Kadou Alexandre: 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.
Kadou Alexandre
Largest movements
- Receivables within one year -€118,250
down €118,250 (-95.2%), from €124,250 to €6,000
of which Other amounts receivable: -€116,502
- Tangible fixed assets -€95,798
down €95,798 (-14.7%), from €653,006 to €557,208
of which Assets under construction and advance payments: -€644,677
- Deferred charges and accrued income +€54,318
up €54,318 (+47.1%), from €115,302 to €169,620
- Reserves -€403,757
down €403,757 (-72.3%), from €558,088 to €154,331
- Other debts +€277,882
up €277,882 (+3,469%), from €8,011 to €285,893
- Debts after one year -€44,953
down €44,953 (-13.4%), from €335,845 to €290,891
- Tax, wage and social debts +€12,111
new in 2025: €12,111
of which Taxes: +€10,766
- Depreciation +€129,070
up €129,070 (+2,997%), from €4,306 to €133,377
- Gross operating margin +€109,784
up €109,784 (+67.5%), from €162,567 to €272,351
- Financial income +€3,281
up €3,281 (+7,236%), from €45 to €3,326
- Taxes -€2,732
down €2,732 (-8.2%), from €33,498 to €30,766
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 | €959,903 | €799,959 | -€159,944 | -16.7% |
| Fixed assets | 21/28 | €653,006 | €557,208 | -€95,798 | -14.7% |
| Tangible fixed assets | 22/27 | €653,006 | €557,208 | -€95,798 | -14.7% |
| Land and buildings | 22 | €0 | €552,264 | +€552,264 | |
| Plant, machinery and equipment | 23 | €1,113 | €834 | -€280 | -25.1% |
| Furniture and vehicles | 24 | €7,216 | €4,111 | -€3,105 | -43.0% |
| Assets under construction and advance payments | 27 | €644,677 | €0 | -€644,677 | -100% |
| Current assets | 29/58 | €306,896 | €242,750 | -€64,146 | -20.9% |
| Amounts receivable within one year | 40/41 | €124,250 | €6,000 | -€118,250 | -95.2% |
| Trade receivables | 40 | €7,748 | €6,000 | -€1,748 | -22.6% |
| Other amounts receivable | 41 | €116,502 | €0 | -€116,502 | -100% |
| Cash at bank and in hand | 54/58 | €67,345 | €67,130 | -€215 | -0.3% |
| Deferred charges and accrued income | 490/1 | €115,302 | €169,620 | +€54,318 | +47.1% |
| Total equity and liabilities | 10/49 | €959,903 | €799,959 | -€159,944 | -16.7% |
| Equity | 10/15 | €562,888 | €159,131 | -€403,757 | -71.7% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €558,088 | €154,331 | -€403,757 | -72.3% |
| Distributable reserves | 133 | €558,088 | €154,331 | -€403,757 | -72.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €397,014 | €640,827 | +€243,813 | +61.4% |
| Amounts payable after more than one year | 17 | €335,845 | €290,891 | -€44,953 | -13.4% |
| Financial debts | 170/4 | €335,845 | €290,891 | -€44,953 | -13.4% |
| Amounts payable within one year | 42/48 | €61,170 | €349,546 | +€288,376 | +471% |
| Current portion of amounts payable after more than one year | 42 | €44,356 | €44,953 | +€597 | +1.3% |
| Trade debts | 44 | €8,803 | €6,588 | -€2,215 | -25.2% |
| Suppliers | 440/4 | €8,803 | €6,588 | -€2,215 | -25.2% |
| Taxes, remuneration and social security | 45 | - | €12,111 | +€12,111 | |
| Taxes | 450/3 | - | €10,766 | +€10,766 | |
| Remuneration and social security | 454/9 | - | €1,346 | +€1,346 | |
| Other amounts payable | 47/48 | €8,011 | €285,893 | +€277,882 | +3,469% |
| Accrued charges and deferred income | 492/3 | - | €390 | +€390 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,306 | €133,377 | +€129,070 | +2,997% |
| Other operating charges | 640/8 | €747 | €974 | +€227 | +30.3% |
| Non-recurring operating charges | 66A | €650 | €0 | -€650 | -100% |
| Gross operating margin | 9900 | €162,567 | €272,351 | +€109,784 | +67.5% |
| Operating profit (loss) | 9901 | €156,863 | €138,000 | -€18,863 | -12.0% |
| Financial income | 75/76B | €45 | €3,326 | +€3,281 | +7,236% |
| Recurring financial income | 75 | €45 | €3,326 | +€3,281 | +7,236% |
| Financial charges | 65/66B | €8,685 | €7,517 | -€1,168 | -13.4% |
| Recurring financial charges | 65 | €8,685 | €7,517 | -€1,168 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €148,223 | €133,809 | -€14,414 | -9.7% |
| Income taxes | 67/77 | €33,498 | €30,766 | -€2,732 | -8.2% |
| Profit (loss) for the period | 9904 | €114,725 | €103,043 | -€11,682 | -10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €114,725 | €103,043 | -€11,682 | -10.2% |
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 26 October 2026 via checked.be.