KADER 20: 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 20
Largest movements
- Cash +€199,088
up €199,088 (+21.0%), from €946,066 to €1.1m
mainly Net result for the year (+€501,695) and Trade debts (+€85,632)
- Current investments +€90,000
up €90,000 (+26.1%), from €345,049 to €435,049
- Reserves +€301,695
up €301,695 (+23.9%), from €1.3m to €1.6m
- Trade debts +€85,632
up €85,632 (+122.7%), from €69,801 to €155,433
- Debts after one year -€42,458
down €42,458 (-32.0%), from €132,786 to €90,328
- Tax, wage and social debts -€24,801
down €24,801 (-24.3%), from €101,901 to €77,100
of which Taxes: -€43,845
- Gross operating margin +€208,626
up €208,626 (+22.0%), from €946,899 to €1.2m
- Staff costs +€70,420
up €70,420 (+19.0%), from €370,018 to €440,437
- Taxes +€34,087
up €34,087 (+23.7%), from €144,062 to €178,150
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 | €1,842,004 | €2,162,613 | +€320,609 | +17.4% |
| Fixed assets | 21/28 | €54,151 | €65,291 | +€11,140 | +20.6% |
| Tangible fixed assets | 22/27 | €53,901 | €65,041 | +€11,140 | +20.7% |
| Plant, machinery and equipment | 23 | €40,807 | €27,023 | -€13,784 | -33.8% |
| Furniture and vehicles | 24 | €12,816 | €38,018 | +€25,202 | +196.6% |
| Other tangible fixed assets | 26 | €278 | - | -€278 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,787,853 | €2,097,322 | +€309,469 | +17.3% |
| Stocks and contracts in progress | 3 | €89,868 | €90,048 | +€180 | +0.2% |
| Stocks | 30/36 | €89,868 | €90,048 | +€180 | +0.2% |
| Amounts receivable within one year | 40/41 | €390,756 | €401,522 | +€10,767 | +2.8% |
| Trade receivables | 40 | €378,723 | €391,234 | +€12,511 | +3.3% |
| Other amounts receivable | 41 | €12,032 | €10,288 | -€1,744 | -14.5% |
| Current investments | 50/53 | €345,049 | €435,049 | +€90,000 | +26.1% |
| Cash at bank and in hand | 54/58 | €946,066 | €1,145,155 | +€199,088 | +21.0% |
| Deferred charges and accrued income | 490/1 | €16,114 | €25,548 | +€9,433 | +58.5% |
| Total equity and liabilities | 10/49 | €1,842,004 | €2,162,613 | +€320,609 | +17.4% |
| Equity | 10/15 | €1,293,286 | €1,594,981 | +€301,695 | +23.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,263,286 | €1,564,981 | +€301,695 | +23.9% |
| Distributable reserves | 133 | €1,263,286 | €1,564,981 | +€301,695 | +23.9% |
| Amounts payable | 17/49 | €548,718 | €567,632 | +€18,913 | +3.4% |
| Amounts payable after more than one year | 17 | €132,786 | €90,328 | -€42,458 | -32.0% |
| Financial debts | 170/4 | €132,786 | €90,328 | -€42,458 | -32.0% |
| Amounts payable within one year | 42/48 | €415,932 | €477,304 | +€61,372 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €41,886 | €42,458 | +€573 | +1.4% |
| Trade debts | 44 | €69,801 | €155,433 | +€85,632 | +122.7% |
| Suppliers | 440/4 | €69,801 | €155,433 | +€85,632 | +122.7% |
| Taxes, remuneration and social security | 45 | €101,901 | €77,100 | -€24,801 | -24.3% |
| Taxes | 450/3 | €72,353 | €28,507 | -€43,845 | -60.6% |
| Remuneration and social security | 454/9 | €29,548 | €48,593 | +€19,045 | +64.5% |
| Other amounts payable | 47/48 | €202,345 | €202,312 | -€32 | 0.0% |
| Remuneration, social security and pensions | 62 | €370,018 | €440,437 | +€70,420 | +19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,882 | €30,981 | +€2,100 | +7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,000 | +€9,000 | |
| Other operating charges | 640/8 | €5,525 | €5,297 | -€228 | -4.1% |
| Gross operating margin | 9900 | €946,899 | €1,155,525 | +€208,626 | +22.0% |
| Operating profit (loss) | 9901 | €542,474 | €669,809 | +€127,335 | +23.5% |
| Financial income | 75/76B | €21,289 | €18,153 | -€3,136 | -14.7% |
| Recurring financial income | 75 | €21,289 | €18,153 | -€3,136 | -14.7% |
| Financial charges | 65/66B | €6,056 | €8,117 | +€2,061 | +34.0% |
| Recurring financial charges | 65 | €6,056 | €6,384 | +€328 | +5.4% |
| Non-recurring financial charges | 66B | - | €1,733 | +€1,733 | |
| Profit (loss) for the period before taxes | 9903 | €557,707 | €679,845 | +€122,138 | +21.9% |
| Income taxes | 67/77 | €144,062 | €178,150 | +€34,087 | +23.7% |
| Profit (loss) for the period | 9904 | €413,645 | €501,695 | +€88,051 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €413,645 | €501,695 | +€88,051 | +21.3% |
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.