CAMMAX: 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.
CAMMAX
Largest movements
- Receivables within one year +€61,444
up €61,444 (+87.8%), from €69,989 to €131,433
of which Trade receivables: +€42,052
- Financial fixed assets +€19,855
up €19,855 (+110%), from €18,000 to €37,855
- Cash -€8,962
down €8,962 (-57.8%), from €15,497 to €6,536
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€61,444)
- Deferred charges and accrued income +€4,661
up €4,661 (+757%), from €616 to €5,277
- Other debts +€109,099
up €109,099 (+2,552%), from €4,275 to €113,374
- Profit (loss) carried forward -€46,205
down €46,205 (-61.8%), from €74,807 to €28,602
- Trade debts +€13,884
up €13,884 (+173%), from €8,046 to €21,929
- Gross operating margin +€41,735
up €41,735 (+128%), from €32,546 to €74,281
- Taxes +€9,263
up €9,263 (+154%), from €6,019 to €15,282
- Financial charges +€878
up €878 (+139%), from €630 to €1,508
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 | €111,431 | €187,738 | +€76,308 | +68.5% |
| Fixed assets | 21/28 | €25,329 | €44,494 | +€19,165 | +75.7% |
| Tangible fixed assets | 22/27 | €7,329 | €6,639 | -€690 | -9.4% |
| Furniture and vehicles | 24 | €7,329 | €6,639 | -€690 | -9.4% |
| Financial fixed assets | 28 | €18,000 | €37,855 | +€19,855 | +110% |
| Current assets | 29/58 | €86,102 | €143,245 | +€57,143 | +66.4% |
| Amounts receivable within one year | 40/41 | €69,989 | €131,433 | +€61,444 | +87.8% |
| Trade receivables | 40 | €36,653 | €78,705 | +€42,052 | +115% |
| Other amounts receivable | 41 | €33,335 | €52,727 | +€19,392 | +58.2% |
| Cash at bank and in hand | 54/58 | €15,497 | €6,536 | -€8,962 | -57.8% |
| Deferred charges and accrued income | 490/1 | €616 | €5,277 | +€4,661 | +757% |
| Total equity and liabilities | 10/49 | €111,431 | €187,738 | +€76,308 | +68.5% |
| Equity | 10/15 | €76,807 | €30,602 | -€46,205 | -60.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,807 | €28,602 | -€46,205 | -61.8% |
| Amounts payable | 17/49 | €34,623 | €157,136 | +€122,513 | +354% |
| Amounts payable within one year | 42/48 | €34,623 | €157,136 | +€122,513 | +354% |
| Trade debts | 44 | €8,046 | €21,929 | +€13,884 | +173% |
| Suppliers | 440/4 | €8,046 | €21,929 | +€13,884 | +173% |
| Taxes, remuneration and social security | 45 | €22,303 | €21,833 | -€470 | -2.1% |
| Taxes | 450/3 | €22,303 | €21,833 | -€470 | -2.1% |
| Other amounts payable | 47/48 | €4,275 | €113,374 | +€109,099 | +2,552% |
| Non-recurring operating income | 76A | €4,880 | - | -€4,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,013 | €3,070 | +€57 | +1.9% |
| Other operating charges | 640/8 | €1,313 | €626 | -€687 | -52.3% |
| Non-recurring operating charges | 66A | €1,559 | - | -€1,559 | |
| Gross operating margin | 9900 | €32,546 | €74,281 | +€41,735 | +128% |
| Operating profit (loss) | 9901 | €26,661 | €70,585 | +€43,925 | +165% |
| Financial income | 75/76B | €195 | - | -€195 | |
| Recurring financial income | 75 | €195 | - | -€195 | |
| Financial charges | 65/66B | €630 | €1,508 | +€878 | +139% |
| Recurring financial charges | 65 | €630 | €1,508 | +€878 | +139% |
| Profit (loss) for the period before taxes | 9903 | €26,225 | €69,077 | +€42,852 | +163% |
| Income taxes | 67/77 | €6,019 | €15,282 | +€9,263 | +154% |
| Profit (loss) for the period | 9904 | €20,206 | €53,795 | +€33,589 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €20,206 | €53,795 | +€33,589 | +166% |
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.