | 67/77 | €73,748 | €61,840 | -€11,908 | -16.1% |
| Profit (loss) for the period | 9904 | €405,544 | €232,205 | -€173,339 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €405,544 | €232,205 | -€173,339 | -42.7% |
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 15 October 2026 via checked.be.