IMMO KEMA: 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.
IMMO KEMA
Largest movements
- Tangible fixed assets -€880,684
down €880,684 (-29.0%), from €3.0m to €2.2m
of which Land and buildings: -€880,602
- Current investments -€173,215
down €173,215 (-99.7%), from €173,732 to €518
- Receivables within one year +€154,390
up €154,390 (+43,411%), from €356 to €154,746
of which Other amounts receivable: +€148,931
- Cash -€51,215
down €51,215 (-53.5%), from €95,644 to €44,430
mainly Other debts (-€672,202) and Trade debts (-€176,848)
- Other debts -€672,202
down €672,202 (-76.2%), from €881,973 to €209,771
- Trade debts -€176,848
down €176,848 (-31.6%), from €559,941 to €383,092
- Reserves -€82,752
down €82,752 (-6.6%), from €1.3m to €1.2m
of which Distributable reserves: -€46,141
- Depreciation +€27,230
up €27,230 (+51.7%), from €52,664 to €79,894
- Taxes -€8,061
down €8,061 (-100.0%), from €8,061 to €0
- Financial charges +€5,866
up €5,866 (+1,080%), from €543 to €6,410
- Gross operating margin -€5,370
down €5,370 (-13.4%), from €40,164 to €34,794
- Other operating charges +€761
up €761 (+14.6%), from €5,225 to €5,987
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 | €3,308,401 | €2,362,412 | -€945,988 | -28.6% |
| Fixed assets | 21/28 | €3,033,768 | €2,153,084 | -€880,684 | -29.0% |
| Tangible fixed assets | 22/27 | €3,033,697 | €2,153,012 | -€880,684 | -29.0% |
| Land and buildings | 22 | €3,033,533 | €2,152,931 | -€880,602 | -29.0% |
| Plant, machinery and equipment | 23 | €163 | €82 | -€82 | -50.0% |
| Financial fixed assets | 28 | €72 | €72 | = | 0.0% |
| Current assets | 29/58 | €274,632 | €209,328 | -€65,304 | -23.8% |
| Amounts receivable within one year | 40/41 | €356 | €154,746 | +€154,390 | +43,411% |
| Trade receivables | 40 | €94 | €5,554 | +€5,460 | +5,785% |
| Other amounts receivable | 41 | €261 | €149,192 | +€148,931 | +57,003% |
| Current investments | 50/53 | €173,732 | €518 | -€173,215 | -99.7% |
| Cash at bank and in hand | 54/58 | €95,644 | €44,430 | -€51,215 | -53.5% |
| Deferred charges and accrued income | 490/1 | €4,900 | €9,635 | +€4,734 | +96.6% |
| Total equity and liabilities | 10/49 | €3,308,401 | €2,362,412 | -€945,988 | -28.6% |
| Equity | 10/15 | €1,484,102 | €1,401,350 | -€82,752 | -5.6% |
| Contributions | 10/11 | €227,442 | €227,442 | = | 0.0% |
| Capital | 10 | €227,442 | €227,442 | = | 0.0% |
| Issued capital | 100 | €227,442 | €227,442 | = | 0.0% |
| Reserves | 13 | €1,256,660 | €1,173,908 | -€82,752 | -6.6% |
| Non-distributable reserves | 130/1 | €22,745 | €22,745 | = | 0.0% |
| Legal reserve | 130 | €22,745 | €22,745 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,095,389 | €1,058,778 | -€36,611 | -3.3% |
| Distributable reserves | 133 | €138,526 | €92,385 | -€46,141 | -33.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €365,130 | €355,977 | -€9,153 | -2.5% |
| Deferred taxes | 168 | €365,130 | €355,977 | -€9,153 | -2.5% |
| Amounts payable | 17/49 | €1,459,169 | €605,085 | -€854,084 | -58.5% |
| Amounts payable within one year | 42/48 | €1,441,914 | €592,863 | -€849,051 | -58.9% |
| Trade debts | 44 | €559,941 | €383,092 | -€176,848 | -31.6% |
| Suppliers | 440/4 | €559,941 | €383,092 | -€176,848 | -31.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €881,973 | €209,771 | -€672,202 | -76.2% |
| Accrued charges and deferred income | 492/3 | €17,255 | €12,222 | -€5,033 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,664 | €79,894 | +€27,230 | +51.7% |
| Other operating charges | 640/8 | €5,225 | €5,987 | +€761 | +14.6% |
| Gross operating margin | 9900 | €40,164 | €34,794 | -€5,370 | -13.4% |
| Operating profit (loss) | 9901 | -€17,725 | -€51,086 | -€33,361 | -188% |
| Financial income | 75/76B | €1,031 | €426 | -€605 | -58.7% |
| Recurring financial income | 75 | €1,031 | €426 | -€605 | -58.7% |
| Financial charges | 65/66B | €543 | €6,410 | +€5,866 | +1,080% |
| Recurring financial charges | 65 | €543 | €6,410 | +€5,866 | +1,080% |
| Profit (loss) for the period before taxes | 9903 | -€17,237 | -€57,070 | -€39,832 | -231% |
| Transfer from deferred taxes | 780 | €10,526 | €9,153 | -€1,373 | -13.0% |
| Income taxes | 67/77 | €8,061 | €0 | -€8,061 | -100.0% |
| Profit (loss) for the period | 9904 | -€14,773 | -€47,917 | -€33,144 | -224% |
| Transfer from tax-exempt reserves | 789 | €31,577 | €36,611 | +€5,034 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,804 | -€11,306 | -€28,110 |
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 13 October 2026 via checked.be.