KNAFIN: 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.
KNAFIN
Largest movements
- Current investments -€46,568
no longer reported in 2025 (was €46,568)
- Cash +€44,802
new in 2025: €44,802
mainly Other debts (+€78,633) and Current investments (+€46,568)
- Tangible fixed assets -€9,254
down €9,254 (-1.4%), from €646,476 to €637,222
of which Land and buildings: -€7,945
- Other debts +€78,633
up €78,633 (+437.1%), from €17,992 to €96,624
- Reserves -€59,800
down €59,800 (-32.9%), from €181,801 to €122,001
of which Distributable reserves: -€59,800
- Debts after one year -€45,617
down €45,617 (-14.5%), from €314,643 to €269,025
- Profit (loss) carried forward +€14,727
up €14,727 (+84.4%), from -€17,453 to -€2,726
- Gross operating margin -€19,065
down €19,065 (-23.8%), from €80,113 to €61,048
- Financial charges +€1,949
up €1,949 (+14.9%), from €13,072 to €15,021
- Depreciation -€1,230
down €1,230 (-11.7%), from €10,484 to €9,254
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 | €733,719 | €722,748 | -€10,971 | -1.5% |
| Fixed assets | 21/28 | €646,476 | €637,222 | -€9,254 | -1.4% |
| Tangible fixed assets | 22/27 | €646,476 | €637,222 | -€9,254 | -1.4% |
| Land and buildings | 22 | €644,478 | €636,533 | -€7,945 | -1.2% |
| Plant, machinery and equipment | 23 | €1,483 | €689 | -€794 | -53.5% |
| Furniture and vehicles | 24 | €515 | - | -€515 | |
| Current assets | 29/58 | €87,243 | €85,526 | -€1,717 | -2.0% |
| Amounts receivable after more than one year | 29 | €40,096 | €40,096 | = | 0.0% |
| Other amounts receivable | 291 | €40,096 | €40,096 | = | 0.0% |
| Current investments | 50/53 | €46,568 | - | -€46,568 | |
| Cash at bank and in hand | 54/58 | - | €44,802 | +€44,802 | |
| Deferred charges and accrued income | 490/1 | €579 | €628 | +€49 | +8.4% |
| Total equity and liabilities | 10/49 | €733,719 | €722,748 | -€10,971 | -1.5% |
| Equity | 10/15 | €364,348 | €319,274 | -€45,073 | -12.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €181,801 | €122,001 | -€59,800 | -32.9% |
| Tax-exempt reserves | 132 | €102,001 | €102,001 | = | 0.0% |
| Distributable reserves | 133 | €79,800 | €20,000 | -€59,800 | -74.9% |
| Profit (loss) carried forward | 14 | -€17,453 | -€2,726 | +€14,727 | +84.4% |
| Amounts payable | 17/49 | €369,371 | €403,473 | +€34,102 | +9.2% |
| Amounts payable after more than one year | 17 | €314,643 | €269,025 | -€45,617 | -14.5% |
| Financial debts | 170/4 | €314,643 | €269,025 | -€45,617 | -14.5% |
| Amounts payable within one year | 42/48 | €48,476 | €127,283 | +€78,807 | +162.6% |
| Current portion of amounts payable after more than one year | 42 | €24,784 | €25,217 | +€433 | +1.7% |
| Trade debts | 44 | €5,517 | €5,133 | -€384 | -7.0% |
| Suppliers | 440/4 | €5,517 | €5,133 | -€384 | -7.0% |
| Taxes, remuneration and social security | 45 | €183 | €308 | +€125 | +68.3% |
| Taxes | 450/3 | €183 | €308 | +€125 | +68.3% |
| Other amounts payable | 47/48 | €17,992 | €96,624 | +€78,633 | +437.1% |
| Accrued charges and deferred income | 492/3 | €6,253 | €7,165 | +€912 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,484 | €9,254 | -€1,230 | -11.7% |
| Other operating charges | 640/8 | €21,314 | €21,949 | +€635 | +3.0% |
| Gross operating margin | 9900 | €80,113 | €61,048 | -€19,065 | -23.8% |
| Operating profit (loss) | 9901 | €48,315 | €29,845 | -€18,470 | -38.2% |
| Financial income | 75/76B | €337 | €283 | -€54 | -16.0% |
| Recurring financial income | 75 | €337 | €283 | -€54 | -16.0% |
| Financial charges | 65/66B | €13,072 | €15,021 | +€1,949 | +14.9% |
| Recurring financial charges | 65 | €13,072 | €15,021 | +€1,949 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €35,580 | €15,107 | -€20,472 | -57.5% |
| Income taxes | 67/77 | €255 | €381 | +€125 | +49.1% |
| Profit (loss) for the period | 9904 | €35,324 | €14,727 | -€20,598 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,324 | €14,727 | -€20,598 | -58.3% |
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 3 October 2026 via checked.be.