KEMCO: what changed
Two fiscal 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.
KEMCO
Largest movements
- Receivables within one year +€153,080
up €153,080 (+995.5%), from €15,377 to €168,458
of which Trade receivables: +€139,507
- Cash -€70,383
down €70,383 (-21.8%), from €323,432 to €253,050
mainly Receivables within one year (-€153,080) and Stocks and contracts (-€50,805)
- Stocks and contracts +€50,805
up €50,805 (+6.8%), from €746,197 to €797,002
- Reserves +€153,403
up €153,403 (+21.2%), from €723,445 to €876,848
- Debts after one year -€30,350
no longer reported in 2025 (was €30,350)
- Trade debts +€22,262
up €22,262 (+119.9%), from €18,562 to €40,824
- Current portion of long-term debt -€17,134
down €17,134 (-36.1%), from €47,484 to €30,350
- Gross operating margin +€73,046
up €73,046 (+18.3%), from €399,638 to €472,684
- Taxes +€59,776
up €59,776 (+80.7%), from €74,102 to €133,878
- Depreciation +€7,501
up €7,501 (+21.2%), from €35,328 to €42,829
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
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 | €1,409,100 | €1,535,060 | +€125,959 | +8.9% |
| Fixed assets | 21/28 | €317,717 | €310,072 | -€7,645 | -2.4% |
| Tangible fixed assets | 22/27 | €317,643 | €309,998 | -€7,645 | -2.4% |
| Land and buildings | 22 | €231,441 | €210,730 | -€20,711 | -8.9% |
| Plant, machinery and equipment | 23 | €3,509 | €22,685 | +€19,176 | +546.4% |
| Furniture and vehicles | 24 | €82,692 | €76,583 | -€6,109 | -7.4% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €1,091,384 | €1,224,987 | +€133,604 | +12.2% |
| Stocks and contracts in progress | 3 | €746,197 | €797,002 | +€50,805 | +6.8% |
| Stocks | 30/36 | €746,197 | €797,002 | +€50,805 | +6.8% |
| Amounts receivable within one year | 40/41 | €15,377 | €168,458 | +€153,080 | +995.5% |
| Trade receivables | 40 | €13,198 | €152,705 | +€139,507 | +1057.0% |
| Other amounts receivable | 41 | €2,179 | €15,752 | +€13,574 | +623.0% |
| Cash at bank and in hand | 54/58 | €323,432 | €253,050 | -€70,383 | -21.8% |
| Deferred charges and accrued income | 490/1 | €6,377 | €6,478 | +€101 | +1.6% |
| Total equity and liabilities | 10/49 | €1,409,100 | €1,535,060 | +€125,959 | +8.9% |
| Equity | 10/15 | €782,012 | €935,388 | +€153,376 | +19.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €723,445 | €876,848 | +€153,403 | +21.2% |
| Distributable reserves | 133 | €723,445 | €876,848 | +€153,403 | +21.2% |
| Investment grants | 15 | €8,567 | €8,540 | -€27 | -0.3% |
| Amounts payable | 17/49 | €627,088 | €599,672 | -€27,417 | -4.4% |
| Amounts payable after more than one year | 17 | €30,350 | - | -€30,350 | |
| Financial debts | 170/4 | €30,350 | - | -€30,350 | |
| Amounts payable within one year | 42/48 | €596,738 | €598,305 | +€1,566 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €47,484 | €30,350 | -€17,134 | -36.1% |
| Trade debts | 44 | €18,562 | €40,824 | +€22,262 | +119.9% |
| Suppliers | 440/4 | €18,562 | €40,824 | +€22,262 | +119.9% |
| Taxes, remuneration and social security | 45 | €17,597 | €18,501 | +€904 | +5.1% |
| Taxes | 450/3 | €1,323 | €1,581 | +€258 | +19.5% |
| Remuneration and social security | 454/9 | €16,274 | €16,921 | +€647 | +4.0% |
| Other amounts payable | 47/48 | €513,095 | €508,630 | -€4,465 | -0.9% |
| Accrued charges and deferred income | 492/3 | - | €1,367 | +€1,367 | |
| Non-recurring operating income | 76A | €1,054 | €2,684 | +€1,630 | +154.6% |
| Remuneration, social security and pensions | 62 | €81,016 | €82,591 | +€1,575 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,328 | €42,829 | +€7,501 | +21.2% |
| Other operating charges | 640/8 | €14,034 | €14,854 | +€819 | +5.8% |
| Non-recurring operating charges | 66A | - | €3,579 | +€3,579 | |
| Gross operating margin | 9900 | €399,638 | €472,684 | +€73,046 | +18.3% |
| Operating profit (loss) | 9901 | €269,259 | €328,831 | +€59,572 | +22.1% |
| Financial income | 75/76B | €845 | €1,408 | +€563 | +66.7% |
| Recurring financial income | 75 | €845 | €1,408 | +€563 | +66.7% |
| Financial charges | 65/66B | €42,188 | €42,958 | +€770 | +1.8% |
| Recurring financial charges | 65 | €42,188 | €42,958 | +€770 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €227,916 | €287,281 | +€59,366 | +26.0% |
| Income taxes | 67/77 | €74,102 | €133,878 | +€59,776 | +80.7% |
| Profit (loss) for the period | 9904 | €153,813 | €153,403 | -€410 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €153,813 | €153,403 | -€410 | -0.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.