Cammax: 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.
Cammax
Largest movements
- Receivables after one year -€31,571
no longer reported in 2025 (was €31,571)
- Cash +€29,038
up €29,038 (+52.9%), from €54,875 to €83,913
mainly Receivables after one year (+€31,571) and Net result for the year (+€27,287)
- Tangible fixed assets -€12,820
down €12,820 (-1.7%), from €745,643 to €732,823
of which Land and buildings: -€12,741
- Debts after one year -€36,302
down €36,302 (-14.3%), from €254,451 to €218,149
- Reserves +€27,287
up €27,287 (+5.6%), from €491,436 to €518,723
- Tax, wage and social debts -€9,201
down €9,201 (-88.7%), from €10,368 to €1,168
- Gross operating margin -€5,322
down €5,322 (-7.4%), from €71,665 to €66,343
- Taxes -€1,719
down €1,719 (-10.5%), from €16,411 to €14,692
- Financial income -€1,562
down €1,562 (-84.5%), from €1,848 to €286
- Financial charges -€1,259
down €1,259 (-17.5%), from €7,190 to €5,931
- Other operating charges -€938
down €938 (-22.7%), from €4,137 to €3,198
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 | €853,703 | €839,175 | -€14,528 | -1.7% |
| Fixed assets | 21/28 | €745,643 | €732,823 | -€12,820 | -1.7% |
| Tangible fixed assets | 22/27 | €745,643 | €732,823 | -€12,820 | -1.7% |
| Land and buildings | 22 | €481,398 | €468,657 | -€12,741 | -2.6% |
| Plant, machinery and equipment | 23 | €4,365 | €5,010 | +€645 | +14.8% |
| Furniture and vehicles | 24 | €2,805 | €2,081 | -€724 | -25.8% |
| Other tangible fixed assets | 26 | €257,076 | €257,076 | = | 0.0% |
| Current assets | 29/58 | €108,059 | €106,352 | -€1,707 | -1.6% |
| Amounts receivable after more than one year | 29 | €31,571 | - | -€31,571 | |
| Other amounts receivable | 291 | €31,571 | - | -€31,571 | |
| Amounts receivable within one year | 40/41 | €20,496 | €21,866 | +€1,370 | +6.7% |
| Trade receivables | 40 | - | €12,585 | +€12,585 | |
| Other amounts receivable | 41 | €20,496 | €9,281 | -€11,215 | -54.7% |
| Cash at bank and in hand | 54/58 | €54,875 | €83,913 | +€29,038 | +52.9% |
| Deferred charges and accrued income | 490/1 | €1,118 | €572 | -€546 | -48.8% |
| Total equity and liabilities | 10/49 | €853,703 | €839,175 | -€14,528 | -1.7% |
| Equity | 10/15 | €503,836 | €531,123 | +€27,287 | +5.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €491,436 | €518,723 | +€27,287 | +5.6% |
| Distributable reserves | 133 | €491,436 | €518,723 | +€27,287 | +5.6% |
| Provisions and deferred taxes | 16 | €51,987 | €51,987 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €51,987 | €51,987 | = | 0.0% |
| Pensions and similar obligations | 160 | €51,987 | €51,987 | = | 0.0% |
| Amounts payable | 17/49 | €297,880 | €256,065 | -€41,815 | -14.0% |
| Amounts payable after more than one year | 17 | €254,451 | €218,149 | -€36,302 | -14.3% |
| Financial debts | 170/4 | €254,451 | €218,149 | -€36,302 | -14.3% |
| Amounts payable within one year | 42/48 | €43,429 | €37,916 | -€5,513 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €31,641 | €34,859 | +€3,218 | +10.2% |
| Trade debts | 44 | €1,420 | €1,889 | +€469 | +33.1% |
| Suppliers | 440/4 | €1,420 | €1,889 | +€469 | +33.1% |
| Taxes, remuneration and social security | 45 | €10,368 | €1,168 | -€9,201 | -88.7% |
| Taxes | 450/3 | €10,368 | €1,168 | -€9,201 | -88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,658 | €15,521 | -€137 | -0.9% |
| Other operating charges | 640/8 | €4,137 | €3,198 | -€938 | -22.7% |
| Gross operating margin | 9900 | €71,665 | €66,343 | -€5,322 | -7.4% |
| Operating profit (loss) | 9901 | €51,871 | €47,624 | -€4,247 | -8.2% |
| Financial income | 75/76B | €1,848 | €286 | -€1,562 | -84.5% |
| Recurring financial income | 75 | €1,848 | €286 | -€1,562 | -84.5% |
| Financial charges | 65/66B | €7,190 | €5,931 | -€1,259 | -17.5% |
| Recurring financial charges | 65 | €7,190 | €5,931 | -€1,259 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €46,529 | €41,979 | -€4,550 | -9.8% |
| Income taxes | 67/77 | €16,411 | €14,692 | -€1,719 | -10.5% |
| Profit (loss) for the period | 9904 | €30,118 | €27,287 | -€2,831 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,118 | €27,287 | -€2,831 | -9.4% |
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.