KUNDEC: 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.
KUNDEC
Largest movements
- Cash +€55,044
up €55,044 (+192.9%), from €28,536 to €83,580
mainly Net result for the year (+€53,674) and Receivables within one year (+€15,602)
- Receivables within one year -€15,602
down €15,602 (-23.8%), from €65,585 to €49,983
of which Trade receivables: -€8,570
- Intangible fixed assets -€10,426
down €10,426 (-96.5%), from €10,800 to €373
- Reserves +€53,000
up €53,000 (+137.7%), from €38,500 to €91,500
- Debts after one year -€10,000
down €10,000 (-40.0%), from €25,000 to €15,000
- Trade debts -€9,142
down €9,142 (-86.8%), from €10,536 to €1,393
- Tax, wage and social debts -€5,542
down €5,542 (-59.4%), from €9,326 to €3,785
- Gross operating margin +€23,767
up €23,767 (+40.0%), from €59,469 to €83,236
- Depreciation -€13,708
down €13,708 (-56.8%), from €24,134 to €10,426
- Taxes +€12,684
up €12,684 (+238.4%), from €5,320 to €18,004
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 | €104,920 | €134,381 | +€29,461 | +28.1% |
| Fixed assets | 21/28 | €10,800 | €373 | -€10,426 | -96.5% |
| Intangible fixed assets | 21 | €10,800 | €373 | -€10,426 | -96.5% |
| Current assets | 29/58 | €94,121 | €134,008 | +€39,887 | +42.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €65,585 | €49,983 | -€15,602 | -23.8% |
| Trade receivables | 40 | €58,085 | €49,515 | -€8,570 | -14.8% |
| Other amounts receivable | 41 | €7,500 | €469 | -€7,031 | -93.8% |
| Cash at bank and in hand | 54/58 | €28,536 | €83,580 | +€55,044 | +192.9% |
| Deferred charges and accrued income | 490/1 | - | €445 | +€445 | |
| Total equity and liabilities | 10/49 | €104,920 | €134,381 | +€29,461 | +28.1% |
| Equity | 10/15 | €58,788 | €112,461 | +€53,674 | +91.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €38,500 | €91,500 | +€53,000 | +137.7% |
| Distributable reserves | 133 | €38,500 | €91,500 | +€53,000 | +137.7% |
| Profit (loss) carried forward | 14 | €288 | €961 | +€674 | +234.4% |
| Amounts payable | 17/49 | €46,133 | €21,920 | -€24,213 | -52.5% |
| Amounts payable after more than one year | 17 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Financial debts | 170/4 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Amounts payable within one year | 42/48 | €19,891 | €5,216 | -€14,675 | -73.8% |
| Trade debts | 44 | €10,536 | €1,393 | -€9,142 | -86.8% |
| Suppliers | 440/4 | €10,536 | €1,393 | -€9,142 | -86.8% |
| Taxes, remuneration and social security | 45 | €9,326 | €3,785 | -€5,542 | -59.4% |
| Taxes | 450/3 | €9,326 | €3,785 | -€5,542 | -59.4% |
| Other amounts payable | 47/48 | €29 | €38 | +€9 | +29.1% |
| Accrued charges and deferred income | 492/3 | €1,241 | €1,704 | +€463 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,134 | €10,426 | -€13,708 | -56.8% |
| Other operating charges | 640/8 | €628 | €644 | +€16 | +2.5% |
| Gross operating margin | 9900 | €59,469 | €83,236 | +€23,767 | +40.0% |
| Operating profit (loss) | 9901 | €34,707 | €72,166 | +€37,458 | +107.9% |
| Financial income | 75/76B | €410 | €30 | -€380 | -92.7% |
| Recurring financial income | 75 | €410 | €30 | -€380 | -92.7% |
| Financial charges | 65/66B | €1,312 | €518 | -€794 | -60.5% |
| Recurring financial charges | 65 | €1,312 | €518 | -€794 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €33,805 | €71,678 | +€37,873 | +112.0% |
| Income taxes | 67/77 | €5,320 | €18,004 | +€12,684 | +238.4% |
| Profit (loss) for the period | 9904 | €28,486 | €53,674 | +€25,188 | +88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,486 | €53,674 | +€25,188 | +88.4% |
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 4 October 2026 via checked.be.