KCDN: 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.
What changed
KCDN
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€82,617
2024 · €58,387+€24,231
Equity
€812,241
2024 · €744,623+€67,617
Cash
€80,511
2024 · €4,833+€75,678
Balance sheet total
€2.6m
2024 · €2.6m-€26,145
Largest movements
Assets
- Tangible fixed assets -€88,450
down €88,450 (-3.9%), from €2.3m to €2.2m
of which Land and buildings: -€69,590
- Cash +€75,678
up €75,678 (+1,566%), from €4,833 to €80,511
mainly Depreciation (+€88,450) and Net result for the year (+€82,617)
Equity and liabilities
- Profit (loss) carried forward +€87,914
up €87,914, from -€87,914 to €0
- Debts after one year -€86,746
down €86,746 (-5.7%), from €1.5m to €1.4m
- Accrued charges and deferred income -€40,696
down €40,696 (-94.3%), from €43,166 to €2,470
Income statement
- Gross operating margin +€52,066
up €52,066 (+30.9%), from €168,651 to €220,718
- Other operating charges +€18,754
up €18,754 (+473%), from €3,961 to €22,716
- Taxes +€11,989
up €11,989 (+9,191%), from €130 to €12,120
- Financial income +€2,405
up €2,405 (+217%), from €1,107 to €3,512
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
€58,387
Gross operating margin
+€52,066
Depreciation
-€825
Other operating charges
-€18,754
Financial income
+€2,405
Financial charges
+€1,328
Taxes
-€11,989
Result 2025
€82,617
raises the resultlowers the result
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.
From operations
+€176,147
Investment
€0
Financing
-€100,470
Cash 2024
€4,833
From operations (derived)
+€176,147
Net result for the year
+€82,617
Depreciation
+€88,450
Receivables within one year
+€10,835
Deferred charges and accrued income
+€2,538
Provisions
-€6,080
Trade debts
+€10,381
Tax, wage and social debts
+€23,523
Other debts
+€4,579
Accrued charges and deferred income
-€40,696
Financing
-€100,470
Debts after one year
-€86,746
Current portion of long-term debt
+€1,284
Short-term financial debts
-€8
Contributions, distributions and other
-€15,000
Cash 2025
€80,511
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,593,456 | €2,567,311 | -€26,145 | -1.0% |
| Fixed assets | 21/28 | €2,273,167 | €2,184,716 | -€88,450 | -3.9% |
| Tangible fixed assets | 22/27 | €2,272,917 | €2,184,466 | -€88,450 | -3.9% |
| Land and buildings | 22 | €2,100,211 | €2,030,621 | -€69,590 | -3.3% |
| Plant, machinery and equipment | 23 | €172,309 | €153,717 | -€18,592 | -10.8% |
| Furniture and vehicles | 24 | €397 | €129 | -€268 | -67.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €320,289 | €382,595 | +€62,305 | +19.5% |
| Amounts receivable within one year | 40/41 | €308,597 | €297,762 | -€10,835 | -3.5% |
| Trade receivables | 40 | €113,081 | €48,823 | -€64,258 | -56.8% |
| Other amounts receivable | 41 | €195,516 | €248,939 | +€53,423 | +27.3% |
| Cash at bank and in hand | 54/58 | €4,833 | €80,511 | +€75,678 | +1,566% |
| Deferred charges and accrued income | 490/1 | €6,859 | €4,322 | -€2,538 | -37.0% |
| Total equity and liabilities | 10/49 | €2,593,456 | €2,567,311 | -€26,145 | -1.0% |
| Equity | 10/15 | €744,623 | €812,241 | +€67,617 | +9.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €826,337 | €806,041 | -€20,296 | -2.5% |
| Tax-exempt reserves | 132 | €674,741 | €650,421 | -€24,320 | -3.6% |
| Distributable reserves | 133 | €151,596 | €155,619 | +€4,023 | +2.7% |
| Profit (loss) carried forward | 14 | -€87,914 | €0 | +€87,914 | |
| Provisions and deferred taxes | 16 | €168,521 | €162,441 | -€6,080 | -3.6% |
| Deferred taxes | 168 | €168,521 | €162,441 | -€6,080 | -3.6% |
| Amounts payable | 17/49 | €1,680,313 | €1,592,630 | -€87,682 | -5.2% |
| Amounts payable after more than one year | 17 | €1,528,321 | €1,441,576 | -€86,746 | -5.7% |
| Financial debts | 170/4 | €1,528,321 | €1,441,576 | -€86,746 | -5.7% |
| Amounts payable within one year | 42/48 | €108,825 | €148,585 | +€39,759 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €85,462 | €86,746 | +€1,284 | +1.5% |
| Financial debts | 43 | €8 | €0 | -€8 | -100% |
| Credit institutions | 430/8 | €8 | €0 | -€8 | -100% |
| Trade debts | 44 | €1,088 | €11,469 | +€10,381 | +954% |
| Suppliers | 440/4 | €1,088 | €11,469 | +€10,381 | +954% |
| Taxes, remuneration and social security | 45 | €8,456 | €31,979 | +€23,523 | +278% |
| Taxes | 450/3 | €8,456 | €31,979 | +€23,523 | +278% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €13,811 | €18,390 | +€4,579 | +33.2% |
| Accrued charges and deferred income | 492/3 | €43,166 | €2,470 | -€40,696 | -94.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,625 | €88,450 | +€825 | +0.9% |
| Other operating charges | 640/8 | €3,961 | €22,716 | +€18,754 | +473% |
| Gross operating margin | 9900 | €168,651 | €220,718 | +€52,066 | +30.9% |
| Operating profit (loss) | 9901 | €77,065 | €109,552 | +€32,487 | +42.2% |
| Financial income | 75/76B | €1,107 | €3,512 | +€2,405 | +217% |
| Recurring financial income | 75 | €1,107 | €3,512 | +€2,405 | +217% |
| Financial charges | 65/66B | €25,735 | €24,407 | -€1,328 | -5.2% |
| Recurring financial charges | 65 | €25,735 | €24,407 | -€1,328 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €52,437 | €88,657 | +€36,220 | +69.1% |
| Transfer from deferred taxes | 780 | €6,080 | €6,080 | = | 0.0% |
| Income taxes | 67/77 | €130 | €12,120 | +€11,989 | +9,191% |
| Profit (loss) for the period | 9904 | €58,387 | €82,617 | +€24,231 | +41.5% |
| Transfer from tax-exempt reserves | 789 | €24,320 | €24,320 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,707 | €106,937 | +€24,231 | +29.3% |
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 19 October 2026 via checked.be.