KEMAQUA: 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.
KEMAQUA
Largest movements
- Receivables within one year -€171,571
down €171,571 (-47.6%), from €360,745 to €189,174
of which Trade receivables: -€182,091
- Cash +€34,010
up €34,010 (+65.4%), from €52,023 to €86,033
mainly Receivables within one year (+€171,571) and Other debts (+€21,650)
- Stocks and contracts +€16,010
up €16,010 (+22.4%), from €71,400 to €87,410
- Tangible fixed assets -€7,016
down €7,016 (-51.0%), from €13,749 to €6,733
of which Furniture and vehicles: -€4,402
- Advances received -€98,755
no longer reported in 2025 (was €98,755)
- Profit (loss) carried forward -€45,834
down €45,834 (-49.7%), from €92,262 to €46,427
- Other debts +€21,650
up €21,650 (+57.5%), from €37,677 to €59,327
- Trade debts -€13,706
down €13,706 (-19.7%), from €69,412 to €55,707
- Gross operating margin -€109,542
down €109,542 (-32.0%), from €342,007 to €232,464
- Financial charges +€36,514
up €36,514 (+132%), from €27,650 to €64,164
of which Financial charges: +€50,510
- Staff costs +€29,439
up €29,439 (+16.9%), from €174,095 to €203,534
- Financial income -€3,545
down €3,545 (-64.7%), from €5,475 to €1,931
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 | €555,548 | €419,504 | -€136,044 | -24.5% |
| Fixed assets | 21/28 | €33,709 | €23,367 | -€10,342 | -30.7% |
| Intangible fixed assets | 21 | €14,577 | €10,269 | -€4,308 | -29.6% |
| Tangible fixed assets | 22/27 | €13,749 | €6,733 | -€7,016 | -51.0% |
| Plant, machinery and equipment | 23 | €2,244 | €1,129 | -€1,114 | -49.7% |
| Furniture and vehicles | 24 | €7,507 | €3,105 | -€4,402 | -58.6% |
| Other tangible fixed assets | 26 | €3,999 | €2,499 | -€1,500 | -37.5% |
| Financial fixed assets | 28 | €5,383 | €6,364 | +€982 | +18.2% |
| Current assets | 29/58 | €521,839 | €396,137 | -€125,702 | -24.1% |
| Stocks and contracts in progress | 3 | €71,400 | €87,410 | +€16,010 | +22.4% |
| Stocks | 30/36 | €71,400 | €87,410 | +€16,010 | +22.4% |
| Amounts receivable within one year | 40/41 | €360,745 | €189,174 | -€171,571 | -47.6% |
| Trade receivables | 40 | €353,615 | €171,523 | -€182,091 | -51.5% |
| Other amounts receivable | 41 | €7,130 | €17,651 | +€10,520 | +148% |
| Current investments | 50/53 | €26,794 | €27,007 | +€213 | +0.8% |
| Cash at bank and in hand | 54/58 | €52,023 | €86,033 | +€34,010 | +65.4% |
| Deferred charges and accrued income | 490/1 | €10,877 | €6,513 | -€4,364 | -40.1% |
| Total equity and liabilities | 10/49 | €555,548 | €419,504 | -€136,044 | -24.5% |
| Equity | 10/15 | €276,862 | €231,027 | -€45,834 | -16.6% |
| Contributions | 10/11 | €84,600 | €84,600 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,262 | €46,427 | -€45,834 | -49.7% |
| Amounts payable | 17/49 | €278,687 | €188,477 | -€90,210 | -32.4% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €228,687 | €138,477 | -€90,210 | -39.4% |
| Trade debts | 44 | €69,412 | €55,707 | -€13,706 | -19.7% |
| Suppliers | 440/4 | €69,412 | €55,707 | -€13,706 | -19.7% |
| Advances received on contracts in progress | 46 | €98,755 | - | -€98,755 | |
| Taxes, remuneration and social security | 45 | €22,842 | €23,443 | +€601 | +2.6% |
| Taxes | 450/3 | €12,740 | €12,442 | -€297 | -2.3% |
| Remuneration and social security | 454/9 | €10,102 | €11,001 | +€899 | +8.9% |
| Other amounts payable | 47/48 | €37,677 | €59,327 | +€21,650 | +57.5% |
| Non-recurring operating income | 76A | €165 | €6,395 | +€6,229 | +3,769% |
| Remuneration, social security and pensions | 62 | €174,095 | €203,534 | +€29,439 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,578 | €10,925 | -€653 | -5.6% |
| Other operating charges | 640/8 | €3,698 | €4,816 | +€1,118 | +30.2% |
| Gross operating margin | 9900 | €342,007 | €232,464 | -€109,542 | -32.0% |
| Operating profit (loss) | 9901 | €152,635 | €13,189 | -€139,446 | -91.4% |
| Financial income | 75/76B | €5,475 | €1,931 | -€3,545 | -64.7% |
| Recurring financial income | 75 | €5,475 | €1,931 | -€3,545 | -64.7% |
| Financial charges | 65/66B | €27,650 | €64,164 | +€36,514 | +132% |
| Recurring financial charges | 65 | €12,461 | €62,971 | +€50,510 | +405% |
| Non-recurring financial charges | 66B | €15,189 | €1,193 | -€13,996 | -92.1% |
| Profit (loss) for the period before taxes | 9903 | €130,461 | -€49,045 | -€179,505 | |
| Income taxes | 67/77 | -€3,319 | -€3,210 | +€108 | +3.3% |
| Profit (loss) for the period | 9904 | €133,779 | -€45,834 | -€179,613 | |
| Profit (loss) for the period to be appropriated | 9905 | €133,779 | -€45,834 | -€179,613 |
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 14 October 2026 via checked.be.