K.E.M.: 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.
K.E.M.
Largest movements
- Cash +€233,704
up €233,704 (+181.9%), from €128,455 to €362,160
mainly Other debts (+€151,061) and Current investments (+€150,000)
- Current investments -€150,000
down €150,000 (-18.3%), from €820,000 to €670,000
- Tangible fixed assets -€145,985
down €145,985 (-4.9%), from €3.0m to €2.8m
of which Land and buildings: -€136,863
- Reserves -€185,845
down €185,845 (-22.3%), from €834,806 to €648,961
of which Distributable reserves: -€176,250
- Other debts +€151,061
up €151,061 (+170.2%), from €88,736 to €239,796
- Gross operating margin -€141,397
down €141,397 (-37.2%), from €379,771 to €238,374
- Other operating charges +€10,487
up €10,487 (+8.1%), from €129,481 to €139,968
- Taxes -€8,907
down €8,907 (-98.5%), from €9,043 to €136
- Financial income -€6,605
down €6,605 (-29.8%), from €22,183 to €15,578
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 | €3,941,203 | €3,879,177 | -€62,026 | -1.6% |
| Formation expenses | 20 | €2,178 | - | -€2,178 | |
| Fixed assets | 21/28 | €2,964,556 | €2,818,571 | -€145,985 | -4.9% |
| Tangible fixed assets | 22/27 | €2,961,603 | €2,815,618 | -€145,985 | -4.9% |
| Land and buildings | 22 | €2,950,730 | €2,813,867 | -€136,863 | -4.6% |
| Plant, machinery and equipment | 23 | €3,428 | €1,751 | -€1,677 | -48.9% |
| Furniture and vehicles | 24 | €7,445 | - | -€7,445 | |
| Financial fixed assets | 28 | €2,953 | €2,953 | = | 0.0% |
| Current assets | 29/58 | €974,469 | €1,060,606 | +€86,137 | +8.8% |
| Amounts receivable within one year | 40/41 | €13,705 | €15,677 | +€1,973 | +14.4% |
| Trade receivables | 40 | €4,539 | €4,056 | -€482 | -10.6% |
| Other amounts receivable | 41 | €9,166 | €11,621 | +€2,455 | +26.8% |
| Current investments | 50/53 | €820,000 | €670,000 | -€150,000 | -18.3% |
| Cash at bank and in hand | 54/58 | €128,455 | €362,160 | +€233,704 | +181.9% |
| Deferred charges and accrued income | 490/1 | €12,309 | €12,769 | +€460 | +3.7% |
| Total equity and liabilities | 10/49 | €3,941,203 | €3,879,177 | -€62,026 | -1.6% |
| Equity | 10/15 | €3,765,125 | €3,557,091 | -€208,035 | -5.5% |
| Contributions | 10/11 | €1,318,545 | €1,318,545 | = | 0.0% |
| Capital | 10 | €1,318,545 | €1,318,545 | = | 0.0% |
| Issued capital | 100 | €1,318,545 | €1,318,545 | = | 0.0% |
| Reserves | 13 | €834,806 | €648,961 | -€185,845 | -22.3% |
| Non-distributable reserves | 130/1 | €187,423 | €187,423 | = | 0.0% |
| Legal reserve | 130 | €67,250 | €67,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €173 | €173 | = | 0.0% |
| Own shares acquired | 1312 | €120,000 | €120,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €206,582 | €196,987 | -€9,595 | -4.6% |
| Distributable reserves | 133 | €440,800 | €264,550 | -€176,250 | -40.0% |
| Profit (loss) carried forward | 14 | €1,611,774 | €1,589,585 | -€22,189 | -1.4% |
| Provisions and deferred taxes | 16 | €68,861 | €65,662 | -€3,198 | -4.6% |
| Deferred taxes | 168 | €68,861 | €65,662 | -€3,198 | -4.6% |
| Amounts payable | 17/49 | €107,217 | €256,424 | +€149,207 | +139.2% |
| Amounts payable within one year | 42/48 | €105,160 | €253,972 | +€148,812 | +141.5% |
| Trade debts | 44 | €7,018 | €4,922 | -€2,096 | -29.9% |
| Suppliers | 440/4 | €7,018 | €4,922 | -€2,096 | -29.9% |
| Taxes, remuneration and social security | 45 | €9,406 | €9,254 | -€152 | -1.6% |
| Taxes | 450/3 | €9,406 | €9,254 | -€152 | -1.6% |
| Other amounts payable | 47/48 | €88,736 | €239,796 | +€151,061 | +170.2% |
| Accrued charges and deferred income | 492/3 | €2,057 | €2,451 | +€394 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,230 | €148,163 | -€3,066 | -2.0% |
| Other operating charges | 640/8 | €129,481 | €139,968 | +€10,487 | +8.1% |
| Non-recurring operating charges | 66A | €29,904 | - | -€29,904 | |
| Gross operating margin | 9900 | €379,771 | €238,374 | -€141,397 | -37.2% |
| Operating profit (loss) | 9901 | €69,156 | -€49,757 | -€118,914 | |
| Financial income | 75/76B | €22,183 | €15,578 | -€6,605 | -29.8% |
| Recurring financial income | 75 | €22,183 | €15,578 | -€6,605 | -29.8% |
| Financial charges | 65/66B | €497 | €668 | +€170 | +34.3% |
| Recurring financial charges | 65 | €497 | €668 | +€170 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €90,842 | -€34,847 | -€125,689 | |
| Transfer from deferred taxes | 780 | €3,198 | €3,198 | = | 0.0% |
| Income taxes | 67/77 | €9,043 | €136 | -€8,907 | -98.5% |
| Profit (loss) for the period | 9904 | €84,997 | -€31,785 | -€116,782 | |
| Transfer from tax-exempt reserves | 789 | €9,595 | €9,595 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,593 | -€22,189 | -€116,782 |
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 11 October 2026 via checked.be.