JOHAN KEMEL: 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.
JOHAN KEMEL
Largest movements
- Cash -€71,154
down €71,154 (-26.9%), from €264,384 to €193,231
mainly Contributions, distributions and other (-€87,338) and Net result for the year (-€21,405)
- Receivables within one year -€22,003
down €22,003 (-77.3%), from €28,482 to €6,479
of which Trade receivables: -€14,520
- Tangible fixed assets -€14,066
down €14,066 (-30.9%), from €45,476 to €31,410
of which Furniture and vehicles: -€12,546
- Financial fixed assets -€8,310
down €8,310 (-100%), from €8,310 to €0
- Intangible fixed assets -€5,280
down €5,280 (-23.0%), from €22,972 to €17,691
- Reserves -€87,338
down €87,338 (-34.1%), from €256,242 to €168,904
- Profit (loss) carried forward -€21,405
down €21,405, from €327 to -€21,078
- Trade debts -€12,245
down €12,245 (-86.6%), from €14,141 to €1,897
- Gross operating margin -€11,320
down €11,320, from €10,525 to -€794
- Depreciation +€1,293
up €1,293 (+7.2%), from €18,053 to €19,346
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 | €369,624 | €248,812 | -€120,813 | -32.7% |
| Fixed assets | 21/28 | €76,758 | €49,102 | -€27,656 | -36.0% |
| Intangible fixed assets | 21 | €22,972 | €17,691 | -€5,280 | -23.0% |
| Tangible fixed assets | 22/27 | €45,476 | €31,410 | -€14,066 | -30.9% |
| Land and buildings | 22 | €614 | €409 | -€205 | -33.3% |
| Plant, machinery and equipment | 23 | €5,891 | €4,576 | -€1,315 | -22.3% |
| Furniture and vehicles | 24 | €38,972 | €26,426 | -€12,546 | -32.2% |
| Financial fixed assets | 28 | €8,310 | €0 | -€8,310 | -100% |
| Current assets | 29/58 | €292,867 | €199,710 | -€93,157 | -31.8% |
| Amounts receivable within one year | 40/41 | €28,482 | €6,479 | -€22,003 | -77.3% |
| Trade receivables | 40 | €14,520 | €0 | -€14,520 | -100% |
| Other amounts receivable | 41 | €13,962 | €6,479 | -€7,483 | -53.6% |
| Cash at bank and in hand | 54/58 | €264,384 | €193,231 | -€71,154 | -26.9% |
| Total equity and liabilities | 10/49 | €369,624 | €248,812 | -€120,813 | -32.7% |
| Equity | 10/15 | €351,429 | €242,686 | -€108,743 | -30.9% |
| Contributions | 10/11 | €94,860 | €94,860 | = | 0.0% |
| Reserves | 13 | €256,242 | €168,904 | -€87,338 | -34.1% |
| Distributable reserves | 133 | €256,242 | €168,904 | -€87,338 | -34.1% |
| Profit (loss) carried forward | 14 | €327 | -€21,078 | -€21,405 | |
| Amounts payable | 17/49 | €18,195 | €6,125 | -€12,070 | -66.3% |
| Amounts payable within one year | 42/48 | €18,195 | €6,125 | -€12,070 | -66.3% |
| Trade debts | 44 | €14,141 | €1,897 | -€12,245 | -86.6% |
| Suppliers | 440/4 | €14,141 | €1,897 | -€12,245 | -86.6% |
| Taxes, remuneration and social security | 45 | €3,341 | €3,516 | +€175 | +5.2% |
| Taxes | 450/3 | €3,341 | €3,516 | +€175 | +5.2% |
| Other amounts payable | 47/48 | €713 | €713 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,053 | €19,346 | +€1,293 | +7.2% |
| Other operating charges | 640/8 | €557 | €654 | +€97 | +17.4% |
| Non-recurring operating charges | 66A | - | €325 | +€325 | |
| Gross operating margin | 9900 | €10,525 | -€794 | -€11,320 | |
| Operating profit (loss) | 9901 | -€8,084 | -€21,119 | -€13,035 | -161% |
| Financial charges | 65/66B | €138 | €136 | -€2 | -1.2% |
| Recurring financial charges | 65 | €120 | €136 | +€16 | +13.6% |
| Non-recurring financial charges | 66B | €18 | - | -€18 | |
| Profit (loss) for the period before taxes | 9903 | -€8,222 | -€21,256 | -€13,033 | -159% |
| Income taxes | 67/77 | €195 | €149 | -€46 | -23.6% |
| Profit (loss) for the period | 9904 | -€8,418 | -€21,405 | -€12,987 | -154% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,418 | -€21,405 | -€12,987 | -154% |
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 27 October 2026 via checked.be.