CAMOUFLAGE: 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.
CAMOUFLAGE
Largest movements
- Cash +€17,012
up €17,012 (+125%), from €13,597 to €30,609
mainly Net result for the year (+€25,627) and Tax, wage and social debts (+€7,181)
- Deferred charges and accrued income +€8,272
up €8,272 (+39.5%), from €20,965 to €29,237
- Receivables after one year +€4,989
up €4,989 (+3.3%), from €153,433 to €158,422
- Reserves +€25,600
up €25,600 (+44.2%), from €57,860 to €83,460
of which Distributable reserves: +€25,600
- Tax, wage and social debts +€7,181
up €7,181 (+58.9%), from €12,192 to €19,373
- Gross operating margin +€13,362
up €13,362 (+73.4%), from €18,196 to €31,558
- Taxes +€7,364
up €7,364 (+132%), from €5,584 to €12,948
- Other operating charges -€1,949
down €1,949 (-81.6%), from €2,388 to €439
- Financial income -€770
down €770 (-8.3%), from €9,332 to €8,562
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 | €195,162 | €226,496 | +€31,334 | +16.1% |
| Fixed assets | 21/28 | €2,711 | €1,864 | -€848 | -31.3% |
| Tangible fixed assets | 22/27 | €2,711 | €1,864 | -€848 | -31.3% |
| Plant, machinery and equipment | 23 | €926 | €831 | -€96 | -10.3% |
| Furniture and vehicles | 24 | €1,785 | €1,033 | -€752 | -42.1% |
| Current assets | 29/58 | €192,451 | €224,632 | +€32,182 | +16.7% |
| Amounts receivable after more than one year | 29 | €153,433 | €158,422 | +€4,989 | +3.3% |
| Other amounts receivable | 291 | €153,433 | €158,422 | +€4,989 | +3.3% |
| Amounts receivable within one year | 40/41 | €4,455 | €6,365 | +€1,910 | +42.9% |
| Trade receivables | 40 | €4,455 | €6,365 | +€1,910 | +42.9% |
| Cash at bank and in hand | 54/58 | €13,597 | €30,609 | +€17,012 | +125% |
| Deferred charges and accrued income | 490/1 | €20,965 | €29,237 | +€8,272 | +39.5% |
| Total equity and liabilities | 10/49 | €195,162 | €226,496 | +€31,334 | +16.1% |
| Equity | 10/15 | €176,388 | €202,014 | +€25,627 | +14.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €57,860 | €83,460 | +€25,600 | +44.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €47,000 | €72,600 | +€25,600 | +54.5% |
| Profit (loss) carried forward | 14 | €112,328 | €112,354 | +€27 | 0.0% |
| Amounts payable | 17/49 | €18,774 | €24,482 | +€5,707 | +30.4% |
| Amounts payable within one year | 42/48 | €18,774 | €24,482 | +€5,707 | +30.4% |
| Trade debts | 44 | €6,582 | €5,108 | -€1,474 | -22.4% |
| Suppliers | 440/4 | €6,582 | €5,108 | -€1,474 | -22.4% |
| Taxes, remuneration and social security | 45 | €12,192 | €19,373 | +€7,181 | +58.9% |
| Taxes | 450/3 | €12,192 | €19,373 | +€7,181 | +58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €783 | €848 | +€65 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,388 | €439 | -€1,949 | -81.6% |
| Non-recurring operating charges | 66A | €326 | €0 | -€326 | -100% |
| Gross operating margin | 9900 | €18,196 | €31,558 | +€13,362 | +73.4% |
| Operating profit (loss) | 9901 | €14,698 | €30,271 | +€15,573 | +106% |
| Financial income | 75/76B | €9,332 | €8,562 | -€770 | -8.3% |
| Recurring financial income | 75 | €9,332 | €8,562 | -€770 | -8.3% |
| Financial charges | 65/66B | €359 | €259 | -€100 | -28.0% |
| Recurring financial charges | 65 | €359 | €259 | -€100 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €23,671 | €38,575 | +€14,904 | +63.0% |
| Income taxes | 67/77 | €5,584 | €12,948 | +€7,364 | +132% |
| Profit (loss) for the period | 9904 | €18,087 | €25,627 | +€7,540 | +41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,087 | €25,627 | +€7,540 | +41.7% |
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 25 October 2026 via checked.be.