KEMU: what changed
Two fiscal 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.
KEMU
Largest movements
- Deferred charges and accrued income -€2.0m
down €2.0m (-98.8%), from €2.0m to €23,532
- Receivables within one year +€1.8m
up €1.8m (+884.5%), from €201,201 to €2.0m
of which Trade receivables: +€1.9m
- Stocks and contracts +€992,453
up €992,453 (+114.3%), from €868,396 to €1.9m
- Tangible fixed assets +€699,439
up €699,439 (+5.2%), from €13.4m to €14.1m
of which Land and buildings: +€647,046
- Other debts +€1.5m
up €1.5m (+30.0%), from €5.0m to €6.5m
- Trade debts -€187,985
down €187,985 (-22.6%), from €831,860 to €643,874
- Staff costs +€171,901
up €171,901 (+184.1%), from €93,391 to €265,293
- Gross operating margin +€71,526
up €71,526 (+7.7%), from €930,796 to €1.0m
- Taxes -€41,038
down €41,038 (-59.8%), from €68,592 to €27,554
- Other operating charges +€36,289
up €36,289 (+68.3%), from €53,151 to €89,440
- Depreciation +€12,233
up €12,233 (+2.3%), from €533,829 to €546,063
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 | €16,570,925 | €18,061,203 | +€1.5m | +9.0% |
| Fixed assets | 21/28 | €13,422,583 | €14,183,343 | +€760,759 | +5.7% |
| Tangible fixed assets | 22/27 | €13,422,058 | €14,121,498 | +€699,439 | +5.2% |
| Land and buildings | 22 | €12,742,279 | €13,389,325 | +€647,046 | +5.1% |
| Plant, machinery and equipment | 23 | €583,835 | €610,088 | +€26,252 | +4.5% |
| Furniture and vehicles | 24 | €82,444 | €108,585 | +€26,141 | +31.7% |
| Other tangible fixed assets | 26 | €13,500 | €13,500 | = | 0.0% |
| Financial fixed assets | 28 | €525 | €61,845 | +€61,320 | +11680.0% |
| Current assets | 29/58 | €3,148,342 | €3,877,860 | +€729,518 | +23.2% |
| Stocks and contracts in progress | 3 | €868,396 | €1,860,850 | +€992,453 | +114.3% |
| Stocks | 30/36 | €868,396 | €1,860,850 | +€992,453 | +114.3% |
| Amounts receivable within one year | 40/41 | €201,201 | €1,980,834 | +€1.8m | +884.5% |
| Trade receivables | 40 | €77,303 | €1,971,327 | +€1.9m | +2450.1% |
| Other amounts receivable | 41 | €123,899 | €9,507 | -€114,392 | -92.3% |
| Cash at bank and in hand | 54/58 | €58,649 | €12,644 | -€46,005 | -78.4% |
| Deferred charges and accrued income | 490/1 | €2,020,094 | €23,532 | -€2.0m | -98.8% |
| Total equity and liabilities | 10/49 | €16,570,925 | €18,061,203 | +€1.5m | +9.0% |
| Equity | 10/15 | €10,679,739 | €10,736,293 | +€56,554 | +0.5% |
| Contributions | 10/11 | €10,113,974 | €10,113,974 | = | 0.0% |
| Reserves | 13 | €565,765 | €622,319 | +€56,554 | +10.0% |
| Distributable reserves | 133 | €565,765 | €622,319 | +€56,554 | +10.0% |
| Amounts payable | 17/49 | €5,891,185 | €7,324,909 | +€1.4m | +24.3% |
| Amounts payable within one year | 42/48 | €5,891,185 | €7,324,551 | +€1.4m | +24.3% |
| Trade debts | 44 | €831,860 | €643,874 | -€187,985 | -22.6% |
| Suppliers | 440/4 | €831,860 | €643,874 | -€187,985 | -22.6% |
| Taxes, remuneration and social security | 45 | €59,326 | €180,676 | +€121,351 | +204.5% |
| Taxes | 450/3 | €48,592 | €157,792 | +€109,200 | +224.7% |
| Remuneration and social security | 454/9 | €10,734 | €22,885 | +€12,150 | +113.2% |
| Other amounts payable | 47/48 | €5,000,000 | €6,500,000 | +€1.5m | +30.0% |
| Accrued charges and deferred income | 492/3 | €0 | €358 | +€358 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €93,391 | €265,293 | +€171,901 | +184.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €533,829 | €546,063 | +€12,233 | +2.3% |
| Other operating charges | 640/8 | €53,151 | €89,440 | +€36,289 | +68.3% |
| Non-recurring operating charges | 66A | - | €15,563 | +€15,563 | |
| Gross operating margin | 9900 | €930,796 | €1,002,322 | +€71,526 | +7.7% |
| Operating profit (loss) | 9901 | €250,425 | €85,963 | -€164,462 | -65.7% |
| Financial income | 75/76B | €1 | €20 | +€19 | +2771.0% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +2771.0% |
| Financial charges | 65/66B | €494 | €1,876 | +€1,382 | +279.7% |
| Recurring financial charges | 65 | €494 | €1,876 | +€1,382 | +279.7% |
| Profit (loss) for the period before taxes | 9903 | €249,932 | €84,108 | -€165,824 | -66.3% |
| Income taxes | 67/77 | €68,592 | €27,554 | -€41,038 | -59.8% |
| Profit (loss) for the period | 9904 | €181,340 | €56,554 | -€124,787 | -68.8% |
| Profit (loss) for the period to be appropriated | 9905 | €181,340 | €56,554 | -€124,787 | -68.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.