KEMAHOLD: 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.
KEMAHOLD
Largest movements
- Cash +€204,051
up €204,051 (+20,398%), from €1,000 to €205,051
mainly Trade debts (+€165,898) and Net result for the year (+€95,736)
- Receivables within one year +€195,617
up €195,617, from €0 to €195,617
of which Other amounts receivable: +€195,617
- Tangible fixed assets -€34,052
down €34,052 (-8.3%), from €408,108 to €374,056
- Trade debts +€165,898
up €165,898 (+819%), from €20,263 to €186,160
- Provisions +€95,000
new in 2025: €95,000
- Reserves +€90,000
up €90,000 (+18.4%), from €487,818 to €577,818
of which Distributable reserves: +€90,000
- Tax, wage and social debts +€41,748
up €41,748 (+450%), from €9,279 to €51,027
- Debts after one year -€28,928
no longer reported in 2025 (was €28,928)
- Gross operating margin +€222,717
up €222,717 (+390%), from €57,106 to €279,823
- Provisions +€95,000
new in 2025: €95,000
- Taxes +€44,963
up €44,963 (+1,440%), from €3,123 to €48,086
- Depreciation -€14,863
down €14,863 (-30.4%), from €48,914 to €34,052
- Financial income -€6,004
no longer reported in 2025 (was €6,004)
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 | €793,591 | €1,159,207 | +€365,616 | +46.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €792,591 | €758,539 | -€34,052 | -4.3% |
| Tangible fixed assets | 22/27 | €408,108 | €374,056 | -€34,052 | -8.3% |
| Land and buildings | 22 | €408,108 | €374,056 | -€34,052 | -8.3% |
| Financial fixed assets | 28 | €384,483 | €384,483 | = | 0.0% |
| Current assets | 29/58 | €1,000 | €400,668 | +€399,668 | +39,953% |
| Amounts receivable within one year | 40/41 | €0 | €195,617 | +€195,617 | |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | - | €195,617 | +€195,617 | |
| Cash at bank and in hand | 54/58 | €1,000 | €205,051 | +€204,051 | +20,398% |
| Total equity and liabilities | 10/49 | €793,591 | €1,159,207 | +€365,616 | +46.1% |
| Equity | 10/15 | €612,518 | €708,254 | +€95,736 | +15.6% |
| Contributions | 10/11 | €32,360 | €32,360 | = | 0.0% |
| Capital | 10 | €32,360 | €32,360 | = | 0.0% |
| Issued capital | 100 | €32,360 | €32,360 | = | 0.0% |
| Reserves | 13 | €487,818 | €577,818 | +€90,000 | +18.4% |
| Non-distributable reserves | 130/1 | €3,236 | €3,236 | = | 0.0% |
| Legal reserve | 130 | €3,236 | €3,236 | = | 0.0% |
| Distributable reserves | 133 | €484,582 | €574,582 | +€90,000 | +18.6% |
| Profit (loss) carried forward | 14 | €92,340 | €98,076 | +€5,736 | +6.2% |
| Provisions and deferred taxes | 16 | - | €95,000 | +€95,000 | |
| Provisions for liabilities and charges | 160/5 | - | €95,000 | +€95,000 | |
| Other liabilities and charges | 164/5 | - | €95,000 | +€95,000 | |
| Amounts payable | 17/49 | €181,073 | €355,953 | +€174,879 | +96.6% |
| Amounts payable after more than one year | 17 | €28,928 | - | -€28,928 | |
| Financial debts | 170/4 | €28,928 | - | -€28,928 | |
| Amounts payable within one year | 42/48 | €152,145 | €350,553 | +€198,408 | +130% |
| Current portion of amounts payable after more than one year | 42 | €38,166 | €28,928 | -€9,238 | -24.2% |
| Trade debts | 44 | €20,263 | €186,160 | +€165,898 | +819% |
| Suppliers | 440/4 | €20,263 | €186,160 | +€165,898 | +819% |
| Taxes, remuneration and social security | 45 | €9,279 | €51,027 | +€41,748 | +450% |
| Taxes | 450/3 | €9,279 | €51,027 | +€41,748 | +450% |
| Other amounts payable | 47/48 | €84,438 | €84,438 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €5,400 | +€5,400 | |
| Non-recurring operating income | 76A | - | €434,010 | +€434,010 | |
| Remuneration, social security and pensions | 62 | - | €2,298 | +€2,298 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,914 | €34,052 | -€14,863 | -30.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €95,000 | +€95,000 | |
| Other operating charges | 640/8 | €4,029 | €3,943 | -€87 | -2.2% |
| Gross operating margin | 9900 | €57,106 | €279,823 | +€222,717 | +390% |
| Operating profit (loss) | 9901 | €4,163 | €144,531 | +€140,368 | +3,372% |
| Financial income | 75/76B | €6,004 | - | -€6,004 | |
| Recurring financial income | 75 | €6,004 | - | -€6,004 | |
| Financial charges | 65/66B | €1,206 | €709 | -€497 | -41.2% |
| Recurring financial charges | 65 | €1,206 | €709 | -€497 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €8,961 | €143,822 | +€134,861 | +1,505% |
| Income taxes | 67/77 | €3,123 | €48,086 | +€44,963 | +1,440% |
| Profit (loss) for the period | 9904 | €5,838 | €95,736 | +€89,898 | +1,540% |
| Profit (loss) for the period to be appropriated | 9905 | €5,838 | €95,736 | +€89,898 | +1,540% |
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 26 October 2026 via checked.be.