Kardex: 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.
What changed
Kardex
NACE 46.500, Wholesale of information and communication equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €2.4m-€1.1m
Equity
€1.3m
2024 · €1.3m+€294
Cash
-
not filed
Balance sheet total
€6.3m
2024 · €7.2m-€884,133
Largest movements
Assets
- Receivables within one year -€722,829
down €722,829 (-18.5%), from €3.9m to €3.2m
of which Other amounts receivable: -€1.8m
- Stocks and contracts -€135,362
down €135,362 (-27.5%), from €491,393 to €356,031
of which Stocks: -€71,122
Equity and liabilities
- Other debts -€1.1m
down €1.1m (-46.7%), from €2.4m to €1.3m
- Short-term financial debts +€884,161
new in 2025: €884,161
- Advances received -€673,652
down €673,652 (-46.8%), from €1.4m to €764,470
- Trade debts -€148,037
down €148,037 (-20.8%), from €713,054 to €565,017
Income statement
- Turnover -€9.5m
down €9.5m (-41.6%), from €22.9m to €13.4m
- Goods and materials -€7.7m
down €7.7m (-62.8%), from €12.2m to €4.6m
of which Purchases: -€7.8m
- Services and other goods -€740,099
down €740,099 (-13.9%), from €5.3m to €4.6m
- Taxes -€392,308
down €392,308 (-44.9%), from €873,490 to €481,182
of which Taxes: -€392,308
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.
Result 2024
€2.4m
Turnover
-€9.5m
Other operating income
-€151,126
Goods and materials
+€7.7m
Services and other goods
+€740,099
Staff costs
-€180,757
Depreciation
-€11,033
Write-downs
+€162,274
Provisions
-€1,529
Other operating charges
-€31
Other operating items
-€179,569
Financial income
-€49,993
Financial charges
-€21,574
Taxes
+€392,308
Result 2025
€1.3m
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 | €7,156,104 | €6,271,971 | -€884,133 | -12.4% |
| Fixed assets | 21/28 | €2,707,195 | €2,680,411 | -€26,784 | -1.0% |
| Intangible fixed assets | 21 | €83 | €0 | -€83 | -100.0% |
| Tangible fixed assets | 22/27 | €137,713 | €141,132 | +€3,419 | +2.5% |
| Plant, machinery and equipment | 23 | €39,009 | €50,767 | +€11,758 | +30.1% |
| Furniture and vehicles | 24 | €49,759 | €44,264 | -€5,494 | -11.0% |
| Other tangible fixed assets | 26 | €48,945 | €46,101 | -€2,844 | -5.8% |
| Financial fixed assets | 28 | €2,569,399 | €2,539,279 | -€30,120 | -1.2% |
| Affiliated companies | 280/1 | €2,500,000 | €2,500,000 | = | 0.0% |
| Amounts receivable | 281 | €2,500,000 | €2,500,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €69,399 | €39,279 | -€30,120 | -43.4% |
| Amounts receivable and cash guarantees | 285/8 | €69,399 | €39,279 | -€30,120 | -43.4% |
| Current assets | 29/58 | €4,448,909 | €3,591,560 | -€857,349 | -19.3% |
| Stocks and contracts in progress | 3 | €491,393 | €356,031 | -€135,362 | -27.5% |
| Stocks | 30/36 | €300,312 | €229,191 | -€71,122 | -23.7% |
| Goods purchased for resale | 34 | €300,312 | €229,191 | -€71,122 | -23.7% |
| Contracts in progress | 37 | €191,080 | €126,840 | -€64,240 | -33.6% |
| Amounts receivable within one year | 40/41 | €3,914,548 | €3,191,719 | -€722,829 | -18.5% |
| Trade receivables | 40 | €1,997,803 | €3,051,422 | +€1.1m | +52.7% |
| Other amounts receivable | 41 | €1,916,744 | €140,297 | -€1.8m | -92.7% |
| Deferred charges and accrued income | 490/1 | €42,968 | €43,810 | +€842 | +2.0% |
| Total equity and liabilities | 10/49 | €7,156,104 | €6,271,971 | -€884,133 | -12.4% |
| Equity | 10/15 | €1,276,117 | €1,276,411 | +€294 | 0.0% |
| Contributions | 10/11 | €507,895 | €507,895 | = | 0.0% |
| Capital | 10 | €507,895 | €507,895 | = | 0.0% |
| Issued capital | 100 | €507,895 | €507,895 | = | 0.0% |
| Reserves | 13 | €50,790 | €50,790 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,790 | €50,790 | = | 0.0% |
| Legal reserve | 130 | €50,790 | €50,790 | = | 0.0% |
| Profit (loss) carried forward | 14 | €717,433 | €717,726 | +€294 | 0.0% |
| Provisions and deferred taxes | 16 | €85,115 | €136,760 | +€51,645 | +60.7% |
| Provisions for liabilities and charges | 160/5 | €85,115 | €136,760 | +€51,645 | +60.7% |
| Pensions and similar obligations | 160 | - | €65,935 | +€65,935 | |
| Major repairs and maintenance | 162 | €85,115 | €0 | -€85,115 | -100.0% |
| Other liabilities and charges | 164/5 | - | €70,825 | +€70,825 | |
| Amounts payable | 17/49 | €5,794,871 | €4,858,800 | -€936,071 | -16.2% |
| Amounts payable within one year | 42/48 | €5,065,285 | €4,065,382 | -€999,903 | -19.7% |
| Financial debts | 43 | - | €884,161 | +€884,161 | |
| Other loans | 439 | - | €884,161 | +€884,161 | |
| Trade debts | 44 | €713,054 | €565,017 | -€148,037 | -20.8% |
| Suppliers | 440/4 | €713,054 | €565,017 | -€148,037 | -20.8% |
| Advances received on contracts in progress | 46 | €1,438,122 | €764,470 | -€673,652 | -46.8% |
| Taxes, remuneration and social security | 45 | €514,109 | €571,734 | +€57,625 | +11.2% |
| Taxes | 450/3 | €149,253 | €206,436 | +€57,184 | +38.3% |
| Remuneration and social security | 454/9 | €364,857 | €365,297 | +€441 | +0.1% |
| Other amounts payable | 47/48 | €2,400,000 | €1,280,000 | -€1.1m | -46.7% |
| Accrued charges and deferred income | 492/3 | €729,586 | €793,418 | +€63,831 | +8.7% |
| Operating income | 70/76A | €23,259,828 | €13,401,105 | -€9.9m | -42.4% |
| Turnover | 70 | €22,926,840 | €13,393,604 | -€9.5m | -41.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €110,121 | -€64,240 | -€174,361 | |
| Other operating income | 74 | €222,867 | €71,741 | -€151,126 | -67.8% |
| Operating charges | 60/66A | €20,124,983 | €11,728,859 | -€8.4m | -41.7% |
| Goods for resale, raw materials and consumables | 60 | €12,243,912 | €4,551,603 | -€7.7m | -62.8% |
| Purchases | 600/8 | €12,310,192 | €4,495,000 | -€7.8m | -63.5% |
| Change in stocks: decrease (increase) | 609 | -€66,280 | €56,603 | +€122,883 | |
| Services and other goods | 61 | €5,327,579 | €4,587,480 | -€740,099 | -13.9% |
| Remuneration, social security and pensions | 62 | €2,369,159 | €2,549,915 | +€180,757 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,676 | €31,708 | +€11,033 | +53.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €106,331 | -€55,942 | -€162,274 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €50,115 | €51,645 | +€1,529 | +3.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €6,244 | €11,452 | +€5,208 | +83.4% |
| Operating profit (loss) | 9901 | €3,134,845 | €1,672,246 | -€1.5m | -46.7% |
| Financial income | 75/76B | €179,848 | €129,855 | -€49,993 | -27.8% |
| Recurring financial income | 75 | €179,848 | €129,855 | -€49,993 | -27.8% |
| Income from financial fixed assets | 750 | €98,570 | €97,572 | -€998 | -1.0% |
| Income from current assets | 751 | €80,868 | €32,283 | -€48,585 | -60.1% |
| Other financial income | 752/9 | €410 | €0 | -€410 | -100.0% |
| Financial charges | 65/66B | €19,051 | €40,625 | +€21,574 | +113.2% |
| Recurring financial charges | 65 | €19,051 | €40,625 | +€21,574 | +113.2% |
| Debt charges | 650 | €13,185 | €38,934 | +€25,749 | +195.3% |
| Other financial charges | 652/9 | €5,865 | €1,691 | -€4,175 | -71.2% |
| Profit (loss) for the period before taxes | 9903 | €3,295,642 | €1,761,476 | -€1.5m | -46.6% |
| Income taxes | 67/77 | €873,490 | €481,182 | -€392,308 | -44.9% |
| Taxes | 670/3 | €873,490 | €481,182 | -€392,308 | -44.9% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €2,422,152 | €1,280,294 | -€1.1m | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,422,152 | €1,280,294 | -€1.1m | -47.1% |
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 4 October 2026 via checked.be.