KISEMA: 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.
KISEMA
Largest movements
- Cash -€123,940
down €123,940 (-82.1%), from €150,872 to €26,932
mainly Other debts (-€102,065) and Net result for the year (-€7,325)
- Stocks and contracts +€5,582
up €5,582 (+10.5%), from €52,915 to €58,497
- Receivables within one year +€3,061
up €3,061 (+266.8%), from €1,147 to €4,209
of which Trade receivables: +€1,961
- Other debts -€102,065
down €102,065 (-98.1%), from €104,044 to €1,979
- Reserves -€7,325
down €7,325 (-11.6%), from €63,022 to €55,697
- Tax, wage and social debts -€5,105
down €5,105 (-37.5%), from €13,630 to €8,526
- Trade debts +€4,518
up €4,518 (+110.7%), from €4,081 to €8,599
- Short-term financial debts -€3,740
down €3,740 (-58.0%), from €6,444 to €2,704
- Gross operating margin -€13,894
down €13,894, from €9,983 to -€3,911
- Taxes -€2,406
down €2,406 (-90.0%), from €2,673 to €267
- Financial charges -€488
down €488 (-23.4%), from €2,088 to €1,600
- Financial income -€166
down €166 (-31.4%), from €530 to €364
- Other operating charges -€112
down €112 (-16.2%), from €696 to €584
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 | €214,085 | €97,505 | -€116,580 | -54.5% |
| Fixed assets | 21/28 | €6,895 | €5,569 | -€1,327 | -19.2% |
| Tangible fixed assets | 22/27 | €3,595 | €2,269 | -€1,327 | -36.9% |
| Plant, machinery and equipment | 23 | €409 | €215 | -€195 | -47.5% |
| Furniture and vehicles | 24 | €2,216 | €1,382 | -€834 | -37.6% |
| Other tangible fixed assets | 26 | €970 | €671 | -€298 | -30.8% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €207,190 | €91,937 | -€115,253 | -55.6% |
| Stocks and contracts in progress | 3 | €52,915 | €58,497 | +€5,582 | +10.5% |
| Stocks | 30/36 | €52,915 | €58,497 | +€5,582 | +10.5% |
| Amounts receivable within one year | 40/41 | €1,147 | €4,209 | +€3,061 | +266.8% |
| Trade receivables | 40 | €1,147 | €3,109 | +€1,961 | +170.9% |
| Other amounts receivable | 41 | - | €1,100 | +€1,100 | |
| Cash at bank and in hand | 54/58 | €150,872 | €26,932 | -€123,940 | -82.1% |
| Deferred charges and accrued income | 490/1 | €2,256 | €2,299 | +€44 | +1.9% |
| Total equity and liabilities | 10/49 | €214,085 | €97,505 | -€116,580 | -54.5% |
| Equity | 10/15 | €83,022 | €75,697 | -€7,325 | -8.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €63,022 | €55,697 | -€7,325 | -11.6% |
| Distributable reserves | 133 | €63,022 | €55,697 | -€7,325 | -11.6% |
| Amounts payable | 17/49 | €131,063 | €21,808 | -€109,255 | -83.4% |
| Amounts payable after more than one year | 17 | €2,704 | - | -€2,704 | |
| Financial debts | 170/4 | €2,704 | - | -€2,704 | |
| Amounts payable within one year | 42/48 | €128,199 | €21,808 | -€106,391 | -83.0% |
| Financial debts | 43 | €6,444 | €2,704 | -€3,740 | -58.0% |
| Other loans | 439 | €6,444 | €2,704 | -€3,740 | -58.0% |
| Trade debts | 44 | €4,081 | €8,599 | +€4,518 | +110.7% |
| Suppliers | 440/4 | €4,081 | €8,599 | +€4,518 | +110.7% |
| Taxes, remuneration and social security | 45 | €13,630 | €8,526 | -€5,105 | -37.5% |
| Taxes | 450/3 | €13,630 | €8,526 | -€5,105 | -37.5% |
| Other amounts payable | 47/48 | €104,044 | €1,979 | -€102,065 | -98.1% |
| Accrued charges and deferred income | 492/3 | €160 | - | -€160 | |
| Non-recurring operating income | 76A | - | €4,776 | +€4,776 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,327 | €1,327 | -€0 | 0.0% |
| Other operating charges | 640/8 | €696 | €584 | -€112 | -16.2% |
| Gross operating margin | 9900 | €9,983 | -€3,911 | -€13,894 | |
| Operating profit (loss) | 9901 | €7,960 | -€5,822 | -€13,781 | |
| Financial income | 75/76B | €530 | €364 | -€166 | -31.4% |
| Recurring financial income | 75 | €530 | €364 | -€166 | -31.4% |
| Financial charges | 65/66B | €2,088 | €1,600 | -€488 | -23.4% |
| Recurring financial charges | 65 | €2,088 | €1,600 | -€488 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €6,402 | -€7,058 | -€13,460 | |
| Income taxes | 67/77 | €2,673 | €267 | -€2,406 | -90.0% |
| Profit (loss) for the period | 9904 | €3,728 | -€7,325 | -€11,053 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,728 | -€7,325 | -€11,053 |
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 11 October 2026 via checked.be.