KHL CONSULT: 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.
KHL CONSULT
Largest movements
- Cash -€172,793
down €172,793 (-87.3%), from €197,822 to €25,029
mainly Contributions, distributions and other (-€200,000) and Current investments (-€131,702)
- Current investments +€131,702
up €131,702 (+135%), from €97,556 to €229,258
- Receivables within one year -€28,360
down €28,360 (-51.9%), from €54,593 to €26,233
of which Trade receivables: -€32,324
- Tangible fixed assets +€24,091
up €24,091 (+112%), from €21,425 to €45,516
of which Other tangible fixed assets: +€15,673
- Profit (loss) carried forward -€200,473
down €200,473 (-61.0%), from €328,408 to €127,936
- Other debts +€171,043
up €171,043 (+10,860%), from €1,575 to €172,618
- Tax, wage and social debts -€8,175
no longer reported in 2025 (was €8,175)
- Trade debts -€8,150
down €8,150 (-61.9%), from €13,172 to €5,021
- Gross operating margin -€83,140
down €83,140 (-85.3%), from €97,504 to €14,364
- Taxes -€19,886
down €19,886 (-87.4%), from €22,754 to €2,868
- Financial income +€1,757
up €1,757 (+47.3%), from €3,713 to €5,470
- Depreciation -€1,520
down €1,520 (-10.3%), from €14,787 to €13,267
- Financial charges +€1,022
up €1,022 (+32.5%), from €3,148 to €4,171
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 | €371,790 | €326,035 | -€45,755 | -12.3% |
| Fixed assets | 21/28 | €21,425 | €45,516 | +€24,091 | +112% |
| Tangible fixed assets | 22/27 | €21,425 | €45,516 | +€24,091 | +112% |
| Plant, machinery and equipment | 23 | €8,755 | €4,453 | -€4,302 | -49.1% |
| Furniture and vehicles | 24 | €5,508 | €18,228 | +€12,720 | +231% |
| Other tangible fixed assets | 26 | €7,162 | €22,835 | +€15,673 | +219% |
| Current assets | 29/58 | €350,366 | €280,519 | -€69,846 | -19.9% |
| Amounts receivable within one year | 40/41 | €54,593 | €26,233 | -€28,360 | -51.9% |
| Trade receivables | 40 | €52,324 | €20,000 | -€32,324 | -61.8% |
| Other amounts receivable | 41 | €2,269 | €6,233 | +€3,964 | +175% |
| Current investments | 50/53 | €97,556 | €229,258 | +€131,702 | +135% |
| Cash at bank and in hand | 54/58 | €197,822 | €25,029 | -€172,793 | -87.3% |
| Deferred charges and accrued income | 490/1 | €395 | - | -€395 | |
| Total equity and liabilities | 10/49 | €371,790 | €326,035 | -€45,755 | -12.3% |
| Equity | 10/15 | €348,868 | €148,396 | -€200,473 | -57.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €328,408 | €127,936 | -€200,473 | -61.0% |
| Amounts payable | 17/49 | €22,922 | €177,639 | +€154,717 | +675% |
| Amounts payable within one year | 42/48 | €22,922 | €177,639 | +€154,717 | +675% |
| Trade debts | 44 | €13,172 | €5,021 | -€8,150 | -61.9% |
| Suppliers | 440/4 | €13,172 | €5,021 | -€8,150 | -61.9% |
| Taxes, remuneration and social security | 45 | €8,175 | - | -€8,175 | |
| Taxes | 450/3 | €8,175 | - | -€8,175 | |
| Other amounts payable | 47/48 | €1,575 | €172,618 | +€171,043 | +10,860% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,787 | €13,267 | -€1,520 | -10.3% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €97,504 | €14,364 | -€83,140 | -85.3% |
| Operating profit (loss) | 9901 | €82,330 | €1,096 | -€81,233 | -98.7% |
| Financial income | 75/76B | €3,713 | €5,470 | +€1,757 | +47.3% |
| Recurring financial income | 75 | €3,713 | €5,470 | +€1,757 | +47.3% |
| Financial charges | 65/66B | €3,148 | €4,171 | +€1,022 | +32.5% |
| Recurring financial charges | 65 | €3,148 | €4,171 | +€1,022 | +32.5% |
| Profit (loss) for the period before taxes | 9903 | €82,894 | €2,395 | -€80,499 | -97.1% |
| Income taxes | 67/77 | €22,754 | €2,868 | -€19,886 | -87.4% |
| Profit (loss) for the period | 9904 | €60,140 | -€473 | -€60,613 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,140 | -€473 | -€60,613 |
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 16 October 2026 via checked.be.