KHAEL: 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.
KHAEL
Largest movements
- Stocks and contracts -€5,481
down €5,481 (-24.3%), from €22,548 to €17,067
- Cash +€1,281
up €1,281 (+170%), from €752 to €2,033
mainly Stocks and contracts (+€5,481) and Trade debts (+€1,589)
- Profit (loss) carried forward -€5,403
down €5,403 (-210%), from -€2,575 to -€7,978
- Trade debts +€1,589
up €1,589 (+117%), from €1,354 to €2,943
- Other debts -€1,388
down €1,388 (-100%), from €1,388 to €0
- Tax, wage and social debts +€1,314
up €1,314 (+26.4%), from €4,981 to €6,295
of which Remuneration and social security: +€1,223
- Short-term financial debts -€312
down €312 (-6.7%), from €4,646 to €4,334
- Purchases and services +€24,658
up €24,658 (+10.2%), from €242,462 to €267,120
- Gross operating margin -€11,670
down €11,670 (-42.8%), from €27,295 to €15,625
- Turnover +€10,407
up €10,407 (+3.9%), from €269,754 to €280,160
- Other operating charges -€5,066
down €5,066 (-75.0%), from €6,752 to €1,686
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 | €29,129 | €24,930 | -€4,200 | -14.4% |
| Fixed assets | 21/28 | €1,396 | €1,396 | = | 0.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,396 | €1,396 | = | 0.0% |
| Current assets | 29/58 | €27,733 | €23,534 | -€4,200 | -15.1% |
| Stocks and contracts in progress | 3 | €22,548 | €17,067 | -€5,481 | -24.3% |
| Stocks | 30/36 | €22,548 | €17,067 | -€5,481 | -24.3% |
| Amounts receivable within one year | 40/41 | €3,987 | €3,987 | +€0 | 0.0% |
| Trade receivables | 40 | €3,987 | €3,987 | +€0 | 0.0% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €752 | €2,033 | +€1,281 | +170% |
| Deferred charges and accrued income | 490/1 | €446 | €446 | = | 0.0% |
| Total equity and liabilities | 10/49 | €29,129 | €24,930 | -€4,200 | -14.4% |
| Equity | 10/15 | €16,760 | €11,357 | -€5,403 | -32.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €743 | €743 | = | 0.0% |
| Non-distributable reserves | 130/1 | €743 | €743 | = | 0.0% |
| Legal reserve | 130 | €743 | €743 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,575 | -€7,978 | -€5,403 | -210% |
| Amounts payable | 17/49 | €12,369 | €13,572 | +€1,203 | +9.7% |
| Amounts payable within one year | 42/48 | €12,369 | €13,572 | +€1,203 | +9.7% |
| Financial debts | 43 | €4,646 | €4,334 | -€312 | -6.7% |
| Credit institutions | 430/8 | €4,646 | €4,334 | -€312 | -6.7% |
| Trade debts | 44 | €1,354 | €2,943 | +€1,589 | +117% |
| Suppliers | 440/4 | €1,354 | €2,943 | +€1,589 | +117% |
| Taxes, remuneration and social security | 45 | €4,981 | €6,295 | +€1,314 | +26.4% |
| Taxes | 450/3 | €317 | €409 | +€92 | +29.0% |
| Remuneration and social security | 454/9 | €4,663 | €5,886 | +€1,223 | +26.2% |
| Other amounts payable | 47/48 | €1,388 | €0 | -€1,388 | -100% |
| Turnover | 70 | €269,754 | €280,160 | +€10,407 | +3.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €242,462 | €267,120 | +€24,658 | +10.2% |
| Remuneration, social security and pensions | 62 | €17,928 | €18,568 | +€640 | +3.6% |
| Other operating charges | 640/8 | €6,752 | €1,686 | -€5,066 | -75.0% |
| Gross operating margin | 9900 | €27,295 | €15,625 | -€11,670 | -42.8% |
| Operating profit (loss) | 9901 | €2,616 | -€4,628 | -€7,244 | |
| Financial charges | 65/66B | €891 | €774 | -€116 | -13.1% |
| Recurring financial charges | 65 | €891 | €774 | -€116 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €1,725 | -€5,403 | -€7,128 | |
| Income taxes | 67/77 | €834 | - | -€834 | |
| Profit (loss) for the period | 9904 | €891 | -€5,403 | -€6,294 | |
| Profit (loss) for the period to be appropriated | 9905 | €891 | -€5,403 | -€6,294 |
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 13 October 2026 via checked.be.