KADECO: 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.
KADECO
Largest movements
- Tangible fixed assets -€155,772
down €155,772 (-23.0%), from €676,239 to €520,467
- Stocks and contracts +€118,245
up €118,245 (+34.3%), from €344,345 to €462,590
- Receivables within one year +€100,368
up €100,368 (+42.8%), from €234,489 to €334,857
of which Trade receivables: +€114,439
- Intangible fixed assets -€59,861
down €59,861 (-20.1%), from €298,516 to €238,655
- Cash -€49,253
down €49,253 (-91.2%), from €54,024 to €4,771
mainly Current portion of long-term debt (-€222,110) and Debts after one year (-€127,524)
- Current portion of long-term debt -€222,110
down €222,110 (-56.0%), from €396,417 to €174,307
- Short-term financial debts +€175,000
new in 2025: €175,000
- Debts after one year -€127,524
down €127,524 (-15.3%), from €832,271 to €704,748
- Trade debts +€85,361
up €85,361 (+49.8%), from €171,541 to €256,902
- Other debts +€38,813
up €38,813 (+76.8%), from €50,537 to €89,350
- Financial income +€46,263
up €46,263 (+1,931%), from €2,395 to €48,658
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 | €1,627,076 | €1,571,813 | -€55,262 | -3.4% |
| Formation expenses | 20 | €7,686 | - | -€7,686 | |
| Fixed assets | 21/28 | €982,374 | €762,571 | -€219,803 | -22.4% |
| Intangible fixed assets | 21 | €298,516 | €238,655 | -€59,861 | -20.1% |
| Tangible fixed assets | 22/27 | €676,239 | €520,467 | -€155,772 | -23.0% |
| Land and buildings | 22 | €40,558 | €26,035 | -€14,523 | -35.8% |
| Plant, machinery and equipment | 23 | €110,155 | €59,737 | -€50,418 | -45.8% |
| Furniture and vehicles | 24 | €27,093 | €12,064 | -€15,029 | -55.5% |
| Leasing and similar rights | 25 | €406,893 | €342,608 | -€64,286 | -15.8% |
| Other tangible fixed assets | 26 | €91,539 | €80,023 | -€11,516 | -12.6% |
| Financial fixed assets | 28 | €7,620 | €3,450 | -€4,170 | -54.7% |
| Current assets | 29/58 | €637,015 | €809,242 | +€172,227 | +27.0% |
| Stocks and contracts in progress | 3 | €344,345 | €462,590 | +€118,245 | +34.3% |
| Stocks | 30/36 | €344,345 | €462,590 | +€118,245 | +34.3% |
| Amounts receivable within one year | 40/41 | €234,489 | €334,857 | +€100,368 | +42.8% |
| Trade receivables | 40 | €214,425 | €328,864 | +€114,439 | +53.4% |
| Other amounts receivable | 41 | €20,064 | €5,993 | -€14,071 | -70.1% |
| Cash at bank and in hand | 54/58 | €54,024 | €4,771 | -€49,253 | -91.2% |
| Deferred charges and accrued income | 490/1 | €4,157 | €7,025 | +€2,867 | +69.0% |
| Total equity and liabilities | 10/49 | €1,627,076 | €1,571,813 | -€55,262 | -3.4% |
| Equity | 10/15 | €89,196 | €95,902 | +€6,705 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,530 | €65,235 | +€6,705 | +11.5% |
| Distributable reserves | 133 | €58,530 | €65,235 | +€6,705 | +11.5% |
| Profit (loss) carried forward | 14 | €12,066 | €12,066 | = | 0.0% |
| Amounts payable | 17/49 | €1,537,879 | €1,475,912 | -€61,967 | -4.0% |
| Amounts payable after more than one year | 17 | €832,271 | €704,748 | -€127,524 | -15.3% |
| Financial debts | 170/4 | €832,271 | €704,748 | -€127,524 | -15.3% |
| Amounts payable within one year | 42/48 | €705,308 | €771,164 | +€65,857 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €396,417 | €174,307 | -€222,110 | -56.0% |
| Financial debts | 43 | - | €175,000 | +€175,000 | |
| Credit institutions | 430/8 | - | €175,000 | +€175,000 | |
| Trade debts | 44 | €171,541 | €256,902 | +€85,361 | +49.8% |
| Suppliers | 440/4 | €171,541 | €256,902 | +€85,361 | +49.8% |
| Taxes, remuneration and social security | 45 | €86,813 | €75,605 | -€11,208 | -12.9% |
| Taxes | 450/3 | €52,956 | €46,610 | -€6,346 | -12.0% |
| Remuneration and social security | 454/9 | €33,857 | €28,995 | -€4,862 | -14.4% |
| Other amounts payable | 47/48 | €50,537 | €89,350 | +€38,813 | +76.8% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Remuneration, social security and pensions | 62 | €567,150 | €563,827 | -€3,323 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,022 | €181,448 | +€6,426 | +3.7% |
| Other operating charges | 640/8 | €10,709 | €12,954 | +€2,245 | +21.0% |
| Non-recurring operating charges | 66A | - | €48,569 | +€48,569 | |
| Gross operating margin | 9900 | €851,428 | €850,198 | -€1,230 | -0.1% |
| Operating profit (loss) | 9901 | €98,548 | €43,400 | -€55,147 | -56.0% |
| Financial income | 75/76B | €2,395 | €48,658 | +€46,263 | +1,931% |
| Recurring financial income | 75 | €2,395 | €48,658 | +€46,263 | +1,931% |
| Financial charges | 65/66B | €71,670 | €78,141 | +€6,471 | +9.0% |
| Recurring financial charges | 65 | €71,670 | €78,141 | +€6,471 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €29,272 | €13,917 | -€15,355 | -52.5% |
| Income taxes | 67/77 | €7,718 | €7,212 | -€506 | -6.6% |
| Profit (loss) for the period | 9904 | €21,554 | €6,705 | -€14,849 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,554 | €6,705 | -€14,849 | -68.9% |
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 16 October 2026 via checked.be.