KEMPEN BEHEER: 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 BEHEER
Largest movements
- Cash +€167,009
up €167,009 (+92.5%), from €180,495 to €347,505
mainly Net result for the year (+€136,673) and Current investments (+€75,000)
- Current investments -€75,000
down €75,000 (-48.0%), from €156,372 to €81,372
- Reserves +€91,650
up €91,650 (+14.5%), from €634,200 to €725,850
of which Distributable reserves: +€91,650
- Other debts -€25,099
down €25,099 (-17.5%), from €143,163 to €118,064
- Gross operating margin +€116,915
up €116,915 (+106%), from €110,190 to €227,105
- Taxes +€27,303
up €27,303 (+164%), from €16,658 to €43,961
- Depreciation -€4,013
down €4,013 (-23.9%), from €16,805 to €12,792
- Financial charges -€3,674
down €3,674 (-81.7%), from €4,494 to €821
of which Non-recurring financial charges: -€4,307
- Other operating charges +€3,585
up €3,585 (+154%), from €2,329 to €5,914
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 | €948,699 | €1,017,787 | +€69,088 | +7.3% |
| Fixed assets | 21/28 | €355,401 | €347,772 | -€7,629 | -2.1% |
| Tangible fixed assets | 22/27 | €355,163 | €347,534 | -€7,629 | -2.1% |
| Land and buildings | 22 | €256,919 | €248,927 | -€7,992 | -3.1% |
| Furniture and vehicles | 24 | €98,244 | €98,606 | +€363 | +0.4% |
| Financial fixed assets | 28 | €238 | €238 | = | 0.0% |
| Current assets | 29/58 | €593,298 | €670,015 | +€76,718 | +12.9% |
| Amounts receivable after more than one year | 29 | €121,400 | €121,400 | = | 0.0% |
| Other amounts receivable | 291 | €121,400 | €121,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €65,341 | €59,290 | -€6,051 | -9.3% |
| Trade receivables | 40 | €40,546 | €35,453 | -€5,094 | -12.6% |
| Other amounts receivable | 41 | €24,795 | €23,838 | -€957 | -3.9% |
| Current investments | 50/53 | €156,372 | €81,372 | -€75,000 | -48.0% |
| Cash at bank and in hand | 54/58 | €180,495 | €347,505 | +€167,009 | +92.5% |
| Deferred charges and accrued income | 490/1 | €69,689 | €60,448 | -€9,241 | -13.3% |
| Total equity and liabilities | 10/49 | €948,699 | €1,017,787 | +€69,088 | +7.3% |
| Equity | 10/15 | €798,235 | €889,908 | +€91,673 | +11.5% |
| Contributions | 10/11 | €152,000 | €152,000 | = | 0.0% |
| Capital | 10 | €152,000 | €152,000 | = | 0.0% |
| Issued capital | 100 | €152,000 | €152,000 | = | 0.0% |
| Reserves | 13 | €634,200 | €725,850 | +€91,650 | +14.5% |
| Non-distributable reserves | 130/1 | €15,200 | €15,200 | = | 0.0% |
| Legal reserve | 130 | €15,200 | €15,200 | = | 0.0% |
| Distributable reserves | 133 | €619,000 | €710,650 | +€91,650 | +14.8% |
| Profit (loss) carried forward | 14 | €12,035 | €12,058 | +€23 | +0.2% |
| Amounts payable | 17/49 | €150,465 | €127,880 | -€22,585 | -15.0% |
| Amounts payable within one year | 42/48 | €149,567 | €127,880 | -€21,687 | -14.5% |
| Trade debts | 44 | €152 | €1,605 | +€1,454 | +959% |
| Suppliers | 440/4 | €152 | €1,605 | +€1,454 | +959% |
| Taxes, remuneration and social security | 45 | €6,253 | €8,210 | +€1,958 | +31.3% |
| Taxes | 450/3 | €6,253 | €8,210 | +€1,958 | +31.3% |
| Other amounts payable | 47/48 | €143,163 | €118,064 | -€25,099 | -17.5% |
| Accrued charges and deferred income | 492/3 | €897 | €0 | -€897 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,805 | €12,792 | -€4,013 | -23.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,145 | €0 | -€2,145 | -100% |
| Other operating charges | 640/8 | €2,329 | €5,914 | +€3,585 | +154% |
| Non-recurring operating charges | 66A | - | €33,024 | +€33,024 | |
| Gross operating margin | 9900 | €110,190 | €227,105 | +€116,915 | +106% |
| Operating profit (loss) | 9901 | €88,912 | €175,375 | +€86,463 | +97.2% |
| Financial income | 75/76B | €4,166 | €6,079 | +€1,913 | +45.9% |
| Recurring financial income | 75 | €4,166 | €6,079 | +€1,913 | +45.9% |
| Financial charges | 65/66B | €4,494 | €821 | -€3,674 | -81.7% |
| Recurring financial charges | 65 | €188 | €821 | +€633 | +337% |
| Non-recurring financial charges | 66B | €4,307 | €0 | -€4,307 | -100% |
| Profit (loss) for the period before taxes | 9903 | €88,583 | €180,634 | +€92,051 | +104% |
| Income taxes | 67/77 | €16,658 | €43,961 | +€27,303 | +164% |
| Profit (loss) for the period | 9904 | €71,926 | €136,673 | +€64,747 | +90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,926 | €136,673 | +€64,747 | +90.0% |
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 31 October 2026 via checked.be.