A.A. KAMELEON: 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.
A.A. KAMELEON
Largest movements
- Tangible fixed assets +€143,567
up €143,567 (+19.0%), from €755,532 to €899,099
of which Plant, machinery and equipment: +€88,868
- Stocks and contracts +€63,204
up €63,204 (+10.4%), from €609,828 to €673,032
- Cash +€34,655
up €34,655 (+8.7%), from €397,026 to €431,681
mainly Net result for the year (+€249,651) and Depreciation (+€67,131)
- Reserves +€249,651
up €249,651 (+45.5%), from €549,275 to €798,926
of which Distributable reserves: +€349,539
- Trade debts +€60,888
up €60,888 (+26.4%), from €230,800 to €291,688
- Other debts -€42,743
down €42,743 (-17.1%), from €249,989 to €207,246
- Debts after one year -€24,442
down €24,442 (-4.0%), from €612,480 to €588,038
- Gross operating margin +€144,342
up €144,342 (+41.1%), from €351,238 to €495,580
- Taxes +€47,643
up €47,643 (+83.4%), from €57,151 to €104,794
- Staff costs -€12,046
down €12,046 (-19.7%), from €61,297 to €49,251
- Financial charges -€6,794
down €6,794 (-21.9%), from €30,991 to €24,197
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 | €1,781,694 | €2,033,481 | +€251,787 | +14.1% |
| Fixed assets | 21/28 | €755,617 | €905,118 | +€149,501 | +19.8% |
| Intangible fixed assets | 21 | - | €5,934 | +€5,934 | |
| Tangible fixed assets | 22/27 | €755,532 | €899,099 | +€143,567 | +19.0% |
| Land and buildings | 22 | €714,120 | €779,202 | +€65,082 | +9.1% |
| Plant, machinery and equipment | 23 | €7,428 | €96,296 | +€88,868 | +1,196% |
| Furniture and vehicles | 24 | €33,984 | €23,601 | -€10,383 | -30.6% |
| Financial fixed assets | 28 | €85 | €85 | = | 0.0% |
| Current assets | 29/58 | €1,026,077 | €1,128,363 | +€102,286 | +10.0% |
| Stocks and contracts in progress | 3 | €609,828 | €673,032 | +€63,204 | +10.4% |
| Stocks | 30/36 | €609,828 | €673,032 | +€63,204 | +10.4% |
| Amounts receivable within one year | 40/41 | €16,600 | €16,975 | +€375 | +2.3% |
| Trade receivables | 40 | €14,322 | €16,975 | +€2,653 | +18.5% |
| Other amounts receivable | 41 | €2,278 | €0 | -€2,278 | -100% |
| Cash at bank and in hand | 54/58 | €397,026 | €431,681 | +€34,655 | +8.7% |
| Deferred charges and accrued income | 490/1 | €2,624 | €6,676 | +€4,052 | +154% |
| Total equity and liabilities | 10/49 | €1,781,694 | €2,033,481 | +€251,787 | +14.1% |
| Equity | 10/15 | €573,730 | €823,381 | +€249,651 | +43.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €549,275 | €798,926 | +€249,651 | +45.5% |
| Non-distributable reserves | 130/1 | €99,888 | €0 | -€99,888 | -100% |
| Reserves not available under the articles | 1311 | €99,888 | €0 | -€99,888 | -100% |
| Distributable reserves | 133 | €449,386 | €798,926 | +€349,539 | +77.8% |
| Profit (loss) carried forward | 14 | €5,855 | €5,855 | = | 0.0% |
| Amounts payable | 17/49 | €1,207,964 | €1,210,100 | +€2,136 | +0.2% |
| Amounts payable after more than one year | 17 | €612,480 | €588,038 | -€24,442 | -4.0% |
| Financial debts | 170/4 | €612,480 | €588,038 | -€24,442 | -4.0% |
| Amounts payable within one year | 42/48 | €595,484 | €622,062 | +€26,578 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €63,083 | €82,167 | +€19,084 | +30.3% |
| Trade debts | 44 | €230,800 | €291,688 | +€60,888 | +26.4% |
| Suppliers | 440/4 | €230,800 | €291,688 | +€60,888 | +26.4% |
| Taxes, remuneration and social security | 45 | €51,613 | €40,961 | -€10,651 | -20.6% |
| Taxes | 450/3 | €43,398 | €33,620 | -€9,778 | -22.5% |
| Remuneration and social security | 454/9 | €8,214 | €7,341 | -€873 | -10.6% |
| Other amounts payable | 47/48 | €249,989 | €207,246 | -€42,743 | -17.1% |
| Remuneration, social security and pensions | 62 | €61,297 | €49,251 | -€12,046 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,778 | €67,131 | +€3,353 | +5.3% |
| Other operating charges | 640/8 | €7,062 | €6,155 | -€907 | -12.8% |
| Gross operating margin | 9900 | €351,238 | €495,580 | +€144,342 | +41.1% |
| Operating profit (loss) | 9901 | €219,101 | €373,043 | +€153,942 | +70.3% |
| Financial income | 75/76B | €1,521 | €5,600 | +€4,078 | +268% |
| Recurring financial income | 75 | €1,521 | €5,600 | +€4,078 | +268% |
| Financial charges | 65/66B | €30,991 | €24,197 | -€6,794 | -21.9% |
| Recurring financial charges | 65 | €30,991 | €24,197 | -€6,794 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €189,631 | €354,445 | +€164,814 | +86.9% |
| Income taxes | 67/77 | €57,151 | €104,794 | +€47,643 | +83.4% |
| Profit (loss) for the period | 9904 | €132,480 | €249,651 | +€117,171 | +88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €132,480 | €249,651 | +€117,171 | +88.4% |
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 27 October 2026 via checked.be.