C.A.M.A.: 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.
C.A.M.A.
Largest movements
- Tangible fixed assets -€93,656
down €93,656 (-6.1%), from €1.5m to €1.5m
of which Land and buildings: -€79,409
- Cash +€48,548
up €48,548 (+41.0%), from €118,325 to €166,873
mainly Depreciation (+€97,140) and Net result for the year (+€66,651)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€55,360
up €55,360 (+35.9%), from €154,044 to €209,404
- Financial income -€47,870
down €47,870 (-88.0%), from €54,403 to €6,533
- Taxes +€12,563
up €12,563 (+67.6%), from €18,580 to €31,143
- Depreciation +€5,216
up €5,216 (+5.7%), from €91,924 to €97,140
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 | €2,117,249 | €2,085,124 | -€32,125 | -1.5% |
| Fixed assets | 21/28 | €1,733,380 | €1,639,724 | -€93,656 | -5.4% |
| Tangible fixed assets | 22/27 | €1,546,660 | €1,453,004 | -€93,656 | -6.1% |
| Land and buildings | 22 | €1,501,462 | €1,422,053 | -€79,409 | -5.3% |
| Plant, machinery and equipment | 23 | €4,799 | €3,537 | -€1,262 | -26.3% |
| Furniture and vehicles | 24 | €40,226 | €27,383 | -€12,842 | -31.9% |
| Other tangible fixed assets | 26 | €174 | €31 | -€143 | -82.1% |
| Financial fixed assets | 28 | €186,720 | €186,720 | = | 0.0% |
| Current assets | 29/58 | €383,869 | €445,400 | +€61,532 | +16.0% |
| Amounts receivable within one year | 40/41 | €35,693 | €36,999 | +€1,306 | +3.7% |
| Trade receivables | 40 | €26,898 | €26,898 | = | 0.0% |
| Other amounts receivable | 41 | €8,795 | €10,101 | +€1,306 | +14.9% |
| Current investments | 50/53 | €225,000 | €239,250 | +€14,250 | +6.3% |
| Cash at bank and in hand | 54/58 | €118,325 | €166,873 | +€48,548 | +41.0% |
| Deferred charges and accrued income | 490/1 | €4,851 | €2,278 | -€2,573 | -53.0% |
| Total equity and liabilities | 10/49 | €2,117,249 | €2,085,124 | -€32,125 | -1.5% |
| Equity | 10/15 | €1,982,713 | €1,963,403 | -€19,309 | -1.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €200,485 | €181,176 | -€19,309 | -9.6% |
| Distributable reserves | 133 | €200,485 | €181,176 | -€19,309 | -9.6% |
| Profit (loss) carried forward | 14 | €1,763,636 | €1,763,636 | = | 0.0% |
| Amounts payable | 17/49 | €134,536 | €121,721 | -€12,815 | -9.5% |
| Amounts payable after more than one year | 17 | €61,111 | €47,778 | -€13,333 | -21.8% |
| Financial debts | 170/4 | €61,111 | €47,778 | -€13,333 | -21.8% |
| Amounts payable within one year | 42/48 | €67,542 | €68,826 | +€1,284 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €13,333 | = | 0.0% |
| Trade debts | 44 | €5,560 | €22,332 | +€16,772 | +302% |
| Suppliers | 440/4 | €5,560 | €22,332 | +€16,772 | +302% |
| Taxes, remuneration and social security | 45 | €4,966 | €4,637 | -€329 | -6.6% |
| Taxes | 450/3 | €4,966 | €4,637 | -€329 | -6.6% |
| Other amounts payable | 47/48 | €43,683 | €28,524 | -€15,159 | -34.7% |
| Accrued charges and deferred income | 492/3 | €5,883 | €5,116 | -€766 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,924 | €97,140 | +€5,216 | +5.7% |
| Other operating charges | 640/8 | €20,704 | €19,395 | -€1,309 | -6.3% |
| Gross operating margin | 9900 | €154,044 | €209,404 | +€55,360 | +35.9% |
| Operating profit (loss) | 9901 | €41,416 | €92,869 | +€51,453 | +124% |
| Financial income | 75/76B | €54,403 | €6,533 | -€47,870 | -88.0% |
| Recurring financial income | 75 | €54,403 | €6,533 | -€47,870 | -88.0% |
| Financial charges | 65/66B | €1,814 | €1,608 | -€206 | -11.4% |
| Recurring financial charges | 65 | €1,814 | €1,608 | -€206 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €94,005 | €97,794 | +€3,790 | +4.0% |
| Income taxes | 67/77 | €18,580 | €31,143 | +€12,563 | +67.6% |
| Profit (loss) for the period | 9904 | €75,425 | €66,651 | -€8,773 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €75,425 | €66,651 | -€8,773 | -11.6% |
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 24 October 2026 via checked.be.