KEMAFIN: 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.
KEMAFIN
Largest movements
- Current investments +€1.1m
new in 2026: €1.1m
- Financial fixed assets -€446,208
down €446,208 (-100%), from €446,208 to €0
- Receivables after one year +€100,000
new in 2026: €100,000
- Cash +€94,227
up €94,227 (+1,819%), from €5,181 to €99,408
mainly Net result for the year (+€842,462) and Investment in fixed assets (net) (+€434,454)
- Tangible fixed assets -€56,570
down €56,570 (-7.8%), from €723,196 to €666,627
of which Land and buildings: -€62,312
- Reserves +€842,462
up €842,462 (+119%), from €707,983 to €1.6m
of which Distributable reserves: +€842,462
- Current portion of long-term debt -€119,330
down €119,330 (-94.8%), from €125,881 to €6,551
- Tax, wage and social debts +€81,909
up €81,909 (+745%), from €11,000 to €92,909
of which Taxes: +€82,909
- Other debts -€40,261
down €40,261 (-32.4%), from €124,159 to €83,898
- Financial income +€905,988
up €905,988 (+44,194,555%), from €2 to €905,990
of which Non-recurring financial income: +€683,186
- Taxes +€79,440
up €79,440 (+563%), from €14,115 to €93,555
- Gross operating margin -€19,564
down €19,564 (-13.1%), from €149,633 to €130,069
- Other operating charges +€2,666
up €2,666 (+13.4%), from €19,955 to €22,621
- Financial charges -€1,666
down €1,666 (-15.5%), from €10,764 to €9,098
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,182,286 | €1,939,338 | +€757,052 | +64.0% |
| Fixed assets | 21/28 | €1,169,405 | €666,627 | -€502,778 | -43.0% |
| Tangible fixed assets | 22/27 | €723,196 | €666,627 | -€56,570 | -7.8% |
| Land and buildings | 22 | €710,264 | €647,952 | -€62,312 | -8.8% |
| Plant, machinery and equipment | 23 | €0 | €934 | +€934 | |
| Furniture and vehicles | 24 | €5,833 | €10,641 | +€4,808 | +82.4% |
| Other tangible fixed assets | 26 | €7,100 | €7,100 | = | 0.0% |
| Financial fixed assets | 28 | €446,208 | €0 | -€446,208 | -100% |
| Current assets | 29/58 | €12,881 | €1,272,711 | +€1.3m | +9,780% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €7,700 | €17,303 | +€9,603 | +125% |
| Trade receivables | 40 | €590 | €9,335 | +€8,745 | +1,483% |
| Other amounts receivable | 41 | €7,110 | €7,968 | +€858 | +12.1% |
| Current investments | 50/53 | - | €1,050,000 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €5,181 | €99,408 | +€94,227 | +1,819% |
| Deferred charges and accrued income | 490/1 | - | €6,000 | +€6,000 | |
| Total equity and liabilities | 10/49 | €1,182,286 | €1,939,338 | +€757,052 | +64.0% |
| Equity | 10/15 | €891,483 | €1,733,944 | +€842,462 | +94.5% |
| Contributions | 10/11 | €183,500 | €183,500 | = | 0.0% |
| Capital | 10 | €183,500 | €183,500 | = | 0.0% |
| Issued capital | 100 | €183,500 | €183,500 | = | 0.0% |
| Reserves | 13 | €707,983 | €1,550,444 | +€842,462 | +119% |
| Non-distributable reserves | 130/1 | €18,350 | €18,350 | = | 0.0% |
| Legal reserve | 130 | €18,350 | €18,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €652,133 | €1,494,594 | +€842,462 | +129% |
| Amounts payable | 17/49 | €290,804 | €205,394 | -€85,410 | -29.4% |
| Amounts payable after more than one year | 17 | €6,551 | €0 | -€6,551 | -100% |
| Financial debts | 170/4 | €6,551 | €0 | -€6,551 | -100% |
| Amounts payable within one year | 42/48 | €273,269 | €191,563 | -€81,705 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €125,881 | €6,551 | -€119,330 | -94.8% |
| Trade debts | 44 | €11,515 | €8,001 | -€3,514 | -30.5% |
| Suppliers | 440/4 | €11,515 | €8,001 | -€3,514 | -30.5% |
| Advances received on contracts in progress | 46 | €714 | €204 | -€510 | -71.4% |
| Taxes, remuneration and social security | 45 | €11,000 | €92,909 | +€81,909 | +745% |
| Taxes | 450/3 | €10,000 | €92,909 | +€82,909 | +829% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €124,159 | €83,898 | -€40,261 | -32.4% |
| Accrued charges and deferred income | 492/3 | €10,984 | €13,830 | +€2,847 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,444 | €68,324 | -€120 | -0.2% |
| Other operating charges | 640/8 | €19,955 | €22,621 | +€2,666 | +13.4% |
| Gross operating margin | 9900 | €149,633 | €130,069 | -€19,564 | -13.1% |
| Operating profit (loss) | 9901 | €61,235 | €39,124 | -€22,111 | -36.1% |
| Financial income | 75/76B | €2 | €905,990 | +€905,988 | +44,194,555% |
| Recurring financial income | 75 | €2 | €222,805 | +€222,803 | +10,868,420% |
| Non-recurring financial income | 76B | - | €683,186 | +€683,186 | |
| Financial charges | 65/66B | €10,764 | €9,098 | -€1,666 | -15.5% |
| Recurring financial charges | 65 | €10,764 | €9,098 | -€1,666 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €50,473 | €936,017 | +€885,544 | +1,754% |
| Income taxes | 67/77 | €14,115 | €93,555 | +€79,440 | +563% |
| Profit (loss) for the period | 9904 | €36,358 | €842,462 | +€806,104 | +2,217% |
| Profit (loss) for the period to be appropriated | 9905 | €36,358 | €842,462 | +€806,104 | +2,217% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.