A. CAMPION: 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.
A. CAMPION
Largest movements
- Tangible fixed assets +€98,023
up €98,023 (+145.2%), from €67,525 to €165,547
of which Plant, machinery and equipment: +€89,496
- Stocks and contracts -€44,236
no longer reported in 2025 (was €44,236)
- Cash +€18,721
up €18,721 (+314.3%), from €5,956 to €24,677
mainly Short-term financial debts (+€702,958) and Stocks and contracts (+€44,236)
- Intangible fixed assets -€2,994
no longer reported in 2025 (was €2,994)
- Receivables within one year -€2,171
down €2,171 (-10.1%), from €21,422 to €19,250
of which Trade receivables: -€16,040
- Short-term financial debts +€702,958
new in 2025: €702,958
- Other debts -€324,415
down €324,415 (-99.3%), from €326,567 to €2,152
- Profit (loss) carried forward -€311,123
down €311,123 (-74.9%), from -€415,180 to -€726,303
- Trade debts +€31,046
up €31,046 (+180.8%), from €17,170 to €48,216
- Tax, wage and social debts -€29,102
no longer reported in 2025 (was €29,102)
of which Remuneration and social security: -€25,627
- Staff costs +€169,590
up €169,590 (+143.2%), from €118,403 to €287,994
- Gross operating margin -€22,851
down €22,851 (-68.8%), from €33,203 to €10,352
- Financial charges +€7,640
up €7,640 (+385.1%), from €1,984 to €9,624
of which Financial charges: +€5,558
- Other operating charges +€7,078
up €7,078 (+131.6%), from €5,377 to €12,454
- Depreciation -€4,941
down €4,941 (-41.4%), from €11,946 to €7,005
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 | €146,137 | €209,474 | +€63,337 | +43.3% |
| Fixed assets | 21/28 | €72,600 | €165,547 | +€92,947 | +128.0% |
| Intangible fixed assets | 21 | €2,994 | - | -€2,994 | |
| Tangible fixed assets | 22/27 | €67,525 | €165,547 | +€98,023 | +145.2% |
| Land and buildings | 22 | €62,382 | €60,333 | -€2,049 | -3.3% |
| Plant, machinery and equipment | 23 | - | €89,496 | +€89,496 | |
| Furniture and vehicles | 24 | €47 | €15,718 | +€15,672 | +33622.9% |
| Other tangible fixed assets | 26 | €5,096 | - | -€5,096 | |
| Financial fixed assets | 28 | €2,082 | - | -€2,082 | |
| Current assets | 29/58 | €73,537 | €43,927 | -€29,610 | -40.3% |
| Stocks and contracts in progress | 3 | €44,236 | - | -€44,236 | |
| Stocks | 30/36 | €44,236 | - | -€44,236 | |
| Amounts receivable within one year | 40/41 | €21,422 | €19,250 | -€2,171 | -10.1% |
| Trade receivables | 40 | €21,040 | €5,000 | -€16,040 | -76.2% |
| Other amounts receivable | 41 | €382 | €14,250 | +€13,869 | +3635.1% |
| Cash at bank and in hand | 54/58 | €5,956 | €24,677 | +€18,721 | +314.3% |
| Deferred charges and accrued income | 490/1 | €1,923 | - | -€1,923 | |
| Total equity and liabilities | 10/49 | €146,137 | €209,474 | +€63,337 | +43.3% |
| Equity | 10/15 | -€232,728 | -€543,852 | -€311,123 | -133.7% |
| Contributions | 10/11 | €180,592 | €180,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€415,180 | -€726,303 | -€311,123 | -74.9% |
| Amounts payable | 17/49 | €378,866 | €753,326 | +€374,460 | +98.8% |
| Amounts payable within one year | 42/48 | €372,866 | €753,326 | +€380,460 | +102.0% |
| Financial debts | 43 | - | €702,958 | +€702,958 | |
| Credit institutions | 430/8 | - | €702,958 | +€702,958 | |
| Trade debts | 44 | €17,170 | €48,216 | +€31,046 | +180.8% |
| Suppliers | 440/4 | €17,170 | €48,216 | +€31,046 | +180.8% |
| Advances received on contracts in progress | 46 | €27 | - | -€27 | |
| Taxes, remuneration and social security | 45 | €29,102 | - | -€29,102 | |
| Taxes | 450/3 | €3,475 | - | -€3,475 | |
| Remuneration and social security | 454/9 | €25,627 | - | -€25,627 | |
| Other amounts payable | 47/48 | €326,567 | €2,152 | -€324,415 | -99.3% |
| Accrued charges and deferred income | 492/3 | €6,000 | - | -€6,000 | |
| Remuneration, social security and pensions | 62 | €118,403 | €287,994 | +€169,590 | +143.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,946 | €7,005 | -€4,941 | -41.4% |
| Other operating charges | 640/8 | €5,377 | €12,454 | +€7,078 | +131.6% |
| Non-recurring operating charges | 66A | - | €4,407 | +€4,407 | |
| Gross operating margin | 9900 | €33,203 | €10,352 | -€22,851 | -68.8% |
| Operating profit (loss) | 9901 | -€102,522 | -€301,507 | -€198,985 | -194.1% |
| Financial income | 75/76B | €864 | €9 | -€855 | -99.0% |
| Recurring financial income | 75 | €864 | €9 | -€855 | -99.0% |
| Financial charges | 65/66B | €1,984 | €9,624 | +€7,640 | +385.1% |
| Recurring financial charges | 65 | €1,984 | €7,542 | +€5,558 | +280.2% |
| Non-recurring financial charges | 66B | - | €2,082 | +€2,082 | |
| Profit (loss) for the period before taxes | 9903 | -€103,643 | -€311,123 | -€207,481 | -200.2% |
| Profit (loss) for the period | 9904 | -€103,643 | -€311,123 | -€207,481 | -200.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,643 | -€311,123 | -€207,481 | -200.2% |
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 6 October 2026 via checked.be.