KEMELS: 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.
KEMELS
Largest movements
- Cash -€294,791
down €294,791 (-44.7%), from €659,166 to €364,376
mainly Trade debts (-€660,451) and Investment in fixed assets (net) (-€223,869)
- Receivables within one year -€123,297
down €123,297 (-6.4%), from €1.9m to €1.8m
of which Other amounts receivable: -€61,778
- Stocks and contracts +€67,674
up €67,674 (+11.8%), from €572,249 to €639,923
- Trade debts -€660,451
down €660,451 (-31.8%), from €2.1m to €1.4m
- Short-term financial debts +€200,000
up €200,000 (+59.0%), from €338,875 to €538,875
- Reserves +€138,320
up €138,320 (+25.5%), from €542,429 to €680,748
- Debts after one year +€55,728
up €55,728 (+8.2%), from €675,667 to €731,395
of which Financial debts: +€61,449
- Gross operating margin +€177,502
up €177,502 (+34.2%), from €518,527 to €696,029
- Staff costs -€63,448
down €63,448 (-22.0%), from €288,714 to €225,266
- Taxes +€51,434
up €51,434 (+9270.4%), from €555 to €51,989
- Financial charges +€20,308
up €20,308 (+58.8%), from €34,548 to €54,856
- Depreciation -€10,840
down €10,840 (-5.6%), from €194,955 to €184,115
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 | €3,905,265 | €3,624,177 | -€281,088 | -7.2% |
| Fixed assets | 21/28 | €737,068 | €776,822 | +€39,754 | +5.4% |
| Intangible fixed assets | 21 | €8,978 | €13,274 | +€4,296 | +47.9% |
| Tangible fixed assets | 22/27 | €726,658 | €762,116 | +€35,458 | +4.9% |
| Land and buildings | 22 | €486,320 | €418,578 | -€67,742 | -13.9% |
| Plant, machinery and equipment | 23 | €155,542 | €123,667 | -€31,875 | -20.5% |
| Furniture and vehicles | 24 | €80,751 | €216,836 | +€136,086 | +168.5% |
| Other tangible fixed assets | 26 | €4,046 | €3,034 | -€1,011 | -25.0% |
| Financial fixed assets | 28 | €1,433 | €1,433 | = | 0.0% |
| Current assets | 29/58 | €3,168,197 | €2,847,355 | -€320,842 | -10.1% |
| Stocks and contracts in progress | 3 | €572,249 | €639,923 | +€67,674 | +11.8% |
| Stocks | 30/36 | €572,249 | €639,923 | +€67,674 | +11.8% |
| Amounts receivable within one year | 40/41 | €1,936,782 | €1,813,485 | -€123,297 | -6.4% |
| Trade receivables | 40 | €1,690,320 | €1,628,801 | -€61,519 | -3.6% |
| Other amounts receivable | 41 | €246,462 | €184,683 | -€61,778 | -25.1% |
| Cash at bank and in hand | 54/58 | €659,166 | €364,376 | -€294,791 | -44.7% |
| Deferred charges and accrued income | 490/1 | - | €29,571 | +€29,571 | |
| Total equity and liabilities | 10/49 | €3,905,265 | €3,624,177 | -€281,088 | -7.2% |
| Equity | 10/15 | €639,529 | €777,848 | +€138,320 | +21.6% |
| Contributions | 10/11 | €97,100 | €97,100 | = | 0.0% |
| Reserves | 13 | €542,429 | €680,748 | +€138,320 | +25.5% |
| Distributable reserves | 133 | €542,429 | €680,748 | +€138,320 | +25.5% |
| Amounts payable | 17/49 | €3,265,736 | €2,846,329 | -€419,408 | -12.8% |
| Amounts payable after more than one year | 17 | €675,667 | €731,395 | +€55,728 | +8.2% |
| Financial debts | 170/4 | €571,414 | €632,863 | +€61,449 | +10.8% |
| Other amounts payable | 178/9 | €104,253 | €98,532 | -€5,721 | -5.5% |
| Amounts payable within one year | 42/48 | €2,590,069 | €2,114,483 | -€475,586 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €138,930 | €113,958 | -€24,972 | -18.0% |
| Financial debts | 43 | €338,875 | €538,875 | +€200,000 | +59.0% |
| Other loans | 439 | €338,875 | €538,875 | +€200,000 | +59.0% |
| Trade debts | 44 | €2,078,322 | €1,417,872 | -€660,451 | -31.8% |
| Suppliers | 440/4 | €2,078,322 | €1,417,872 | -€660,451 | -31.8% |
| Taxes, remuneration and social security | 45 | €31,883 | €42,077 | +€10,194 | +32.0% |
| Taxes | 450/3 | €2,080 | €16,664 | +€14,584 | +701.2% |
| Remuneration and social security | 454/9 | €29,803 | €25,413 | -€4,390 | -14.7% |
| Other amounts payable | 47/48 | €2,058 | €1,701 | -€357 | -17.3% |
| Accrued charges and deferred income | 492/3 | - | €450 | +€450 | |
| Remuneration, social security and pensions | 62 | €288,714 | €225,266 | -€63,448 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,955 | €184,115 | -€10,840 | -5.6% |
| Other operating charges | 640/8 | €45,411 | €44,921 | -€490 | -1.1% |
| Non-recurring operating charges | 66A | €507 | - | -€507 | |
| Gross operating margin | 9900 | €518,527 | €696,029 | +€177,502 | +34.2% |
| Operating profit (loss) | 9901 | -€11,060 | €241,728 | +€252,787 | |
| Financial income | 75/76B | €9,084 | €3,437 | -€5,647 | -62.2% |
| Recurring financial income | 75 | €4,923 | €3,437 | -€1,486 | -30.2% |
| Non-recurring financial income | 76B | €4,161 | - | -€4,161 | |
| Financial charges | 65/66B | €34,548 | €54,856 | +€20,308 | +58.8% |
| Recurring financial charges | 65 | €34,548 | €54,856 | +€20,308 | +58.8% |
| Profit (loss) for the period before taxes | 9903 | -€36,524 | €190,309 | +€226,832 | |
| Income taxes | 67/77 | €555 | €51,989 | +€51,434 | +9270.4% |
| Profit (loss) for the period | 9904 | -€37,079 | €138,320 | +€175,398 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,079 | €138,320 | +€175,398 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.