KNULOG: 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.
KNULOG
Largest movements
- Tangible fixed assets +€83,089
up €83,089 (+2.8%), from €2.9m to €3.0m
of which Land and buildings: +€1.0m
- Cash -€44,809
down €44,809 (-7.2%), from €626,611 to €581,802
mainly Investment in fixed assets (net) (-€759,606) and Current portion of long-term debt (-€119,633)
- Deferred charges and accrued income +€44,668
up €44,668 (+268.9%), from €16,613 to €61,281
- Short-term financial debts +€227,279
up €227,279 (+153.6%), from €148,013 to €375,292
of which Credit institutions: +€200,000
- Current portion of long-term debt -€119,633
down €119,633 (-20.9%), from €571,564 to €451,931
- Profit (loss) carried forward -€56,855
down €56,855 (-7.2%), from €790,185 to €733,330
- Gross operating margin +€145,640
up €145,640 (+7.6%), from €1.9m to €2.1m
- Staff costs +€140,111
up €140,111 (+13.5%), from €1.0m to €1.2m
- Depreciation +€134,886
up €134,886 (+24.9%), from €541,631 to €676,517
- Other operating charges -€87,216
down €87,216 (-63.7%), from €136,900 to €49,685
- Financial income -€39,336
down €39,336 (-66.3%), from €59,348 to €20,011
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 | €4,249,957 | €4,358,360 | +€108,403 | +2.6% |
| Fixed assets | 21/28 | €2,940,243 | €3,023,332 | +€83,089 | +2.8% |
| Tangible fixed assets | 22/27 | €2,938,053 | €3,021,142 | +€83,089 | +2.8% |
| Land and buildings | 22 | €180,303 | €1,206,283 | +€1.0m | +569.0% |
| Plant, machinery and equipment | 23 | €6,031 | €3,631 | -€2,400 | -39.8% |
| Furniture and vehicles | 24 | €462,283 | €164,786 | -€297,497 | -64.4% |
| Leasing and similar rights | 25 | €2,255,659 | €1,616,917 | -€638,742 | -28.3% |
| Other tangible fixed assets | 26 | €33,777 | €29,525 | -€4,251 | -12.6% |
| Financial fixed assets | 28 | €2,190 | €2,190 | = | 0.0% |
| Current assets | 29/58 | €1,309,714 | €1,335,028 | +€25,314 | +1.9% |
| Amounts receivable within one year | 40/41 | €666,490 | €691,946 | +€25,456 | +3.8% |
| Trade receivables | 40 | €590,996 | €618,372 | +€27,375 | +4.6% |
| Other amounts receivable | 41 | €75,494 | €73,574 | -€1,919 | -2.5% |
| Cash at bank and in hand | 54/58 | €626,611 | €581,802 | -€44,809 | -7.2% |
| Deferred charges and accrued income | 490/1 | €16,613 | €61,281 | +€44,668 | +268.9% |
| Total equity and liabilities | 10/49 | €4,249,957 | €4,358,360 | +€108,403 | +2.6% |
| Equity | 10/15 | €937,887 | €893,513 | -€44,374 | -4.7% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Capital | 10 | €44,000 | €44,000 | = | 0.0% |
| Issued capital | 100 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €65,115 | €65,115 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,115 | €65,115 | = | 0.0% |
| Profit (loss) carried forward | 14 | €790,185 | €733,330 | -€56,855 | -7.2% |
| Investment grants | 15 | €38,587 | €51,068 | +€12,481 | +32.3% |
| Amounts payable | 17/49 | €3,312,070 | €3,464,847 | +€152,777 | +4.6% |
| Amounts payable after more than one year | 17 | €2,349,518 | €2,354,638 | +€5,120 | +0.2% |
| Financial debts | 170/4 | €2,349,518 | €2,354,638 | +€5,120 | +0.2% |
| Amounts payable within one year | 42/48 | €962,553 | €1,110,209 | +€147,657 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €571,564 | €451,931 | -€119,633 | -20.9% |
| Financial debts | 43 | €148,013 | €375,292 | +€227,279 | +153.6% |
| Credit institutions | 430/8 | €125,000 | €325,000 | +€200,000 | +160.0% |
| Other loans | 439 | €23,013 | €50,292 | +€27,279 | +118.5% |
| Trade debts | 44 | €96,871 | €106,621 | +€9,750 | +10.1% |
| Suppliers | 440/4 | €96,871 | €106,621 | +€9,750 | +10.1% |
| Taxes, remuneration and social security | 45 | €123,274 | €150,163 | +€26,890 | +21.8% |
| Taxes | 450/3 | €7,435 | €12,531 | +€5,096 | +68.5% |
| Remuneration and social security | 454/9 | €115,839 | €137,632 | +€21,793 | +18.8% |
| Other amounts payable | 47/48 | €22,830 | €26,202 | +€3,372 | +14.8% |
| Remuneration, social security and pensions | 62 | €1,035,008 | €1,175,118 | +€140,111 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €541,631 | €676,517 | +€134,886 | +24.9% |
| Other operating charges | 640/8 | €136,900 | €49,685 | -€87,216 | -63.7% |
| Gross operating margin | 9900 | €1,905,972 | €2,051,612 | +€145,640 | +7.6% |
| Operating profit (loss) | 9901 | €192,432 | €150,292 | -€42,140 | -21.9% |
| Financial income | 75/76B | €59,348 | €20,011 | -€39,336 | -66.3% |
| Recurring financial income | 75 | €59,348 | €20,011 | -€39,336 | -66.3% |
| Financial charges | 65/66B | €119,489 | €140,547 | +€21,058 | +17.6% |
| Recurring financial charges | 65 | €119,489 | €140,547 | +€21,058 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €132,291 | €29,756 | -€102,534 | -77.5% |
| Income taxes | 67/77 | €501 | €511 | +€10 | +2.0% |
| Profit (loss) for the period | 9904 | €131,789 | €29,245 | -€102,544 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €131,789 | €29,245 | -€102,544 | -77.8% |
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 8 October 2026 via checked.be.