Kandu: 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.
Kandu
Largest movements
- Receivables within one year -€114,810
down €114,810 (-99.1%), from €115,838 to €1,028
of which Trade receivables: -€114,712
- Tangible fixed assets -€24,460
down €24,460 (-28.3%), from €86,323 to €61,863
of which Plant, machinery and equipment: -€24,137
- Intangible fixed assets -€21,054
down €21,054 (-29.5%), from €71,290 to €50,236
- Debts after one year +€185,299
up €185,299 (+161%), from €115,430 to €300,729
- Short-term financial debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Trade debts -€97,816
down €97,816 (-82.8%), from €118,144 to €20,327
- Profit (loss) carried forward -€77,332
down €77,332 (-56.8%), from -€136,207 to -€213,539
- Other debts -€65,482
down €65,482 (-99.7%), from €65,651 to €170
- Gross operating margin -€10,104
down €10,104 (-75.9%), from -€13,313 to -€23,417
- Depreciation +€2,936
up €2,936 (+6.9%), from €42,578 to €45,514
- Financial income -€2,778
down €2,778 (-61.6%), from €4,506 to €1,729
- Financial charges -€2,473
down €2,473 (-20.7%), from €11,920 to €9,447
- Other operating charges +€431
up €431 (+171%), from €252 to €683
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 | €376,936 | €215,321 | -€161,615 | -42.9% |
| Fixed assets | 21/28 | €157,613 | €112,099 | -€45,514 | -28.9% |
| Intangible fixed assets | 21 | €71,290 | €50,236 | -€21,054 | -29.5% |
| Tangible fixed assets | 22/27 | €86,323 | €61,863 | -€24,460 | -28.3% |
| Plant, machinery and equipment | 23 | €85,438 | €61,301 | -€24,137 | -28.3% |
| Furniture and vehicles | 24 | €885 | €562 | -€323 | -36.5% |
| Current assets | 29/58 | €219,323 | €103,222 | -€116,100 | -52.9% |
| Stocks and contracts in progress | 3 | €97,831 | €96,361 | -€1,470 | -1.5% |
| Stocks | 30/36 | €97,831 | €96,361 | -€1,470 | -1.5% |
| Amounts receivable within one year | 40/41 | €115,838 | €1,028 | -€114,810 | -99.1% |
| Trade receivables | 40 | €114,712 | €0 | -€114,712 | -100% |
| Other amounts receivable | 41 | €1,126 | €1,028 | -€98 | -8.7% |
| Cash at bank and in hand | 54/58 | €2,003 | €2,182 | +€179 | +9.0% |
| Deferred charges and accrued income | 490/1 | €3,651 | €3,651 | = | 0.0% |
| Total equity and liabilities | 10/49 | €376,936 | €215,321 | -€161,615 | -42.9% |
| Equity | 10/15 | -€31,929 | -€110,761 | -€78,832 | -247% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,207 | -€213,539 | -€77,332 | -56.8% |
| Investment grants | 15 | €4,278 | €2,778 | -€1,500 | -35.1% |
| Amounts payable | 17/49 | €408,865 | €326,083 | -€82,783 | -20.2% |
| Amounts payable after more than one year | 17 | €115,430 | €300,729 | +€185,299 | +161% |
| Financial debts | 170/4 | €115,430 | €300,729 | +€185,299 | +161% |
| Amounts payable within one year | 42/48 | €284,395 | €20,497 | -€263,898 | -92.8% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100% |
| Other loans | 439 | €100,000 | €0 | -€100,000 | -100% |
| Trade debts | 44 | €118,144 | €20,327 | -€97,816 | -82.8% |
| Suppliers | 440/4 | €118,144 | €20,327 | -€97,816 | -82.8% |
| Taxes, remuneration and social security | 45 | €600 | €0 | -€600 | -100% |
| Taxes | 450/3 | €600 | €0 | -€600 | -100% |
| Other amounts payable | 47/48 | €65,651 | €170 | -€65,482 | -99.7% |
| Accrued charges and deferred income | 492/3 | €9,040 | €4,857 | -€4,183 | -46.3% |
| Remuneration, social security and pensions | 62 | -€123 | €0 | +€123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,578 | €45,514 | +€2,936 | +6.9% |
| Other operating charges | 640/8 | €252 | €683 | +€431 | +171% |
| Gross operating margin | 9900 | -€13,313 | -€23,417 | -€10,104 | -75.9% |
| Operating profit (loss) | 9901 | -€56,020 | -€69,614 | -€13,594 | -24.3% |
| Financial income | 75/76B | €4,506 | €1,729 | -€2,778 | -61.6% |
| Recurring financial income | 75 | €4,506 | €1,729 | -€2,778 | -61.6% |
| Financial charges | 65/66B | €11,920 | €9,447 | -€2,473 | -20.7% |
| Recurring financial charges | 65 | €11,920 | €9,447 | -€2,473 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | -€63,434 | -€77,332 | -€13,898 | -21.9% |
| Income taxes | 67/77 | -€256 | €0 | +€256 | |
| Profit (loss) for the period | 9904 | -€63,178 | -€77,332 | -€14,154 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,178 | -€77,332 | -€14,154 | -22.4% |
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 19 October 2026 via checked.be.