KNCL: 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.
KNCL
Largest movements
- Current investments +€10.2m
up €10.2m (+81997.1%), from €12,470 to €10.2m
- Cash +€1.4m
up €1.4m (+21683243.7%), from €6 to €1.4m
mainly Net result for the year (+€11.9m) and Receivables within one year (+€388,744)
- Receivables within one year -€388,744
down €388,744 (-80.1%), from €485,433 to €96,690
of which Other amounts receivable: -€203,211
- Tangible fixed assets +€293,538
up €293,538 (+515.0%), from €56,998 to €350,536
of which Furniture and vehicles: +€215,268
- Profit (loss) carried forward +€9.2m
up €9.2m (+6691.9%), from €137,093 to €9.3m
- Reserves +€2.7m
up €2.7m (+145161.3%), from €1,860 to €2.7m
- Current portion of long-term debt -€179,601
no longer reported in 2025 (was €179,601)
- Trade debts -€175,675
down €175,675 (-85.1%), from €206,362 to €30,687
- Gross operating margin +€16.5m
up €16.5m (+9791.6%), from €168,482 to €16.7m
- Taxes +€4.4m
up €4.4m (+13968.0%), from €31,241 to €4.4m
- Financial charges +€693,860
up €693,860 (+1301.1%), from €53,330 to €747,190
- Financial income +€328,595
up €328,595 (+6595.7%), from €4,982 to €333,577
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 | €645,911 | €12,051,896 | +€11.4m | +1765.9% |
| Fixed assets | 21/28 | €146,998 | €350,536 | +€203,538 | +138.5% |
| Tangible fixed assets | 22/27 | €56,998 | €350,536 | +€293,538 | +515.0% |
| Plant, machinery and equipment | 23 | €56,998 | €135,268 | +€78,270 | +137.3% |
| Furniture and vehicles | 24 | - | €215,268 | +€215,268 | |
| Financial fixed assets | 28 | €90,000 | - | -€90,000 | |
| Current assets | 29/58 | €498,913 | €11,701,360 | +€11.2m | +2245.4% |
| Amounts receivable within one year | 40/41 | €485,433 | €96,690 | -€388,744 | -80.1% |
| Trade receivables | 40 | €276,283 | €90,750 | -€185,533 | -67.2% |
| Other amounts receivable | 41 | €209,150 | €5,940 | -€203,211 | -97.2% |
| Current investments | 50/53 | €12,470 | €10,237,503 | +€10.2m | +81997.1% |
| Cash at bank and in hand | 54/58 | €6 | €1,363,882 | +€1.4m | +21683243.7% |
| Deferred charges and accrued income | 490/1 | €1,004 | €3,285 | +€2,281 | +227.2% |
| Total equity and liabilities | 10/49 | €645,911 | €12,051,896 | +€11.4m | +1765.9% |
| Equity | 10/15 | €145,153 | €12,019,288 | +€11.9m | +8180.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €2,701,860 | +€2.7m | +145161.3% |
| Distributable reserves | 133 | €1,860 | €2,701,860 | +€2.7m | +145161.3% |
| Profit (loss) carried forward | 14 | €137,093 | €9,311,228 | +€9.2m | +6691.9% |
| Provisions and deferred taxes | 16 | €71,550 | - | -€71,550 | |
| Provisions for liabilities and charges | 160/5 | €71,550 | - | -€71,550 | |
| Other liabilities and charges | 164/5 | €71,550 | - | -€71,550 | |
| Amounts payable | 17/49 | €429,209 | €32,608 | -€396,601 | -92.4% |
| Amounts payable within one year | 42/48 | €429,209 | €32,608 | -€396,601 | -92.4% |
| Current portion of amounts payable after more than one year | 42 | €179,601 | - | -€179,601 | |
| Financial debts | 43 | €8,526 | - | -€8,526 | |
| Credit institutions | 430/8 | €8,526 | - | -€8,526 | |
| Trade debts | 44 | €206,362 | €30,687 | -€175,675 | -85.1% |
| Suppliers | 440/4 | €206,362 | €30,687 | -€175,675 | -85.1% |
| Taxes, remuneration and social security | 45 | €34,720 | - | -€34,720 | |
| Taxes | 450/3 | €34,720 | - | -€34,720 | |
| Other amounts payable | 47/48 | - | €1,921 | +€1,921 | |
| Non-recurring operating income | 76A | - | €16,925,110 | +€16.9m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,873 | €38,893 | +€32,020 | +465.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €71,550 | -€71,550 | -€143,100 | |
| Other operating charges | 640/8 | €9,110 | €15,448 | +€6,338 | +69.6% |
| Gross operating margin | 9900 | €168,482 | €16,665,531 | +€16.5m | +9791.6% |
| Operating profit (loss) | 9901 | €80,949 | €16,682,740 | +€16.6m | +20508.8% |
| Financial income | 75/76B | €4,982 | €333,577 | +€328,595 | +6595.7% |
| Recurring financial income | 75 | €4,982 | €333,577 | +€328,595 | +6595.7% |
| Financial charges | 65/66B | €53,330 | €747,190 | +€693,860 | +1301.1% |
| Recurring financial charges | 65 | €53,330 | €747,190 | +€693,860 | +1301.1% |
| Profit (loss) for the period before taxes | 9903 | €32,601 | €16,269,126 | +€16.2m | +49803.4% |
| Income taxes | 67/77 | €31,241 | €4,394,991 | +€4.4m | +13968.0% |
| Profit (loss) for the period | 9904 | €1,360 | €11,874,135 | +€11.9m | +872940.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,360 | €11,874,135 | +€11.9m | +872940.4% |
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.