Camarthi: 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.
Camarthi
Largest movements
- Tangible fixed assets +€190,661
up €190,661 (+92.4%), from €206,274 to €396,935
of which Assets under construction and advance payments: +€192,195
- Cash +€33,055
up €33,055 (+182%), from €18,195 to €51,250
mainly Debts after one year (+€155,329) and Trade debts (+€41,032)
- Receivables within one year -€7,311
down €7,311 (-16.0%), from €45,639 to €38,328
of which Trade receivables: -€7,340
- Debts after one year +€155,329
up €155,329 (+112%), from €139,168 to €294,497
- Trade debts +€41,032
up €41,032 (+7,745%), from €530 to €41,562
- Tax, wage and social debts +€33,246
up €33,246 (+210%), from €15,827 to €49,073
- Other debts -€20,377
down €20,377 (-81.4%), from €25,019 to €4,642
- Gross operating margin -€42,981
down €42,981 (-69.9%), from €61,507 to €18,526
- Depreciation -€22,241
down €22,241 (-89.4%), from €24,882 to €2,641
- Financial charges +€6,046
up €6,046 (+124%), from €4,883 to €10,929
- Taxes -€5,202
down €5,202 (-79.7%), from €6,527 to €1,325
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 | €277,850 | €490,856 | +€213,006 | +76.7% |
| Fixed assets | 21/28 | €206,274 | €396,935 | +€190,661 | +92.4% |
| Tangible fixed assets | 22/27 | €206,274 | €396,935 | +€190,661 | +92.4% |
| Plant, machinery and equipment | 23 | €2,428 | €2,183 | -€245 | -10.1% |
| Furniture and vehicles | 24 | €4,597 | €3,307 | -€1,290 | -28.1% |
| Assets under construction and advance payments | 27 | €199,250 | €391,445 | +€192,195 | +96.5% |
| Current assets | 29/58 | €71,575 | €93,921 | +€22,346 | +31.2% |
| Amounts receivable within one year | 40/41 | €45,639 | €38,328 | -€7,311 | -16.0% |
| Trade receivables | 40 | €30,020 | €22,680 | -€7,340 | -24.5% |
| Other amounts receivable | 41 | €15,619 | €15,648 | +€29 | +0.2% |
| Cash at bank and in hand | 54/58 | €18,195 | €51,250 | +€33,055 | +182% |
| Deferred charges and accrued income | 490/1 | €7,742 | €4,343 | -€3,399 | -43.9% |
| Total equity and liabilities | 10/49 | €277,850 | €490,856 | +€213,006 | +76.7% |
| Equity | 10/15 | €90,802 | €94,705 | +€3,903 | +4.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €80,802 | €84,705 | +€3,903 | +4.8% |
| Distributable reserves | 133 | €80,802 | €84,705 | +€3,903 | +4.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €187,048 | €396,151 | +€209,103 | +112% |
| Amounts payable after more than one year | 17 | €139,168 | €294,497 | +€155,329 | +112% |
| Financial debts | 170/4 | €139,168 | €294,497 | +€155,329 | +112% |
| Amounts payable within one year | 42/48 | €47,880 | €101,522 | +€53,643 | +112% |
| Current portion of amounts payable after more than one year | 42 | €6,504 | €6,245 | -€259 | -4.0% |
| Trade debts | 44 | €530 | €41,562 | +€41,032 | +7,745% |
| Suppliers | 440/4 | €530 | €41,562 | +€41,032 | +7,745% |
| Taxes, remuneration and social security | 45 | €15,827 | €49,073 | +€33,246 | +210% |
| Taxes | 450/3 | €15,827 | €49,073 | +€33,246 | +210% |
| Other amounts payable | 47/48 | €25,019 | €4,642 | -€20,377 | -81.4% |
| Accrued charges and deferred income | 492/3 | - | €132 | +€132 | |
| Non-recurring operating income | 76A | €40 | €0 | -€40 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,882 | €2,641 | -€22,241 | -89.4% |
| Other operating charges | 640/8 | €836 | €577 | -€259 | -31.0% |
| Gross operating margin | 9900 | €61,507 | €18,526 | -€42,981 | -69.9% |
| Operating profit (loss) | 9901 | €35,789 | €15,308 | -€20,481 | -57.2% |
| Financial income | 75/76B | €639 | €848 | +€209 | +32.6% |
| Recurring financial income | 75 | €639 | €848 | +€209 | +32.6% |
| Financial charges | 65/66B | €4,883 | €10,929 | +€6,046 | +124% |
| Recurring financial charges | 65 | €4,883 | €10,929 | +€6,046 | +124% |
| Profit (loss) for the period before taxes | 9903 | €31,545 | €5,227 | -€26,318 | -83.4% |
| Income taxes | 67/77 | €6,527 | €1,325 | -€5,202 | -79.7% |
| Profit (loss) for the period | 9904 | €25,019 | €3,903 | -€21,116 | -84.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,019 | €3,903 | -€21,116 | -84.4% |
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 20 October 2026 via checked.be.