KADR: 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.
KADR
Largest movements
- Receivables within one year -€290,741
down €290,741 (-50.5%), from €575,864 to €285,122
of which Trade receivables: -€297,411
- Tangible fixed assets -€24,723
down €24,723 (-63.7%), from €38,823 to €14,100
of which Furniture and vehicles: -€21,385
- Stocks and contracts +€21,867
new in 2025: €21,867
- Trade debts -€238,829
down €238,829 (-76.8%), from €311,075 to €72,245
- Profit (loss) carried forward -€105,962
down €105,962 (-61.9%), from €171,197 to €65,236
- Other debts +€83,069
new in 2025: €83,069
- Tax, wage and social debts -€33,136
down €33,136 (-25.7%), from €128,937 to €95,801
- Gross operating margin -€295,336
down €295,336, from €169,194 to -€126,142
- Taxes -€101,100
no longer reported in 2025 (was €101,100)
- Financial income -€4,208
down €4,208 (-99.9%), from €4,210 to €2
- Depreciation +€2,757
up €2,757 (+23.7%), from €11,645 to €14,401
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €616,209 | €321,350 | -€294,858 | -47.9% |
| Fixed assets | 21/28 | €38,823 | €14,100 | -€24,723 | -63.7% |
| Tangible fixed assets | 22/27 | €38,823 | €14,100 | -€24,723 | -63.7% |
| Plant, machinery and equipment | 23 | €5,175 | €1,837 | -€3,338 | -64.5% |
| Furniture and vehicles | 24 | €33,648 | €12,263 | -€21,385 | -63.6% |
| Current assets | 29/58 | €577,386 | €307,250 | -€270,136 | -46.8% |
| Stocks and contracts in progress | 3 | - | €21,867 | +€21,867 | |
| Stocks | 30/36 | - | €21,867 | +€21,867 | |
| Amounts receivable within one year | 40/41 | €575,864 | €285,122 | -€290,741 | -50.5% |
| Trade receivables | 40 | €379,189 | €81,778 | -€297,411 | -78.4% |
| Other amounts receivable | 41 | €196,675 | €203,344 | +€6,669 | +3.4% |
| Cash at bank and in hand | 54/58 | €401 | €261 | -€141 | -35.1% |
| Deferred charges and accrued income | 490/1 | €1,121 | - | -€1,121 | |
| Total equity and liabilities | 10/49 | €616,209 | €321,350 | -€294,858 | -47.9% |
| Equity | 10/15 | €176,197 | €70,236 | -€105,962 | -60.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,197 | €65,236 | -€105,962 | -61.9% |
| Amounts payable | 17/49 | €440,012 | €251,115 | -€188,897 | -42.9% |
| Amounts payable within one year | 42/48 | €440,012 | €251,115 | -€188,897 | -42.9% |
| Trade debts | 44 | €311,075 | €72,245 | -€238,829 | -76.8% |
| Suppliers | 440/4 | €311,075 | €72,245 | -€238,829 | -76.8% |
| Taxes, remuneration and social security | 45 | €128,937 | €95,801 | -€33,136 | -25.7% |
| Taxes | 450/3 | €128,937 | €95,801 | -€33,136 | -25.7% |
| Other amounts payable | 47/48 | - | €83,069 | +€83,069 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,645 | €14,401 | +€2,757 | +23.7% |
| Other operating charges | 640/8 | €1,348 | €825 | -€523 | -38.8% |
| Gross operating margin | 9900 | €169,194 | -€126,142 | -€295,336 | |
| Operating profit (loss) | 9901 | €156,201 | -€141,369 | -€297,570 | |
| Financial income | 75/76B | €4,210 | €2 | -€4,208 | -99.9% |
| Recurring financial income | 75 | €4,210 | €2 | -€4,208 | -99.9% |
| Financial charges | 65/66B | €641 | €462 | -€178 | -27.8% |
| Recurring financial charges | 65 | €641 | €462 | -€178 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €159,770 | -€141,829 | -€301,599 | |
| Income taxes | 67/77 | €101,100 | - | -€101,100 | |
| Profit (loss) for the period | 9904 | €58,670 | -€141,829 | -€200,499 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,670 | -€141,829 | -€200,499 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.