KADINE: what changed
Two fiscal 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.
What changed
KADINE
NACE 46.423, Wholesale of clothing, excluding workwear and underwear
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€1.3m
2025 · €1.5m-€257,037
Equity
€16.1m
2025 · €14.8m+€1.3m
Cash
€4.9m
2025 · €3.3m+€1.7m
Balance sheet total
€33.8m
2025 · €32.7m+€1.1m
Largest movements
Assets
- Receivables within one year +€1.8m
up €1.8m (+33.7%), from €5.5m to €7.3m
of which Other amounts receivable: +€1.4m
- Cash +€1.7m
up €1.7m (+51.4%), from €3.3m to €4.9m
mainly Depreciation (+€2.7m) and Stocks and contracts (+€1.6m)
- Stocks and contracts -€1.6m
down €1.6m (-16.4%), from €9.5m to €8.0m
- Current investments -€917,808
no longer reported in 2026 (was €917,808)
- Intangible fixed assets -€813,434
down €813,434 (-12.1%), from €6.7m to €5.9m
Equity and liabilities
- Profit (loss) carried forward +€1.3m
up €1.3m (+40.8%), from -€3.1m to -€1.8m
- Debts after one year -€725,000
down €725,000 (-62.6%), from €1.2m to €433,802
- Current portion of long-term debt +€662,929
up €662,929 (+73.7%), from €900,000 to €1.6m
- Trade debts +€380,412
up €380,412 (+5.4%), from €7.0m to €7.4m
Income statement
- Turnover +€8.1m
up €8.1m (+13.6%), from €59.2m to €67.3m
- Services and other goods +€5.2m
up €5.2m (+18.7%), from €27.7m to €32.9m
- Staff costs +€2.0m
up €2.0m (+30.7%), from €6.5m to €8.4m
- Other operating income -€1.1m
down €1.1m (-75.7%), from €1.5m to €359,474
- Goods and materials +€933,055
up €933,055 (+4.8%), from €19.5m to €20.4m
of which Change in stocks: decrease (increase): +€602,602
From the 2025 result to the 2026 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.
Result 2025
€1.5m
Turnover
+€8.1m
Other operating income
-€1.1m
Goods and materials
-€933,055
Services and other goods
-€5.2m
Staff costs
-€2.0m
Depreciation
-€416,558
Provisions
-€96,360
Other operating charges
+€20,546
Other operating items
+€1.9m
Financial income
-€193,832
Financial charges
-€290,100
Taxes
-€74,477
Result 2026
€1.3m
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€3.6m
Investment
-€1.6m
Financing
-€324,955
Cash 2025
€3.3m
From operations (derived)
+€3.6m
Net result for the year
+€1.3m
Depreciation
+€2.7m
Receivables after one year
-€138,150
Stocks and contracts
+€1.6m
Receivables within one year
-€1.8m
Deferred charges and accrued income
-€94,117
Trade debts
+€380,412
Tax, wage and social debts
-€252,852
Advances received
+€126,404
Accrued charges and deferred income
-€91,671
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€2.5m
Current investments
+€917,808
Financing
-€324,955
Debts after one year
-€725,000
Current portion of long-term debt
+€662,929
Short-term financial debts
-€262,884
Cash 2026
€4.9m
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,669,545 | €33,769,781 | +€1.1m | +3.4% |
| Fixed assets | 21/28 | €10,728,043 | €10,564,119 | -€163,924 | -1.5% |
| Intangible fixed assets | 21 | €6,711,528 | €5,898,094 | -€813,434 | -12.1% |
| Tangible fixed assets | 22/27 | €1,011,120 | €1,660,530 | +€649,410 | +64.2% |
| Plant, machinery and equipment | 23 | €829,122 | €1,366,402 | +€537,280 | +64.8% |
| Furniture and vehicles | 24 | €147,611 | €274,660 | +€127,049 | +86.1% |
| Other tangible fixed assets | 26 | €34,386 | €19,467 | -€14,919 | -43.4% |
| Financial fixed assets | 28 | €3,005,395 | €3,005,495 | +€100 | 0.0% |
| Affiliated companies | 280/1 | €2,928,350 | €2,928,350 | = | 0.0% |
| Participating interests | 280 | €2,928,350 | €2,928,350 | = | 0.0% |
| Other financial fixed assets | 284/8 | €77,045 | €77,145 | +€100 | +0.1% |
| Amounts receivable and cash guarantees | 285/8 | €77,045 | €77,145 | +€100 | +0.1% |
| Current assets | 29/58 | €21,941,502 | €23,205,662 | +€1.3m | +5.8% |
| Amounts receivable after more than one year | 29 | €450,237 | €588,388 | +€138,150 | +30.7% |
| Other amounts receivable | 291 | €450,237 | €588,388 | +€138,150 | +30.7% |
| Stocks and contracts in progress | 3 | €9,532,247 | €7,964,369 | -€1.6m | -16.4% |
| Stocks | 30/36 | €9,532,247 | €7,964,369 | -€1.6m | -16.4% |
| Goods purchased for resale | 34 | €9,532,247 | €7,964,369 | -€1.6m | -16.4% |
| Amounts receivable within one year | 40/41 | €5,481,891 | €7,328,908 | +€1.8m | +33.7% |
| Trade receivables | 40 | €2,120,640 | €2,528,078 | +€407,438 | +19.2% |
| Other amounts receivable | 41 | €3,361,251 | €4,800,831 | +€1.4m | +42.8% |
| Current investments | 50/53 | €917,808 | - | -€917,808 | |
| Other investments | 51/53 | €917,808 | - | -€917,808 | |
| Cash at bank and in hand | 54/58 | €3,252,838 | €4,923,399 | +€1.7m | +51.4% |
| Deferred charges and accrued income | 490/1 | €2,306,481 | €2,400,598 | +€94,117 | +4.1% |
| Total equity and liabilities | 10/49 | €32,669,545 | €33,769,781 | +€1.1m | +3.4% |
| Equity | 10/15 | €14,796,709 | €16,059,607 | +€1.3m | +8.5% |
| Contributions | 10/11 | €10,338,500 | €10,338,500 | = | 0.0% |
| Reserves | 13 | €7,553,548 | €7,553,548 | = | 0.0% |
| Non-distributable reserves | 130/1 | €69,062 | €69,062 | = | 0.0% |
| Reserves not available under the articles | 1311 | €69,062 | €69,062 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,148,465 | €4,148,465 | = | 0.0% |
| Distributable reserves | 133 | €3,336,021 | €3,336,021 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,095,339 | -€1,832,441 | +€1.3m | +40.8% |
| Amounts payable | 17/49 | €17,872,835 | €17,710,174 | -€162,662 | -0.9% |
| Amounts payable after more than one year | 17 | €1,158,802 | €433,802 | -€725,000 | -62.6% |
| Financial debts | 170/4 | €1,158,802 | €433,802 | -€725,000 | -62.6% |
| Subordinated loans | 170 | €6,834 | €6,834 | = | 0.0% |
| Credit institutions | 173 | €900,000 | €175,000 | -€725,000 | -80.6% |
| Other loans | 174 | €251,968 | €251,968 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,594,891 | €16,248,900 | +€654,009 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €900,000 | €1,562,929 | +€662,929 | +73.7% |
| Financial debts | 43 | €4,927,648 | €4,664,764 | -€262,884 | -5.3% |
| Credit institutions | 430/8 | €4,927,648 | €4,664,764 | -€262,884 | -5.3% |
| Trade debts | 44 | €6,996,985 | €7,377,397 | +€380,412 | +5.4% |
| Suppliers | 440/4 | €6,996,985 | €7,377,397 | +€380,412 | +5.4% |
| Advances received on contracts in progress | 46 | €566,628 | €693,031 | +€126,404 | +22.3% |
| Taxes, remuneration and social security | 45 | €2,203,630 | €1,950,778 | -€252,852 | -11.5% |
| Taxes | 450/3 | €1,591,166 | €1,186,202 | -€404,964 | -25.5% |
| Remuneration and social security | 454/9 | €612,464 | €764,576 | +€152,113 | +24.8% |
| Accrued charges and deferred income | 492/3 | €1,119,142 | €1,027,471 | -€91,671 | -8.2% |
| Operating income | 70/76A | €60,772,604 | €68,143,184 | +€7.4m | +12.1% |
| Turnover | 70 | €59,221,913 | €67,292,318 | +€8.1m | +13.6% |
| Other operating income | 74 | €1,480,952 | €359,474 | -€1.1m | -75.7% |
| Non-recurring operating income | 76A | €69,739 | €491,392 | +€421,653 | +604.6% |
| Operating charges | 60/66A | €57,690,116 | €64,759,324 | +€7.1m | +12.3% |
| Goods for resale, raw materials and consumables | 60 | €19,477,340 | €20,410,395 | +€933,055 | +4.8% |
| Purchases | 600/8 | €18,512,064 | €18,842,517 | +€330,453 | +1.8% |
| Change in stocks: decrease (increase) | 609 | €965,276 | €1,567,878 | +€602,602 | +62.4% |
| Services and other goods | 61 | €27,737,587 | €32,916,870 | +€5.2m | +18.7% |
| Remuneration, social security and pensions | 62 | €6,451,721 | €8,433,647 | +€2.0m | +30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,239,808 | €2,656,366 | +€416,558 | +18.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€96,360 | - | +€96,360 | |
| Other operating charges | 640/8 | €80,020 | €59,474 | -€20,546 | -25.7% |
| Non-recurring operating charges | 66A | €1,800,000 | €282,571 | -€1.5m | -84.3% |
| Operating profit (loss) | 9901 | €3,082,488 | €3,383,860 | +€301,372 | +9.8% |
| Financial income | 75/76B | €686,004 | €492,172 | -€193,832 | -28.3% |
| Recurring financial income | 75 | €686,004 | €492,172 | -€193,832 | -28.3% |
| Income from financial fixed assets | 750 | €686,004 | €492,172 | -€193,832 | -28.3% |
| Financial charges | 65/66B | €2,154,562 | €2,444,663 | +€290,100 | +13.5% |
| Recurring financial charges | 65 | €2,154,562 | €2,444,663 | +€290,100 | +13.5% |
| Debt charges | 650 | €2,154,562 | €2,444,663 | +€290,100 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €1,613,930 | €1,431,370 | -€182,560 | -11.3% |
| Income taxes | 67/77 | €93,995 | €168,472 | +€74,477 | +79.2% |
| Taxes | 670/3 | €93,995 | €168,472 | +€74,477 | +79.2% |
| Profit (loss) for the period | 9904 | €1,519,935 | €1,262,898 | -€257,037 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,519,935 | €1,262,898 | -€257,037 | -16.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.