KEMALSGROUP: 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.
KEMALSGROUP
Largest movements
- Receivables within one year +€250,245
up €250,245 (+86.5%), from €289,307 to €539,552
of which Trade receivables: +€201,294
- Tangible fixed assets -€66,649
down €66,649 (-56.8%), from €117,437 to €50,789
of which Furniture and vehicles: -€66,583
- Financial fixed assets +€18,935
up €18,935 (+33.3%), from €56,925 to €75,860
- Cash +€14,093
up €14,093 (+17.8%), from €79,092 to €93,185
mainly Tax, wage and social debts (+€366,646) and Trade debts (+€167,492)
- Tax, wage and social debts +€366,646
up €366,646 (+180%), from €203,765 to €570,410
of which Remuneration and social security: +€274,444
- Profit (loss) carried forward -€290,445
down €290,445, from €17,455 to -€272,990
- Trade debts +€167,492
up €167,492 (+75.2%), from €222,584 to €390,076
- Other debts -€27,069
no longer reported in 2025 (was €27,069)
- Staff costs +€2.5m
up €2.5m (+74.8%), from €3.4m to €5.9m
- Gross operating margin +€2.2m
up €2.2m (+60.7%), from €3.6m to €5.7m
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 | €542,762 | €759,385 | +€216,624 | +39.9% |
| Fixed assets | 21/28 | €174,362 | €126,649 | -€47,714 | -27.4% |
| Tangible fixed assets | 22/27 | €117,437 | €50,789 | -€66,649 | -56.8% |
| Plant, machinery and equipment | 23 | €490 | - | -€490 | |
| Furniture and vehicles | 24 | €105,938 | €39,355 | -€66,583 | -62.9% |
| Other tangible fixed assets | 26 | €11,009 | €11,434 | +€424 | +3.9% |
| Financial fixed assets | 28 | €56,925 | €75,860 | +€18,935 | +33.3% |
| Current assets | 29/58 | €368,399 | €632,737 | +€264,338 | +71.8% |
| Amounts receivable within one year | 40/41 | €289,307 | €539,552 | +€250,245 | +86.5% |
| Trade receivables | 40 | €286,984 | €488,278 | +€201,294 | +70.1% |
| Other amounts receivable | 41 | €2,323 | €51,273 | +€48,951 | +2,108% |
| Cash at bank and in hand | 54/58 | €79,092 | €93,185 | +€14,093 | +17.8% |
| Total equity and liabilities | 10/49 | €542,762 | €759,385 | +€216,624 | +39.9% |
| Equity | 10/15 | €89,344 | -€201,101 | -€290,445 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €53,289 | €53,289 | = | 0.0% |
| Distributable reserves | 133 | €53,289 | €53,289 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,455 | -€272,990 | -€290,445 | |
| Amounts payable | 17/49 | €453,418 | €960,487 | +€507,069 | +112% |
| Amounts payable within one year | 42/48 | €453,418 | €960,487 | +€507,069 | +112% |
| Trade debts | 44 | €222,584 | €390,076 | +€167,492 | +75.2% |
| Suppliers | 440/4 | €222,584 | €390,076 | +€167,492 | +75.2% |
| Taxes, remuneration and social security | 45 | €203,765 | €570,410 | +€366,646 | +180% |
| Taxes | 450/3 | €119,156 | €211,357 | +€92,201 | +77.4% |
| Remuneration and social security | 454/9 | €84,609 | €359,053 | +€274,444 | +324% |
| Other amounts payable | 47/48 | €27,069 | - | -€27,069 | |
| Remuneration, social security and pensions | 62 | €3,378,894 | €5,905,110 | +€2.5m | +74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,120 | €21,764 | -€42,356 | -66.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,945 | +€1,945 | |
| Other operating charges | 640/8 | €20,108 | €28,552 | +€8,444 | +42.0% |
| Non-recurring operating charges | 66A | €9,049 | €31,871 | +€22,821 | +252% |
| Gross operating margin | 9900 | €3,550,638 | €5,707,479 | +€2.2m | +60.7% |
| Operating profit (loss) | 9901 | €78,467 | -€281,763 | -€360,231 | |
| Financial income | 75/76B | €19 | €643 | +€624 | +3,314% |
| Recurring financial income | 75 | €19 | €643 | +€624 | +3,314% |
| Financial charges | 65/66B | €2,015 | €9,325 | +€7,310 | +363% |
| Recurring financial charges | 65 | €2,015 | €9,325 | +€7,310 | +363% |
| Profit (loss) for the period before taxes | 9903 | €76,471 | -€290,445 | -€366,916 | |
| Income taxes | 67/77 | €17,261 | - | -€17,261 | |
| Profit (loss) for the period | 9904 | €59,210 | -€290,445 | -€349,655 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,210 | -€290,445 | -€349,655 |
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 23 October 2026 via checked.be.