KAEMINGK: 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.
KAEMINGK
Largest movements
- Current investments -€635,241
down €635,241 (-37.4%), from €1.7m to €1.1m
- Cash +€394,083
up €394,083 (+63.4%), from €622,049 to €1.0m
mainly Current investments (+€635,241) and Net result for the year (+€278,702)
- Tangible fixed assets +€169,241
up €169,241 (+152.4%), from €111,063 to €280,305
of which Other tangible fixed assets: +€99,848
- Receivables within one year -€113,588
down €113,588 (-54.1%), from €210,086 to €96,497
of which Trade receivables: -€104,533
- Reserves -€139,498
down €139,498 (-8.2%), from €1.7m to €1.6m
of which Distributable reserves: -€139,498
- Debts after one year -€120,000
down €120,000 (-35.3%), from €340,000 to €220,000
- Trade debts +€90,302
up €90,302 (+34.1%), from €264,933 to €355,235
- Tax, wage and social debts -€28,126
down €28,126 (-10.9%), from €258,564 to €230,438
of which Remuneration and social security: -€25,501
- Staff costs +€24,866
up €24,866 (+3.2%), from €771,327 to €796,192
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 | €2,668,531 | €2,481,450 | -€187,081 | -7.0% |
| Fixed assets | 21/28 | €111,113 | €280,354 | +€169,241 | +152.3% |
| Tangible fixed assets | 22/27 | €111,063 | €280,305 | +€169,241 | +152.4% |
| Plant, machinery and equipment | 23 | €2,169 | €1,187 | -€982 | -45.3% |
| Furniture and vehicles | 24 | €36,999 | €107,375 | +€70,375 | +190.2% |
| Other tangible fixed assets | 26 | €71,895 | €171,743 | +€99,848 | +138.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €2,557,418 | €2,201,096 | -€356,322 | -13.9% |
| Amounts receivable within one year | 40/41 | €210,086 | €96,497 | -€113,588 | -54.1% |
| Trade receivables | 40 | €195,592 | €91,059 | -€104,533 | -53.4% |
| Other amounts receivable | 41 | €14,494 | €5,438 | -€9,056 | -62.5% |
| Current investments | 50/53 | €1,700,000 | €1,064,759 | -€635,241 | -37.4% |
| Cash at bank and in hand | 54/58 | €622,049 | €1,016,132 | +€394,083 | +63.4% |
| Deferred charges and accrued income | 490/1 | €25,283 | €23,708 | -€1,575 | -6.2% |
| Total equity and liabilities | 10/49 | €2,668,531 | €2,481,450 | -€187,081 | -7.0% |
| Equity | 10/15 | €1,764,242 | €1,624,743 | -€139,498 | -7.9% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,701,742 | €1,562,243 | -€139,498 | -8.2% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €1,695,492 | €1,555,993 | -€139,498 | -8.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €904,289 | €856,707 | -€47,582 | -5.3% |
| Amounts payable after more than one year | 17 | €340,000 | €220,000 | -€120,000 | -35.3% |
| Other amounts payable | 178/9 | €340,000 | €220,000 | -€120,000 | -35.3% |
| Amounts payable within one year | 42/48 | €534,236 | €612,711 | +€78,475 | +14.7% |
| Trade debts | 44 | €264,933 | €355,235 | +€90,302 | +34.1% |
| Suppliers | 440/4 | €264,933 | €355,235 | +€90,302 | +34.1% |
| Taxes, remuneration and social security | 45 | €258,564 | €230,438 | -€28,126 | -10.9% |
| Taxes | 450/3 | €55,911 | €53,286 | -€2,625 | -4.7% |
| Remuneration and social security | 454/9 | €202,653 | €177,152 | -€25,501 | -12.6% |
| Other amounts payable | 47/48 | €10,739 | €27,038 | +€16,300 | +151.8% |
| Accrued charges and deferred income | 492/3 | €30,053 | €23,996 | -€6,057 | -20.2% |
| Remuneration, social security and pensions | 62 | €771,327 | €796,192 | +€24,866 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,767 | €42,269 | -€7,498 | -15.1% |
| Other operating charges | 640/8 | €3,149 | €3,169 | +€20 | +0.6% |
| Gross operating margin | 9900 | €1,235,241 | €1,244,852 | +€9,612 | +0.8% |
| Operating profit (loss) | 9901 | €410,998 | €403,221 | -€7,776 | -1.9% |
| Financial income | 75/76B | €30,502 | €31,322 | +€820 | +2.7% |
| Recurring financial income | 75 | €30,502 | €31,322 | +€820 | +2.7% |
| Financial charges | 65/66B | €27,667 | €21,327 | -€6,340 | -22.9% |
| Recurring financial charges | 65 | €27,667 | €21,327 | -€6,340 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €413,833 | €413,217 | -€616 | -0.1% |
| Income taxes | 67/77 | €139,663 | €134,515 | -€5,148 | -3.7% |
| Profit (loss) for the period | 9904 | €274,170 | €278,702 | +€4,531 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €274,170 | €278,702 | +€4,531 | +1.7% |
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 10 October 2026 via checked.be.