KEDAM: 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.
KEDAM
Largest movements
- Tangible fixed assets -€7,306
down €7,306 (-13.1%), from €55,976 to €48,670
- Receivables within one year +€5,384
up €5,384 (+238.7%), from €2,256 to €7,640
of which Trade receivables: +€4,194
- Cash -€4,995
down €4,995 (-11.8%), from €42,420 to €37,425
mainly Contributions, distributions and other (-€7,000) and Receivables within one year (-€5,384)
- Other debts +€6,598
up €6,598 (+1001.2%), from €659 to €7,257
- Debts after one year -€4,980
down €4,980 (-37.6%), from €13,257 to €8,277
- Tax, wage and social debts -€2,810
down €2,810 (-41.4%), from €6,785 to €3,975
of which Taxes: -€2,810
- Reserves -€2,444
down €2,444 (-4.4%), from €55,132 to €52,688
- Accrued charges and deferred income -€1,650
no longer reported in 2025 (was €1,650)
- Gross operating margin -€3,250
down €3,250 (-15.8%), from €20,605 to €17,355
- Depreciation +€3,098
up €3,098 (+53.7%), from €5,768 to €8,866
- Taxes -€800
down €800 (-24.3%), from €3,293 to €2,493
- Other operating charges -€429
down €429 (-42.8%), from €1,002 to €573
- Financial charges +€248
up €248 (+39.4%), from €629 to €877
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 | €104,711 | €98,169 | -€6,542 | -6.2% |
| Fixed assets | 21/28 | €55,976 | €48,670 | -€7,306 | -13.1% |
| Tangible fixed assets | 22/27 | €55,976 | €48,670 | -€7,306 | -13.1% |
| Furniture and vehicles | 24 | €55,976 | €48,670 | -€7,306 | -13.1% |
| Current assets | 29/58 | €48,735 | €49,499 | +€764 | +1.6% |
| Stocks and contracts in progress | 3 | €3,026 | €3,402 | +€376 | +12.4% |
| Stocks | 30/36 | €3,026 | €3,402 | +€376 | +12.4% |
| Amounts receivable within one year | 40/41 | €2,256 | €7,640 | +€5,384 | +238.7% |
| Trade receivables | 40 | €2,256 | €6,450 | +€4,194 | +185.9% |
| Other amounts receivable | 41 | - | €1,190 | +€1,190 | |
| Cash at bank and in hand | 54/58 | €42,420 | €37,425 | -€4,995 | -11.8% |
| Deferred charges and accrued income | 490/1 | €1,033 | €1,032 | -€1 | -0.1% |
| Total equity and liabilities | 10/49 | €104,711 | €98,169 | -€6,542 | -6.2% |
| Equity | 10/15 | €75,583 | €73,139 | -€2,444 | -3.2% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €55,132 | €52,688 | -€2,444 | -4.4% |
| Distributable reserves | 133 | €55,132 | €52,688 | -€2,444 | -4.4% |
| Amounts payable | 17/49 | €29,128 | €25,030 | -€4,098 | -14.1% |
| Amounts payable after more than one year | 17 | €13,257 | €8,277 | -€4,980 | -37.6% |
| Financial debts | 170/4 | €13,257 | €8,277 | -€4,980 | -37.6% |
| Amounts payable within one year | 42/48 | €14,221 | €16,753 | +€2,532 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €4,797 | €4,980 | +€183 | +3.8% |
| Trade debts | 44 | €1,980 | €541 | -€1,439 | -72.7% |
| Suppliers | 440/4 | €1,980 | €541 | -€1,439 | -72.7% |
| Taxes, remuneration and social security | 45 | €6,785 | €3,975 | -€2,810 | -41.4% |
| Taxes | 450/3 | €5,085 | €2,275 | -€2,810 | -55.3% |
| Remuneration and social security | 454/9 | €1,700 | €1,700 | = | 0.0% |
| Other amounts payable | 47/48 | €659 | €7,257 | +€6,598 | +1001.2% |
| Accrued charges and deferred income | 492/3 | €1,650 | - | -€1,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,768 | €8,866 | +€3,098 | +53.7% |
| Other operating charges | 640/8 | €1,002 | €573 | -€429 | -42.8% |
| Gross operating margin | 9900 | €20,605 | €17,355 | -€3,250 | -15.8% |
| Operating profit (loss) | 9901 | €13,835 | €7,916 | -€5,919 | -42.8% |
| Financial income | 75/76B | €70 | €10 | -€60 | -85.7% |
| Recurring financial income | 75 | €70 | €10 | -€60 | -85.7% |
| Financial charges | 65/66B | €629 | €877 | +€248 | +39.4% |
| Recurring financial charges | 65 | €629 | €877 | +€248 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | €13,276 | €7,049 | -€6,227 | -46.9% |
| Income taxes | 67/77 | €3,293 | €2,493 | -€800 | -24.3% |
| Profit (loss) for the period | 9904 | €9,983 | €4,556 | -€5,427 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,983 | €4,556 | -€5,427 | -54.4% |
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 8 October 2026 via checked.be.