Knapen: 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.
Knapen
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+53.5%), from €3.2m to €4.9m
- Cash -€291,362
down €291,362 (-58.5%), from €497,932 to €206,569
mainly Stocks and contracts (-€1.7m) and Investment in fixed assets (net) (-€198,309)
- Short-term financial debts +€945,000
new in 2025: €945,000
- Reserves +€376,729
up €376,729 (+8.8%), from €4.3m to €4.6m
of which Distributable reserves: +€250,429
- Other debts +€237,805
up €237,805 (+57.3%), from €414,667 to €652,472
- Tax, wage and social debts -€114,445
down €114,445 (-27.1%), from €421,796 to €307,351
of which Taxes: -€166,687
- Trade debts +€69,775
up €69,775 (+99.2%), from €70,308 to €140,083
- Staff costs +€315,795
up €315,795 (+24.2%), from €1.3m to €1.6m
- Gross operating margin -€168,513
down €168,513 (-6.5%), from €2.6m to €2.4m
- Taxes -€165,899
down €165,899 (-49.9%), from €332,305 to €166,405
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 | €5,400,249 | €6,839,922 | +€1.4m | +26.7% |
| Fixed assets | 21/28 | €539,731 | €598,866 | +€59,135 | +11.0% |
| Tangible fixed assets | 22/27 | €453,204 | €476,810 | +€23,606 | +5.2% |
| Land and buildings | 22 | €2,552 | €26,940 | +€24,389 | +955.8% |
| Plant, machinery and equipment | 23 | €202,151 | €207,594 | +€5,443 | +2.7% |
| Furniture and vehicles | 24 | €230,182 | €223,956 | -€6,226 | -2.7% |
| Other tangible fixed assets | 26 | €18,320 | €18,320 | = | 0.0% |
| Financial fixed assets | 28 | €86,527 | €122,056 | +€35,529 | +41.1% |
| Current assets | 29/58 | €4,860,518 | €6,241,056 | +€1.4m | +28.4% |
| Stocks and contracts in progress | 3 | €3,217,685 | €4,940,593 | +€1.7m | +53.5% |
| Stocks | 30/36 | €3,217,685 | €4,940,593 | +€1.7m | +53.5% |
| Amounts receivable within one year | 40/41 | €1,144,901 | €1,093,894 | -€51,008 | -4.5% |
| Trade receivables | 40 | €1,144,406 | €1,079,599 | -€64,807 | -5.7% |
| Other amounts receivable | 41 | €495 | €14,295 | +€13,800 | +2787.8% |
| Cash at bank and in hand | 54/58 | €497,932 | €206,569 | -€291,362 | -58.5% |
| Total equity and liabilities | 10/49 | €5,400,249 | €6,839,922 | +€1.4m | +26.7% |
| Equity | 10/15 | €4,279,299 | €4,656,028 | +€376,729 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,260,699 | €4,637,428 | +€376,729 | +8.8% |
| Tax-exempt reserves | 132 | €863,050 | €989,350 | +€126,300 | +14.6% |
| Distributable reserves | 133 | €3,397,649 | €3,648,078 | +€250,429 | +7.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,120,950 | €2,183,894 | +€1.1m | +94.8% |
| Amounts payable after more than one year | 17 | €148,983 | €83,397 | -€65,587 | -44.0% |
| Financial debts | 170/4 | €148,983 | €83,397 | -€65,587 | -44.0% |
| Amounts payable within one year | 42/48 | €971,966 | €2,100,497 | +€1.1m | +116.1% |
| Current portion of amounts payable after more than one year | 42 | €65,195 | €55,592 | -€9,604 | -14.7% |
| Financial debts | 43 | - | €945,000 | +€945,000 | |
| Credit institutions | 430/8 | - | €945,000 | +€945,000 | |
| Trade debts | 44 | €70,308 | €140,083 | +€69,775 | +99.2% |
| Suppliers | 440/4 | €70,308 | €140,083 | +€69,775 | +99.2% |
| Taxes, remuneration and social security | 45 | €421,796 | €307,351 | -€114,445 | -27.1% |
| Taxes | 450/3 | €309,650 | €142,963 | -€166,687 | -53.8% |
| Remuneration and social security | 454/9 | €112,146 | €164,388 | +€52,242 | +46.6% |
| Other amounts payable | 47/48 | €414,667 | €652,472 | +€237,805 | +57.3% |
| Non-recurring operating income | 76A | €51,976 | €33,380 | -€18,596 | -35.8% |
| Remuneration, social security and pensions | 62 | €1,304,360 | €1,620,155 | +€315,795 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,740 | €139,174 | +€21,434 | +18.2% |
| Other operating charges | 640/8 | €15,343 | €17,418 | +€2,075 | +13.5% |
| Non-recurring operating charges | 66A | €1,356 | €4,359 | +€3,003 | +221.4% |
| Gross operating margin | 9900 | €2,580,246 | €2,411,733 | -€168,513 | -6.5% |
| Operating profit (loss) | 9901 | €1,141,447 | €630,628 | -€510,819 | -44.8% |
| Financial income | 75/76B | €6 | €9 | +€3 | +54.8% |
| Recurring financial income | 75 | €6 | €9 | +€3 | +54.8% |
| Financial charges | 65/66B | €62,672 | €86,669 | +€23,997 | +38.3% |
| Recurring financial charges | 65 | €62,672 | €86,669 | +€23,997 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €1,078,780 | €543,968 | -€534,812 | -49.6% |
| Income taxes | 67/77 | €332,305 | €166,405 | -€165,899 | -49.9% |
| Profit (loss) for the period | 9904 | €746,476 | €377,562 | -€368,913 | -49.4% |
| Transfer from tax-exempt reserves | 789 | €235,760 | €0 | -€235,760 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €357,850 | €126,300 | -€231,550 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €624,386 | €251,262 | -€373,123 | -59.8% |
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 11 October 2026 via checked.be.