KEEMOR: what changed
Two fiscal 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.
KEEMOR
Largest movements
- Stocks and contracts +€44,007
up €44,007 (+7.8%), from €563,289 to €607,296
- Receivables within one year +€35,311
up €35,311 (+26.0%), from €135,769 to €171,080
of which Trade receivables: +€22,066
- Cash -€27,646
down €27,646 (-90.5%), from €30,534 to €2,889
mainly Stocks and contracts (-€44,007) and Receivables within one year (-€35,311)
- Reserves +€50,479
up €50,479 (+5.6%), from €894,643 to €945,122
of which Distributable reserves: +€50,479
- Gross operating margin -€22,968
down €22,968 (-21.2%), from €108,375 to €85,407
- Taxes -€7,288
down €7,288 (-29.7%), from €24,505 to €17,217
- Staff costs +€4,420
new in 2025: €4,420
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 | €1,059,339 | €1,105,047 | +€45,709 | +4.3% |
| Fixed assets | 21/28 | €329,746 | €323,782 | -€5,963 | -1.8% |
| Tangible fixed assets | 22/27 | €7,222 | €1,258 | -€5,963 | -82.6% |
| Furniture and vehicles | 24 | €7,222 | €1,258 | -€5,963 | -82.6% |
| Financial fixed assets | 28 | €322,524 | €322,524 | = | 0.0% |
| Current assets | 29/58 | €729,593 | €781,265 | +€51,672 | +7.1% |
| Stocks and contracts in progress | 3 | €563,289 | €607,296 | +€44,007 | +7.8% |
| Stocks | 30/36 | €563,289 | €607,296 | +€44,007 | +7.8% |
| Amounts receivable within one year | 40/41 | €135,769 | €171,080 | +€35,311 | +26.0% |
| Trade receivables | 40 | €129,682 | €151,748 | +€22,066 | +17.0% |
| Other amounts receivable | 41 | €6,087 | €19,332 | +€13,245 | +217.6% |
| Cash at bank and in hand | 54/58 | €30,534 | €2,889 | -€27,646 | -90.5% |
| Total equity and liabilities | 10/49 | €1,059,339 | €1,105,047 | +€45,709 | +4.3% |
| Equity | 10/15 | €993,801 | €1,044,279 | +€50,479 | +5.1% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €894,643 | €945,122 | +€50,479 | +5.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €894,643 | €945,122 | +€50,479 | +5.6% |
| Amounts payable | 17/49 | €65,538 | €60,768 | -€4,770 | -7.3% |
| Amounts payable after more than one year | 17 | €45,038 | €43,500 | -€1,538 | -3.4% |
| Financial debts | 170/4 | €1,538 | €0 | -€1,538 | -100.0% |
| Other amounts payable | 178/9 | €43,500 | €43,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €16,497 | €12,550 | -€3,947 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €6,102 | €1,538 | -€4,564 | -74.8% |
| Financial debts | 43 | €7,016 | €6,963 | -€54 | -0.8% |
| Credit institutions | 430/8 | €7,016 | €6,963 | -€54 | -0.8% |
| Trade debts | 44 | €1,415 | €1,295 | -€120 | -8.5% |
| Suppliers | 440/4 | €1,415 | €1,295 | -€120 | -8.5% |
| Taxes, remuneration and social security | 45 | €0 | €791 | +€791 | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | - | €791 | +€791 | |
| Other amounts payable | 47/48 | €1,964 | €1,964 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,003 | €4,718 | +€715 | +17.9% |
| Remuneration, social security and pensions | 62 | - | €4,420 | +€4,420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,963 | €5,963 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €1,100 | +€587 | +114.4% |
| Gross operating margin | 9900 | €108,375 | €85,407 | -€22,968 | -21.2% |
| Operating profit (loss) | 9901 | €101,898 | €73,923 | -€27,975 | -27.5% |
| Financial charges | 65/66B | €5,229 | €6,227 | +€998 | +19.1% |
| Recurring financial charges | 65 | €5,229 | €6,227 | +€998 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €96,669 | €67,695 | -€28,974 | -30.0% |
| Income taxes | 67/77 | €24,505 | €17,217 | -€7,288 | -29.7% |
| Profit (loss) for the period | 9904 | €72,164 | €50,479 | -€21,686 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,164 | €50,479 | -€21,686 | -30.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.