KANELL: what changed
Two fiscal 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.
KANELL
Largest movements
- Stocks and contracts +€85,333
new in 2025: €85,333
- Receivables within one year -€46,626
down €46,626 (-87.5%), from €53,283 to €6,657
- Cash -€8,440
down €8,440 (-26.6%), from €31,719 to €23,278
mainly Net result for the year (-€91,981) and Stocks and contracts (-€85,333)
- Tangible fixed assets -€3,116
down €3,116 (-25.6%), from €12,195 to €9,079
- Trade debts +€102,627
up €102,627 (+158.2%), from €64,890 to €167,517
- Profit (loss) carried forward -€91,981
down €91,981, from €5,695 to -€86,287
- Tax, wage and social debts +€30,694
up €30,694 (+711.7%), from €4,313 to €35,007
of which Taxes: +€18,873
- Other debts -€13,486
down €13,486 (-100.0%), from €13,486 to €0
- Gross operating margin -€54,209
down €54,209 (-94.6%), from €57,279 to €3,070
- Write-downs +€37,067
new in 2025: €37,067
- Staff costs +€13,716
up €13,716 (+33.8%), from €40,623 to €54,339
- Financial income +€5,687
up €5,687 (+1334.4%), from €426 to €6,114
- Taxes -€2,397
down €2,397 (-100.0%), from €2,397 to €0
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.
Cash bridge derived
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 | €98,384 | €126,237 | +€27,853 | +28.3% |
| Fixed assets | 21/28 | €12,255 | €9,139 | -€3,116 | -25.4% |
| Tangible fixed assets | 22/27 | €12,195 | €9,079 | -€3,116 | -25.6% |
| Furniture and vehicles | 24 | €12,195 | €9,079 | -€3,116 | -25.6% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €86,129 | €117,098 | +€30,969 | +36.0% |
| Stocks and contracts in progress | 3 | - | €85,333 | +€85,333 | |
| Stocks | 30/36 | - | €85,333 | +€85,333 | |
| Amounts receivable within one year | 40/41 | €53,283 | €6,657 | -€46,626 | -87.5% |
| Trade receivables | 40 | €53,283 | €6,657 | -€46,626 | -87.5% |
| Cash at bank and in hand | 54/58 | €31,719 | €23,278 | -€8,440 | -26.6% |
| Deferred charges and accrued income | 490/1 | €1,127 | €1,830 | +€703 | +62.3% |
| Total equity and liabilities | 10/49 | €98,384 | €126,237 | +€27,853 | +28.3% |
| Equity | 10/15 | €15,695 | -€76,287 | -€91,981 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,695 | -€86,287 | -€91,981 | |
| Amounts payable | 17/49 | €82,689 | €202,524 | +€119,835 | +144.9% |
| Amounts payable within one year | 42/48 | €82,689 | €202,524 | +€119,835 | +144.9% |
| Trade debts | 44 | €64,890 | €167,517 | +€102,627 | +158.2% |
| Suppliers | 440/4 | €64,890 | €167,517 | +€102,627 | +158.2% |
| Taxes, remuneration and social security | 45 | €4,313 | €35,007 | +€30,694 | +711.7% |
| Taxes | 450/3 | €4,313 | €23,186 | +€18,873 | +437.6% |
| Remuneration and social security | 454/9 | - | €11,821 | +€11,821 | |
| Other amounts payable | 47/48 | €13,486 | €0 | -€13,486 | -100.0% |
| Remuneration, social security and pensions | 62 | €40,623 | €54,339 | +€13,716 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,384 | €3,116 | -€268 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €37,067 | +€37,067 | |
| Other operating charges | 640/8 | €4,835 | €6,026 | +€1,192 | +24.6% |
| Gross operating margin | 9900 | €57,279 | €3,070 | -€54,209 | -94.6% |
| Operating profit (loss) | 9901 | €8,437 | -€97,479 | -€105,916 | |
| Financial income | 75/76B | €426 | €6,114 | +€5,687 | +1334.4% |
| Recurring financial income | 75 | €426 | €6,114 | +€5,687 | +1334.4% |
| Financial charges | 65/66B | €771 | €616 | -€155 | -20.1% |
| Recurring financial charges | 65 | €771 | €616 | -€155 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €8,092 | -€91,981 | -€100,073 | |
| Income taxes | 67/77 | €2,397 | €0 | -€2,397 | -100.0% |
| Profit (loss) for the period | 9904 | €5,695 | -€91,981 | -€97,676 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,695 | -€91,981 | -€97,676 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.