KUDRO: 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.
KUDRO
Largest movements
- Stocks and contracts +€25,090
up €25,090 (+42.2%), from €59,526 to €84,617
of which Contracts in progress: +€23,365
- Receivables within one year +€24,879
up €24,879 (+19.5%), from €127,525 to €152,404
of which Trade receivables: +€22,318
- Cash +€9,957
up €9,957 (+63.3%), from €15,740 to €25,697
mainly Net result for the year (+€113,738) and Tax, wage and social debts (+€52,795)
- Reserves +€113,738
up €113,738 (+53758.9%), from €212 to €113,949
- Trade debts -€102,246
down €102,246 (-49.1%), from €208,072 to €105,826
- Tax, wage and social debts +€52,795
new in 2025: €52,795
- Debts after one year -€4,614
down €4,614 (-51.3%), from €9,000 to €4,385
- Gross operating margin +€156,014
up €156,014 (+2556.2%), from €6,103 to €162,117
- Taxes +€37,404
new in 2025: €37,404
- Other operating charges +€3,272
up €3,272 (+261.6%), from €1,251 to €4,523
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 | €227,727 | €288,206 | +€60,479 | +26.6% |
| Formation expenses | 20 | €601 | €0 | -€601 | -100.0% |
| Fixed assets | 21/28 | €21,650 | €23,341 | +€1,691 | +7.8% |
| Tangible fixed assets | 22/27 | €14,279 | €15,970 | +€1,691 | +11.8% |
| Plant, machinery and equipment | 23 | - | €4,671 | +€4,671 | |
| Leasing and similar rights | 25 | €14,279 | €11,299 | -€2,980 | -20.9% |
| Financial fixed assets | 28 | €7,371 | €7,371 | = | 0.0% |
| Current assets | 29/58 | €205,476 | €264,865 | +€59,389 | +28.9% |
| Stocks and contracts in progress | 3 | €59,526 | €84,617 | +€25,090 | +42.2% |
| Stocks | 30/36 | €50,311 | €52,037 | +€1,725 | +3.4% |
| Contracts in progress | 37 | €9,215 | €32,580 | +€23,365 | +253.6% |
| Amounts receivable within one year | 40/41 | €127,525 | €152,404 | +€24,879 | +19.5% |
| Trade receivables | 40 | €125,404 | €147,722 | +€22,318 | +17.8% |
| Other amounts receivable | 41 | €2,121 | €4,682 | +€2,561 | +120.8% |
| Cash at bank and in hand | 54/58 | €15,740 | €25,697 | +€9,957 | +63.3% |
| Deferred charges and accrued income | 490/1 | €2,684 | €2,147 | -€537 | -20.0% |
| Total equity and liabilities | 10/49 | €227,727 | €288,206 | +€60,479 | +26.6% |
| Equity | 10/15 | €6,212 | €119,949 | +€113,738 | +1831.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €212 | €113,949 | +€113,738 | +53758.9% |
| Distributable reserves | 133 | €212 | €113,949 | +€113,738 | +53758.9% |
| Amounts payable | 17/49 | €221,516 | €168,256 | -€53,259 | -24.0% |
| Amounts payable after more than one year | 17 | €9,000 | €4,385 | -€4,614 | -51.3% |
| Financial debts | 170/4 | €9,000 | €4,385 | -€4,614 | -51.3% |
| Amounts payable within one year | 42/48 | €212,516 | €163,871 | -€48,645 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €4,444 | €4,614 | +€170 | +3.8% |
| Trade debts | 44 | €208,072 | €105,826 | -€102,246 | -49.1% |
| Suppliers | 440/4 | €208,072 | €105,826 | -€102,246 | -49.1% |
| Taxes, remuneration and social security | 45 | - | €52,795 | +€52,795 | |
| Taxes | 450/3 | - | €52,795 | +€52,795 | |
| Other amounts payable | 47/48 | - | €636 | +€636 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,029 | €4,361 | +€1,332 | +44.0% |
| Other operating charges | 640/8 | €1,251 | €4,523 | +€3,272 | +261.6% |
| Gross operating margin | 9900 | €6,103 | €162,117 | +€156,014 | +2556.2% |
| Operating profit (loss) | 9901 | €1,824 | €153,233 | +€151,410 | +8303.0% |
| Financial income | 75/76B | €18 | €111 | +€93 | +516.7% |
| Recurring financial income | 75 | €18 | €111 | +€93 | +516.7% |
| Financial charges | 65/66B | €1,630 | €2,203 | +€573 | +35.2% |
| Recurring financial charges | 65 | €1,630 | €2,203 | +€573 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €212 | €151,142 | +€150,930 | +71338.2% |
| Income taxes | 67/77 | - | €37,404 | +€37,404 | |
| Profit (loss) for the period | 9904 | €212 | €113,738 | +€113,526 | +53658.9% |
| Profit (loss) for the period to be appropriated | 9905 | €212 | €113,738 | +€113,526 | +53658.9% |
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 11 October 2026 via checked.be.