KEDOPORC: 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.
KEDOPORC
Largest movements
- Cash -€26,233
down €26,233 (-23.4%), from €112,025 to €85,792
mainly Trade debts (-€72,407) and Investment in fixed assets (net) (-€51,046)
- Receivables within one year -€14,598
down €14,598 (-15.8%), from €92,153 to €77,555
of which Trade receivables: -€22,022
- Tangible fixed assets +€10,957
up €10,957 (+5.9%), from €185,513 to €196,470
of which Land and buildings: +€9,555
- Trade debts -€72,407
down €72,407 (-61.0%), from €118,706 to €46,299
- Accrued charges and deferred income +€39,696
up €39,696 (+225%), from €17,612 to €57,308
- Debts after one year -€36,667
down €36,667 (-68.4%), from €53,611 to €16,944
- Reserves +€31,995
up €31,995 (+17.7%), from €180,287 to €212,282
- Other debts +€10,517
up €10,517 (+4.7%), from €224,148 to €234,665
- Gross operating margin -€115,870
down €115,870 (-51.1%), from €226,537 to €110,667
- Taxes -€18,039
down €18,039 (-58.3%), from €30,964 to €12,925
- Other operating charges +€7,614
up €7,614 (+390%), from €1,952 to €9,566
- Depreciation -€5,197
down €5,197 (-11.5%), from €45,286 to €40,089
- Financial income -€3,096
down €3,096 (-69.1%), from €4,482 to €1,386
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 | €750,629 | €726,334 | -€24,295 | -3.2% |
| Fixed assets | 21/28 | €188,791 | €199,748 | +€10,957 | +5.8% |
| Tangible fixed assets | 22/27 | €185,513 | €196,470 | +€10,957 | +5.9% |
| Land and buildings | 22 | €157,177 | €166,732 | +€9,555 | +6.1% |
| Plant, machinery and equipment | 23 | €28,337 | €29,738 | +€1,402 | +4.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €3,278 | €3,278 | = | 0.0% |
| Current assets | 29/58 | €561,838 | €526,586 | -€35,252 | -6.3% |
| Stocks and contracts in progress | 3 | €356,644 | €362,334 | +€5,691 | +1.6% |
| Stocks | 30/36 | €356,644 | €362,334 | +€5,691 | +1.6% |
| Amounts receivable within one year | 40/41 | €92,153 | €77,555 | -€14,598 | -15.8% |
| Trade receivables | 40 | €67,502 | €45,480 | -€22,022 | -32.6% |
| Other amounts receivable | 41 | €24,651 | €32,075 | +€7,424 | +30.1% |
| Cash at bank and in hand | 54/58 | €112,025 | €85,792 | -€26,233 | -23.4% |
| Deferred charges and accrued income | 490/1 | €1,016 | €904 | -€113 | -11.1% |
| Total equity and liabilities | 10/49 | €750,629 | €726,334 | -€24,295 | -3.2% |
| Equity | 10/15 | €299,775 | €331,008 | +€31,233 | +10.4% |
| Contributions | 10/11 | €117,800 | €117,800 | = | 0.0% |
| Reserves | 13 | €180,287 | €212,282 | +€31,995 | +17.7% |
| Distributable reserves | 133 | €180,287 | €212,282 | +€31,995 | +17.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €1,689 | €926 | -€762 | -45.1% |
| Provisions and deferred taxes | 16 | €89 | €49 | -€40 | -45.1% |
| Deferred taxes | 168 | €89 | €49 | -€40 | -45.1% |
| Amounts payable | 17/49 | €450,765 | €395,277 | -€55,488 | -12.3% |
| Amounts payable after more than one year | 17 | €53,611 | €16,944 | -€36,667 | -68.4% |
| Financial debts | 170/4 | €53,611 | €16,944 | -€36,667 | -68.4% |
| Amounts payable within one year | 42/48 | €379,542 | €321,025 | -€58,517 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €36,667 | €36,667 | = | 0.0% |
| Trade debts | 44 | €118,706 | €46,299 | -€72,407 | -61.0% |
| Suppliers | 440/4 | €118,706 | €46,299 | -€72,407 | -61.0% |
| Taxes, remuneration and social security | 45 | €21 | €3,395 | +€3,374 | +16,074% |
| Taxes | 450/3 | €21 | €3,395 | +€3,374 | +16,074% |
| Other amounts payable | 47/48 | €224,148 | €234,665 | +€10,517 | +4.7% |
| Accrued charges and deferred income | 492/3 | €17,612 | €57,308 | +€39,696 | +225% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,286 | €40,089 | -€5,197 | -11.5% |
| Other operating charges | 640/8 | €1,952 | €9,566 | +€7,614 | +390% |
| Gross operating margin | 9900 | €226,537 | €110,667 | -€115,870 | -51.1% |
| Operating profit (loss) | 9901 | €179,299 | €61,012 | -€118,287 | -66.0% |
| Financial income | 75/76B | €4,482 | €1,386 | -€3,096 | -69.1% |
| Recurring financial income | 75 | €4,482 | €1,386 | -€3,096 | -69.1% |
| Financial charges | 65/66B | €18,333 | €17,518 | -€815 | -4.4% |
| Recurring financial charges | 65 | €18,333 | €17,518 | -€815 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €165,448 | €44,880 | -€120,568 | -72.9% |
| Transfer from deferred taxes | 780 | €196 | €40 | -€156 | -79.6% |
| Income taxes | 67/77 | €30,964 | €12,925 | -€18,039 | -58.3% |
| Profit (loss) for the period | 9904 | €134,680 | €31,995 | -€102,685 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €134,680 | €31,995 | -€102,685 | -76.2% |
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 20 October 2026 via checked.be.