CAMO SYSTEM: 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.
CAMO SYSTEM
Largest movements
- Receivables within one year -€40,554
down €40,554 (-25.1%), from €161,851 to €121,297
of which Trade receivables: -€65,398
- Tangible fixed assets +€15,629
up €15,629 (+164.8%), from €9,484 to €25,112
of which Other tangible fixed assets: +€10,390
- Stocks and contracts +€12,283
up €12,283 (+59.0%), from €20,828 to €33,111
- Cash +€8,911
up €8,911 (+32.0%), from €27,814 to €36,724
mainly Receivables within one year (+€40,554) and Net result for the year (+€14,005)
- Trade debts -€18,932
no longer reported in 2025 (was €18,932)
- Reserves +€14,005
new in 2025: €14,005
- Gross operating margin +€29,125
up €29,125, from -€7,256 to €21,869
- Depreciation +€2,390
up €2,390 (+56.7%), from €4,212 to €6,602
- Taxes +€1,401
new in 2025: €1,401
- Financial income +€1,178
up €1,178 (+144.9%), from €813 to €1,991
- Staff costs -€658
down €658 (-37.3%), from €1,764 to €1,107
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 | €229,003 | €225,276 | -€3,727 | -1.6% |
| Fixed assets | 21/28 | €9,543 | €25,172 | +€15,629 | +163.8% |
| Tangible fixed assets | 22/27 | €9,484 | €25,112 | +€15,629 | +164.8% |
| Plant, machinery and equipment | 23 | €4,751 | €4,876 | +€125 | +2.6% |
| Furniture and vehicles | 24 | €4,733 | €9,846 | +€5,113 | +108.0% |
| Other tangible fixed assets | 26 | - | €10,390 | +€10,390 | |
| Financial fixed assets | 28 | €59 | €59 | = | 0.0% |
| Current assets | 29/58 | €219,460 | €200,104 | -€19,356 | -8.8% |
| Stocks and contracts in progress | 3 | €20,828 | €33,111 | +€12,283 | +59.0% |
| Stocks | 30/36 | €20,828 | €33,111 | +€12,283 | +59.0% |
| Amounts receivable within one year | 40/41 | €161,851 | €121,297 | -€40,554 | -25.1% |
| Trade receivables | 40 | €127,491 | €62,093 | -€65,398 | -51.3% |
| Other amounts receivable | 41 | €34,360 | €59,204 | +€24,844 | +72.3% |
| Cash at bank and in hand | 54/58 | €27,814 | €36,724 | +€8,911 | +32.0% |
| Deferred charges and accrued income | 490/1 | €8,967 | €8,972 | +€5 | +0.1% |
| Total equity and liabilities | 10/49 | €229,003 | €225,276 | -€3,727 | -1.6% |
| Equity | 10/15 | €209,651 | €223,657 | +€14,005 | +6.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | - | €14,005 | +€14,005 | |
| Distributable reserves | 133 | - | €14,005 | +€14,005 | |
| Profit (loss) carried forward | 14 | €189,191 | €189,191 | = | 0.0% |
| Amounts payable | 17/49 | €19,352 | €1,619 | -€17,733 | -91.6% |
| Amounts payable within one year | 42/48 | €18,932 | €1,401 | -€17,532 | -92.6% |
| Trade debts | 44 | €18,932 | - | -€18,932 | |
| Suppliers | 440/4 | €18,932 | - | -€18,932 | |
| Taxes, remuneration and social security | 45 | - | €1,401 | +€1,401 | |
| Taxes | 450/3 | - | €1,401 | +€1,401 | |
| Accrued charges and deferred income | 492/3 | €420 | €219 | -€201 | -47.9% |
| Remuneration, social security and pensions | 62 | €1,764 | €1,107 | -€658 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,212 | €6,602 | +€2,390 | +56.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €115 | +€115 | |
| Other operating charges | 640/8 | €308 | €480 | +€172 | +56.0% |
| Gross operating margin | 9900 | -€7,256 | €21,869 | +€29,125 | |
| Operating profit (loss) | 9901 | -€13,541 | €13,565 | +€27,106 | |
| Financial income | 75/76B | €813 | €1,991 | +€1,178 | +144.9% |
| Recurring financial income | 75 | €813 | €1,991 | +€1,178 | +144.9% |
| Financial charges | 65/66B | €62 | €150 | +€88 | +140.1% |
| Recurring financial charges | 65 | €62 | €150 | +€88 | +140.1% |
| Profit (loss) for the period before taxes | 9903 | -€12,790 | €15,406 | +€28,196 | |
| Income taxes | 67/77 | - | €1,401 | +€1,401 | |
| Profit (loss) for the period | 9904 | -€12,790 | €14,005 | +€26,796 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,790 | €14,005 | +€26,796 |
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.