KEMAH: 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.
KEMAH
Largest movements
- Tangible fixed assets +€412,307
up €412,307 (+126%), from €327,022 to €739,330
of which Land and buildings: +€376,487
- Cash -€355,869
down €355,869 (-86.0%), from €413,713 to €57,844
mainly Investment in fixed assets (net) (-€466,943) and Contributions, distributions and other (-€37,000)
- Trade debts +€64,441
up €64,441 (+189%), from €34,059 to €98,500
- Other debts +€36,778
up €36,778 (+25.8%), from €142,565 to €179,343
- Debts after one year -€26,591
down €26,591 (-9.8%), from €272,193 to €245,602
- Depreciation +€26,730
up €26,730 (+95.8%), from €27,906 to €54,636
- Taxes -€16,230
down €16,230 (-66.0%), from €24,606 to €8,377
- Financial charges +€9,575
up €9,575 (+105%), from €9,149 to €18,724
- Gross operating margin +€6,999
up €6,999 (+6.0%), from €117,518 to €124,517
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 | €2,022,182 | €2,095,713 | +€73,531 | +3.6% |
| Fixed assets | 21/28 | €1,327,022 | €1,739,330 | +€412,307 | +31.1% |
| Tangible fixed assets | 22/27 | €327,022 | €739,330 | +€412,307 | +126% |
| Land and buildings | 22 | €320,584 | €697,071 | +€376,487 | +117% |
| Plant, machinery and equipment | 23 | €3,425 | €14,802 | +€11,377 | +332% |
| Furniture and vehicles | 24 | €3,014 | €27,456 | +€24,442 | +811% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €695,160 | €356,383 | -€338,776 | -48.7% |
| Stocks and contracts in progress | 3 | €99,866 | €108,733 | +€8,867 | +8.9% |
| Stocks | 30/36 | €99,866 | €108,733 | +€8,867 | +8.9% |
| Amounts receivable within one year | 40/41 | €180,224 | €186,649 | +€6,426 | +3.6% |
| Trade receivables | 40 | €60,224 | €55,667 | -€4,557 | -7.6% |
| Other amounts receivable | 41 | €120,000 | €130,982 | +€10,982 | +9.2% |
| Cash at bank and in hand | 54/58 | €413,713 | €57,844 | -€355,869 | -86.0% |
| Deferred charges and accrued income | 490/1 | €1,357 | €3,158 | +€1,801 | +133% |
| Total equity and liabilities | 10/49 | €2,022,182 | €2,095,713 | +€73,531 | +3.6% |
| Equity | 10/15 | €1,529,187 | €1,536,515 | +€7,329 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,510,587 | €1,517,915 | +€7,329 | +0.5% |
| Tax-exempt reserves | 132 | €26,558 | €26,558 | = | 0.0% |
| Distributable reserves | 133 | €1,484,029 | €1,491,358 | +€7,329 | +0.5% |
| Amounts payable | 17/49 | €492,995 | €559,198 | +€66,203 | +13.4% |
| Amounts payable after more than one year | 17 | €272,193 | €245,602 | -€26,591 | -9.8% |
| Financial debts | 170/4 | €272,193 | €245,602 | -€26,591 | -9.8% |
| Amounts payable within one year | 42/48 | €219,682 | €312,476 | +€92,794 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €25,704 | €26,591 | +€887 | +3.4% |
| Trade debts | 44 | €34,059 | €98,500 | +€64,441 | +189% |
| Suppliers | 440/4 | €34,059 | €98,500 | +€64,441 | +189% |
| Taxes, remuneration and social security | 45 | €17,354 | €8,042 | -€9,312 | -53.7% |
| Taxes | 450/3 | €17,354 | €7,679 | -€9,675 | -55.8% |
| Remuneration and social security | 454/9 | - | €363 | +€363 | |
| Other amounts payable | 47/48 | €142,565 | €179,343 | +€36,778 | +25.8% |
| Accrued charges and deferred income | 492/3 | €1,120 | €1,120 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,906 | €54,636 | +€26,730 | +95.8% |
| Other operating charges | 640/8 | €5,216 | €4,674 | -€542 | -10.4% |
| Non-recurring operating charges | 66A | €8,737 | €2,140 | -€6,597 | -75.5% |
| Gross operating margin | 9900 | €117,518 | €124,517 | +€6,999 | +6.0% |
| Operating profit (loss) | 9901 | €75,659 | €63,068 | -€12,592 | -16.6% |
| Financial income | 75/76B | €7,730 | €8,362 | +€632 | +8.2% |
| Recurring financial income | 75 | €7,730 | €8,362 | +€632 | +8.2% |
| Financial charges | 65/66B | €9,149 | €18,724 | +€9,575 | +105% |
| Recurring financial charges | 65 | €9,149 | €18,724 | +€9,575 | +105% |
| Profit (loss) for the period before taxes | 9903 | €74,240 | €52,705 | -€21,535 | -29.0% |
| Income taxes | 67/77 | €24,606 | €8,377 | -€16,230 | -66.0% |
| Profit (loss) for the period | 9904 | €49,634 | €44,329 | -€5,305 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,634 | €44,329 | -€5,305 | -10.7% |
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 28 October 2026 via checked.be.