Knaepen: 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.
Knaepen
Largest movements
- Cash +€27,350
up €27,350 (+21.0%), from €130,292 to €157,642
mainly Net result for the year (+€71,333) and Trade debts (+€28,313)
- Receivables within one year +€9,207
up €9,207 (+18.0%), from €51,245 to €60,452
of which Trade receivables: +€4,780
- Tangible fixed assets -€8,664
down €8,664 (-2.4%), from €360,706 to €352,042
of which Land and buildings: -€5,491
- Deferred charges and accrued income -€7,725
down €7,725 (-35.5%), from €21,741 to €14,016
- Debts after one year -€30,986
down €30,986 (-25.0%), from €123,861 to €92,875
- Trade debts +€28,313
up €28,313 (+11.0%), from €258,491 to €286,804
- Other debts +€10,226
up €10,226 (+16.8%), from €60,777 to €71,003
- Reserves +€6,333
up €6,333 (+10.3%), from €61,520 to €67,853
- Gross operating margin +€18,465
up €18,465 (+6.2%), from €296,997 to €315,462
- Staff costs +€4,196
up €4,196 (+1.9%), from €216,616 to €220,812
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 | €564,984 | €585,152 | +€20,168 | +3.6% |
| Fixed assets | 21/28 | €360,706 | €352,042 | -€8,664 | -2.4% |
| Tangible fixed assets | 22/27 | €360,706 | €352,042 | -€8,664 | -2.4% |
| Land and buildings | 22 | €239,987 | €234,496 | -€5,491 | -2.3% |
| Plant, machinery and equipment | 23 | €302 | €98 | -€204 | -67.5% |
| Furniture and vehicles | 24 | €5,451 | €7,774 | +€2,323 | +42.6% |
| Other tangible fixed assets | 26 | €114,966 | €109,674 | -€5,292 | -4.6% |
| Current assets | 29/58 | €204,278 | €233,110 | +€28,832 | +14.1% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €51,245 | €60,452 | +€9,207 | +18.0% |
| Trade receivables | 40 | €35,536 | €40,316 | +€4,780 | +13.5% |
| Other amounts receivable | 41 | €15,709 | €20,136 | +€4,427 | +28.2% |
| Cash at bank and in hand | 54/58 | €130,292 | €157,642 | +€27,350 | +21.0% |
| Deferred charges and accrued income | 490/1 | €21,741 | €14,016 | -€7,725 | -35.5% |
| Total equity and liabilities | 10/49 | €564,984 | €585,152 | +€20,168 | +3.6% |
| Equity | 10/15 | €68,720 | €75,053 | +€6,333 | +9.2% |
| Contributions | 10/11 | €7,200 | €7,200 | = | 0.0% |
| Reserves | 13 | €61,520 | €67,853 | +€6,333 | +10.3% |
| Distributable reserves | 133 | €61,520 | €67,853 | +€6,333 | +10.3% |
| Amounts payable | 17/49 | €496,264 | €510,100 | +€13,835 | +2.8% |
| Amounts payable after more than one year | 17 | €123,861 | €92,875 | -€30,986 | -25.0% |
| Financial debts | 170/4 | €123,861 | €92,875 | -€30,986 | -25.0% |
| Amounts payable within one year | 42/48 | €372,403 | €417,224 | +€44,821 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €29,751 | €30,986 | +€1,235 | +4.2% |
| Trade debts | 44 | €258,491 | €286,804 | +€28,313 | +11.0% |
| Suppliers | 440/4 | €258,491 | €286,804 | +€28,313 | +11.0% |
| Advances received on contracts in progress | 46 | €16,076 | €16,076 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €7,309 | €12,356 | +€5,046 | +69.0% |
| Taxes | 450/3 | €2,662 | €3,733 | +€1,071 | +40.2% |
| Remuneration and social security | 454/9 | €4,647 | €8,623 | +€3,976 | +85.5% |
| Other amounts payable | 47/48 | €60,777 | €71,003 | +€10,226 | +16.8% |
| Non-recurring operating income | 76A | €2,679 | €755 | -€1,924 | -71.8% |
| Remuneration, social security and pensions | 62 | €216,616 | €220,812 | +€4,196 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,301 | €12,504 | +€203 | +1.6% |
| Other operating charges | 640/8 | €2,413 | €3,224 | +€811 | +33.6% |
| Gross operating margin | 9900 | €296,997 | €315,462 | +€18,465 | +6.2% |
| Operating profit (loss) | 9901 | €65,667 | €78,922 | +€13,255 | +20.2% |
| Financial income | 75/76B | €459 | €2,908 | +€2,448 | +533% |
| Recurring financial income | 75 | €459 | €2,908 | +€2,448 | +533% |
| Financial charges | 65/66B | €7,255 | €6,779 | -€476 | -6.6% |
| Recurring financial charges | 65 | €7,255 | €6,779 | -€476 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €58,871 | €75,050 | +€16,179 | +27.5% |
| Income taxes | 67/77 | €1,217 | €3,718 | +€2,500 | +205% |
| Profit (loss) for the period | 9904 | €57,654 | €71,333 | +€13,679 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,654 | €71,333 | +€13,679 | +23.7% |
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 23 October 2026 via checked.be.