KJ pellets: 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.
KJ pellets
Largest movements
- Receivables within one year +€14,881
up €14,881 (+66.3%), from €22,455 to €37,336
of which Trade receivables: +€15,317
- Cash -€4,925
down €4,925 (-16.4%), from €30,082 to €25,157
mainly Other debts (-€18,573) and Investment in fixed assets (net) (-€16,500)
- Stocks and contracts +€4,688
up €4,688 (+67.3%), from €6,966 to €11,654
- Tangible fixed assets -€1,353
down €1,353 (-3.8%), from €35,479 to €34,126
of which Leasing and similar rights: -€2,419
- Trade debts +€23,999
up €23,999 (+113.0%), from €21,235 to €45,234
- Other debts -€18,573
down €18,573 (-65.2%), from €28,506 to €9,933
- Debts after one year +€5,405
up €5,405 (+129.1%), from €4,187 to €9,592
- Current portion of long-term debt +€4,422
up €4,422 (+177.4%), from €2,492 to €6,914
- Tax, wage and social debts -€4,357
down €4,357 (-25.1%), from €17,387 to €13,030
- Depreciation +€6,423
up €6,423 (+56.2%), from €11,431 to €17,853
- Gross operating margin -€5,397
down €5,397 (-14.4%), from €37,432 to €32,034
- Taxes -€3,800
down €3,800 (-60.5%), from €6,278 to €2,478
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 | €95,759 | €109,597 | +€13,838 | +14.5% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €35,479 | €34,126 | -€1,353 | -3.8% |
| Tangible fixed assets | 22/27 | €35,479 | €34,126 | -€1,353 | -3.8% |
| Plant, machinery and equipment | 23 | €8,543 | €6,344 | -€2,199 | -25.7% |
| Furniture and vehicles | 24 | €20,489 | €23,754 | +€3,265 | +15.9% |
| Leasing and similar rights | 25 | €6,447 | €4,027 | -€2,419 | -37.5% |
| Current assets | 29/58 | €60,280 | €75,471 | +€15,191 | +25.2% |
| Stocks and contracts in progress | 3 | €6,966 | €11,654 | +€4,688 | +67.3% |
| Stocks | 30/36 | €6,966 | €11,654 | +€4,688 | +67.3% |
| Amounts receivable within one year | 40/41 | €22,455 | €37,336 | +€14,881 | +66.3% |
| Trade receivables | 40 | €21,692 | €37,008 | +€15,317 | +70.6% |
| Other amounts receivable | 41 | €764 | €328 | -€436 | -57.1% |
| Cash at bank and in hand | 54/58 | €30,082 | €25,157 | -€4,925 | -16.4% |
| Deferred charges and accrued income | 490/1 | €777 | €1,324 | +€548 | +70.5% |
| Total equity and liabilities | 10/49 | €95,759 | €109,597 | +€13,838 | +14.5% |
| Equity | 10/15 | €21,951 | €24,321 | +€2,370 | +10.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,951 | €21,321 | +€2,370 | +12.5% |
| Amounts payable | 17/49 | €73,808 | €85,276 | +€11,468 | +15.5% |
| Amounts payable after more than one year | 17 | €4,187 | €9,592 | +€5,405 | +129.1% |
| Financial debts | 170/4 | €4,187 | €9,592 | +€5,405 | +129.1% |
| Amounts payable within one year | 42/48 | €69,621 | €75,684 | +€6,063 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €2,492 | €6,914 | +€4,422 | +177.4% |
| Financial debts | 43 | - | €573 | +€573 | |
| Credit institutions | 430/8 | - | €573 | +€573 | |
| Trade debts | 44 | €21,235 | €45,234 | +€23,999 | +113.0% |
| Suppliers | 440/4 | €21,235 | €45,234 | +€23,999 | +113.0% |
| Taxes, remuneration and social security | 45 | €17,387 | €13,030 | -€4,357 | -25.1% |
| Taxes | 450/3 | €17,387 | €13,030 | -€4,357 | -25.1% |
| Other amounts payable | 47/48 | €28,506 | €9,933 | -€18,573 | -65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,431 | €17,853 | +€6,423 | +56.2% |
| Other operating charges | 640/8 | €461 | €732 | +€271 | +58.7% |
| Non-recurring operating charges | 66A | - | €5,840 | +€5,840 | |
| Gross operating margin | 9900 | €37,432 | €32,034 | -€5,397 | -14.4% |
| Operating profit (loss) | 9901 | €25,540 | €7,609 | -€17,931 | -70.2% |
| Financial income | 75/76B | €174 | €60 | -€114 | -65.7% |
| Recurring financial income | 75 | €174 | €60 | -€114 | -65.7% |
| Financial charges | 65/66B | €1,087 | €1,155 | +€68 | +6.2% |
| Recurring financial charges | 65 | €1,087 | €1,155 | +€68 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €24,627 | €6,514 | -€18,113 | -73.5% |
| Income taxes | 67/77 | €6,278 | €2,478 | -€3,800 | -60.5% |
| Profit (loss) for the period | 9904 | €18,349 | €4,036 | -€14,313 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,349 | €4,036 | -€14,313 | -78.0% |
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 30 September 2026 via checked.be.