Cammaert: 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.
Cammaert
Largest movements
- Cash +€60,878
up €60,878 (+24.5%), from €248,378 to €309,256
mainly Depreciation (+€85,217) and Tax, wage and social debts (+€43,157)
- Receivables within one year -€42,234
down €42,234 (-25.3%), from €167,160 to €124,926
of which Trade receivables: -€24,906
- Tangible fixed assets -€40,976
down €40,976 (-8.2%), from €502,725 to €461,749
of which Land and buildings: -€30,563
- Profit (loss) carried forward -€81,600
down €81,600 (-10.3%), from €791,841 to €710,241
- Tax, wage and social debts +€43,157
up €43,157 (+54.8%), from €78,707 to €121,864
of which Remuneration and social security: +€35,157
- Short-term financial debts +€11,666
new in 2025: €11,666
- Staff costs +€56,072
up €56,072 (+13.5%), from €413,836 to €469,908
- Taxes +€34,256
up €34,256 (+296%), from €11,582 to €45,838
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 | €985,179 | €960,370 | -€24,809 | -2.5% |
| Fixed assets | 21/28 | €502,725 | €461,749 | -€40,976 | -8.2% |
| Tangible fixed assets | 22/27 | €502,725 | €461,749 | -€40,976 | -8.2% |
| Land and buildings | 22 | €415,395 | €384,832 | -€30,563 | -7.4% |
| Plant, machinery and equipment | 23 | €46,243 | €46,757 | +€514 | +1.1% |
| Furniture and vehicles | 24 | €41,087 | €30,160 | -€10,927 | -26.6% |
| Current assets | 29/58 | €482,454 | €498,621 | +€16,167 | +3.4% |
| Stocks and contracts in progress | 3 | €66,916 | €64,439 | -€2,477 | -3.7% |
| Stocks | 30/36 | €66,916 | €64,439 | -€2,477 | -3.7% |
| Amounts receivable within one year | 40/41 | €167,160 | €124,926 | -€42,234 | -25.3% |
| Trade receivables | 40 | €55,773 | €30,867 | -€24,906 | -44.7% |
| Other amounts receivable | 41 | €111,387 | €94,059 | -€17,328 | -15.6% |
| Cash at bank and in hand | 54/58 | €248,378 | €309,256 | +€60,878 | +24.5% |
| Total equity and liabilities | 10/49 | €985,179 | €960,370 | -€24,809 | -2.5% |
| Equity | 10/15 | €861,256 | €779,656 | -€81,600 | -9.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €7,415 | €7,415 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,215 | €1,215 | = | 0.0% |
| Profit (loss) carried forward | 14 | €791,841 | €710,241 | -€81,600 | -10.3% |
| Amounts payable | 17/49 | €123,923 | €180,714 | +€56,791 | +45.8% |
| Amounts payable within one year | 42/48 | €123,473 | €178,589 | +€55,116 | +44.6% |
| Financial debts | 43 | - | €11,666 | +€11,666 | |
| Credit institutions | 430/8 | - | €11,666 | +€11,666 | |
| Trade debts | 44 | €44,766 | €45,059 | +€293 | +0.7% |
| Suppliers | 440/4 | €44,766 | €45,059 | +€293 | +0.7% |
| Taxes, remuneration and social security | 45 | €78,707 | €121,864 | +€43,157 | +54.8% |
| Taxes | 450/3 | €10,500 | €18,500 | +€8,000 | +76.2% |
| Remuneration and social security | 454/9 | €68,207 | €103,364 | +€35,157 | +51.5% |
| Accrued charges and deferred income | 492/3 | €450 | €2,125 | +€1,675 | +372% |
| Remuneration, social security and pensions | 62 | €413,836 | €469,908 | +€56,072 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,182 | €85,217 | +€2,035 | +2.4% |
| Other operating charges | 640/8 | €8,140 | €8,395 | +€255 | +3.1% |
| Non-recurring operating charges | 66A | - | €2,599 | +€2,599 | |
| Gross operating margin | 9900 | €644,206 | €640,979 | -€3,227 | -0.5% |
| Operating profit (loss) | 9901 | €139,048 | €74,860 | -€64,188 | -46.2% |
| Financial income | 75/76B | €619 | €870 | +€251 | +40.5% |
| Recurring financial income | 75 | €619 | €870 | +€251 | +40.5% |
| Financial charges | 65/66B | €1,462 | €1,492 | +€30 | +2.1% |
| Recurring financial charges | 65 | €1,462 | €1,492 | +€30 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €138,205 | €74,238 | -€63,967 | -46.3% |
| Income taxes | 67/77 | €11,582 | €45,838 | +€34,256 | +296% |
| Profit (loss) for the period | 9904 | €126,623 | €28,400 | -€98,223 | -77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €126,623 | €28,400 | -€98,223 | -77.6% |
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 22 October 2026 via checked.be.