KEDAK: 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.
KEDAK
Largest movements
- Tangible fixed assets +€53,711
up €53,711 (+1863.3%), from €2,883 to €56,594
of which Leasing and similar rights: +€33,207
- Cash +€53,648
up €53,648 (+35.9%), from €149,299 to €202,947
mainly Net result for the year (+€56,190) and Trade debts (+€54,801)
- Receivables within one year +€45,144
up €45,144 (+35.7%), from €126,479 to €171,623
of which Trade receivables: +€50,574
- Deferred charges and accrued income -€10,658
down €10,658 (-75.5%), from €14,125 to €3,467
- Stocks and contracts +€7,100
up €7,100 (+39.9%), from €17,799 to €24,899
- Reserves +€56,190
up €56,190 (+24.6%), from €228,137 to €284,327
of which Tax-exempt reserves: +€46,466
- Trade debts +€54,801
up €54,801 (+1031.8%), from €5,311 to €60,112
of which Suppliers: +€57,544
- Debts after one year +€21,478
new in 2025: €21,478
- Provisions +€15,489
new in 2025: €15,489
- Current portion of long-term debt +€6,849
new in 2025: €6,849
- Staff costs -€36,631
down €36,631 (-33.6%), from €108,928 to €72,297
- Gross operating margin +€22,433
up €22,433 (+17.8%), from €125,939 to €148,372
- Financial income -€3,234
down €3,234 (-51.6%), from €6,272 to €3,038
- Other operating charges -€1,920
down €1,920 (-49.6%), from €3,871 to €1,951
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 | €310,852 | €461,675 | +€150,823 | +48.5% |
| Fixed assets | 21/28 | €3,151 | €58,740 | +€55,589 | +1763.9% |
| Tangible fixed assets | 22/27 | €2,883 | €56,594 | +€53,711 | +1863.3% |
| Plant, machinery and equipment | 23 | €2,883 | €5,721 | +€2,839 | +98.5% |
| Furniture and vehicles | 24 | - | €17,665 | +€17,665 | |
| Leasing and similar rights | 25 | - | €33,207 | +€33,207 | |
| Financial fixed assets | 28 | €269 | €2,147 | +€1,878 | +698.4% |
| Current assets | 29/58 | €307,701 | €402,935 | +€95,234 | +31.0% |
| Stocks and contracts in progress | 3 | €17,799 | €24,899 | +€7,100 | +39.9% |
| Stocks | 30/36 | €17,799 | €24,899 | +€7,100 | +39.9% |
| Amounts receivable within one year | 40/41 | €126,479 | €171,623 | +€45,144 | +35.7% |
| Trade receivables | 40 | €8,321 | €58,895 | +€50,574 | +607.8% |
| Other amounts receivable | 41 | €118,158 | €112,728 | -€5,430 | -4.6% |
| Cash at bank and in hand | 54/58 | €149,299 | €202,947 | +€53,648 | +35.9% |
| Deferred charges and accrued income | 490/1 | €14,125 | €3,467 | -€10,658 | -75.5% |
| Total equity and liabilities | 10/49 | €310,852 | €461,675 | +€150,823 | +48.5% |
| Equity | 10/15 | €290,111 | €346,300 | +€56,190 | +19.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €228,137 | €284,327 | +€56,190 | +24.6% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €46,466 | +€46,466 | |
| Distributable reserves | 133 | €221,940 | €231,663 | +€9,723 | +4.4% |
| Provisions and deferred taxes | 16 | - | €15,489 | +€15,489 | |
| Deferred taxes | 168 | - | €15,489 | +€15,489 | |
| Amounts payable | 17/49 | €20,742 | €99,886 | +€79,144 | +381.6% |
| Amounts payable after more than one year | 17 | - | €21,478 | +€21,478 | |
| Financial debts | 170/4 | - | €21,478 | +€21,478 | |
| Amounts payable within one year | 42/48 | €20,742 | €78,407 | +€57,666 | +278.0% |
| Current portion of amounts payable after more than one year | 42 | - | €6,849 | +€6,849 | |
| Trade debts | 44 | €5,311 | €60,112 | +€54,801 | +1031.8% |
| Suppliers | 440/4 | €2,568 | €60,112 | +€57,544 | +2241.0% |
| Bills of exchange payable | 441 | €2,743 | - | -€2,743 | |
| Taxes, remuneration and social security | 45 | €13,297 | €11,323 | -€1,974 | -14.8% |
| Taxes | 450/3 | - | €3,020 | +€3,020 | |
| Remuneration and social security | 454/9 | €13,297 | €8,303 | -€4,994 | -37.6% |
| Other amounts payable | 47/48 | €2,134 | €123 | -€2,011 | -94.2% |
| Non-recurring operating income | 76A | €2,500 | €65,819 | +€63,319 | +2532.7% |
| Remuneration, social security and pensions | 62 | €108,928 | €72,297 | -€36,631 | -33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €571 | €1,712 | +€1,141 | +199.7% |
| Other operating charges | 640/8 | €3,871 | €1,951 | -€1,920 | -49.6% |
| Non-recurring operating charges | 66A | €3,457 | - | -€3,457 | |
| Gross operating margin | 9900 | €125,939 | €148,372 | +€22,433 | +17.8% |
| Operating profit (loss) | 9901 | €9,112 | €72,412 | +€63,301 | +694.7% |
| Financial income | 75/76B | €6,272 | €3,038 | -€3,234 | -51.6% |
| Recurring financial income | 75 | €6,272 | €3,038 | -€3,234 | -51.6% |
| Financial charges | 65/66B | €1,795 | €752 | -€1,043 | -58.1% |
| Recurring financial charges | 65 | €655 | €752 | +€97 | +14.8% |
| Non-recurring financial charges | 66B | €1,140 | - | -€1,140 | |
| Profit (loss) for the period before taxes | 9903 | €13,589 | €74,699 | +€61,110 | +449.7% |
| Transfer from deferred taxes | 780 | - | €261 | +€261 | |
| Transfer to deferred taxes | 680 | - | €15,750 | +€15,750 | |
| Income taxes | 67/77 | €3,734 | €3,020 | -€714 | -19.1% |
| Profit (loss) for the period | 9904 | €9,855 | €56,190 | +€46,335 | +470.2% |
| Transfer from tax-exempt reserves | 789 | - | €784 | +€784 | |
| Transfer to tax-exempt reserves | 689 | - | €47,250 | +€47,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,855 | €9,723 | -€131 | -1.3% |
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 5 October 2026 via checked.be.