KADWOLF: 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.
KADWOLF
Largest movements
- Cash +€17,389
up €17,389 (+25.4%), from €68,593 to €85,982
mainly Net result for the year (+€22,919) and Tax, wage and social debts (+€6,126)
- Receivables within one year +€7,165
up €7,165 (+3.6%), from €196,538 to €203,703
- Tangible fixed assets +€3,595
up €3,595 (+129.6%), from €2,773 to €6,368
of which Other tangible fixed assets: +€2,727
- Reserves +€22,919
up €22,919 (+193.4%), from €11,848 to €34,767
- Tax, wage and social debts +€6,126
up €6,126 (+65.4%), from €9,360 to €15,485
- Gross operating margin +€12,338
up €12,338 (+43.0%), from €28,680 to €41,018
- Taxes +€2,522
up €2,522 (+19.5%), from €12,963 to €15,485
- Other operating charges -€890
down €890 (-50.0%), from €1,780 to €890
- Depreciation -€425
down €425 (-22.1%), from €1,921 to €1,495
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 | €267,904 | €296,053 | +€28,149 | +10.5% |
| Fixed assets | 21/28 | €2,773 | €6,368 | +€3,595 | +129.6% |
| Tangible fixed assets | 22/27 | €2,773 | €6,368 | +€3,595 | +129.6% |
| Plant, machinery and equipment | 23 | €225 | - | -€225 | |
| Furniture and vehicles | 24 | €564 | €1,657 | +€1,093 | +193.9% |
| Other tangible fixed assets | 26 | €1,984 | €4,711 | +€2,727 | +137.4% |
| Current assets | 29/58 | €265,131 | €289,686 | +€24,554 | +9.3% |
| Amounts receivable within one year | 40/41 | €196,538 | €203,703 | +€7,165 | +3.6% |
| Other amounts receivable | 41 | €196,538 | €203,703 | +€7,165 | +3.6% |
| Cash at bank and in hand | 54/58 | €68,593 | €85,982 | +€17,389 | +25.4% |
| Total equity and liabilities | 10/49 | €267,904 | €296,053 | +€28,149 | +10.5% |
| Equity | 10/15 | €257,649 | €280,568 | +€22,919 | +8.9% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €11,848 | €34,767 | +€22,919 | +193.4% |
| Distributable reserves | 133 | €11,848 | €34,767 | +€22,919 | +193.4% |
| Profit (loss) carried forward | 14 | €229,601 | €229,601 | = | 0.0% |
| Amounts payable | 17/49 | €10,255 | €15,485 | +€5,230 | +51.0% |
| Amounts payable within one year | 42/48 | €10,255 | €15,485 | +€5,230 | +51.0% |
| Trade debts | 44 | €895 | - | -€895 | |
| Suppliers | 440/4 | €895 | - | -€895 | |
| Taxes, remuneration and social security | 45 | €9,360 | €15,485 | +€6,126 | +65.4% |
| Taxes | 450/3 | €9,360 | €15,485 | +€6,126 | +65.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,921 | €1,495 | -€425 | -22.1% |
| Other operating charges | 640/8 | €1,780 | €890 | -€890 | -50.0% |
| Gross operating margin | 9900 | €28,680 | €41,018 | +€12,338 | +43.0% |
| Operating profit (loss) | 9901 | €24,980 | €38,633 | +€13,653 | +54.7% |
| Financial income | 75/76B | €41 | - | -€41 | |
| Recurring financial income | 75 | €41 | - | -€41 | |
| Financial charges | 65/66B | €209 | €229 | +€20 | +9.4% |
| Recurring financial charges | 65 | €209 | €229 | +€20 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €24,811 | €38,404 | +€13,593 | +54.8% |
| Income taxes | 67/77 | €12,963 | €15,485 | +€2,522 | +19.5% |
| Profit (loss) for the period | 9904 | €11,848 | €22,919 | +€11,071 | +93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,848 | €22,919 | +€11,071 | +93.4% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.