KARDELOOD: 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.
KARDELOOD
Largest movements
- Cash -€53,073
down €53,073 (-24.3%), from €218,110 to €165,037
mainly Trade debts (-€42,466) and Receivables within one year (-€11,407)
- Receivables within one year +€11,407
up €11,407 (+11.7%), from €97,162 to €108,569
- Tangible fixed assets -€8,177
down €8,177 (-1.7%), from €472,987 to €464,810
- Trade debts -€42,466
no longer reported in 2025 (was €42,466)
- Gross operating margin -€209,953
down €209,953 (-93.7%), from €224,046 to €14,092
- Taxes -€63,492
no longer reported in 2025 (was €63,492)
- Other operating charges -€6,219
down €6,219 (-53.6%), from €11,601 to €5,381
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 | €789,136 | €739,293 | -€49,844 | -6.3% |
| Fixed assets | 21/28 | €472,987 | €464,810 | -€8,177 | -1.7% |
| Tangible fixed assets | 22/27 | €472,987 | €464,810 | -€8,177 | -1.7% |
| Land and buildings | 22 | €472,987 | €464,810 | -€8,177 | -1.7% |
| Current assets | 29/58 | €316,149 | €274,483 | -€41,666 | -13.2% |
| Amounts receivable within one year | 40/41 | €97,162 | €108,569 | +€11,407 | +11.7% |
| Other amounts receivable | 41 | €97,162 | €108,569 | +€11,407 | +11.7% |
| Cash at bank and in hand | 54/58 | €218,110 | €165,037 | -€53,073 | -24.3% |
| Deferred charges and accrued income | 490/1 | €877 | €877 | = | 0.0% |
| Total equity and liabilities | 10/49 | €789,136 | €739,293 | -€49,844 | -6.3% |
| Equity | 10/15 | €654,518 | €655,266 | +€748 | +0.1% |
| Contributions | 10/11 | €262,632 | €262,632 | = | 0.0% |
| Capital | 10 | €262,632 | €262,632 | = | 0.0% |
| Issued capital | 100 | €262,632 | €262,632 | = | 0.0% |
| Reserves | 13 | €308,965 | €302,832 | -€6,133 | -2.0% |
| Non-distributable reserves | 130/1 | €26,263 | €26,263 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,263 | €26,263 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,524 | €46,392 | -€6,133 | -11.7% |
| Distributable reserves | 133 | €230,178 | €230,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,920 | €89,801 | +€6,881 | +8.3% |
| Provisions and deferred taxes | 16 | €17,508 | €15,464 | -€2,044 | -11.7% |
| Deferred taxes | 168 | €17,508 | €15,464 | -€2,044 | -11.7% |
| Amounts payable | 17/49 | €117,111 | €68,563 | -€48,547 | -41.5% |
| Amounts payable after more than one year | 17 | €3,591 | - | -€3,591 | |
| Financial debts | 170/4 | €3,591 | - | -€3,591 | |
| Amounts payable within one year | 42/48 | €113,519 | €68,563 | -€44,956 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €3,330 | €3,591 | +€262 | +7.9% |
| Trade debts | 44 | €42,466 | - | -€42,466 | |
| Suppliers | 440/4 | €42,466 | - | -€42,466 | |
| Taxes, remuneration and social security | 45 | €60,601 | €60,601 | = | 0.0% |
| Taxes | 450/3 | €60,601 | €60,601 | = | 0.0% |
| Other amounts payable | 47/48 | €7,123 | €4,371 | -€2,752 | -38.6% |
| Non-recurring operating income | 76A | €212,416 | - | -€212,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,177 | €8,177 | = | 0.0% |
| Other operating charges | 640/8 | €11,601 | €5,381 | -€6,219 | -53.6% |
| Gross operating margin | 9900 | €224,046 | €14,092 | -€209,953 | -93.7% |
| Operating profit (loss) | 9901 | €204,268 | €534 | -€203,734 | -99.7% |
| Financial charges | 65/66B | €782 | €1,830 | +€1,049 | +134% |
| Recurring financial charges | 65 | €782 | €1,830 | +€1,049 | +134% |
| Profit (loss) for the period before taxes | 9903 | €203,487 | -€1,296 | -€204,783 | |
| Transfer from deferred taxes | 780 | €563 | €2,044 | +€1,482 | +263% |
| Income taxes | 67/77 | €63,492 | - | -€63,492 | |
| Profit (loss) for the period | 9904 | €140,557 | €748 | -€139,809 | -99.5% |
| Transfer from tax-exempt reserves | 789 | €1,688 | €6,133 | +€4,445 | +263% |
| Profit (loss) for the period to be appropriated | 9905 | €142,245 | €6,881 | -€135,364 | -95.2% |
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 14 October 2026 via checked.be.