KADEMER: 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.
KADEMER
Largest movements
- Cash -€13,499
down €13,499 (-19.1%), from €70,705 to €57,206
mainly Investment in fixed assets (net) (-€19,875) and Receivables within one year (-€13,328)
- Receivables within one year +€13,328
up €13,328 (+79.4%), from €16,781 to €30,110
of which Other amounts receivable: +€6,740
- Tangible fixed assets +€12,108
up €12,108 (+80.6%), from €15,023 to €27,132
of which Land and buildings: +€12,012
- Reserves +€16,282
up €16,282 (+19.1%), from €85,291 to €101,573
- Tax, wage and social debts -€3,483
down €3,483 (-43.4%), from €8,028 to €4,545
- Gross operating margin -€21,919
down €21,919 (-43.4%), from €50,537 to €28,619
- Depreciation -€5,314
down €5,314 (-40.6%), from €13,081 to €7,767
- Taxes -€3,483
down €3,483 (-43.4%), from €8,028 to €4,545
- Financial income +€536
up €536 (+84.1%), from €637 to €1,172
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 | €104,783 | €117,512 | +€12,729 | +12.1% |
| Fixed assets | 21/28 | €15,023 | €27,132 | +€12,108 | +80.6% |
| Tangible fixed assets | 22/27 | €15,023 | €27,132 | +€12,108 | +80.6% |
| Land and buildings | 22 | - | €12,012 | +€12,012 | |
| Plant, machinery and equipment | 23 | €8,616 | €5,700 | -€2,916 | -33.8% |
| Furniture and vehicles | 24 | €6,407 | €9,420 | +€3,013 | +47.0% |
| Current assets | 29/58 | €89,760 | €90,381 | +€621 | +0.7% |
| Amounts receivable within one year | 40/41 | €16,781 | €30,110 | +€13,328 | +79.4% |
| Trade receivables | 40 | €2,260 | €8,848 | +€6,588 | +292% |
| Other amounts receivable | 41 | €14,521 | €21,262 | +€6,740 | +46.4% |
| Cash at bank and in hand | 54/58 | €70,705 | €57,206 | -€13,499 | -19.1% |
| Deferred charges and accrued income | 490/1 | €2,273 | €3,065 | +€791 | +34.8% |
| Total equity and liabilities | 10/49 | €104,783 | €117,512 | +€12,729 | +12.1% |
| Equity | 10/15 | €95,291 | €111,573 | +€16,282 | +17.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €85,291 | €101,573 | +€16,282 | +19.1% |
| Distributable reserves | 133 | €85,291 | €101,573 | +€16,282 | +19.1% |
| Amounts payable | 17/49 | €9,492 | €5,940 | -€3,553 | -37.4% |
| Amounts payable within one year | 42/48 | €9,492 | €5,940 | -€3,553 | -37.4% |
| Trade debts | 44 | €1,465 | €1,395 | -€70 | -4.8% |
| Suppliers | 440/4 | €1,465 | €1,395 | -€70 | -4.8% |
| Taxes, remuneration and social security | 45 | €8,028 | €4,545 | -€3,483 | -43.4% |
| Taxes | 450/3 | €8,028 | €4,545 | -€3,483 | -43.4% |
| Remuneration, social security and pensions | 62 | €372 | - | -€372 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,081 | €7,767 | -€5,314 | -40.6% |
| Other operating charges | 640/8 | €972 | €977 | +€5 | +0.5% |
| Gross operating margin | 9900 | €50,537 | €28,619 | -€21,919 | -43.4% |
| Operating profit (loss) | 9901 | €36,112 | €19,874 | -€16,238 | -45.0% |
| Financial income | 75/76B | €637 | €1,172 | +€536 | +84.1% |
| Recurring financial income | 75 | €637 | €1,172 | +€536 | +84.1% |
| Financial charges | 65/66B | €450 | €221 | -€229 | -50.9% |
| Recurring financial charges | 65 | €450 | €221 | -€229 | -50.9% |
| Profit (loss) for the period before taxes | 9903 | €36,299 | €20,826 | -€15,473 | -42.6% |
| Income taxes | 67/77 | €8,028 | €4,545 | -€3,483 | -43.4% |
| Profit (loss) for the period | 9904 | €28,272 | €16,282 | -€11,990 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,272 | €16,282 | -€11,990 | -42.4% |
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 14 October 2026 via checked.be.