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
- Tangible fixed assets -€56,606
down €56,606 (-4.4%), from €1.3m to €1.2m
of which Land and buildings: -€48,978
- Current investments +€40,255
up €40,255 (+18.3%), from €220,000 to €260,255
- Debts after one year -€41,676
down €41,676 (-74.4%), from €56,025 to €14,349
- Reserves +€16,772
up €16,772 (+7.3%), from €228,302 to €245,074
of which Distributable reserves: +€16,772
- Gross operating margin -€93,338
no longer reported in 2025 (was €93,338)
- Depreciation -€56,606
no longer reported in 2025 (was €56,606)
- Taxes -€7,807
no longer reported in 2025 (was €7,807)
- Financial charges -€6,795
no longer reported in 2025 (was €6,795)
- Other operating charges -€1,205
no longer reported in 2025 (was €1,205)
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,518,526 | €1,492,391 | -€26,134 | -1.7% |
| Fixed assets | 21/28 | €1,276,737 | €1,220,131 | -€56,606 | -4.4% |
| Tangible fixed assets | 22/27 | €1,276,737 | €1,220,131 | -€56,606 | -4.4% |
| Land and buildings | 22 | €1,227,051 | €1,178,073 | -€48,978 | -4.0% |
| Plant, machinery and equipment | 23 | €49,686 | €42,058 | -€7,628 | -15.4% |
| Current assets | 29/58 | €241,789 | €272,261 | +€30,472 | +12.6% |
| Amounts receivable within one year | 40/41 | €7,500 | €2,100 | -€5,400 | -72.0% |
| Other amounts receivable | 41 | €7,500 | €2,100 | -€5,400 | -72.0% |
| Current investments | 50/53 | €220,000 | €260,255 | +€40,255 | +18.3% |
| Cash at bank and in hand | 54/58 | €14,289 | €9,906 | -€4,383 | -30.7% |
| Total equity and liabilities | 10/49 | €1,518,526 | €1,492,391 | -€26,134 | -1.7% |
| Equity | 10/15 | €1,419,002 | €1,435,774 | +€16,772 | +1.2% |
| Contributions | 10/11 | €1,190,700 | €1,190,700 | = | 0.0% |
| Reserves | 13 | €228,302 | €245,074 | +€16,772 | +7.3% |
| Non-distributable reserves | 130/1 | €2,196 | €2,196 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,196 | €2,196 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,293 | €4,293 | = | 0.0% |
| Distributable reserves | 133 | €221,813 | €238,585 | +€16,772 | +7.6% |
| Amounts payable | 17/49 | €99,524 | €56,617 | -€42,906 | -43.1% |
| Amounts payable after more than one year | 17 | €56,025 | €14,349 | -€41,676 | -74.4% |
| Financial debts | 170/4 | €56,025 | €14,349 | -€41,676 | -74.4% |
| Amounts payable within one year | 42/48 | €43,499 | €42,268 | -€1,230 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €42,970 | €41,676 | -€1,294 | -3.0% |
| Trade debts | 44 | €30 | €12 | -€18 | -59.7% |
| Suppliers | 440/4 | €30 | €12 | -€18 | -59.7% |
| Taxes, remuneration and social security | 45 | €499 | €580 | +€81 | +16.3% |
| Taxes | 450/3 | €499 | €580 | +€81 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,606 | - | -€56,606 | |
| Other operating charges | 640/8 | €1,205 | - | -€1,205 | |
| Gross operating margin | 9900 | €93,338 | - | -€93,338 | |
| Operating profit (loss) | 9901 | €35,527 | - | -€35,527 | |
| Financial income | 75/76B | €594 | - | -€594 | |
| Recurring financial income | 75 | €594 | - | -€594 | |
| Financial charges | 65/66B | €6,795 | - | -€6,795 | |
| Recurring financial charges | 65 | €6,795 | - | -€6,795 | |
| Profit (loss) for the period before taxes | 9903 | €29,326 | - | -€29,326 | |
| Income taxes | 67/77 | €7,807 | - | -€7,807 | |
| Profit (loss) for the period | 9904 | €21,519 | - | -€21,519 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,519 | - | -€21,519 |
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 9 October 2026 via checked.be.