KHALSA: 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.
KHALSA
Largest movements
- Stocks and contracts +€27,526
up €27,526 (+26.6%), from €103,395 to €130,921
- Receivables after one year -€24,740
down €24,740 (-35.4%), from €69,804 to €45,064
- Cash +€7,841
up €7,841 (+141%), from €5,570 to €13,411
mainly Receivables after one year (+€24,740) and Depreciation (+€6,884)
- Tangible fixed assets -€6,884
down €6,884 (-18.0%), from €38,170 to €31,286
of which Other tangible fixed assets: -€5,883
- Profit (loss) carried forward +€5,096
up €5,096 (+2.6%), from €195,793 to €200,889
- Current portion of long-term debt +€3,366
new in 2025: €3,366
- Trade debts -€2,832
down €2,832 (-29.2%), from €9,688 to €6,856
- Gross operating margin +€8,716
up €8,716 (+30.8%), from €28,273 to €36,990
- Staff costs +€3,805
up €3,805 (+22.4%), from €17,013 to €20,818
- Taxes +€1,761
up €1,761 (+3,954%), from €45 to €1,805
- Depreciation -€1,332
down €1,332 (-16.2%), from €8,216 to €6,884
- Other operating charges -€726
down €726 (-43.0%), from €1,691 to €964
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 | €230,301 | €235,368 | +€5,067 | +2.2% |
| Fixed assets | 21/28 | €39,638 | €32,754 | -€6,884 | -17.4% |
| Tangible fixed assets | 22/27 | €38,170 | €31,286 | -€6,884 | -18.0% |
| Furniture and vehicles | 24 | €2,399 | €1,397 | -€1,001 | -41.7% |
| Other tangible fixed assets | 26 | €35,771 | €29,889 | -€5,883 | -16.4% |
| Financial fixed assets | 28 | €1,468 | €1,468 | = | 0.0% |
| Current assets | 29/58 | €190,663 | €202,614 | +€11,951 | +6.3% |
| Amounts receivable after more than one year | 29 | €69,804 | €45,064 | -€24,740 | -35.4% |
| Other amounts receivable | 291 | €69,804 | €45,064 | -€24,740 | -35.4% |
| Stocks and contracts in progress | 3 | €103,395 | €130,921 | +€27,526 | +26.6% |
| Stocks | 30/36 | €103,395 | €130,921 | +€27,526 | +26.6% |
| Amounts receivable within one year | 40/41 | €10,034 | €10,569 | +€535 | +5.3% |
| Trade receivables | 40 | €79 | €1,018 | +€939 | +1,191% |
| Other amounts receivable | 41 | €9,955 | €9,551 | -€404 | -4.1% |
| Cash at bank and in hand | 54/58 | €5,570 | €13,411 | +€7,841 | +141% |
| Deferred charges and accrued income | 490/1 | €1,860 | €2,650 | +€790 | +42.5% |
| Total equity and liabilities | 10/49 | €230,301 | €235,368 | +€5,067 | +2.2% |
| Equity | 10/15 | €216,253 | €221,349 | +€5,096 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €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 | €195,793 | €200,889 | +€5,096 | +2.6% |
| Amounts payable | 17/49 | €14,048 | €14,019 | -€29 | -0.2% |
| Amounts payable within one year | 42/48 | €14,048 | €14,019 | -€29 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | - | €3,366 | +€3,366 | |
| Trade debts | 44 | €9,688 | €6,856 | -€2,832 | -29.2% |
| Suppliers | 440/4 | €9,688 | €6,856 | -€2,832 | -29.2% |
| Taxes, remuneration and social security | 45 | €4,360 | €3,797 | -€563 | -12.9% |
| Taxes | 450/3 | €614 | €3,797 | +€3,183 | +518% |
| Remuneration and social security | 454/9 | €3,746 | - | -€3,746 | |
| Remuneration, social security and pensions | 62 | €17,013 | €20,818 | +€3,805 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,216 | €6,884 | -€1,332 | -16.2% |
| Other operating charges | 640/8 | €1,691 | €964 | -€726 | -43.0% |
| Gross operating margin | 9900 | €28,273 | €36,990 | +€8,716 | +30.8% |
| Operating profit (loss) | 9901 | €1,353 | €8,323 | +€6,970 | +515% |
| Financial income | 75/76B | €14 | €24 | +€10 | +76.1% |
| Recurring financial income | 75 | €14 | €24 | +€10 | +76.1% |
| Financial charges | 65/66B | €1,260 | €1,446 | +€186 | +14.8% |
| Recurring financial charges | 65 | €1,260 | €1,446 | +€186 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €107 | €6,901 | +€6,794 | +6,371% |
| Income taxes | 67/77 | €45 | €1,805 | +€1,761 | +3,954% |
| Profit (loss) for the period | 9904 | €62 | €5,096 | +€5,034 | +8,104% |
| Profit (loss) for the period to be appropriated | 9905 | €62 | €5,096 | +€5,034 | +8,104% |
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.