CAMENE: 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.
CAMENE
Largest movements
- Cash +€159,045
up €159,045 (+90.6%), from €175,459 to €334,504
mainly Net result for the year (+€275,204) and Depreciation (+€53,495)
- Tangible fixed assets -€36,286
down €36,286 (-4.0%), from €912,045 to €875,759
of which Land and buildings: -€28,160
- Current investments +€23,286
up €23,286 (+16.9%), from €137,489 to €160,775
- Receivables within one year -€15,105
down €15,105 (-20.1%), from €75,032 to €59,927
of which Trade receivables: -€15,228
- Reserves +€142,229
up €142,229 (+11.8%), from €1.2m to €1.3m
of which Tax-exempt reserves: +€127,030
- Tax, wage and social debts +€16,612
up €16,612 (+45.7%), from €36,350 to €52,962
- Gross operating margin +€47,391
up €47,391 (+12.2%), from €388,486 to €435,877
- Taxes +€9,513
up €9,513 (+9.8%), from €97,244 to €106,757
- Financial income +€6,070
up €6,070 (+403.8%), from €1,503 to €7,573
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 | €1,304,208 | €1,440,228 | +€136,021 | +10.4% |
| Fixed assets | 21/28 | €912,045 | €875,759 | -€36,286 | -4.0% |
| Tangible fixed assets | 22/27 | €912,045 | €875,759 | -€36,286 | -4.0% |
| Land and buildings | 22 | €886,337 | €858,177 | -€28,160 | -3.2% |
| Plant, machinery and equipment | 23 | €4,029 | €3,498 | -€531 | -13.2% |
| Furniture and vehicles | 24 | €21,679 | €14,084 | -€7,595 | -35.0% |
| Current assets | 29/58 | €392,163 | €564,469 | +€172,306 | +43.9% |
| Amounts receivable within one year | 40/41 | €75,032 | €59,927 | -€15,105 | -20.1% |
| Trade receivables | 40 | €55,697 | €40,470 | -€15,228 | -27.3% |
| Other amounts receivable | 41 | €19,334 | €19,457 | +€123 | +0.6% |
| Current investments | 50/53 | €137,489 | €160,775 | +€23,286 | +16.9% |
| Cash at bank and in hand | 54/58 | €175,459 | €334,504 | +€159,045 | +90.6% |
| Deferred charges and accrued income | 490/1 | €4,183 | €9,264 | +€5,081 | +121.5% |
| Total equity and liabilities | 10/49 | €1,304,208 | €1,440,228 | +€136,021 | +10.4% |
| Equity | 10/15 | €1,215,670 | €1,357,899 | +€142,229 | +11.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,203,270 | €1,345,499 | +€142,229 | +11.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €232,280 | +€127,030 | +120.7% |
| Distributable reserves | 133 | €1,096,160 | €1,111,359 | +€15,199 | +1.4% |
| Amounts payable | 17/49 | €88,537 | €82,329 | -€6,208 | -7.0% |
| Amounts payable after more than one year | 17 | €27,182 | €14,212 | -€12,970 | -47.7% |
| Financial debts | 170/4 | €27,182 | €14,212 | -€12,970 | -47.7% |
| Amounts payable within one year | 42/48 | €61,356 | €68,118 | +€6,762 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €15,360 | €12,970 | -€2,390 | -15.6% |
| Trade debts | 44 | €9,646 | €2,186 | -€7,460 | -77.3% |
| Suppliers | 440/4 | €9,646 | €2,186 | -€7,460 | -77.3% |
| Taxes, remuneration and social security | 45 | €36,350 | €52,962 | +€16,612 | +45.7% |
| Taxes | 450/3 | €36,350 | €52,962 | +€16,612 | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,187 | €53,495 | -€692 | -1.3% |
| Other operating charges | 640/8 | €8,940 | €6,726 | -€2,214 | -24.8% |
| Gross operating margin | 9900 | €388,486 | €435,877 | +€47,391 | +12.2% |
| Operating profit (loss) | 9901 | €325,359 | €375,655 | +€50,297 | +15.5% |
| Financial income | 75/76B | €1,503 | €7,573 | +€6,070 | +403.8% |
| Recurring financial income | 75 | €1,503 | €7,573 | +€6,070 | +403.8% |
| Financial charges | 65/66B | €1,324 | €1,268 | -€56 | -4.2% |
| Recurring financial charges | 65 | €1,324 | €1,268 | -€56 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €325,538 | €381,961 | +€56,423 | +17.3% |
| Income taxes | 67/77 | €97,244 | €106,757 | +€9,513 | +9.8% |
| Profit (loss) for the period | 9904 | €228,295 | €275,204 | +€46,909 | +20.5% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €127,030 | +€84,930 | +201.7% |
| Profit (loss) for the period to be appropriated | 9905 | €186,195 | €148,174 | -€38,021 | -20.4% |
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 8 October 2026 via checked.be.