KARDINAAL: 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.
KARDINAAL
Largest movements
- Cash +€184,322
up €184,322 (+103%), from €179,268 to €363,590
mainly Net result for the year (+€197,735) and Depreciation (+€16,181)
- Tangible fixed assets -€10,800
down €10,800 (-22.0%), from €49,049 to €38,249
of which Plant, machinery and equipment: -€6,855
- Receivables within one year +€10,454
up €10,454 (+23.3%), from €44,923 to €55,377
of which Other amounts receivable: +€6,724
- Reserves +€176,430
up €176,430 (+74.6%), from €236,615 to €413,045
- Gross operating margin +€36,424
up €36,424 (+12.4%), from €292,596 to €329,021
- Depreciation -€12,749
down €12,749 (-44.1%), from €28,929 to €16,181
- Taxes +€11,707
up €11,707 (+26.7%), from €43,776 to €55,483
- Staff costs +€3,297
up €3,297 (+5.7%), from €57,594 to €60,891
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 | €275,417 | €460,482 | +€185,065 | +67.2% |
| Fixed assets | 21/28 | €49,399 | €38,599 | -€10,800 | -21.9% |
| Tangible fixed assets | 22/27 | €49,049 | €38,249 | -€10,800 | -22.0% |
| Plant, machinery and equipment | 23 | €45,103 | €38,249 | -€6,855 | -15.2% |
| Furniture and vehicles | 24 | €3,945 | €0 | -€3,945 | -100% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €226,018 | €421,883 | +€195,865 | +86.7% |
| Amounts receivable within one year | 40/41 | €44,923 | €55,377 | +€10,454 | +23.3% |
| Trade receivables | 40 | €5,196 | €8,926 | +€3,730 | +71.8% |
| Other amounts receivable | 41 | €39,727 | €46,451 | +€6,724 | +16.9% |
| Cash at bank and in hand | 54/58 | €179,268 | €363,590 | +€184,322 | +103% |
| Deferred charges and accrued income | 490/1 | €1,827 | €2,916 | +€1,089 | +59.6% |
| Total equity and liabilities | 10/49 | €275,417 | €460,482 | +€185,065 | +67.2% |
| Equity | 10/15 | €240,115 | €416,545 | +€176,430 | +73.5% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €236,615 | €413,045 | +€176,430 | +74.6% |
| Distributable reserves | 133 | €236,615 | €413,045 | +€176,430 | +74.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,302 | €43,936 | +€8,634 | +24.5% |
| Amounts payable within one year | 42/48 | €35,302 | €43,936 | +€8,634 | +24.5% |
| Trade debts | 44 | €5,784 | €9,652 | +€3,868 | +66.9% |
| Suppliers | 440/4 | €5,784 | €9,652 | +€3,868 | +66.9% |
| Taxes, remuneration and social security | 45 | €10,969 | €12,980 | +€2,011 | +18.3% |
| Taxes | 450/3 | €5,884 | €7,219 | +€1,335 | +22.7% |
| Remuneration and social security | 454/9 | €5,085 | €5,761 | +€676 | +13.3% |
| Other amounts payable | 47/48 | €18,549 | €21,305 | +€2,756 | +14.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €328 | +€328 | |
| Remuneration, social security and pensions | 62 | €57,594 | €60,891 | +€3,297 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,929 | €16,181 | -€12,749 | -44.1% |
| Other operating charges | 640/8 | €769 | €789 | +€20 | +2.6% |
| Gross operating margin | 9900 | €292,596 | €329,021 | +€36,424 | +12.4% |
| Operating profit (loss) | 9901 | €205,305 | €251,161 | +€45,856 | +22.3% |
| Financial income | 75/76B | €1,239 | €2,154 | +€915 | +73.9% |
| Recurring financial income | 75 | €1,239 | €2,154 | +€915 | +73.9% |
| Financial charges | 65/66B | €77 | €96 | +€19 | +25.1% |
| Recurring financial charges | 65 | €77 | €96 | +€19 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €206,466 | €253,218 | +€46,752 | +22.6% |
| Income taxes | 67/77 | €43,776 | €55,483 | +€11,707 | +26.7% |
| Profit (loss) for the period | 9904 | €162,690 | €197,735 | +€35,045 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €162,690 | €197,735 | +€35,045 | +21.5% |
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 25 October 2026 via checked.be.