KARDINI
ActiveFrom the official registers: KBO 17 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
KARDINI has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €173,204 and a net result of €21,068. Equity is growing by about 66% per year across the filed financial years. Its solvency ranks better than 80% of 13,692 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, micro format
Latest annual accounts filed
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 27-07-2026
- Format
- micro format
- Reference
- 2026-00339576
Turnover
≈ €290,000
Estimated: probably between €150,000 and €540,000
Total assets
€226,056▼ 4.4%
2024 · €236,548
Net result
€21,068▼ 60.5%
2024 · €53,365
Working capital
€53,419▲ 6.0%
2024 · €50,385
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 58% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€33,970
2025
Net result€21,068
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€226,056
2025
Equity€173,204
2025
Debt€52,852
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€53,419
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)9.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency76.6%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio3.27
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,471--€5,232€9,598€63,789▲ 565%€30,290▼ 52.5%€60,890▲ 101%€80,442▲ 32.1%€33,970▼ 57.8%
Net result€5,529--€6,127€8,718within the sector's middle half€58,261above the sector's middle half▲ 568%€19,098within the sector's middle half▼ 67.2%€38,678above the sector's middle half▲ 103%€53,365above the sector's middle half▲ 38.0%€21,068within the sector's middle half▼ 60.5%
Equity-€19,858--€25,984▼ 30.9%-€17,267below the sector's middle half▲ 33.6%€40,994within the sector's middle half€60,092within the sector's middle half▲ 46.6%€98,771within the sector's middle half▲ 64.4%€152,136within the sector's middle half▲ 54.0%€173,204within the sector's middle half▲ 13.8%
Total assets€44,197-€43,531▼ 1.5%€147,370within the sector's middle half▲ 239%€200,937within the sector's middle half▲ 36.3%€202,124within the sector's middle half▲ 0.6%€220,098within the sector's middle half▲ 8.9%€236,548within the sector's middle half▲ 7.5%€226,056within the sector's middle half▼ 4.4%
Debt€64,054-€69,515▲ 8.5%€164,636▲ 137%€159,943▼ 2.9%€142,031▼ 11.2%€121,327▼ 14.6%€84,412▼ 30.4%€52,852▼ 37.4%
Working capital€8,702-€3,396▼ 61.0%€37,933within the sector's middle half▲ 11×-€45,761below the sector's middle half-€23,776below the sector's middle half▲ 48.0%€3,552within the sector's middle half€50,385within the sector's middle half▲ 14×€53,419within the sector's middle half▲ 6.0%
Solvency-44.9%--59.7%▼ 14.8pp-11.7%below the sector's middle half▲ 48.0pp20.4%within the sector's middle half▲ 32.1pp29.7%within the sector's middle half▲ 9.3pp44.9%within the sector's middle half▲ 15.1pp64.3%within the sector's middle half▲ 19.4pp76.6%above the sector's middle half▲ 12.3pp
Current ratio1.25-1.08▼ 0.161.35within the sector's middle half▲ 0.260.56below the sector's middle half▼ 0.790.72below the sector's middle half▲ 0.161.06within the sector's middle half▲ 0.342.40within the sector's middle half▲ 1.343.27within the sector's middle half▲ 0.87
Return on assets (ROA)12.5%--14.1%▼ 26.6pp5.9%within the sector's middle half▲ 20.0pp29.0%above the sector's middle half▲ 23.1pp9.4%within the sector's middle half▼ 19.5pp17.6%above the sector's middle half▲ 8.1pp22.6%above the sector's middle half▲ 5.0pp9.3%within the sector's middle half▼ 13.2pp
above
within
below
the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €226,056
Fixed assets
€149,085 ▼ 0.8%
Current assets
€76,971 ▼ 10.8%
Equity and liabilities €226,056
Equity
€173,204 ▲ 13.8%
Debt
€52,852 ▼ 37.4%
Debt's share of the balance-sheet total falls from 35.7% to 23.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€42,738▼
2024 · €88,585
Cash flow
€29,835▼
2024 · €61,508
Debt to equity
0.31▼
2024 · 0.55
ROE
12.2%▼
2024 · 35.1%
Interest coverage
48.25▼
2024 · 70.04
Debt ≤ 1 year
€23,552▼
2024 · €35,932
Debt > 1 year
€29,300▼
2024 · €48,480
Income taxes
€12,019▼
2024 · €25,812
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €922 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €3,542 | €6,351 | €7,483 | €8,143 | €8,768 | ▲ 7.7% |
| Other operating charges640/8 | - | - | - | €1,011 | €564 | €621 | €2,551 | €1,354 | ▼ 46.9% |
| Gross operating margin9900 | €6,819 | -€4,884 | €9,979 | €68,342 | €37,206 | €68,994 | €91,135 | €44,092 | ▼ 51.6% |
| Operating profit (loss)9901 | €6,471 | -€5,232 | €9,598 | €63,789 | €30,290 | €60,890 | €80,442 | €33,970 | ▼ 57.8% |
| Financial income75/76B | - | - | - | - | €1 | - | €1 | €2 | ▲ 122% |
| Recurring financial income75 | - | - | €0 | - | €1 | - | €1 | €2 | ▲ 122% |
| Financial charges65/66B | - | - | - | €880 | €3,338 | €3,288 | €1,265 | €886 | ▼ 30.0% |
| Recurring financial charges65 | €942 | €895 | €880 | €880 | €2,738 | €3,288 | €1,265 | €886 | ▼ 30.0% |
| Non-recurring financial charges66B | - | - | - | - | €600 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €5,529 | -€6,127 | €8,718 | €62,909 | €26,952 | €57,602 | €79,178 | €33,086 | ▼ 58.2% |
| Income taxes67/77 | - | - | - | €4,648 | €7,855 | €18,923 | €25,812 | €12,019 | ▼ 53.4% |
| Profit (loss) for the period9904 | €5,529 | -€6,127 | €8,718 | €58,261 | €19,098 | €38,678 | €53,365 | €21,068 | ▼ 60.5% |
| Profit (loss) for the period to be appropriated9905 | €5,529 | -€6,127 | €8,718 | €58,261 | €19,098 | €38,678 | €53,365 | €21,068 | ▼ 60.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €44,197 | €43,531 | €147,370 | €200,937 | €202,124 | €220,098 | €236,548 | €226,056 | ▼ 4.4% |
| Fixed assets21/28 | - | - | - | €142,775 | €142,377 | €155,151 | €150,231 | €149,085 | ▼ 0.8% |
| Tangible fixed assets22/27 | - | - | - | €142,775 | €142,377 | €155,151 | €150,231 | €149,085 | ▼ 0.8% |
| Land and buildings22 | - | - | - | €142,775 | €140,386 | €153,581 | €146,396 | €145,583 | ▼ 0.6% |
| Furniture and vehicles24 | - | - | - | - | €1,991 | €1,570 | €3,834 | €3,502 | ▼ 8.7% |
| Current assets29/58 | €44,197 | €43,531 | €147,370 | €58,162 | €59,747 | €64,947 | €86,317 | €76,971 | ▼ 10.8% |
| Stocks and contracts in progress3 | - | €6,595 | €119,121 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €12,023 | €8,464 | €18,342 | €27,950 | €27,135 | €27,791 | €41,893 | €44,812 | ▲ 7.0% |
| Trade receivables40 | - | - | - | €27,950 | €27,135 | €27,791 | €35,205 | €29,996 | ▼ 14.8% |
| Other amounts receivable41 | - | - | - | - | - | - | €6,688 | €14,816 | ▲ 122% |
| Cash at bank and in hand54/58 | €32,174 | €28,472 | €9,906 | €30,211 | €32,611 | €37,156 | €44,424 | €27,197 | ▼ 38.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €4,962 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €44,197 | €43,531 | €147,370 | €200,937 | €202,124 | €220,098 | €236,548 | €226,056 | ▼ 4.4% |
| Equity10/15 | -€19,858 | -€25,984 | -€17,267 | €40,994 | €60,092 | €98,771 | €152,136 | €173,204 | ▲ 13.8% |
| Contributions10/11 | €30,000 | €30,000 | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | - | - | - | €10,994 | €30,092 | €68,771 | €122,136 | €143,204 | ▲ 17.2% |
| Distributable reserves133 | - | - | - | €10,994 | €30,092 | €68,771 | €122,136 | €143,204 | ▲ 17.2% |
| Profit (loss) carried forward14 | -€49,858 | -€55,984 | -€47,267 | - | - | - | - | - | - |
| Amounts payable17/49 | €64,054 | €69,515 | €164,636 | €159,943 | €142,031 | €121,327 | €84,412 | €52,852 | ▼ 37.4% |
| Amounts payable after more than one year17 | €28,560 | €29,380 | €55,200 | €56,020 | €56,840 | €57,660 | €48,480 | €29,300 | ▼ 39.6% |
| Financial debts170/4 | - | - | - | €56,020 | €56,840 | €57,660 | €48,480 | €29,300 | ▼ 39.6% |
| Amounts payable within one year42/48 | €35,494 | €40,135 | €109,436 | €103,923 | €83,523 | €61,395 | €35,932 | €23,552 | ▼ 34.5% |
| Trade debts44 | €14,529 | €11,918 | €17,156 | €16,039 | €20,441 | €7,604 | €3,227 | €2,953 | ▼ 8.5% |
| Suppliers440/4 | - | - | - | €16,039 | €20,441 | €7,604 | €3,227 | €2,953 | ▼ 8.5% |
| Advances received on contracts in progress46 | - | - | - | €427 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €46,003 | €21,200 | €15,946 | €8,370 | €5,153 | ▼ 38.4% |
| Taxes450/3 | - | - | - | €11,271 | €17,446 | €15,946 | €8,370 | €5,153 | ▼ 38.4% |
| Remuneration and social security454/9 | - | - | - | €34,731 | €3,754 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €41,453 | €41,882 | €37,845 | €24,334 | €15,446 | ▼ 36.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,668 | €2,272 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,529 | -€6,127 | €8,718 | €58,261 | €19,098 | €38,678 | €53,365 | €21,068 | ▼ 60.5% |
| + Depreciation and write-downs630 | - | - | - | €3,542 | €6,351 | €7,483 | €8,143 | €8,768 | ▲ 7.7% |
| Operating cash flow (approximation) | €5,529 | -€6,127 | €8,718 | €61,803 | €25,449 | €46,161 | €61,508 | €29,835 | ▼ 51.5% |
| Investment in fixed assets (approximation) | - | - | - | - | -€5,953 | -€20,257 | -€3,223 | -€7,622 | ▼ 136% |
| Change in cash | - | -€3,702 | -€18,565 | €20,305 | €2,400 | €4,544 | €7,269 | -€17,227 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00339576 | NBB |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00352082 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00326707 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00293470 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20254355 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-46000563 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-29900109 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-39000119 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-22300421 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-38800033 |
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Of the 826 active companies whose main activity is wholesale of solid, liquid and gaseous fuels and related products (NACE 46810), figures are known for 478. 327 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €629 awarded · €629 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €582 | €582 |
| 2022 | 1 | €47 | €47 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.