KEMP-IX: 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.
KEMP-IX
Largest movements
- Receivables within one year -€74,673
down €74,673 (-58.0%), from €128,736 to €54,063
of which Trade receivables: -€56,377
- Cash +€66,065
up €66,065 (+50.0%), from €132,020 to €198,085
mainly Receivables within one year (+€74,673) and Net result for the year (+€73,560)
- Stocks and contracts +€34,914
up €34,914 (+17.6%), from €198,441 to €233,354
of which Contracts in progress: +€66,953
- Other debts +€41,755
up €41,755 (+91.3%), from €45,742 to €87,497
- Trade debts +€30,328
up €30,328 (+103%), from €29,351 to €59,679
- Debts after one year -€29,343
down €29,343 (-66.5%), from €44,133 to €14,790
- Tax, wage and social debts +€24,165
up €24,165 (+61.9%), from €39,058 to €63,223
of which Remuneration and social security: +€16,431
- Reserves -€18,543
down €18,543 (-5.1%), from €362,462 to €343,920
of which Distributable reserves: -€18,543
- Gross operating margin +€75,277
up €75,277 (+25.1%), from €300,455 to €375,732
- Staff costs +€22,985
up €22,985 (+8.2%), from €281,881 to €304,866
- Taxes +€13,385
up €13,385 (+75.8%), from €17,649 to €31,034
- Provisions +€4,669
up €4,669 (+32.0%), from -€14,580 to -€9,911
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 | €818,030 | €845,394 | +€27,364 | +3.3% |
| Fixed assets | 21/28 | €163,045 | €160,504 | -€2,541 | -1.6% |
| Tangible fixed assets | 22/27 | €162,895 | €160,354 | -€2,541 | -1.6% |
| Plant, machinery and equipment | 23 | €2,630 | €5,682 | +€3,052 | +116% |
| Furniture and vehicles | 24 | €0 | €2,099 | +€2,099 | |
| Other tangible fixed assets | 26 | €160,266 | €152,573 | -€7,693 | -4.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €654,984 | €684,890 | +€29,906 | +4.6% |
| Stocks and contracts in progress | 3 | €198,441 | €233,354 | +€34,914 | +17.6% |
| Stocks | 30/36 | €198,441 | €166,402 | -€32,039 | -16.1% |
| Contracts in progress | 37 | - | €66,953 | +€66,953 | |
| Amounts receivable within one year | 40/41 | €128,736 | €54,063 | -€74,673 | -58.0% |
| Trade receivables | 40 | €105,913 | €49,536 | -€56,377 | -53.2% |
| Other amounts receivable | 41 | €22,823 | €4,527 | -€18,296 | -80.2% |
| Current investments | 50/53 | €160,535 | €160,535 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €132,020 | €198,085 | +€66,065 | +50.0% |
| Deferred charges and accrued income | 490/1 | €35,253 | €38,853 | +€3,600 | +10.2% |
| Total equity and liabilities | 10/49 | €818,030 | €845,394 | +€27,364 | +3.3% |
| Equity | 10/15 | €466,518 | €447,975 | -€18,543 | -4.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €362,462 | €343,920 | -€18,543 | -5.1% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €263 | €263 | = | 0.0% |
| Distributable reserves | 133 | €352,199 | €333,656 | -€18,543 | -5.3% |
| Profit (loss) carried forward | 14 | €4,056 | €4,056 | = | 0.0% |
| Provisions and deferred taxes | 16 | €152,798 | €142,886 | -€9,911 | -6.5% |
| Provisions for liabilities and charges | 160/5 | €152,798 | €142,886 | -€9,911 | -6.5% |
| Other liabilities and charges | 164/5 | €152,798 | €142,886 | -€9,911 | -6.5% |
| Amounts payable | 17/49 | €198,714 | €254,532 | +€55,818 | +28.1% |
| Amounts payable after more than one year | 17 | €44,133 | €14,790 | -€29,343 | -66.5% |
| Financial debts | 170/4 | €44,133 | €14,790 | -€29,343 | -66.5% |
| Amounts payable within one year | 42/48 | €143,180 | €239,742 | +€96,562 | +67.4% |
| Current portion of amounts payable after more than one year | 42 | €29,030 | €29,343 | +€314 | +1.1% |
| Trade debts | 44 | €29,351 | €59,679 | +€30,328 | +103% |
| Suppliers | 440/4 | €29,351 | €59,679 | +€30,328 | +103% |
| Taxes, remuneration and social security | 45 | €39,058 | €63,223 | +€24,165 | +61.9% |
| Taxes | 450/3 | €4,716 | €12,449 | +€7,734 | +164% |
| Remuneration and social security | 454/9 | €34,342 | €50,773 | +€16,431 | +47.8% |
| Other amounts payable | 47/48 | €45,742 | €87,497 | +€41,755 | +91.3% |
| Accrued charges and deferred income | 492/3 | €11,401 | €0 | -€11,401 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €281,881 | €304,866 | +€22,985 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,816 | €9,901 | -€915 | -8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€14,580 | -€9,911 | +€4,669 | +32.0% |
| Other operating charges | 640/8 | €4,118 | €4,441 | +€323 | +7.8% |
| Gross operating margin | 9900 | €300,455 | €375,732 | +€75,277 | +25.1% |
| Operating profit (loss) | 9901 | €18,219 | €66,435 | +€48,216 | +265% |
| Financial income | 75/76B | €41,197 | €39,932 | -€1,265 | -3.1% |
| Recurring financial income | 75 | €41,197 | €39,932 | -€1,265 | -3.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,160 | €1,773 | -€386 | -17.9% |
| Recurring financial charges | 65 | €2,160 | €1,773 | -€386 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €57,257 | €104,594 | +€47,337 | +82.7% |
| Income taxes | 67/77 | €17,649 | €31,034 | +€13,385 | +75.8% |
| Profit (loss) for the period | 9904 | €39,608 | €73,560 | +€33,952 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,608 | €73,560 | +€33,952 | +85.7% |
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 19 October 2026 via checked.be.