Kadic: 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.
Kadic
Largest movements
- Receivables within one year +€713,159
up €713,159 (+33.1%), from €2.2m to €2.9m
of which Trade receivables: +€609,889
- Cash -€133,377
down €133,377 (-86.4%), from €154,344 to €20,967
mainly Receivables within one year (-€713,159) and Contributions, distributions and other (-€450,000)
- Advances received +€352,450
new in 2025: €352,450
- Reserves +€300,000
up €300,000 (+30.0%), from €998,656 to €1.3m
of which Distributable reserves: +€300,000
- Short-term financial debts -€190,000
down €190,000 (-32.8%), from €580,000 to €390,000
- Trade debts -€101,936
down €101,936 (-15.0%), from €679,260 to €577,325
- Tax, wage and social debts +€86,821
up €86,821 (+62.5%), from €139,013 to €225,834
of which Taxes: +€67,286
- Gross operating margin +€230,417
up €230,417 (+18.6%), from €1.2m to €1.5m
- Financial charges -€76,032
down €76,032 (-55.8%), from €136,363 to €60,331
- Taxes +€66,164
up €66,164 (+33.2%), from €199,027 to €265,192
- Staff costs +€35,982
up €35,982 (+12.4%), from €289,477 to €325,459
- Depreciation +€23,980
up €23,980 (+74.0%), from €32,410 to €56,390
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 | €2,931,702 | €3,445,320 | +€513,618 | +17.5% |
| Fixed assets | 21/28 | €353,589 | €322,311 | -€31,278 | -8.8% |
| Tangible fixed assets | 22/27 | €349,756 | €317,908 | -€31,847 | -9.1% |
| Plant, machinery and equipment | 23 | €2,412 | €1,789 | -€623 | -25.8% |
| Furniture and vehicles | 24 | €131,151 | €115,079 | -€16,072 | -12.3% |
| Other tangible fixed assets | 26 | €216,193 | €201,040 | -€15,153 | -7.0% |
| Financial fixed assets | 28 | €3,833 | €4,403 | +€570 | +14.9% |
| Current assets | 29/58 | €2,578,113 | €3,123,008 | +€544,895 | +21.1% |
| Stocks and contracts in progress | 3 | €270,307 | €235,999 | -€34,308 | -12.7% |
| Stocks | 30/36 | €270,307 | €235,999 | -€34,308 | -12.7% |
| Amounts receivable within one year | 40/41 | €2,152,883 | €2,866,042 | +€713,159 | +33.1% |
| Trade receivables | 40 | €2,073,351 | €2,683,240 | +€609,889 | +29.4% |
| Other amounts receivable | 41 | €79,533 | €182,803 | +€103,270 | +130% |
| Cash at bank and in hand | 54/58 | €154,344 | €20,967 | -€133,377 | -86.4% |
| Deferred charges and accrued income | 490/1 | €579 | - | -€579 | |
| Total equity and liabilities | 10/49 | €2,931,702 | €3,445,320 | +€513,618 | +17.5% |
| Equity | 10/15 | €1,076,458 | €1,376,058 | +€299,600 | +27.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €998,656 | €1,298,656 | +€300,000 | +30.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,456 | €29,456 | = | 0.0% |
| Distributable reserves | 133 | €963,000 | €1,263,000 | +€300,000 | +31.2% |
| Profit (loss) carried forward | 14 | €15,802 | €15,402 | -€400 | -2.5% |
| Amounts payable | 17/49 | €1,855,244 | €2,069,262 | +€214,018 | +11.5% |
| Amounts payable after more than one year | 17 | €39,049 | €29,327 | -€9,723 | -24.9% |
| Financial debts | 170/4 | €39,049 | €29,327 | -€9,723 | -24.9% |
| Amounts payable within one year | 42/48 | €1,807,685 | €2,025,883 | +€218,199 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €9,412 | €9,723 | +€311 | +3.3% |
| Financial debts | 43 | €580,000 | €390,000 | -€190,000 | -32.8% |
| Credit institutions | 430/8 | €580,000 | €390,000 | -€190,000 | -32.8% |
| Trade debts | 44 | €679,260 | €577,325 | -€101,936 | -15.0% |
| Suppliers | 440/4 | €679,260 | €577,325 | -€101,936 | -15.0% |
| Advances received on contracts in progress | 46 | - | €352,450 | +€352,450 | |
| Taxes, remuneration and social security | 45 | €139,013 | €225,834 | +€86,821 | +62.5% |
| Taxes | 450/3 | €106,905 | €174,192 | +€67,286 | +62.9% |
| Remuneration and social security | 454/9 | €32,108 | €51,643 | +€19,535 | +60.8% |
| Other amounts payable | 47/48 | €400,000 | €470,552 | +€70,552 | +17.6% |
| Accrued charges and deferred income | 492/3 | €8,510 | €14,052 | +€5,542 | +65.1% |
| Non-recurring operating income | 76A | €7,355 | €10,439 | +€3,084 | +41.9% |
| Remuneration, social security and pensions | 62 | €289,477 | €325,459 | +€35,982 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,410 | €56,390 | +€23,980 | +74.0% |
| Other operating charges | 640/8 | €14,307 | €10,290 | -€4,017 | -28.1% |
| Gross operating margin | 9900 | €1,236,301 | €1,466,718 | +€230,417 | +18.6% |
| Operating profit (loss) | 9901 | €900,107 | €1,074,580 | +€174,472 | +19.4% |
| Financial income | 75/76B | €31 | €543 | +€512 | +1,639% |
| Recurring financial income | 75 | €31 | €543 | +€512 | +1,639% |
| Financial charges | 65/66B | €136,363 | €60,331 | -€76,032 | -55.8% |
| Recurring financial charges | 65 | €136,363 | €60,331 | -€76,032 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €763,775 | €1,014,791 | +€251,016 | +32.9% |
| Income taxes | 67/77 | €199,027 | €265,192 | +€66,164 | +33.2% |
| Profit (loss) for the period | 9904 | €564,748 | €749,600 | +€184,852 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €564,748 | €749,600 | +€184,852 | +32.7% |
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 18 October 2026 via checked.be.