Marc KADANER: 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.
Marc KADANER
Largest movements
- Receivables within one year +€546,911
up €546,911 (+16,306%), from €3,354 to €550,265
of which Other amounts receivable: +€550,262
- Tangible fixed assets -€328,883
down €328,883 (-47.3%), from €695,644 to €366,761
of which Land and buildings: -€301,472
- Cash -€45,639
down €45,639 (-50.1%), from €91,080 to €45,441
mainly Receivables within one year (-€546,911) and Debts after one year (-€25,264)
- Reserves +€146,937
up €146,937 (+2,332%), from €6,300 to €153,237
- Tax, wage and social debts +€48,526
up €48,526 (+1,073%), from €4,521 to €53,047
- Debts after one year -€25,264
down €25,264 (-7.0%), from €359,942 to €334,678
of which Financial debts: -€25,264
- Trade debts +€13,374
up €13,374, from €0 to €13,374
- Other debts -€10,419
down €10,419 (-60.7%), from €17,157 to €6,739
- Gross operating margin +€215,510
up €215,510 (+1,641%), from €13,130 to €228,641
- Taxes +€49,755
up €49,755 (+14,754%), from €337 to €50,092
- Depreciation -€17,698
down €17,698 (-52.1%), from €33,985 to €16,287
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 | €790,078 | €962,467 | +€172,389 | +21.8% |
| Fixed assets | 21/28 | €695,644 | €366,761 | -€328,883 | -47.3% |
| Tangible fixed assets | 22/27 | €695,644 | €366,761 | -€328,883 | -47.3% |
| Land and buildings | 22 | €662,008 | €360,536 | -€301,472 | -45.5% |
| Furniture and vehicles | 24 | €5,822 | €5,548 | -€274 | -4.7% |
| Other tangible fixed assets | 26 | €27,814 | €676 | -€27,137 | -97.6% |
| Current assets | 29/58 | €94,434 | €595,706 | +€501,272 | +531% |
| Amounts receivable within one year | 40/41 | €3,354 | €550,265 | +€546,911 | +16,306% |
| Trade receivables | 40 | €3,351 | - | -€3,351 | |
| Other amounts receivable | 41 | €3 | €550,265 | +€550,262 | +18,652,965% |
| Cash at bank and in hand | 54/58 | €91,080 | €45,441 | -€45,639 | -50.1% |
| Total equity and liabilities | 10/49 | €790,078 | €962,467 | +€172,389 | +21.8% |
| Equity | 10/15 | €382,428 | €529,365 | +€146,937 | +38.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €6,300 | €153,237 | +€146,937 | +2,332% |
| Distributable reserves | 133 | €6,300 | €153,237 | +€146,937 | +2,332% |
| Profit (loss) carried forward | 14 | €355,668 | €355,668 | = | 0.0% |
| Amounts payable | 17/49 | €407,650 | €433,102 | +€25,452 | +6.2% |
| Amounts payable after more than one year | 17 | €359,942 | €334,678 | -€25,264 | -7.0% |
| Financial debts | 170/4 | €357,442 | €332,178 | -€25,264 | -7.1% |
| Other amounts payable | 178/9 | €2,500 | €2,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €46,708 | €98,423 | +€51,716 | +111% |
| Current portion of amounts payable after more than one year | 42 | €25,030 | €25,264 | +€234 | +0.9% |
| Trade debts | 44 | €0 | €13,374 | +€13,374 | |
| Suppliers | 440/4 | €0 | €13,374 | +€13,374 | |
| Taxes, remuneration and social security | 45 | €4,521 | €53,047 | +€48,526 | +1,073% |
| Taxes | 450/3 | €4,521 | €53,047 | +€48,526 | +1,073% |
| Other amounts payable | 47/48 | €17,157 | €6,739 | -€10,419 | -60.7% |
| Accrued charges and deferred income | 492/3 | €1,000 | - | -€1,000 | |
| Non-recurring operating income | 76A | - | €233,538 | +€233,538 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,985 | €16,287 | -€17,698 | -52.1% |
| Other operating charges | 640/8 | €5,033 | €4,100 | -€933 | -18.5% |
| Gross operating margin | 9900 | €13,130 | €228,641 | +€215,510 | +1,641% |
| Operating profit (loss) | 9901 | -€25,888 | €208,253 | +€234,141 | |
| Financial charges | 65/66B | €11,969 | €11,224 | -€744 | -6.2% |
| Recurring financial charges | 65 | €11,969 | €11,224 | -€744 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€37,857 | €197,029 | +€234,886 | |
| Income taxes | 67/77 | €337 | €50,092 | +€49,755 | +14,754% |
| Profit (loss) for the period | 9904 | -€38,194 | €146,937 | +€185,131 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,194 | €146,937 | +€185,131 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.