KaDeWe: 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.
KaDeWe
Largest movements
- Cash +€173,115
up €173,115 (+153.4%), from €112,884 to €285,999
mainly Net result for the year (+€90,145) and Depreciation (+€59,233)
- Receivables within one year -€55,466
down €55,466 (-30.8%), from €180,179 to €124,713
of which Trade receivables: -€62,510
- Current investments -€45,000
no longer reported in 2025 (was €45,000)
- Tangible fixed assets -€28,919
down €28,919 (-4.0%), from €721,969 to €693,050
of which Land and buildings: -€17,381
- Deferred charges and accrued income +€13,323
up €13,323 (+437.3%), from €3,047 to €16,369
- Reserves +€90,000
up €90,000 (+19.5%), from €461,874 to €551,874
- Tax, wage and social debts +€36,323
up €36,323 (+46.3%), from €78,428 to €114,751
of which Remuneration and social security: +€24,028
- Debts after one year -€30,294
down €30,294 (-7.0%), from €433,207 to €402,913
- Other debts -€22,500
no longer reported in 2025 (was €22,500)
- Short-term financial debts -€11,390
no longer reported in 2025 (was €11,390)
- Staff costs +€113,195
up €113,195 (+30.1%), from €376,069 to €489,263
- Gross operating margin +€85,115
up €85,115 (+14.2%), from €601,113 to €686,228
- Depreciation +€10,045
up €10,045 (+20.4%), from €49,188 to €59,233
- Taxes -€7,759
down €7,759 (-19.7%), from €39,303 to €31,544
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 | €1,070,327 | €1,125,236 | +€54,909 | +5.1% |
| Fixed assets | 21/28 | €729,217 | €698,155 | -€31,062 | -4.3% |
| Intangible fixed assets | 21 | €7,248 | €5,105 | -€2,143 | -29.6% |
| Tangible fixed assets | 22/27 | €721,969 | €693,050 | -€28,919 | -4.0% |
| Land and buildings | 22 | €648,736 | €631,355 | -€17,381 | -2.7% |
| Plant, machinery and equipment | 23 | €423 | €45 | -€377 | -89.2% |
| Furniture and vehicles | 24 | €72,810 | €61,650 | -€11,160 | -15.3% |
| Current assets | 29/58 | €341,110 | €427,081 | +€85,971 | +25.2% |
| Amounts receivable within one year | 40/41 | €180,179 | €124,713 | -€55,466 | -30.8% |
| Trade receivables | 40 | €163,988 | €101,479 | -€62,510 | -38.1% |
| Other amounts receivable | 41 | €16,190 | €23,234 | +€7,043 | +43.5% |
| Current investments | 50/53 | €45,000 | - | -€45,000 | |
| Cash at bank and in hand | 54/58 | €112,884 | €285,999 | +€173,115 | +153.4% |
| Deferred charges and accrued income | 490/1 | €3,047 | €16,369 | +€13,323 | +437.3% |
| Total equity and liabilities | 10/49 | €1,070,327 | €1,125,236 | +€54,909 | +5.1% |
| Equity | 10/15 | €480,474 | €570,619 | +€90,145 | +18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €461,874 | €551,874 | +€90,000 | +19.5% |
| Distributable reserves | 133 | €461,874 | €551,874 | +€90,000 | +19.5% |
| Profit (loss) carried forward | 14 | - | €145 | +€145 | |
| Amounts payable | 17/49 | €589,853 | €554,617 | -€35,236 | -6.0% |
| Amounts payable after more than one year | 17 | €433,207 | €402,913 | -€30,294 | -7.0% |
| Financial debts | 170/4 | €433,207 | €402,913 | -€30,294 | -7.0% |
| Amounts payable within one year | 42/48 | €156,646 | €151,704 | -€4,942 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €29,880 | €30,294 | +€414 | +1.4% |
| Financial debts | 43 | €11,390 | - | -€11,390 | |
| Credit institutions | 430/8 | €11,390 | - | -€11,390 | |
| Trade debts | 44 | €14,449 | €6,659 | -€7,789 | -53.9% |
| Suppliers | 440/4 | €14,449 | €6,659 | -€7,789 | -53.9% |
| Taxes, remuneration and social security | 45 | €78,428 | €114,751 | +€36,323 | +46.3% |
| Taxes | 450/3 | €37,234 | €49,529 | +€12,295 | +33.0% |
| Remuneration and social security | 454/9 | €41,194 | €65,222 | +€24,028 | +58.3% |
| Other amounts payable | 47/48 | €22,500 | - | -€22,500 | |
| Remuneration, social security and pensions | 62 | €376,069 | €489,263 | +€113,195 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,188 | €59,233 | +€10,045 | +20.4% |
| Other operating charges | 640/8 | €4,752 | €5,515 | +€764 | +16.1% |
| Gross operating margin | 9900 | €601,113 | €686,228 | +€85,115 | +14.2% |
| Operating profit (loss) | 9901 | €171,105 | €132,217 | -€38,888 | -22.7% |
| Financial income | 75/76B | €273 | €1,458 | +€1,185 | +434.1% |
| Recurring financial income | 75 | €273 | €1,458 | +€1,185 | +434.1% |
| Financial charges | 65/66B | €14,347 | €11,986 | -€2,361 | -16.5% |
| Recurring financial charges | 65 | €14,347 | €11,986 | -€2,361 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €157,031 | €121,689 | -€35,342 | -22.5% |
| Income taxes | 67/77 | €39,303 | €31,544 | -€7,759 | -19.7% |
| Profit (loss) for the period | 9904 | €117,728 | €90,145 | -€27,583 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €117,728 | €90,145 | -€27,583 | -23.4% |
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 9 October 2026 via checked.be.