KNAFEL MARJORIE: what changed
KNAFEL MARJORIE
Largest movements
- Cash -€43,643
down €43,643 (-31.3%), from €139,329 to €95,687
mainly Contributions, distributions and other (-€162,186) and Deferred charges and accrued income (-€39,765)
- Deferred charges and accrued income +€39,765
up €39,765 (+524%), from €7,594 to €47,359
- Current investments +€24,000
up €24,000 (+171%), from €14,000 to €38,000
- Receivables within one year -€3,065
no longer reported in 2025 (was €3,065)
- Other debts +€38,868
up €38,868 (+30.7%), from €126,503 to €165,371
- Tax, wage and social debts -€17,350
down €17,350 (-81.3%), from €21,350 to €4,000
- Current portion of long-term debt -€6,671
no longer reported in 2025 (was €6,671)
- Trade debts +€1,925
new in 2025: €1,925
- Gross operating margin +€39,522
up €39,522 (+23.1%), from €171,403 to €210,926
- Taxes +€5,998
up €5,998 (+14.5%), from €41,245 to €47,243
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €164,524 | €181,295 | +€16,772 | +10.2% |
| Fixed assets | 21/28 | €536 | €250 | -€286 | -53.3% |
| Tangible fixed assets | 22/27 | €437 | €151 | -€286 | -65.4% |
| Furniture and vehicles | 24 | €437 | €151 | -€286 | -65.4% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €163,988 | €181,045 | +€17,057 | +10.4% |
| Amounts receivable within one year | 40/41 | €3,065 | - | -€3,065 | |
| Other amounts receivable | 41 | €3,065 | - | -€3,065 | |
| Current investments | 50/53 | €14,000 | €38,000 | +€24,000 | +171% |
| Cash at bank and in hand | 54/58 | €139,329 | €95,687 | -€43,643 | -31.3% |
| Deferred charges and accrued income | 490/1 | €7,594 | €47,359 | +€39,765 | +524% |
| Total equity and liabilities | 10/49 | €164,524 | €181,295 | +€16,772 | +10.2% |
| Equity | 10/15 | €10,000 | €10,000 | = | 0.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €154,524 | €171,295 | +€16,772 | +10.9% |
| Amounts payable within one year | 42/48 | €154,524 | €171,295 | +€16,772 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €6,671 | - | -€6,671 | |
| Trade debts | 44 | - | €1,925 | +€1,925 | |
| Suppliers | 440/4 | - | €1,925 | +€1,925 | |
| Taxes, remuneration and social security | 45 | €21,350 | €4,000 | -€17,350 | -81.3% |
| Taxes | 450/3 | €21,350 | €4,000 | -€17,350 | -81.3% |
| Other amounts payable | 47/48 | €126,503 | €165,371 | +€38,868 | +30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €286 | €286 | -€0 | 0.0% |
| Other operating charges | 640/8 | €829 | €400 | -€430 | -51.8% |
| Gross operating margin | 9900 | €171,403 | €210,926 | +€39,522 | +23.1% |
| Operating profit (loss) | 9901 | €170,288 | €210,240 | +€39,952 | +23.5% |
| Financial charges | 65/66B | €2,540 | €811 | -€1,730 | -68.1% |
| Recurring financial charges | 65 | €2,540 | €811 | -€1,730 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | €167,748 | €209,430 | +€41,682 | +24.8% |
| Income taxes | 67/77 | €41,245 | €47,243 | +€5,998 | +14.5% |
| Profit (loss) for the period | 9904 | €126,503 | €162,186 | +€35,684 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €126,503 | €162,186 | +€35,684 | +28.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.