CAMAST-EUMA: 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.
What changed
CAMAST-EUMA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€293,001
2024 · -€15,577-€277,424
Equity
€802,671
2024 · €1.1m-€288,399
Cash
-
2024 · €500-€500
Balance sheet total
€4.8m
2024 · €4.6m+€234,136
Largest movements
Assets
- Tangible fixed assets +€368,613
up €368,613 (+8.6%), from €4.3m to €4.7m
of which Land and buildings: +€379,257
- Receivables within one year -€175,000
no longer reported in 2025 (was €175,000)
Equity and liabilities
- Current portion of long-term debt +€336,738
up €336,738 (+50.3%), from €668,862 to €1.0m
- Profit (loss) carried forward -€268,290
down €268,290 (-156.0%), from -€171,982 to -€440,272
- Other debts +€176,856
up €176,856 (+13.0%), from €1.4m to €1.5m
Income statement
- Financial charges +€41,183
up €41,183 (+94.8%), from €43,459 to €84,642
- Depreciation +€37,958
up €37,958 (+28.0%), from €135,747 to €173,705
- Taxes +€28,243
up €28,243, from -€26,299 to €1,944
- Other operating charges -€26,069
down €26,069 (-38.4%), from €67,880 to €41,811
- Gross operating margin -€19,715
down €19,715 (-10.0%), from €196,846 to €177,131
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.
Result 2024
-€15,577
Gross operating margin
-€19,715
Staff costs
-€1,828
Depreciation
-€37,958
Other operating charges
+€26,069
Other operating items
-€175,000
Financial income
+€434
Financial charges
-€41,183
Taxes
-€28,243
Result 2025
-€293,001
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.
From operations
+€243,967
Investment
-€583,341
Financing
+€338,874
Cash 2024
€500
From operations (derived)
+€243,967
Net result for the year
-€293,001
Depreciation
+€173,705
Receivables within one year
+€175,000
Provisions
-€12,839
Trade debts
-€18,735
Tax, wage and social debts
+€2,848
Other debts
+€176,856
Accrued charges and deferred income
+€40,133
Investment (derived)
-€583,341
Investment in fixed assets (net)
-€542,318
Current investments
-€41,023
Financing
+€338,874
Debts after one year
-€2,466
Current portion of long-term debt
+€336,738
Contributions, distributions and other
+€4,602
Cash 2025
€0
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,585,534 | €4,819,670 | +€234,136 | +5.1% |
| Fixed assets | 21/28 | €4,301,404 | €4,670,016 | +€368,613 | +8.6% |
| Tangible fixed assets | 22/27 | €4,295,444 | €4,664,056 | +€368,613 | +8.6% |
| Land and buildings | 22 | €4,263,589 | €4,642,846 | +€379,257 | +8.9% |
| Furniture and vehicles | 24 | €31,855 | €21,211 | -€10,644 | -33.4% |
| Financial fixed assets | 28 | €5,960 | €5,960 | = | 0.0% |
| Current assets | 29/58 | €284,130 | €149,653 | -€134,477 | -47.3% |
| Amounts receivable within one year | 40/41 | €175,000 | - | -€175,000 | |
| Other amounts receivable | 41 | €175,000 | - | -€175,000 | |
| Current investments | 50/53 | €108,630 | €149,653 | +€41,023 | +37.8% |
| Cash at bank and in hand | 54/58 | €500 | - | -€500 | |
| Total equity and liabilities | 10/49 | €4,585,534 | €4,819,670 | +€234,136 | +5.1% |
| Equity | 10/15 | €1,091,070 | €802,671 | -€288,399 | -26.4% |
| Contributions | 10/11 | €259,240 | €259,240 | = | 0.0% |
| Outside capital | 11 | - | €259,240 | +€259,240 | |
| Other | 1109/19 | - | €259,240 | +€259,240 | |
| Reserves | 13 | €1,003,812 | €983,703 | -€20,109 | -2.0% |
| Non-distributable reserves | 130/1 | €95,520 | €95,520 | = | 0.0% |
| Legal reserve | 130 | - | €25,924 | +€25,924 | |
| Reserves not available under the articles | 1311 | - | €69,596 | +€69,596 | |
| Other | 1319 | €95,520 | - | -€95,520 | |
| Tax-exempt reserves | 132 | €641,926 | €603,409 | -€38,517 | -6.0% |
| Distributable reserves | 133 | €266,366 | €284,774 | +€18,408 | +6.9% |
| Profit (loss) carried forward | 14 | -€171,982 | -€440,272 | -€268,290 | -156.0% |
| Provisions and deferred taxes | 16 | €247,859 | €235,020 | -€12,839 | -5.2% |
| Deferred taxes | 168 | €247,859 | €235,020 | -€12,839 | -5.2% |
| Amounts payable | 17/49 | €3,246,604 | €3,781,978 | +€535,374 | +16.5% |
| Amounts payable after more than one year | 17 | €1,176,334 | €1,173,868 | -€2,466 | -0.2% |
| Financial debts | 170/4 | €1,176,334 | €1,173,868 | -€2,466 | -0.2% |
| Amounts payable within one year | 42/48 | €2,054,904 | €2,552,611 | +€497,707 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €668,862 | €1,005,600 | +€336,738 | +50.3% |
| Trade debts | 44 | €21,926 | €3,191 | -€18,735 | -85.4% |
| Suppliers | 440/4 | €21,926 | €3,191 | -€18,735 | -85.4% |
| Taxes, remuneration and social security | 45 | - | €2,848 | +€2,848 | |
| Taxes | 450/3 | - | €2,848 | +€2,848 | |
| Other amounts payable | 47/48 | €1,364,116 | €1,540,972 | +€176,856 | +13.0% |
| Accrued charges and deferred income | 492/3 | €15,366 | €55,499 | +€40,133 | +261.2% |
| Remuneration, social security and pensions | 62 | - | €1,828 | +€1,828 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,747 | €173,705 | +€37,958 | +28.0% |
| Other operating charges | 640/8 | €67,880 | €41,811 | -€26,069 | -38.4% |
| Non-recurring operating charges | 66A | - | €175,000 | +€175,000 | |
| Gross operating margin | 9900 | €196,846 | €177,131 | -€19,715 | -10.0% |
| Operating profit (loss) | 9901 | -€6,781 | -€215,213 | -€208,432 | -3073.7% |
| Financial income | 75/76B | €126 | €561 | +€434 | +343.8% |
| Recurring financial income | 75 | €126 | €561 | +€434 | +343.8% |
| Financial charges | 65/66B | €43,459 | €84,642 | +€41,183 | +94.8% |
| Recurring financial charges | 65 | €43,459 | €84,642 | +€41,183 | +94.8% |
| Profit (loss) for the period before taxes | 9903 | -€50,114 | -€299,294 | -€249,180 | -497.2% |
| Transfer from deferred taxes | 780 | €8,237 | €8,237 | = | 0.0% |
| Income taxes | 67/77 | -€26,299 | €1,944 | +€28,243 | |
| Profit (loss) for the period | 9904 | -€15,577 | -€293,001 | -€277,424 | -1781.0% |
| Transfer from tax-exempt reserves | 789 | €24,711 | €24,711 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,134 | -€268,290 | -€277,424 |
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 4 October 2026 via checked.be.