KAD MANAGEMENT: 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.
KAD MANAGEMENT
Largest movements
- Tangible fixed assets +€451,490
up €451,490 (+413.5%), from €109,181 to €560,671
of which Land and buildings: +€470,319
- Cash -€178,274
down €178,274 (-72.0%), from €247,652 to €69,378
mainly Investment in fixed assets (net) (-€486,414) and Contributions, distributions and other (-€55,214)
- Receivables within one year -€27,826
down €27,826 (-48.9%), from €56,948 to €29,122
- Debts after one year +€201,118
new in 2025: €201,118
- Other debts +€74,264
up €74,264 (+14972.6%), from €496 to €74,760
- Reserves -€49,744
down €49,744 (-13.8%), from €359,579 to €309,835
- Current portion of long-term debt +€20,123
up €20,123 (+1509.6%), from €1,333 to €21,456
- Depreciation +€13,832
up €13,832 (+65.6%), from €21,092 to €34,924
- Taxes -€6,984
down €6,984 (-62.5%), from €11,175 to €4,191
- Financial charges +€6,354
up €6,354 (+1722.0%), from €369 to €6,723
- Gross operating margin -€1,444
down €1,444 (-2.6%), from €54,534 to €53,090
- Other operating charges +€1,353
up €1,353 (+234.1%), from €578 to €1,931
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 | €414,832 | €659,968 | +€245,136 | +59.1% |
| Fixed assets | 21/28 | €109,181 | €560,671 | +€451,490 | +413.5% |
| Tangible fixed assets | 22/27 | €109,181 | €560,671 | +€451,490 | +413.5% |
| Land and buildings | 22 | €54,378 | €524,697 | +€470,319 | +864.9% |
| Furniture and vehicles | 24 | €33,157 | €22,535 | -€10,622 | -32.0% |
| Other tangible fixed assets | 26 | €21,646 | €13,439 | -€8,207 | -37.9% |
| Current assets | 29/58 | €305,651 | €99,297 | -€206,354 | -67.5% |
| Amounts receivable within one year | 40/41 | €56,948 | €29,122 | -€27,826 | -48.9% |
| Other amounts receivable | 41 | €56,948 | €29,122 | -€27,826 | -48.9% |
| Cash at bank and in hand | 54/58 | €247,652 | €69,378 | -€178,274 | -72.0% |
| Deferred charges and accrued income | 490/1 | €1,051 | €797 | -€254 | -24.2% |
| Total equity and liabilities | 10/49 | €414,832 | €659,968 | +€245,136 | +59.1% |
| Equity | 10/15 | €365,779 | €316,035 | -€49,744 | -13.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €359,579 | €309,835 | -€49,744 | -13.8% |
| Distributable reserves | 133 | €359,579 | €309,835 | -€49,744 | -13.8% |
| Provisions and deferred taxes | 16 | €27,909 | €27,909 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €27,909 | €27,909 | = | 0.0% |
| Pensions and similar obligations | 160 | €27,909 | €27,909 | = | 0.0% |
| Amounts payable | 17/49 | €21,144 | €316,024 | +€294,880 | +1394.6% |
| Amounts payable after more than one year | 17 | - | €201,118 | +€201,118 | |
| Financial debts | 170/4 | - | €201,118 | +€201,118 | |
| Amounts payable within one year | 42/48 | €17,375 | €112,896 | +€95,521 | +549.8% |
| Current portion of amounts payable after more than one year | 42 | €1,333 | €21,456 | +€20,123 | +1509.6% |
| Trade debts | 44 | €4,039 | €3,187 | -€852 | -21.1% |
| Suppliers | 440/4 | €4,039 | €3,187 | -€852 | -21.1% |
| Taxes, remuneration and social security | 45 | €11,507 | €13,493 | +€1,986 | +17.3% |
| Taxes | 450/3 | €7,889 | €9,891 | +€2,002 | +25.4% |
| Remuneration and social security | 454/9 | €3,618 | €3,602 | -€16 | -0.4% |
| Other amounts payable | 47/48 | €496 | €74,760 | +€74,264 | +14972.6% |
| Accrued charges and deferred income | 492/3 | €3,769 | €2,010 | -€1,759 | -46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,092 | €34,924 | +€13,832 | +65.6% |
| Other operating charges | 640/8 | €578 | €1,931 | +€1,353 | +234.1% |
| Gross operating margin | 9900 | €54,534 | €53,090 | -€1,444 | -2.6% |
| Operating profit (loss) | 9901 | €32,864 | €16,235 | -€16,629 | -50.6% |
| Financial income | 75/76B | €1,478 | €149 | -€1,329 | -89.9% |
| Recurring financial income | 75 | €1,478 | €149 | -€1,329 | -89.9% |
| Financial charges | 65/66B | €369 | €6,723 | +€6,354 | +1722.0% |
| Recurring financial charges | 65 | €369 | €6,723 | +€6,354 | +1722.0% |
| Profit (loss) for the period before taxes | 9903 | €33,973 | €9,661 | -€24,312 | -71.6% |
| Income taxes | 67/77 | €11,175 | €4,191 | -€6,984 | -62.5% |
| Profit (loss) for the period | 9904 | €22,798 | €5,470 | -€17,328 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,798 | €5,470 | -€17,328 | -76.0% |
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 10 October 2026 via checked.be.