KARDINI: 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.
KARDINI
Largest movements
- Cash -€17,227
down €17,227 (-38.8%), from €44,424 to €27,197
mainly Debts after one year (-€19,180) and Other debts (-€8,889)
- Deferred charges and accrued income +€4,962
new in 2025: €4,962
- Receivables within one year +€2,919
up €2,919 (+7.0%), from €41,893 to €44,812
of which Other amounts receivable: +€8,128
- Reserves +€21,068
up €21,068 (+17.2%), from €122,136 to €143,204
- Debts after one year -€19,180
down €19,180 (-39.6%), from €48,480 to €29,300
- Other debts -€8,889
down €8,889 (-36.5%), from €24,334 to €15,446
- Tax, wage and social debts -€3,217
down €3,217 (-38.4%), from €8,370 to €5,153
- Gross operating margin -€47,044
down €47,044 (-51.6%), from €91,135 to €44,092
- Taxes -€13,794
down €13,794 (-53.4%), from €25,812 to €12,019
- Other operating charges -€1,197
down €1,197 (-46.9%), from €2,551 to €1,354
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 | €236,548 | €226,056 | -€10,492 | -4.4% |
| Fixed assets | 21/28 | €150,231 | €149,085 | -€1,146 | -0.8% |
| Tangible fixed assets | 22/27 | €150,231 | €149,085 | -€1,146 | -0.8% |
| Land and buildings | 22 | €146,396 | €145,583 | -€813 | -0.6% |
| Furniture and vehicles | 24 | €3,834 | €3,502 | -€333 | -8.7% |
| Current assets | 29/58 | €86,317 | €76,971 | -€9,347 | -10.8% |
| Amounts receivable within one year | 40/41 | €41,893 | €44,812 | +€2,919 | +7.0% |
| Trade receivables | 40 | €35,205 | €29,996 | -€5,209 | -14.8% |
| Other amounts receivable | 41 | €6,688 | €14,816 | +€8,128 | +121.5% |
| Cash at bank and in hand | 54/58 | €44,424 | €27,197 | -€17,227 | -38.8% |
| Deferred charges and accrued income | 490/1 | - | €4,962 | +€4,962 | |
| Total equity and liabilities | 10/49 | €236,548 | €226,056 | -€10,492 | -4.4% |
| Equity | 10/15 | €152,136 | €173,204 | +€21,068 | +13.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €122,136 | €143,204 | +€21,068 | +17.2% |
| Distributable reserves | 133 | €122,136 | €143,204 | +€21,068 | +17.2% |
| Amounts payable | 17/49 | €84,412 | €52,852 | -€31,560 | -37.4% |
| Amounts payable after more than one year | 17 | €48,480 | €29,300 | -€19,180 | -39.6% |
| Financial debts | 170/4 | €48,480 | €29,300 | -€19,180 | -39.6% |
| Amounts payable within one year | 42/48 | €35,932 | €23,552 | -€12,380 | -34.5% |
| Trade debts | 44 | €3,227 | €2,953 | -€274 | -8.5% |
| Suppliers | 440/4 | €3,227 | €2,953 | -€274 | -8.5% |
| Taxes, remuneration and social security | 45 | €8,370 | €5,153 | -€3,217 | -38.4% |
| Taxes | 450/3 | €8,370 | €5,153 | -€3,217 | -38.4% |
| Other amounts payable | 47/48 | €24,334 | €15,446 | -€8,889 | -36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,143 | €8,768 | +€625 | +7.7% |
| Other operating charges | 640/8 | €2,551 | €1,354 | -€1,197 | -46.9% |
| Gross operating margin | 9900 | €91,135 | €44,092 | -€47,044 | -51.6% |
| Operating profit (loss) | 9901 | €80,442 | €33,970 | -€46,471 | -57.8% |
| Financial income | 75/76B | €1 | €2 | +€1 | +122.2% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +122.2% |
| Financial charges | 65/66B | €1,265 | €886 | -€379 | -30.0% |
| Recurring financial charges | 65 | €1,265 | €886 | -€379 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €79,178 | €33,086 | -€46,091 | -58.2% |
| Income taxes | 67/77 | €25,812 | €12,019 | -€13,794 | -53.4% |
| Profit (loss) for the period | 9904 | €53,365 | €21,068 | -€32,298 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,365 | €21,068 | -€32,298 | -60.5% |
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 28 September 2026 via checked.be.