Kempen Management: 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 Management
Largest movements
- Current investments +€40,307
up €40,307 (+10.2%), from €393,718 to €434,025
- Cash -€18,622
down €18,622 (-19.7%), from €94,565 to €75,943
mainly Current investments (-€40,307) and Receivables within one year (-€13,176)
- Receivables within one year +€13,176
up €13,176 (+118%), from €11,119 to €24,295
of which Trade receivables: +€8,634
- Tangible fixed assets -€7,263
down €7,263 (-25.3%), from €28,693 to €21,430
- Reserves +€24,790
up €24,790 (+10.3%), from €241,258 to €266,047
of which Distributable reserves: +€24,790
- Financial income +€14,374
up €14,374 (+49.0%), from €29,307 to €43,681
- Other operating charges -€2,875
down €2,875 (-84.7%), from €3,395 to €520
- Depreciation +€2,670
up €2,670 (+38.7%), from €6,897 to €9,567
- Taxes +€1,257
up €1,257 (+84.0%), from €1,496 to €2,753
- Financial charges +€716
up €716 (+114%), from €627 to €1,342
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 | €529,254 | €555,801 | +€26,547 | +5.0% |
| Fixed assets | 21/28 | €28,693 | €21,430 | -€7,263 | -25.3% |
| Tangible fixed assets | 22/27 | €28,693 | €21,430 | -€7,263 | -25.3% |
| Furniture and vehicles | 24 | €28,693 | €21,430 | -€7,263 | -25.3% |
| Current assets | 29/58 | €500,561 | €534,371 | +€33,810 | +6.8% |
| Amounts receivable within one year | 40/41 | €11,119 | €24,295 | +€13,176 | +118% |
| Trade receivables | 40 | €1,366 | €10,000 | +€8,634 | +632% |
| Other amounts receivable | 41 | €9,753 | €14,295 | +€4,542 | +46.6% |
| Current investments | 50/53 | €393,718 | €434,025 | +€40,307 | +10.2% |
| Cash at bank and in hand | 54/58 | €94,565 | €75,943 | -€18,622 | -19.7% |
| Deferred charges and accrued income | 490/1 | €1,158 | €108 | -€1,050 | -90.7% |
| Total equity and liabilities | 10/49 | €529,254 | €555,801 | +€26,547 | +5.0% |
| Equity | 10/15 | €451,658 | €476,447 | +€24,790 | +5.5% |
| Contributions | 10/11 | €210,400 | €210,400 | = | 0.0% |
| Reserves | 13 | €241,258 | €266,047 | +€24,790 | +10.3% |
| Non-distributable reserves | 130/1 | €16,860 | €16,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,860 | €16,860 | = | 0.0% |
| Distributable reserves | 133 | €224,398 | €249,187 | +€24,790 | +11.0% |
| Amounts payable | 17/49 | €77,597 | €79,354 | +€1,757 | +2.3% |
| Amounts payable within one year | 42/48 | €77,597 | €79,354 | +€1,757 | +2.3% |
| Trade debts | 44 | €165 | €1,940 | +€1,775 | +1,076% |
| Suppliers | 440/4 | €165 | €1,940 | +€1,775 | +1,076% |
| Other amounts payable | 47/48 | €77,432 | €77,414 | -€18 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,897 | €9,567 | +€2,670 | +38.7% |
| Other operating charges | 640/8 | €3,395 | €520 | -€2,875 | -84.7% |
| Gross operating margin | 9900 | -€4,883 | -€4,709 | +€174 | +3.6% |
| Operating profit (loss) | 9901 | -€15,175 | -€14,796 | +€379 | +2.5% |
| Financial income | 75/76B | €29,307 | €43,681 | +€14,374 | +49.0% |
| Recurring financial income | 75 | €29,307 | €43,681 | +€14,374 | +49.0% |
| Financial charges | 65/66B | €627 | €1,342 | +€716 | +114% |
| Recurring financial charges | 65 | €627 | €1,342 | +€716 | +114% |
| Profit (loss) for the period before taxes | 9903 | €13,505 | €27,543 | +€14,037 | +104% |
| Income taxes | 67/77 | €1,496 | €2,753 | +€1,257 | +84.0% |
| Profit (loss) for the period | 9904 | €12,009 | €24,790 | +€12,781 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €12,009 | €24,790 | +€12,781 | +106% |
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 20 October 2026 via checked.be.