Dr. K. Campens: 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.
Dr. K. Campens
Largest movements
- Current investments -€891,462
down €891,462 (-100%), from €891,462 to €0
- Cash +€446,541
up €446,541 (+638%), from €69,956 to €516,497
mainly Current investments (+€891,462) and Net result for the year (+€321,234)
- Tangible fixed assets -€40,587
down €40,587 (-5.5%), from €740,279 to €699,692
of which Land and buildings: -€21,303
- Reserves -€529,503
down €529,503 (-32.8%), from €1.6m to €1.1m
of which Distributable reserves: -€529,503
- Tax, wage and social debts +€27,315
up €27,315 (+138%), from €19,762 to €47,077
of which Taxes: +€27,315
- Financial income +€98,996
up €98,996 (+480%), from €20,641 to €119,637
- Gross operating margin -€44,210
down €44,210 (-10.9%), from €407,211 to €363,001
- Depreciation -€38,969
down €38,969 (-49.0%), from €79,556 to €40,587
- Taxes +€9,258
up €9,258 (+8.9%), from €103,802 to €113,060
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 | €1,734,890 | €1,225,287 | -€509,603 | -29.4% |
| Fixed assets | 21/28 | €740,279 | €699,692 | -€40,587 | -5.5% |
| Tangible fixed assets | 22/27 | €740,279 | €699,692 | -€40,587 | -5.5% |
| Land and buildings | 22 | €658,424 | €637,121 | -€21,303 | -3.2% |
| Plant, machinery and equipment | 23 | €2,925 | €1,548 | -€1,377 | -47.1% |
| Furniture and vehicles | 24 | €53,141 | €38,246 | -€14,895 | -28.0% |
| Other tangible fixed assets | 26 | €25,789 | €22,777 | -€3,012 | -11.7% |
| Current assets | 29/58 | €994,611 | €525,596 | -€469,016 | -47.2% |
| Amounts receivable within one year | 40/41 | €16,578 | €0 | -€16,578 | -100% |
| Other amounts receivable | 41 | €16,578 | €0 | -€16,578 | -100% |
| Current investments | 50/53 | €891,462 | €0 | -€891,462 | -100% |
| Cash at bank and in hand | 54/58 | €69,956 | €516,497 | +€446,541 | +638% |
| Deferred charges and accrued income | 490/1 | €16,615 | €9,098 | -€7,517 | -45.2% |
| Total equity and liabilities | 10/49 | €1,734,890 | €1,225,287 | -€509,603 | -29.4% |
| Equity | 10/15 | €1,633,313 | €1,103,811 | -€529,503 | -32.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,614,713 | €1,085,211 | -€529,503 | -32.8% |
| Tax-exempt reserves | 132 | €17,172 | €17,172 | = | 0.0% |
| Distributable reserves | 133 | €1,597,541 | €1,068,039 | -€529,503 | -33.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €101,577 | €121,477 | +€19,900 | +19.6% |
| Amounts payable after more than one year | 17 | €58,797 | €43,617 | -€15,180 | -25.8% |
| Financial debts | 170/4 | €58,797 | €43,617 | -€15,180 | -25.8% |
| Amounts payable within one year | 42/48 | €42,780 | €75,207 | +€32,427 | +75.8% |
| Current portion of amounts payable after more than one year | 42 | €15,070 | €15,180 | +€110 | +0.7% |
| Trade debts | 44 | €3,026 | €2,333 | -€693 | -22.9% |
| Suppliers | 440/4 | €3,026 | €2,333 | -€693 | -22.9% |
| Taxes, remuneration and social security | 45 | €19,762 | €47,077 | +€27,315 | +138% |
| Taxes | 450/3 | €17,333 | €44,648 | +€27,315 | +158% |
| Remuneration and social security | 454/9 | €2,429 | €2,429 | = | 0.0% |
| Other amounts payable | 47/48 | €4,923 | €10,617 | +€5,694 | +116% |
| Accrued charges and deferred income | 492/3 | €0 | €2,653 | +€2,653 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,556 | €40,587 | -€38,969 | -49.0% |
| Other operating charges | 640/8 | €4,628 | €5,236 | +€608 | +13.1% |
| Gross operating margin | 9900 | €407,211 | €363,001 | -€44,210 | -10.9% |
| Operating profit (loss) | 9901 | €323,027 | €317,177 | -€5,850 | -1.8% |
| Financial income | 75/76B | €20,641 | €119,637 | +€98,996 | +480% |
| Recurring financial income | 75 | €20,641 | €119,637 | +€98,996 | +480% |
| Financial charges | 65/66B | €2,196 | €2,520 | +€325 | +14.8% |
| Recurring financial charges | 65 | €2,196 | €2,520 | +€325 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €341,473 | €434,295 | +€92,822 | +27.2% |
| Income taxes | 67/77 | €103,802 | €113,060 | +€9,258 | +8.9% |
| Profit (loss) for the period | 9904 | €237,671 | €321,234 | +€83,563 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €237,671 | €321,234 | +€83,563 | +35.2% |
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 1 November 2026 via checked.be.