KHULEF BROTHERS: 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.
KHULEF BROTHERS
Largest movements
- Cash +€12,800
up €12,800 (+90.2%), from €14,197 to €26,996
mainly Net result for the year (+€17,304) and Other debts (+€3,868)
- Receivables within one year +€2,620
new in 2025: €2,620
- Intangible fixed assets -€1,400
down €1,400 (-32.4%), from €4,317 to €2,917
- Deferred charges and accrued income -€363
no longer reported in 2025 (was €363)
- Profit (loss) carried forward +€17,304
up €17,304, from -€11,898 to €5,406
- Tax, wage and social debts -€6,421
down €6,421 (-43.5%), from €14,758 to €8,337
of which Remuneration and social security: -€5,603
- Trade debts -€4,865
down €4,865 (-76.1%), from €6,392 to €1,527
- Other debts +€3,868
up €3,868 (+83.6%), from €4,624 to €8,491
- Accrued charges and deferred income +€3,771
new in 2025: €3,771
- Staff costs -€13,688
down €13,688, from €11,667 to -€2,021
- Gross operating margin +€612
up €612 (+3.6%), from €17,016 to €17,628
- Financial charges -€208
down €208 (-49.3%), from €422 to €214
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 | €18,876 | €32,533 | +€13,657 | +72.4% |
| Fixed assets | 21/28 | €4,317 | €2,917 | -€1,400 | -32.4% |
| Intangible fixed assets | 21 | €4,317 | €2,917 | -€1,400 | -32.4% |
| Current assets | 29/58 | €14,559 | €29,616 | +€15,057 | +103% |
| Amounts receivable within one year | 40/41 | - | €2,620 | +€2,620 | |
| Trade receivables | 40 | - | €2,620 | +€2,620 | |
| Cash at bank and in hand | 54/58 | €14,197 | €26,996 | +€12,800 | +90.2% |
| Deferred charges and accrued income | 490/1 | €363 | - | -€363 | |
| Total equity and liabilities | 10/49 | €18,876 | €32,533 | +€13,657 | +72.4% |
| Equity | 10/15 | -€6,898 | €10,406 | +€17,304 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €19,000 | €19,000 | = | 0.0% |
| Uncalled capital | 101 | €14,000 | €14,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,898 | €5,406 | +€17,304 | |
| Amounts payable | 17/49 | €25,774 | €22,127 | -€3,647 | -14.2% |
| Amounts payable within one year | 42/48 | €25,774 | €18,355 | -€7,418 | -28.8% |
| Trade debts | 44 | €6,392 | €1,527 | -€4,865 | -76.1% |
| Suppliers | 440/4 | €6,392 | €1,527 | -€4,865 | -76.1% |
| Taxes, remuneration and social security | 45 | €14,758 | €8,337 | -€6,421 | -43.5% |
| Taxes | 450/3 | €5,521 | €4,703 | -€819 | -14.8% |
| Remuneration and social security | 454/9 | €9,237 | €3,635 | -€5,603 | -60.7% |
| Other amounts payable | 47/48 | €4,624 | €8,491 | +€3,868 | +83.6% |
| Accrued charges and deferred income | 492/3 | - | €3,771 | +€3,771 | |
| Remuneration, social security and pensions | 62 | €11,667 | -€2,021 | -€13,688 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,400 | €1,400 | = | 0.0% |
| Other operating charges | 640/8 | €715 | €730 | +€15 | +2.1% |
| Gross operating margin | 9900 | €17,016 | €17,628 | +€612 | +3.6% |
| Operating profit (loss) | 9901 | €3,234 | €17,518 | +€14,284 | +442% |
| Financial charges | 65/66B | €422 | €214 | -€208 | -49.3% |
| Recurring financial charges | 65 | €422 | €214 | -€208 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | €2,812 | €17,304 | +€14,492 | +515% |
| Profit (loss) for the period | 9904 | €2,812 | €17,304 | +€14,492 | +515% |
| Profit (loss) for the period to be appropriated | 9905 | €2,812 | €17,304 | +€14,492 | +515% |
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 1 November 2026 via checked.be.