KADJ: 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.
KADJ
Largest movements
- Receivables within one year +€54,262
up €54,262 (+183.6%), from €29,553 to €83,815
of which Other amounts receivable: +€49,119
- Cash +€4,181
up €4,181 (+93.6%), from €4,469 to €8,650
mainly Net result for the year (+€45,340) and Tax, wage and social debts (+€12,371)
- Tangible fixed assets +€1,186
new in 2025: €1,186
- Profit (loss) carried forward +€45,340
up €45,340 (+190.3%), from €23,825 to €69,165
- Tax, wage and social debts +€12,371
up €12,371 (+201.9%), from €6,127 to €18,499
- Trade debts +€2,249
up €2,249 (+143.4%), from €1,569 to €3,817
- Gross operating margin +€25,174
up €25,174 (+84.2%), from €29,895 to €55,069
- Taxes +€6,244
up €6,244 (+101.9%), from €6,127 to €12,371
- Financial income +€2,749
up €2,749 (+3850.3%), from €71 to €2,820
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 | €34,021 | €93,981 | +€59,960 | +176.2% |
| Fixed assets | 21/28 | - | €1,186 | +€1,186 | |
| Tangible fixed assets | 22/27 | - | €1,186 | +€1,186 | |
| Furniture and vehicles | 24 | - | €1,186 | +€1,186 | |
| Current assets | 29/58 | €34,021 | €92,795 | +€58,774 | +172.8% |
| Amounts receivable within one year | 40/41 | €29,553 | €83,815 | +€54,262 | +183.6% |
| Trade receivables | 40 | €2,065 | €7,208 | +€5,143 | +249.1% |
| Other amounts receivable | 41 | €27,488 | €76,607 | +€49,119 | +178.7% |
| Cash at bank and in hand | 54/58 | €4,469 | €8,650 | +€4,181 | +93.6% |
| Deferred charges and accrued income | 490/1 | - | €330 | +€330 | |
| Total equity and liabilities | 10/49 | €34,021 | €93,981 | +€59,960 | +176.2% |
| Equity | 10/15 | €26,325 | €71,665 | +€45,340 | +172.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,825 | €69,165 | +€45,340 | +190.3% |
| Amounts payable | 17/49 | €7,696 | €22,316 | +€14,620 | +190.0% |
| Amounts payable within one year | 42/48 | €7,696 | €22,316 | +€14,620 | +190.0% |
| Trade debts | 44 | €1,569 | €3,817 | +€2,249 | +143.4% |
| Suppliers | 440/4 | €1,569 | €3,817 | +€2,249 | +143.4% |
| Taxes, remuneration and social security | 45 | €6,127 | €18,499 | +€12,371 | +201.9% |
| Taxes | 450/3 | €6,127 | €18,499 | +€12,371 | +201.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €133 | +€133 | |
| Gross operating margin | 9900 | €29,895 | €55,069 | +€25,174 | +84.2% |
| Operating profit (loss) | 9901 | €29,895 | €54,936 | +€25,041 | +83.8% |
| Financial income | 75/76B | €71 | €2,820 | +€2,749 | +3850.3% |
| Recurring financial income | 75 | €71 | €2,820 | +€2,749 | +3850.3% |
| Financial charges | 65/66B | €14 | €45 | +€31 | +227.3% |
| Recurring financial charges | 65 | €14 | €45 | +€31 | +227.3% |
| Profit (loss) for the period before taxes | 9903 | €29,953 | €57,711 | +€27,758 | +92.7% |
| Income taxes | 67/77 | €6,127 | €12,371 | +€6,244 | +101.9% |
| Profit (loss) for the period | 9904 | €23,825 | €45,340 | +€21,515 | +90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,825 | €45,340 | +€21,515 | +90.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.