JEAN KEMPENEER: 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.
JEAN KEMPENEER
Largest movements
- Current investments -€171,009
down €171,009 (-42.7%), from €400,040 to €229,031
- Cash -€40,966
down €40,966 (-66.8%), from €61,367 to €20,401
mainly Debts after one year (-€254,692) and Contributions, distributions and other (-€220,000)
- Receivables after one year -€30,000
down €30,000 (-40.0%), from €75,000 to €45,000
- Receivables within one year +€23,077
up €23,077 (+58.1%), from €39,734 to €62,810
of which Trade receivables: +€34,426
- Debts after one year -€254,692
down €254,692 (-24.3%), from €1.0m to €791,389
- Profit (loss) carried forward -€100,000
down €100,000 (-29.4%), from €339,770 to €239,770
- Other debts +€100,000
up €100,000, from €0 to €100,000
- Tax, wage and social debts +€23,805
up €23,805 (+133%), from €17,909 to €41,714
- Write-downs -€18,305
down €18,305, from €17,428 to -€877
- Taxes +€14,104
up €14,104 (+25.8%), from €54,700 to €68,804
- Gross operating margin +€12,214
up €12,214 (+3.3%), from €369,932 to €382,146
- Other operating charges +€9,405
up €9,405 (+28.6%), from €32,835 to €42,240
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 | €2,197,682 | €1,976,983 | -€220,699 | -10.0% |
| Fixed assets | 21/28 | €1,560,427 | €1,557,291 | -€3,136 | -0.2% |
| Tangible fixed assets | 22/27 | €1,560,427 | €1,557,291 | -€3,136 | -0.2% |
| Land and buildings | 22 | €1,555,399 | €1,554,479 | -€920 | -0.1% |
| Plant, machinery and equipment | 23 | €2,313 | €2,222 | -€91 | -3.9% |
| Furniture and vehicles | 24 | €2,715 | €590 | -€2,125 | -78.3% |
| Current assets | 29/58 | €637,255 | €419,692 | -€217,564 | -34.1% |
| Amounts receivable after more than one year | 29 | €75,000 | €45,000 | -€30,000 | -40.0% |
| Other amounts receivable | 291 | €75,000 | €45,000 | -€30,000 | -40.0% |
| Stocks and contracts in progress | 3 | €43,993 | €49,526 | +€5,534 | +12.6% |
| Stocks | 30/36 | €43,993 | €49,526 | +€5,534 | +12.6% |
| Amounts receivable within one year | 40/41 | €39,734 | €62,810 | +€23,077 | +58.1% |
| Trade receivables | 40 | €14,132 | €48,558 | +€34,426 | +244% |
| Other amounts receivable | 41 | €25,601 | €14,252 | -€11,349 | -44.3% |
| Current investments | 50/53 | €400,040 | €229,031 | -€171,009 | -42.7% |
| Cash at bank and in hand | 54/58 | €61,367 | €20,401 | -€40,966 | -66.8% |
| Deferred charges and accrued income | 490/1 | €17,121 | €12,922 | -€4,199 | -24.5% |
| Total equity and liabilities | 10/49 | €2,197,682 | €1,976,983 | -€220,699 | -10.0% |
| Equity | 10/15 | €870,076 | €776,194 | -€93,883 | -10.8% |
| Contributions | 10/11 | €80,100 | €80,100 | = | 0.0% |
| Capital | 10 | €80,100 | €80,100 | = | 0.0% |
| Issued capital | 100 | €80,100 | €80,100 | = | 0.0% |
| Reserves | 13 | €450,206 | €456,324 | +€6,117 | +1.4% |
| Non-distributable reserves | 130/1 | €8,010 | €8,010 | = | 0.0% |
| Legal reserve | 130 | €8,010 | €8,010 | = | 0.0% |
| Distributable reserves | 133 | €442,196 | €448,314 | +€6,117 | +1.4% |
| Profit (loss) carried forward | 14 | €339,770 | €239,770 | -€100,000 | -29.4% |
| Amounts payable | 17/49 | €1,327,606 | €1,200,789 | -€126,817 | -9.6% |
| Amounts payable after more than one year | 17 | €1,046,081 | €791,389 | -€254,692 | -24.3% |
| Financial debts | 170/4 | €1,046,081 | €791,389 | -€254,692 | -24.3% |
| Amounts payable within one year | 42/48 | €281,525 | €409,388 | +€127,863 | +45.4% |
| Current portion of amounts payable after more than one year | 42 | €251,392 | €254,692 | +€3,299 | +1.3% |
| Trade debts | 44 | €12,224 | €12,982 | +€759 | +6.2% |
| Suppliers | 440/4 | €12,224 | €12,982 | +€759 | +6.2% |
| Taxes, remuneration and social security | 45 | €17,909 | €41,714 | +€23,805 | +133% |
| Taxes | 450/3 | €17,909 | €41,714 | +€23,805 | +133% |
| Other amounts payable | 47/48 | €0 | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,353 | €134,978 | +€625 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,428 | -€877 | -€18,305 | |
| Other operating charges | 640/8 | €32,835 | €42,240 | +€9,405 | +28.6% |
| Gross operating margin | 9900 | €369,932 | €382,146 | +€12,214 | +3.3% |
| Operating profit (loss) | 9901 | €185,316 | €205,805 | +€20,489 | +11.1% |
| Financial income | 75/76B | €19,668 | €16,569 | -€3,099 | -15.8% |
| Recurring financial income | 75 | €19,668 | €16,569 | -€3,099 | -15.8% |
| Financial charges | 65/66B | €28,155 | €27,452 | -€703 | -2.5% |
| Recurring financial charges | 65 | €28,155 | €27,452 | -€703 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €176,829 | €194,922 | +€18,093 | +10.2% |
| Income taxes | 67/77 | €54,700 | €68,804 | +€14,104 | +25.8% |
| Profit (loss) for the period | 9904 | €122,129 | €126,117 | +€3,989 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €122,129 | €126,117 | +€3,989 | +3.3% |
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 29 October 2026 via checked.be.