Kardan: 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.
Kardan
Largest movements
- Cash -€16,276
down €16,276 (-9.1%), from €178,283 to €162,007
mainly Contributions, distributions and other (-€279,782) and Investment in fixed assets (net) (-€18,992)
- Tangible fixed assets +€13,017
up €13,017 (+109.5%), from €11,892 to €24,909
of which Furniture and vehicles: +€7,926
- Stocks and contracts -€3,053
down €3,053 (-17.5%), from €17,427 to €14,373
- Profit (loss) carried forward -€113,338
no longer reported in 2025 (was €113,338)
- Other debts +€106,384
new in 2025: €106,384
- Tax, wage and social debts +€11,511
up €11,511 (+24.4%), from €47,225 to €58,736
of which Remuneration and social security: +€6,229
- Trade debts -€4,994
down €4,994 (-13.9%), from €35,816 to €30,822
- Advances received -€2,649
no longer reported in 2025 (was €2,649)
- Staff costs +€18,165
up €18,165 (+5.1%), from €355,672 to €373,837
- Gross operating margin +€10,386
up €10,386 (+1.7%), from €594,199 to €604,585
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 | €219,488 | €216,402 | -€3,086 | -1.4% |
| Fixed assets | 21/28 | €15,442 | €28,684 | +€13,242 | +85.8% |
| Tangible fixed assets | 22/27 | €11,892 | €24,909 | +€13,017 | +109.5% |
| Plant, machinery and equipment | 23 | €5,429 | €10,520 | +€5,091 | +93.8% |
| Furniture and vehicles | 24 | €6,463 | €14,389 | +€7,926 | +122.6% |
| Financial fixed assets | 28 | €3,550 | €3,775 | +€225 | +6.3% |
| Current assets | 29/58 | €204,046 | €187,719 | -€16,328 | -8.0% |
| Stocks and contracts in progress | 3 | €17,427 | €14,373 | -€3,053 | -17.5% |
| Stocks | 30/36 | €17,427 | €14,373 | -€3,053 | -17.5% |
| Amounts receivable within one year | 40/41 | €5,499 | €7,577 | +€2,078 | +37.8% |
| Trade receivables | 40 | €1,465 | €3,446 | +€1,981 | +135.3% |
| Other amounts receivable | 41 | €4,034 | €4,131 | +€97 | +2.4% |
| Cash at bank and in hand | 54/58 | €178,283 | €162,007 | -€16,276 | -9.1% |
| Deferred charges and accrued income | 490/1 | €2,839 | €3,761 | +€923 | +32.5% |
| Total equity and liabilities | 10/49 | €219,488 | €216,402 | -€3,086 | -1.4% |
| Equity | 10/15 | €133,798 | €20,460 | -€113,338 | -84.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,338 | - | -€113,338 | |
| Amounts payable | 17/49 | €85,690 | €195,942 | +€110,252 | +128.7% |
| Amounts payable within one year | 42/48 | €85,690 | €195,942 | +€110,252 | +128.7% |
| Trade debts | 44 | €35,816 | €30,822 | -€4,994 | -13.9% |
| Suppliers | 440/4 | €35,816 | €30,822 | -€4,994 | -13.9% |
| Advances received on contracts in progress | 46 | €2,649 | - | -€2,649 | |
| Taxes, remuneration and social security | 45 | €47,225 | €58,736 | +€11,511 | +24.4% |
| Taxes | 450/3 | €26,133 | €31,415 | +€5,282 | +20.2% |
| Remuneration and social security | 454/9 | €21,092 | €27,321 | +€6,229 | +29.5% |
| Other amounts payable | 47/48 | - | €106,384 | +€106,384 | |
| Remuneration, social security and pensions | 62 | €355,672 | €373,837 | +€18,165 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,541 | €5,749 | +€2,208 | +62.3% |
| Other operating charges | 640/8 | €344 | €565 | +€220 | +64.0% |
| Gross operating margin | 9900 | €594,199 | €604,585 | +€10,386 | +1.7% |
| Operating profit (loss) | 9901 | €234,642 | €224,434 | -€10,208 | -4.4% |
| Financial income | 75/76B | €560 | €659 | +€99 | +17.7% |
| Recurring financial income | 75 | €560 | €659 | +€99 | +17.7% |
| Financial charges | 65/66B | €8,326 | €8,426 | +€99 | +1.2% |
| Recurring financial charges | 65 | €8,326 | €8,426 | +€99 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €226,876 | €216,668 | -€10,208 | -4.5% |
| Income taxes | 67/77 | €53,538 | €50,223 | -€3,315 | -6.2% |
| Profit (loss) for the period | 9904 | €173,338 | €166,444 | -€6,893 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €173,338 | €166,444 | -€6,893 | -4.0% |
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 5 October 2026 via checked.be.