KADER: 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.
KADER
Largest movements
- Current investments -€247,872
down €247,872 (-83.1%), from €298,390 to €50,517
- Cash +€92,724
up €92,724 (+198%), from €46,822 to €139,545
mainly Current investments (+€247,872) and Net result for the year (+€176,427)
- Receivables within one year -€24,016
down €24,016 (-62.2%), from €38,594 to €14,578
of which Trade receivables: -€19,255
- Tangible fixed assets -€9,582
down €9,582 (-48.2%), from €19,892 to €10,310
of which Furniture and vehicles: -€9,199
- Reserves -€268,100
no longer reported in 2025 (was €268,100)
- Other debts +€81,479
up €81,479 (+65.4%), from €124,561 to €206,040
- Financial income +€59,016
up €59,016 (+1,177%), from €5,012 to €64,029
- Taxes +€7,259
up €7,259 (+16.4%), from €44,158 to €51,417
- Other operating charges -€2,407
down €2,407 (-82.0%), from €2,934 to €528
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 | €404,445 | €218,270 | -€186,175 | -46.0% |
| Fixed assets | 21/28 | €19,892 | €10,310 | -€9,582 | -48.2% |
| Tangible fixed assets | 22/27 | €19,892 | €10,310 | -€9,582 | -48.2% |
| Plant, machinery and equipment | 23 | €6,138 | €5,756 | -€383 | -6.2% |
| Furniture and vehicles | 24 | €13,754 | €4,555 | -€9,199 | -66.9% |
| Current assets | 29/58 | €384,553 | €207,960 | -€176,593 | -45.9% |
| Amounts receivable within one year | 40/41 | €38,594 | €14,578 | -€24,016 | -62.2% |
| Trade receivables | 40 | €19,255 | - | -€19,255 | |
| Other amounts receivable | 41 | €19,338 | €14,578 | -€4,761 | -24.6% |
| Current investments | 50/53 | €298,390 | €50,517 | -€247,872 | -83.1% |
| Cash at bank and in hand | 54/58 | €46,822 | €139,545 | +€92,724 | +198% |
| Deferred charges and accrued income | 490/1 | €748 | €3,319 | +€2,572 | +344% |
| Total equity and liabilities | 10/49 | €404,445 | €218,270 | -€186,175 | -46.0% |
| Equity | 10/15 | €278,513 | €10,840 | -€267,673 | -96.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €268,100 | - | -€268,100 | |
| Distributable reserves | 133 | €268,100 | - | -€268,100 | |
| Profit (loss) carried forward | 14 | €413 | €840 | +€427 | +103% |
| Amounts payable | 17/49 | €125,932 | €207,430 | +€81,499 | +64.7% |
| Amounts payable within one year | 42/48 | €125,932 | €207,430 | +€81,499 | +64.7% |
| Trade debts | 44 | - | €1,391 | +€1,391 | |
| Suppliers | 440/4 | - | €1,391 | +€1,391 | |
| Taxes, remuneration and social security | 45 | €1,371 | - | -€1,371 | |
| Taxes | 450/3 | €1,250 | - | -€1,250 | |
| Remuneration and social security | 454/9 | €121 | - | -€121 | |
| Other amounts payable | 47/48 | €124,561 | €206,040 | +€81,479 | +65.4% |
| Non-recurring operating income | 76A | €10,098 | - | -€10,098 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,265 | €13,472 | +€207 | +1.6% |
| Other operating charges | 640/8 | €2,934 | €528 | -€2,407 | -82.0% |
| Gross operating margin | 9900 | €176,163 | €177,849 | +€1,686 | +1.0% |
| Operating profit (loss) | 9901 | €159,963 | €163,849 | +€3,886 | +2.4% |
| Financial income | 75/76B | €5,012 | €64,029 | +€59,016 | +1,177% |
| Recurring financial income | 75 | €5,012 | €64,029 | +€59,016 | +1,177% |
| Financial charges | 65/66B | €452 | €34 | -€418 | -92.4% |
| Recurring financial charges | 65 | €452 | €34 | -€418 | -92.4% |
| Profit (loss) for the period before taxes | 9903 | €164,523 | €227,843 | +€63,321 | +38.5% |
| Income taxes | 67/77 | €44,158 | €51,417 | +€7,259 | +16.4% |
| Profit (loss) for the period | 9904 | €120,365 | €176,427 | +€56,062 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €120,365 | €176,427 | +€56,062 | +46.6% |
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.