K A D.: 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.
K A D.
Largest movements
- Cash -€126,624
down €126,624 (-40.5%), from €313,005 to €186,381
mainly Contributions, distributions and other (-€127,089) and Current investments (-€99,991)
- Current investments +€99,991
new in 2025: €99,991
- Receivables within one year -€8,102
down €8,102 (-5.4%), from €150,241 to €142,139
of which Other amounts receivable: -€71,855
- Reserves -€105,996
down €105,996 (-27.8%), from €381,486 to €275,490
- Trade debts +€47,022
up €47,022 (+94.3%), from €49,886 to €96,909
- Other debts +€23,477
new in 2025: €23,477
- Gross operating margin -€32,346
down €32,346 (-39.8%), from €81,303 to €48,957
- Depreciation -€9,065
down €9,065 (-63.7%), from €14,221 to €5,155
- Staff costs -€8,850
down €8,850 (-26.7%), from €33,124 to €24,274
- Taxes -€6,459
down €6,459 (-37.8%), from €17,085 to €10,626
- Financial income -€2,190
down €2,190 (-14.1%), from €15,500 to €13,310
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.
Derived cash bridge
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 | €468,421 | €433,144 | -€35,278 | -7.5% |
| Fixed assets | 21/28 | €4,973 | €2,045 | -€2,928 | -58.9% |
| Tangible fixed assets | 22/27 | €4,973 | €2,045 | -€2,928 | -58.9% |
| Plant, machinery and equipment | 23 | - | €2,045 | +€2,045 | |
| Furniture and vehicles | 24 | €4,973 | €0 | -€4,973 | -100% |
| Current assets | 29/58 | €463,448 | €431,098 | -€32,350 | -7.0% |
| Amounts receivable within one year | 40/41 | €150,241 | €142,139 | -€8,102 | -5.4% |
| Trade receivables | 40 | €78,053 | €141,806 | +€63,753 | +81.7% |
| Other amounts receivable | 41 | €72,188 | €333 | -€71,855 | -99.5% |
| Current investments | 50/53 | - | €99,991 | +€99,991 | |
| Cash at bank and in hand | 54/58 | €313,005 | €186,381 | -€126,624 | -40.5% |
| Deferred charges and accrued income | 490/1 | €202 | €2,587 | +€2,385 | +1,180% |
| Total equity and liabilities | 10/49 | €468,421 | €433,144 | -€35,278 | -7.5% |
| Equity | 10/15 | €393,886 | €287,890 | -€105,996 | -26.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €381,486 | €275,490 | -€105,996 | -27.8% |
| Distributable reserves | 133 | €381,486 | €275,490 | -€105,996 | -27.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €74,536 | €145,254 | +€70,719 | +94.9% |
| Amounts payable within one year | 42/48 | €74,536 | €145,254 | +€70,719 | +94.9% |
| Trade debts | 44 | €49,886 | €96,909 | +€47,022 | +94.3% |
| Suppliers | 440/4 | €49,886 | €96,909 | +€47,022 | +94.3% |
| Taxes, remuneration and social security | 45 | €24,649 | €24,868 | +€219 | +0.9% |
| Taxes | 450/3 | €20,561 | €24,868 | +€4,307 | +20.9% |
| Remuneration and social security | 454/9 | €4,088 | €0 | -€4,088 | -100% |
| Other amounts payable | 47/48 | - | €23,477 | +€23,477 | |
| Non-recurring operating income | 76A | - | €3,620 | +€3,620 | |
| Remuneration, social security and pensions | 62 | €33,124 | €24,274 | -€8,850 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,221 | €5,155 | -€9,065 | -63.7% |
| Other operating charges | 640/8 | €1,438 | €858 | -€579 | -40.3% |
| Non-recurring operating charges | 66A | €296 | €0 | -€296 | -100% |
| Gross operating margin | 9900 | €81,303 | €48,957 | -€32,346 | -39.8% |
| Operating profit (loss) | 9901 | €32,224 | €18,670 | -€13,555 | -42.1% |
| Financial income | 75/76B | €15,500 | €13,310 | -€2,190 | -14.1% |
| Recurring financial income | 75 | €15,500 | €13,310 | -€2,190 | -14.1% |
| Financial charges | 65/66B | €142 | €261 | +€119 | +83.2% |
| Recurring financial charges | 65 | €142 | €261 | +€119 | +83.2% |
| Profit (loss) for the period before taxes | 9903 | €47,582 | €31,719 | -€15,863 | -33.3% |
| Income taxes | 67/77 | €17,085 | €10,626 | -€6,459 | -37.8% |
| Profit (loss) for the period | 9904 | €30,497 | €21,093 | -€9,404 | -30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,497 | €21,093 | -€9,404 | -30.8% |
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 23 October 2026 via checked.be.