KADEGE CONSULT: 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.
KADEGE CONSULT
Largest movements
- Receivables within one year +€48,392
up €48,392 (+41.1%), from €117,823 to €166,215
of which Other amounts receivable: +€25,429
- Cash -€18,161
down €18,161 (-8.4%), from €216,208 to €198,047
mainly Contributions, distributions and other (-€123,259) and Receivables within one year (-€48,392)
- Tangible fixed assets -€9,013
down €9,013 (-10.0%), from €90,129 to €81,115
- Deferred charges and accrued income -€6,088
down €6,088 (-27.4%), from €22,199 to €16,111
- Current portion of long-term debt -€41,667
no longer reported in 2026 (was €41,667)
- Other debts +€30,760
up €30,760 (+333%), from €9,241 to €40,001
- Trade debts +€26,810
up €26,810 (+30.4%), from €88,113 to €114,923
- Financial charges +€59,547
up €59,547 (+1,336%), from €4,458 to €64,005
- Taxes -€47,364
down €47,364 (-99.9%), from €47,391 to €26
- Gross operating margin +€15,373
up €15,373 (+8.2%), from €188,193 to €203,566
- Staff costs +€3,209
up €3,209 (+122%), from €2,631 to €5,840
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €446,359 | €461,488 | +€15,129 | +3.4% |
| Fixed assets | 21/28 | €90,129 | €81,115 | -€9,013 | -10.0% |
| Tangible fixed assets | 22/27 | €90,129 | €81,115 | -€9,013 | -10.0% |
| Land and buildings | 22 | €73,459 | €69,969 | -€3,490 | -4.8% |
| Plant, machinery and equipment | 23 | €11,092 | €8,493 | -€2,600 | -23.4% |
| Furniture and vehicles | 24 | €141 | - | -€141 | |
| Other tangible fixed assets | 26 | €5,437 | €2,654 | -€2,783 | -51.2% |
| Current assets | 29/58 | €356,230 | €380,373 | +€24,143 | +6.8% |
| Amounts receivable within one year | 40/41 | €117,823 | €166,215 | +€48,392 | +41.1% |
| Trade receivables | 40 | €81,824 | €104,786 | +€22,963 | +28.1% |
| Other amounts receivable | 41 | €35,999 | €61,429 | +€25,429 | +70.6% |
| Cash at bank and in hand | 54/58 | €216,208 | €198,047 | -€18,161 | -8.4% |
| Deferred charges and accrued income | 490/1 | €22,199 | €16,111 | -€6,088 | -27.4% |
| Total equity and liabilities | 10/49 | €446,359 | €461,488 | +€15,129 | +3.4% |
| Equity | 10/15 | €290,275 | €290,275 | = | 0.0% |
| Contributions | 10/11 | €14,400 | €14,400 | = | 0.0% |
| Reserves | 13 | €275,875 | €275,875 | = | 0.0% |
| Distributable reserves | 133 | €275,875 | €275,875 | = | 0.0% |
| Amounts payable | 17/49 | €156,084 | €171,213 | +€15,129 | +9.7% |
| Amounts payable within one year | 42/48 | €156,084 | €171,213 | +€15,129 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €41,667 | - | -€41,667 | |
| Trade debts | 44 | €88,113 | €114,923 | +€26,810 | +30.4% |
| Suppliers | 440/4 | €88,113 | €114,923 | +€26,810 | +30.4% |
| Taxes, remuneration and social security | 45 | €17,063 | €16,289 | -€774 | -4.5% |
| Taxes | 450/3 | €14,563 | €16,289 | +€1,725 | +11.8% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €9,241 | €40,001 | +€30,760 | +333% |
| Remuneration, social security and pensions | 62 | €2,631 | €5,840 | +€3,209 | +122% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,405 | €9,013 | +€609 | +7.2% |
| Other operating charges | 640/8 | €840 | €1,509 | +€669 | +79.7% |
| Gross operating margin | 9900 | €188,193 | €203,566 | +€15,373 | +8.2% |
| Operating profit (loss) | 9901 | €176,318 | €187,203 | +€10,886 | +6.2% |
| Financial income | 75/76B | €87 | €87 | +€0 | +0.4% |
| Recurring financial income | 75 | €87 | €87 | +€0 | +0.4% |
| Financial charges | 65/66B | €4,458 | €64,005 | +€59,547 | +1,336% |
| Recurring financial charges | 65 | €4,458 | €64,005 | +€59,547 | +1,336% |
| Profit (loss) for the period before taxes | 9903 | €171,946 | €123,285 | -€48,661 | -28.3% |
| Income taxes | 67/77 | €47,391 | €26 | -€47,364 | -99.9% |
| Profit (loss) for the period | 9904 | €124,556 | €123,259 | -€1,297 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,556 | €123,259 | -€1,297 | -1.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.