Pierre KNAEPEN: 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.
Pierre KNAEPEN
Largest movements
- Cash +€543,205
up €543,205 (+5215.2%), from €10,416 to €553,621
mainly Net result for the year (+€339,232) and Other debts (+€116,951)
- Tangible fixed assets -€256,620
down €256,620 (-78.1%), from €328,721 to €72,100
of which Land and buildings: -€239,243
- Financial fixed assets +€187,500
up €187,500 (+45.8%), from €408,987 to €596,487
- Reserves +€300,000
up €300,000 (+151.0%), from €198,729 to €498,729
of which Distributable reserves: +€300,000
- Other debts +€116,951
up €116,951 (+38.0%), from €307,708 to €424,659
- Tax, wage and social debts +€58,388
up €58,388 (+713.7%), from €8,181 to €66,570
- Profit (loss) carried forward +€39,232
up €39,232 (+43.7%), from €89,859 to €129,090
- Short-term financial debts -€25,480
down €25,480 (-100.0%), from €25,480 to €0
- Financial income +€200,009
up €200,009 (+204990.0%), from €98 to €200,106
- Gross operating margin +€110,419
up €110,419 (+59.8%), from €184,738 to €295,157
- Taxes +€57,812
up €57,812 (+143.0%), from €40,419 to €98,231
- Depreciation -€10,225
down €10,225 (-34.3%), from €29,800 to €19,575
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 | €754,747 | €1,222,208 | +€467,461 | +61.9% |
| Fixed assets | 21/28 | €737,708 | €668,587 | -€69,120 | -9.4% |
| Tangible fixed assets | 22/27 | €328,721 | €72,100 | -€256,620 | -78.1% |
| Land and buildings | 22 | €274,267 | €35,024 | -€239,243 | -87.2% |
| Plant, machinery and equipment | 23 | €4,603 | €3,262 | -€1,340 | -29.1% |
| Furniture and vehicles | 24 | €49,780 | €33,814 | -€15,965 | -32.1% |
| Other tangible fixed assets | 26 | €72 | €0 | -€72 | -100.0% |
| Financial fixed assets | 28 | €408,987 | €596,487 | +€187,500 | +45.8% |
| Current assets | 29/58 | €17,039 | €553,621 | +€536,582 | +3149.1% |
| Amounts receivable within one year | 40/41 | €6,624 | €0 | -€6,624 | -100.0% |
| Other amounts receivable | 41 | €6,624 | €0 | -€6,624 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,416 | €553,621 | +€543,205 | +5215.2% |
| Total equity and liabilities | 10/49 | €754,747 | €1,222,208 | +€467,461 | +61.9% |
| Equity | 10/15 | €308,587 | €647,819 | +€339,232 | +109.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €198,729 | €498,729 | +€300,000 | +151.0% |
| Tax-exempt reserves | 132 | €10,229 | €10,229 | = | 0.0% |
| Distributable reserves | 133 | €188,500 | €488,500 | +€300,000 | +159.2% |
| Profit (loss) carried forward | 14 | €89,859 | €129,090 | +€39,232 | +43.7% |
| Amounts payable | 17/49 | €446,160 | €574,389 | +€128,230 | +28.7% |
| Amounts payable after more than one year | 17 | €78,724 | €54,918 | -€23,806 | -30.2% |
| Financial debts | 170/4 | €78,724 | €54,918 | -€23,806 | -30.2% |
| Amounts payable within one year | 42/48 | €365,236 | €517,071 | +€151,835 | +41.6% |
| Current portion of amounts payable after more than one year | 42 | €22,884 | €23,806 | +€921 | +4.0% |
| Financial debts | 43 | €25,480 | €0 | -€25,480 | -100.0% |
| Credit institutions | 430/8 | €25,480 | €0 | -€25,480 | -100.0% |
| Trade debts | 44 | €982 | €2,037 | +€1,055 | +107.4% |
| Suppliers | 440/4 | €982 | €2,037 | +€1,055 | +107.4% |
| Taxes, remuneration and social security | 45 | €8,181 | €66,570 | +€58,388 | +713.7% |
| Taxes | 450/3 | €8,181 | €66,570 | +€58,388 | +713.7% |
| Other amounts payable | 47/48 | €307,708 | €424,659 | +€116,951 | +38.0% |
| Accrued charges and deferred income | 492/3 | €2,200 | €2,400 | +€200 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,800 | €19,575 | -€10,225 | -34.3% |
| Other operating charges | 640/8 | €1,620 | €2,078 | +€459 | +28.3% |
| Gross operating margin | 9900 | €184,738 | €295,157 | +€110,419 | +59.8% |
| Operating profit (loss) | 9901 | €153,318 | €273,504 | +€120,185 | +78.4% |
| Financial income | 75/76B | €98 | €200,106 | +€200,009 | +204990.0% |
| Recurring financial income | 75 | €98 | €200,106 | +€200,009 | +204990.0% |
| Financial charges | 65/66B | €38,881 | €36,148 | -€2,733 | -7.0% |
| Recurring financial charges | 65 | €38,881 | €36,148 | -€2,733 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €114,535 | €437,462 | +€322,927 | +281.9% |
| Income taxes | 67/77 | €40,419 | €98,231 | +€57,812 | +143.0% |
| Profit (loss) for the period | 9904 | €74,116 | €339,232 | +€265,115 | +357.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,116 | €339,232 | +€265,115 | +357.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.