CAMOR: 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.
CAMOR
Largest movements
- Receivables within one year +€1.7m
new in 2026: €1.7m
of which Other amounts receivable: +€1.7m
- Financial fixed assets -€55,169
down €55,169 (-2.6%), from €2.1m to €2.0m
- Cash +€43,874
up €43,874 (+23.9%), from €183,432 to €227,306
mainly Net result for the year (+€2.0m) and Tax, wage and social debts (+€171,144)
- Reserves +€1.8m
up €1.8m (+196.7%), from €930,156 to €2.8m
- Debts after one year -€390,087
no longer reported in 2026 (was €390,087)
of which Financial debts: -€270,000
- Tax, wage and social debts +€171,144
up €171,144 (+571.9%), from €29,925 to €201,069
- Other debts +€148,994
up €148,994 (+460.8%), from €32,333 to €181,327
- Financial income +€1.9m
up €1.9m (+534.4%), from €350,000 to €2.2m
of which Non-recurring financial income: +€2.2m
- Taxes +€171,141
up €171,141 (+571.9%), from €29,925 to €201,066
- Gross operating margin +€7,228
up €7,228, from -€4,616 to €2,612
- Financial charges -€4,799
down €4,799 (-32.2%), from €14,915 to €10,116
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,269,762 | €4,023,014 | +€1.8m | +77.2% |
| Fixed assets | 21/28 | €2,086,330 | €2,031,000 | -€55,330 | -2.7% |
| Tangible fixed assets | 22/27 | €161 | - | -€161 | |
| Furniture and vehicles | 24 | €161 | - | -€161 | |
| Financial fixed assets | 28 | €2,086,169 | €2,031,000 | -€55,169 | -2.6% |
| Current assets | 29/58 | €183,432 | €1,992,014 | +€1.8m | +986.0% |
| Amounts receivable within one year | 40/41 | - | €1,746,025 | +€1.7m | |
| Trade receivables | 40 | - | €5,445 | +€5,445 | |
| Other amounts receivable | 41 | - | €1,740,580 | +€1.7m | |
| Cash at bank and in hand | 54/58 | €183,432 | €227,306 | +€43,874 | +23.9% |
| Deferred charges and accrued income | 490/1 | - | €18,683 | +€18,683 | |
| Total equity and liabilities | 10/49 | €2,269,762 | €4,023,014 | +€1.8m | +77.2% |
| Equity | 10/15 | €1,811,156 | €3,640,491 | +€1.8m | +101.0% |
| Contributions | 10/11 | €881,000 | €881,000 | = | 0.0% |
| Reserves | 13 | €930,156 | €2,759,491 | +€1.8m | +196.7% |
| Distributable reserves | 133 | €930,156 | €2,759,491 | +€1.8m | +196.7% |
| Amounts payable | 17/49 | €458,605 | €382,523 | -€76,082 | -16.6% |
| Amounts payable after more than one year | 17 | €390,087 | - | -€390,087 | |
| Financial debts | 170/4 | €270,000 | - | -€270,000 | |
| Other amounts payable | 178/9 | €120,087 | - | -€120,087 | |
| Amounts payable within one year | 42/48 | €62,984 | €382,523 | +€319,539 | +507.3% |
| Trade debts | 44 | €726 | €127 | -€599 | -82.5% |
| Suppliers | 440/4 | €726 | €127 | -€599 | -82.5% |
| Taxes, remuneration and social security | 45 | €29,925 | €201,069 | +€171,144 | +571.9% |
| Taxes | 450/3 | €29,925 | €201,069 | +€171,144 | +571.9% |
| Other amounts payable | 47/48 | €32,333 | €181,327 | +€148,994 | +460.8% |
| Accrued charges and deferred income | 492/3 | €5,534 | - | -€5,534 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201 | €161 | -€40 | -20.0% |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | -€4,616 | €2,612 | +€7,228 | |
| Operating profit (loss) | 9901 | -€5,911 | €1,324 | +€7,235 | |
| Financial income | 75/76B | €350,000 | €2,220,520 | +€1.9m | +534.4% |
| Recurring financial income | 75 | €350,000 | €18,188 | -€331,812 | -94.8% |
| Non-recurring financial income | 76B | - | €2,202,331 | +€2.2m | |
| Financial charges | 65/66B | €14,915 | €10,116 | -€4,799 | -32.2% |
| Recurring financial charges | 65 | €14,915 | €10,116 | -€4,799 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €329,174 | €2,211,728 | +€1.9m | +571.9% |
| Income taxes | 67/77 | €29,925 | €201,066 | +€171,141 | +571.9% |
| Profit (loss) for the period | 9904 | €299,249 | €2,010,662 | +€1.7m | +571.9% |
| Profit (loss) for the period to be appropriated | 9905 | €299,249 | €2,010,662 | +€1.7m | +571.9% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.