KEMUSHI: 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.
KEMUSHI
Largest movements
- Financial fixed assets +€450,000
new in 2025: €450,000
- Current investments -€171,007
down €171,007 (-30.7%), from €557,160 to €386,153
- Receivables within one year -€83,672
down €83,672 (-67.3%), from €124,386 to €40,714
of which Trade receivables: -€61,223
- Cash -€38,079
down €38,079 (-55.3%), from €68,823 to €30,744
mainly Investment in fixed assets (net) (-€451,454) and Receivables after one year (-€22,000)
- Receivables after one year +€22,000
new in 2025: €22,000
- Debts after one year +€138,069
up €138,069 (+130%), from €105,952 to €244,021
of which Other amounts payable: +€160,000
- Tax, wage and social debts +€36,205
up €36,205 (+60.3%), from €60,091 to €96,296
of which Taxes: +€30,386
- Financial charges +€62,906
up €62,906 (+753%), from €8,359 to €71,265
of which Financial charges: +€62,931
- Gross operating margin +€34,760
up €34,760 (+50.5%), from €68,792 to €103,552
- Financial income -€24,764
down €24,764 (-32.2%), from €76,998 to €52,235
of which Financial income: -€24,964
- Taxes +€6,437
up €6,437 (+34.9%), from €18,471 to €24,909
- Staff costs +€5,192
up €5,192 (+13.9%), from €37,253 to €42,445
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 | €1,004,194 | €1,167,450 | +€163,256 | +16.3% |
| Fixed assets | 21/28 | €249,669 | €683,794 | +€434,125 | +174% |
| Tangible fixed assets | 22/27 | €249,669 | €233,794 | -€15,875 | -6.4% |
| Land and buildings | 22 | €225,455 | €217,000 | -€8,455 | -3.8% |
| Plant, machinery and equipment | 23 | €21,818 | €15,060 | -€6,758 | -31.0% |
| Furniture and vehicles | 24 | €2,396 | €1,734 | -€662 | -27.6% |
| Financial fixed assets | 28 | - | €450,000 | +€450,000 | |
| Current assets | 29/58 | €754,525 | €483,656 | -€270,869 | -35.9% |
| Amounts receivable after more than one year | 29 | - | €22,000 | +€22,000 | |
| Other amounts receivable | 291 | - | €22,000 | +€22,000 | |
| Amounts receivable within one year | 40/41 | €124,386 | €40,714 | -€83,672 | -67.3% |
| Trade receivables | 40 | €101,935 | €40,713 | -€61,223 | -60.1% |
| Other amounts receivable | 41 | €22,451 | €2 | -€22,449 | -100.0% |
| Current investments | 50/53 | €557,160 | €386,153 | -€171,007 | -30.7% |
| Cash at bank and in hand | 54/58 | €68,823 | €30,744 | -€38,079 | -55.3% |
| Deferred charges and accrued income | 490/1 | €4,156 | €4,045 | -€111 | -2.7% |
| Total equity and liabilities | 10/49 | €1,004,194 | €1,167,450 | +€163,256 | +16.3% |
| Equity | 10/15 | €595,759 | €592,315 | -€3,444 | -0.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €141,860 | €141,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €441,399 | €437,955 | -€3,444 | -0.8% |
| Provisions and deferred taxes | 16 | €211,348 | €211,348 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €211,348 | €211,348 | = | 0.0% |
| Pensions and similar obligations | 160 | €211,348 | €211,348 | = | 0.0% |
| Amounts payable | 17/49 | €197,087 | €363,787 | +€166,700 | +84.6% |
| Amounts payable after more than one year | 17 | €105,952 | €244,021 | +€138,069 | +130% |
| Financial debts | 170/4 | €105,952 | €84,021 | -€21,931 | -20.7% |
| Other amounts payable | 178/9 | - | €160,000 | +€160,000 | |
| Amounts payable within one year | 42/48 | €90,342 | €119,002 | +€28,661 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €21,524 | €21,931 | +€407 | +1.9% |
| Trade debts | 44 | €1,228 | €776 | -€452 | -36.8% |
| Suppliers | 440/4 | €1,228 | €776 | -€452 | -36.8% |
| Taxes, remuneration and social security | 45 | €60,091 | €96,296 | +€36,205 | +60.3% |
| Taxes | 450/3 | €7,138 | €37,524 | +€30,386 | +426% |
| Remuneration and social security | 454/9 | €52,953 | €58,772 | +€5,819 | +11.0% |
| Other amounts payable | 47/48 | €7,500 | - | -€7,500 | |
| Accrued charges and deferred income | 492/3 | €793 | €764 | -€30 | -3.7% |
| Remuneration, social security and pensions | 62 | €37,253 | €42,445 | +€5,192 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,238 | €17,329 | -€3,909 | -18.4% |
| Other operating charges | 640/8 | €3,155 | €3,283 | +€128 | +4.1% |
| Gross operating margin | 9900 | €68,792 | €103,552 | +€34,760 | +50.5% |
| Operating profit (loss) | 9901 | €7,146 | €40,495 | +€33,349 | +467% |
| Financial income | 75/76B | €76,998 | €52,235 | -€24,764 | -32.2% |
| Recurring financial income | 75 | €76,998 | €52,035 | -€24,964 | -32.4% |
| Non-recurring financial income | 76B | - | €200 | +€200 | |
| Financial charges | 65/66B | €8,359 | €71,265 | +€62,906 | +753% |
| Recurring financial charges | 65 | €7,879 | €70,810 | +€62,931 | +799% |
| Non-recurring financial charges | 66B | €480 | €455 | -€25 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €75,785 | €21,465 | -€54,321 | -71.7% |
| Income taxes | 67/77 | €18,471 | €24,909 | +€6,437 | +34.9% |
| Profit (loss) for the period | 9904 | €57,314 | -€3,444 | -€60,758 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,314 | -€3,444 | -€60,758 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.