Nael Khan: what changed
Nael Khan
Largest movements
- Receivables within one year +€133,739
up €133,739 (+46.2%), from €289,557 to €423,296
of which Trade receivables: +€89,649
- Cash -€25,642
down €25,642 (-36.2%), from €70,796 to €45,154
mainly Receivables within one year (-€133,739) and Investment in fixed assets (net) (-€31,693)
- Tangible fixed assets +€8,484
up €8,484 (+7.7%), from €110,488 to €118,972
of which Furniture and vehicles: +€18,006
- Deferred charges and accrued income -€8,483
no longer reported in 2025 (was €8,483)
- Trade debts +€85,703
up €85,703 (+31.5%), from €272,115 to €357,818
- Profit (loss) carried forward +€27,869
up €27,869 (+37.3%), from €74,760 to €102,629
- Tax, wage and social debts -€15,807
down €15,807 (-26.1%), from €60,521 to €44,714
- Other debts +€10,872
up €10,872 (+95.4%), from €11,397 to €22,269
- Staff costs +€18,341
up €18,341 (+6.6%), from €279,953 to €298,294
- Taxes +€17,275
up €17,275 (+1,057%), from €1,635 to €18,910
- Other operating charges +€14,406
up €14,406 (+356%), from €4,046 to €18,452
- Gross operating margin +€9,030
up €9,030 (+2.3%), from €390,951 to €399,981
- Depreciation +€7,045
up €7,045 (+41.7%), from €16,879 to €23,924
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €488,793 | €597,430 | +€108,637 | +22.2% |
| Fixed assets | 21/28 | €115,493 | €123,262 | +€7,769 | +6.7% |
| Intangible fixed assets | 21 | €5,005 | €4,290 | -€715 | -14.3% |
| Tangible fixed assets | 22/27 | €110,488 | €118,972 | +€8,484 | +7.7% |
| Plant, machinery and equipment | 23 | €45,652 | €39,130 | -€6,522 | -14.3% |
| Furniture and vehicles | 24 | €43,836 | €61,842 | +€18,006 | +41.1% |
| Other tangible fixed assets | 26 | €21,000 | €18,000 | -€3,000 | -14.3% |
| Current assets | 29/58 | €373,300 | €474,168 | +€100,868 | +27.0% |
| Stocks and contracts in progress | 3 | €4,464 | €5,718 | +€1,254 | +28.1% |
| Stocks | 30/36 | €4,464 | €5,718 | +€1,254 | +28.1% |
| Amounts receivable within one year | 40/41 | €289,557 | €423,296 | +€133,739 | +46.2% |
| Trade receivables | 40 | €58,546 | €148,195 | +€89,649 | +153% |
| Other amounts receivable | 41 | €231,011 | €275,101 | +€44,090 | +19.1% |
| Cash at bank and in hand | 54/58 | €70,796 | €45,154 | -€25,642 | -36.2% |
| Deferred charges and accrued income | 490/1 | €8,483 | - | -€8,483 | |
| Total equity and liabilities | 10/49 | €488,793 | €597,430 | +€108,637 | +22.2% |
| Equity | 10/15 | €144,760 | €172,629 | +€27,869 | +19.3% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,760 | €102,629 | +€27,869 | +37.3% |
| Amounts payable | 17/49 | €344,033 | €424,801 | +€80,768 | +23.5% |
| Amounts payable within one year | 42/48 | €344,033 | €424,801 | +€80,768 | +23.5% |
| Trade debts | 44 | €272,115 | €357,818 | +€85,703 | +31.5% |
| Suppliers | 440/4 | €272,115 | €357,818 | +€85,703 | +31.5% |
| Taxes, remuneration and social security | 45 | €60,521 | €44,714 | -€15,807 | -26.1% |
| Remuneration and social security | 454/9 | €60,521 | €44,714 | -€15,807 | -26.1% |
| Other amounts payable | 47/48 | €11,397 | €22,269 | +€10,872 | +95.4% |
| Remuneration, social security and pensions | 62 | €279,953 | €298,294 | +€18,341 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,879 | €23,924 | +€7,045 | +41.7% |
| Other operating charges | 640/8 | €4,046 | €18,452 | +€14,406 | +356% |
| Gross operating margin | 9900 | €390,951 | €399,981 | +€9,030 | +2.3% |
| Operating profit (loss) | 9901 | €90,073 | €59,311 | -€30,762 | -34.2% |
| Financial charges | 65/66B | €12,822 | €12,533 | -€289 | -2.3% |
| Recurring financial charges | 65 | €12,822 | €12,533 | -€289 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €77,251 | €46,778 | -€30,473 | -39.4% |
| Income taxes | 67/77 | €1,635 | €18,910 | +€17,275 | +1,057% |
| Profit (loss) for the period | 9904 | €75,616 | €27,868 | -€47,748 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €75,616 | €27,868 | -€47,748 | -63.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.