KEMPEN ADVIES: 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.
KEMPEN ADVIES
Largest movements
- Cash +€176,257
up €176,257 (+319%), from €55,265 to €231,522
mainly Net result for the year (+€320,927) and Receivables within one year (+€51,972)
- Receivables within one year -€51,972
down €51,972 (-3.9%), from €1.3m to €1.3m
- Current investments +€35,762
up €35,762 (+32.2%), from €111,091 to €146,853
- Tangible fixed assets -€27,718
down €27,718 (-24.9%), from €111,345 to €83,627
of which Furniture and vehicles: -€21,432
- Reserves +€320,927
up €320,927 (+31.8%), from €1.0m to €1.3m
- Profit (loss) carried forward -€132,678
down €132,678 (-31.8%), from €417,859 to €285,181
- Tax, wage and social debts -€30,005
down €30,005 (-17.1%), from €175,671 to €145,666
of which Taxes: -€24,168
- Gross operating margin -€111,715
down €111,715 (-8.1%), from €1.4m to €1.3m
- Depreciation -€23,074
down €23,074 (-39.1%), from €58,939 to €35,865
- Taxes -€17,509
down €17,509 (-12.9%), from €135,316 to €117,807
- Staff costs +€14,273
up €14,273 (+1.7%), from €819,835 to €834,108
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 | €1,761,820 | €1,908,988 | +€147,168 | +8.4% |
| Fixed assets | 21/28 | €111,345 | €83,627 | -€27,718 | -24.9% |
| Tangible fixed assets | 22/27 | €111,345 | €83,627 | -€27,718 | -24.9% |
| Land and buildings | 22 | €55,209 | €46,426 | -€8,783 | -15.9% |
| Plant, machinery and equipment | 23 | €16,410 | €18,906 | +€2,496 | +15.2% |
| Furniture and vehicles | 24 | €39,726 | €18,294 | -€21,432 | -53.9% |
| Current assets | 29/58 | €1,650,475 | €1,825,361 | +€174,886 | +10.6% |
| Amounts receivable within one year | 40/41 | €1,317,818 | €1,265,845 | -€51,972 | -3.9% |
| Other amounts receivable | 41 | €1,317,818 | €1,265,845 | -€51,972 | -3.9% |
| Current investments | 50/53 | €111,091 | €146,853 | +€35,762 | +32.2% |
| Cash at bank and in hand | 54/58 | €55,265 | €231,522 | +€176,257 | +319% |
| Deferred charges and accrued income | 490/1 | €166,301 | €181,140 | +€14,840 | +8.9% |
| Total equity and liabilities | 10/49 | €1,761,820 | €1,908,988 | +€147,168 | +8.4% |
| Equity | 10/15 | €1,438,329 | €1,626,578 | +€188,249 | +13.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,008,070 | €1,328,997 | +€320,927 | +31.8% |
| Distributable reserves | 133 | €1,008,070 | €1,328,997 | +€320,927 | +31.8% |
| Profit (loss) carried forward | 14 | €417,859 | €285,181 | -€132,678 | -31.8% |
| Amounts payable | 17/49 | €323,491 | €282,410 | -€41,081 | -12.7% |
| Amounts payable within one year | 42/48 | €323,491 | €282,410 | -€41,081 | -12.7% |
| Trade debts | 44 | €1,885 | €1,827 | -€59 | -3.1% |
| Suppliers | 440/4 | €1,885 | €1,827 | -€59 | -3.1% |
| Taxes, remuneration and social security | 45 | €175,671 | €145,666 | -€30,005 | -17.1% |
| Taxes | 450/3 | €92,481 | €68,313 | -€24,168 | -26.1% |
| Remuneration and social security | 454/9 | €83,190 | €77,353 | -€5,837 | -7.0% |
| Other amounts payable | 47/48 | €145,935 | €134,918 | -€11,017 | -7.5% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €819,835 | €834,108 | +€14,273 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,939 | €35,865 | -€23,074 | -39.1% |
| Other operating charges | 640/8 | €9,000 | €4,105 | -€4,896 | -54.4% |
| Gross operating margin | 9900 | €1,377,633 | €1,265,919 | -€111,715 | -8.1% |
| Operating profit (loss) | 9901 | €489,859 | €391,842 | -€98,017 | -20.0% |
| Financial income | 75/76B | €48,951 | €56,440 | +€7,489 | +15.3% |
| Recurring financial income | 75 | €48,951 | €56,440 | +€7,489 | +15.3% |
| Financial charges | 65/66B | €11,649 | €9,548 | -€2,101 | -18.0% |
| Recurring financial charges | 65 | €11,649 | €9,548 | -€2,101 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €527,161 | €438,734 | -€88,427 | -16.8% |
| Income taxes | 67/77 | €135,316 | €117,807 | -€17,509 | -12.9% |
| Profit (loss) for the period | 9904 | €391,845 | €320,927 | -€70,918 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €391,845 | €320,927 | -€70,918 | -18.1% |
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 30 October 2026 via checked.be.