CAMEL: 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.
CAMEL
Largest movements
- Receivables within one year +€643,760
up €643,760 (+170.2%), from €378,288 to €1.0m
of which Trade receivables: +€680,110
- Tangible fixed assets +€41,674
up €41,674 (+493.2%), from €8,450 to €50,124
of which Furniture and vehicles: +€40,331
- Trade debts +€631,783
up €631,783 (+216.0%), from €292,474 to €924,257
- Tax, wage and social debts -€45,978
down €45,978 (-49.2%), from €93,368 to €47,391
of which Taxes: -€30,152
- Advances received +€32,494
up €32,494 (+92.9%), from €34,968 to €67,463
- Debts after one year +€32,030
up €32,030, from €0 to €32,030
- Profit (loss) carried forward +€21,357
up €21,357 (+1141.6%), from €1,871 to €23,228
- Purchases and services -€173,576
down €173,576 (-16.6%), from €1.0m to €872,841
- Turnover -€111,271
down €111,271 (-8.5%), from €1.3m to €1.2m
- Write-downs +€85,353
no longer reported in 2024 (was -€85,353)
- Gross operating margin +€82,403
up €82,403 (+29.4%), from €279,878 to €362,281
- Other operating charges -€47,347
down €47,347 (-88.5%), from €53,473 to €6,126
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €462,386 | €1,140,353 | +€677,967 | +146.6% |
| Fixed assets | 21/28 | €14,369 | €56,043 | +€41,674 | +290.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €8,450 | €50,124 | +€41,674 | +493.2% |
| Plant, machinery and equipment | 23 | €252 | €0 | -€252 | -100.0% |
| Furniture and vehicles | 24 | €8,198 | €48,529 | +€40,331 | +491.9% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | - | €1,595 | +€1,595 | |
| Financial fixed assets | 28 | €5,920 | €5,920 | = | 0.0% |
| Current assets | 29/58 | €448,017 | €1,084,310 | +€636,293 | +142.0% |
| Amounts receivable within one year | 40/41 | €378,288 | €1,022,048 | +€643,760 | +170.2% |
| Trade receivables | 40 | €227,320 | €907,431 | +€680,110 | +299.2% |
| Other amounts receivable | 41 | €150,967 | €114,617 | -€36,350 | -24.1% |
| Cash at bank and in hand | 54/58 | €68,465 | €58,525 | -€9,940 | -14.5% |
| Deferred charges and accrued income | 490/1 | €1,265 | €3,738 | +€2,473 | +195.6% |
| Total equity and liabilities | 10/49 | €462,386 | €1,140,353 | +€677,967 | +146.6% |
| Equity | 10/15 | €34,931 | €56,288 | +€21,357 | +61.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,860 | €26,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,871 | €23,228 | +€21,357 | +1141.6% |
| Amounts payable | 17/49 | €427,456 | €1,084,066 | +€656,610 | +153.6% |
| Amounts payable after more than one year | 17 | €0 | €32,030 | +€32,030 | |
| Financial debts | 170/4 | €0 | €32,030 | +€32,030 | |
| Amounts payable within one year | 42/48 | €427,456 | €1,050,720 | +€623,264 | +145.8% |
| Current portion of amounts payable after more than one year | 42 | €5,286 | €8,609 | +€3,324 | +62.9% |
| Trade debts | 44 | €292,474 | €924,257 | +€631,783 | +216.0% |
| Suppliers | 440/4 | €292,474 | €924,257 | +€631,783 | +216.0% |
| Advances received on contracts in progress | 46 | €34,968 | €67,463 | +€32,494 | +92.9% |
| Taxes, remuneration and social security | 45 | €93,368 | €47,391 | -€45,978 | -49.2% |
| Taxes | 450/3 | €37,987 | €7,835 | -€30,152 | -79.4% |
| Remuneration and social security | 454/9 | €55,381 | €39,555 | -€15,826 | -28.6% |
| Other amounts payable | 47/48 | €1,359 | €3,000 | +€1,641 | +120.8% |
| Accrued charges and deferred income | 492/3 | - | €1,316 | +€1,316 | |
| Turnover | 70 | €1,305,082 | €1,193,810 | -€111,271 | -8.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,046,418 | €872,841 | -€173,576 | -16.6% |
| Remuneration, social security and pensions | 62 | €299,016 | €296,668 | -€2,348 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,769 | €9,198 | +€7,429 | +420.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€85,353 | - | +€85,353 | |
| Other operating charges | 640/8 | €53,473 | €6,126 | -€47,347 | -88.5% |
| Non-recurring operating charges | 66A | - | €7,676 | +€7,676 | |
| Gross operating margin | 9900 | €279,878 | €362,281 | +€82,403 | +29.4% |
| Operating profit (loss) | 9901 | €10,973 | €42,613 | +€31,640 | +288.4% |
| Financial income | 75/76B | €15,507 | €593 | -€14,914 | -96.2% |
| Recurring financial income | 75 | €15,507 | €242 | -€15,265 | -98.4% |
| Non-recurring financial income | 76B | €0 | €351 | +€351 | +702600.0% |
| Financial charges | 65/66B | €1,534 | €9,722 | +€8,189 | +534.0% |
| Recurring financial charges | 65 | €1,534 | €9,722 | +€8,189 | +534.0% |
| Profit (loss) for the period before taxes | 9903 | €24,946 | €33,484 | +€8,538 | +34.2% |
| Income taxes | 67/77 | -€10,863 | €12,127 | +€22,990 | |
| Profit (loss) for the period | 9904 | €35,809 | €21,357 | -€14,452 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,809 | €21,357 | -€14,452 | -40.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.