KNEL: 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.
KNEL
Largest movements
- Cash -€127,295
down €127,295 (-80.3%), from €158,536 to €31,241
mainly Net result for the year (-€215,427) and Deferred charges and accrued income (-€17,487)
- Receivables within one year -€44,061
down €44,061 (-73.8%), from €59,711 to €15,650
of which Trade receivables: -€42,606
- Tangible fixed assets -€21,997
down €21,997 (-19.4%), from €113,498 to €91,500
of which Furniture and vehicles: -€18,231
- Deferred charges and accrued income +€17,487
up €17,487 (+156.8%), from €11,153 to €28,640
- Stocks and contracts -€13,694
down €13,694 (-21.5%), from €63,605 to €49,911
- Profit (loss) carried forward -€202,789
down €202,789, from €29,511 to -€173,278
- Trade debts +€24,101
up €24,101 (+48.5%), from €49,717 to €73,818
- Reserves -€12,638
down €12,638 (-6.2%), from €204,440 to €191,802
of which Tax-exempt reserves: -€12,638
- Staff costs +€127,040
up €127,040 (+38.9%), from €326,740 to €453,780
- Gross operating margin -€109,396
down €109,396 (-25.5%), from €428,593 to €319,197
- Financial charges +€7,871
up €7,871 (+40.4%), from €19,477 to €27,348
- Taxes -€5,582
down €5,582 (-92.3%), from €6,047 to €465
- Depreciation +€5,019
up €5,019 (+13.7%), from €36,611 to €41,630
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 | €436,553 | €243,493 | -€193,060 | -44.2% |
| Fixed assets | 21/28 | €142,898 | €117,401 | -€25,497 | -17.8% |
| Intangible fixed assets | 21 | €7,000 | €3,500 | -€3,500 | -50.0% |
| Tangible fixed assets | 22/27 | €113,498 | €91,500 | -€21,997 | -19.4% |
| Plant, machinery and equipment | 23 | €8,710 | €6,902 | -€1,807 | -20.8% |
| Furniture and vehicles | 24 | €72,835 | €54,605 | -€18,231 | -25.0% |
| Other tangible fixed assets | 26 | €31,953 | €29,994 | -€1,959 | -6.1% |
| Financial fixed assets | 28 | €22,400 | €22,400 | = | 0.0% |
| Current assets | 29/58 | €293,655 | €126,092 | -€167,563 | -57.1% |
| Stocks and contracts in progress | 3 | €63,605 | €49,911 | -€13,694 | -21.5% |
| Stocks | 30/36 | €63,605 | €49,911 | -€13,694 | -21.5% |
| Amounts receivable within one year | 40/41 | €59,711 | €15,650 | -€44,061 | -73.8% |
| Trade receivables | 40 | €43,257 | €650 | -€42,606 | -98.5% |
| Other amounts receivable | 41 | €16,454 | €15,000 | -€1,454 | -8.8% |
| Current investments | 50/53 | €650 | €650 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €158,536 | €31,241 | -€127,295 | -80.3% |
| Deferred charges and accrued income | 490/1 | €11,153 | €28,640 | +€17,487 | +156.8% |
| Total equity and liabilities | 10/49 | €436,553 | €243,493 | -€193,060 | -44.2% |
| Equity | 10/15 | €246,345 | €30,918 | -€215,427 | -87.4% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €204,440 | €191,802 | -€12,638 | -6.2% |
| Tax-exempt reserves | 132 | €13,267 | €629 | -€12,638 | -95.3% |
| Distributable reserves | 133 | €191,173 | €191,173 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,511 | -€173,278 | -€202,789 | |
| Provisions and deferred taxes | 16 | €3,317 | €157 | -€3,160 | -95.3% |
| Deferred taxes | 168 | €3,317 | €157 | -€3,160 | -95.3% |
| Amounts payable | 17/49 | €186,891 | €212,417 | +€25,526 | +13.7% |
| Amounts payable after more than one year | 17 | €67,400 | €67,400 | = | 0.0% |
| Financial debts | 170/4 | €67,400 | €67,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €119,491 | €145,017 | +€25,526 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €1,681 | - | -€1,681 | |
| Trade debts | 44 | €49,717 | €73,818 | +€24,101 | +48.5% |
| Suppliers | 440/4 | €49,717 | €73,818 | +€24,101 | +48.5% |
| Taxes, remuneration and social security | 45 | €17,106 | €21,322 | +€4,216 | +24.6% |
| Taxes | 450/3 | €5,931 | €5,154 | -€777 | -13.1% |
| Remuneration and social security | 454/9 | €11,175 | €16,168 | +€4,994 | +44.7% |
| Other amounts payable | 47/48 | €50,987 | €49,877 | -€1,110 | -2.2% |
| Non-recurring operating income | 76A | €13,476 | - | -€13,476 | |
| Remuneration, social security and pensions | 62 | €326,740 | €453,780 | +€127,040 | +38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,611 | €41,630 | +€5,019 | +13.7% |
| Other operating charges | 640/8 | €17,145 | €14,704 | -€2,441 | -14.2% |
| Gross operating margin | 9900 | €428,593 | €319,197 | -€109,396 | -25.5% |
| Operating profit (loss) | 9901 | €48,097 | -€190,917 | -€239,014 | |
| Financial income | 75/76B | €402 | €143 | -€260 | -64.5% |
| Recurring financial income | 75 | €402 | €143 | -€260 | -64.5% |
| Financial charges | 65/66B | €19,477 | €27,348 | +€7,871 | +40.4% |
| Recurring financial charges | 65 | €19,477 | €27,348 | +€7,871 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €29,022 | -€218,122 | -€247,144 | |
| Transfer from deferred taxes | 780 | €3,810 | €3,160 | -€651 | -17.1% |
| Income taxes | 67/77 | €6,047 | €465 | -€5,582 | -92.3% |
| Profit (loss) for the period | 9904 | €26,786 | -€215,427 | -€242,213 | |
| Transfer from tax-exempt reserves | 789 | €15,241 | €12,638 | -€2,603 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,027 | -€202,789 | -€244,816 |
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 10 October 2026 via checked.be.