KEMBEL: 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.
KEMBEL
Largest movements
- Tangible fixed assets -€168,465
down €168,465 (-2.5%), from €6.9m to €6.7m
- Debts after one year -€275,971
down €275,971 (-6.9%), from €4.0m to €3.7m
- Other debts +€160,919
up €160,919 (+6.7%), from €2.4m to €2.6m
- Gross operating margin +€95,376
up €95,376 (+29.5%), from €322,955 to €418,331
- Financial charges +€90,972
up €90,972 (+52.9%), from €172,118 to €263,090
- Depreciation +€37,549
up €37,549 (+27.0%), from €138,852 to €176,401
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.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,852,647 | €6,684,182 | -€168,465 | -2.5% |
| Fixed assets | 21/28 | €6,852,560 | €6,684,095 | -€168,465 | -2.5% |
| Tangible fixed assets | 22/27 | €6,852,560 | €6,684,095 | -€168,465 | -2.5% |
| Land and buildings | 22 | €6,852,560 | €6,684,095 | -€168,465 | -2.5% |
| Current assets | 29/58 | €87 | €87 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €87 | €87 | = | 0.0% |
| Other amounts receivable | 41 | €87 | €87 | = | 0.0% |
| Total equity and liabilities | 10/49 | €6,852,647 | €6,684,182 | -€168,465 | -2.5% |
| Equity | 10/15 | €132,853 | €75,252 | -€57,601 | -43.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €61 | €61 | = | 0.0% |
| Distributable reserves | 133 | €61 | €61 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,792 | €55,191 | -€57,601 | -51.1% |
| Amounts payable | 17/49 | €6,719,794 | €6,608,930 | -€110,864 | -1.6% |
| Amounts payable after more than one year | 17 | €4,021,310 | €3,745,339 | -€275,971 | -6.9% |
| Financial debts | 170/4 | €4,021,310 | €3,745,339 | -€275,971 | -6.9% |
| Amounts payable within one year | 42/48 | €2,698,484 | €2,863,591 | +€165,107 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €268,355 | €275,972 | +€7,617 | +2.8% |
| Financial debts | 43 | €32,586 | €34,883 | +€2,297 | +7.0% |
| Credit institutions | 430/8 | €32,586 | €34,883 | +€2,297 | +7.0% |
| Trade debts | 44 | €5,726 | - | -€5,726 | |
| Suppliers | 440/4 | €5,726 | - | -€5,726 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,391,817 | €2,552,736 | +€160,919 | +6.7% |
| Non-recurring operating income | 76A | - | €5,837 | +€5,837 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €138,852 | €176,401 | +€37,549 | +27.0% |
| Other operating charges | 640/8 | €35,333 | €36,441 | +€1,108 | +3.1% |
| Gross operating margin | 9900 | €322,955 | €418,331 | +€95,376 | +29.5% |
| Operating profit (loss) | 9901 | €148,770 | €205,489 | +€56,719 | +38.1% |
| Financial charges | 65/66B | €172,118 | €263,090 | +€90,972 | +52.9% |
| Recurring financial charges | 65 | €172,118 | €263,090 | +€90,972 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | -€23,348 | -€57,601 | -€34,253 | -146.7% |
| Profit (loss) for the period | 9904 | -€23,348 | -€57,601 | -€34,253 | -146.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,348 | -€57,601 | -€34,253 | -146.7% |
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 11 October 2026 via checked.be.