KAMA: 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.
KAMA
Largest movements
- Receivables within one year -€813,516
down €813,516 (-26.7%), from €3.0m to €2.2m
of which Other amounts receivable: -€809,826
- Current investments +€790,310
up €790,310 (+36.7%), from €2.2m to €2.9m
- Cash +€132,938
up €132,938 (+71.8%), from €185,174 to €318,112
mainly Receivables within one year (+€813,516) and Net result for the year (+€132,046)
- Reserves +€132,046
up €132,046 (+9.6%), from €1.4m to €1.5m
of which Distributable reserves: +€125,444
- Financial income -€470,015
down €470,015 (-68.2%), from €689,186 to €219,171
- Financial charges -€78,391
down €78,391 (-95.0%), from €82,522 to €4,131
- Gross operating margin -€11,117
down €11,117 (-20.1%), from €55,197 to €44,081
- Depreciation +€8,093
up €8,093 (+12.8%), from €63,283 to €71,376
- Taxes +€5,833
up €5,833 (+15.1%), from €38,701 to €44,533
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 | €9,909,619 | €10,023,922 | +€114,303 | +1.2% |
| Fixed assets | 21/28 | €4,523,162 | €4,527,202 | +€4,040 | +0.1% |
| Tangible fixed assets | 22/27 | €652,152 | €656,192 | +€4,040 | +0.6% |
| Land and buildings | 22 | €444,417 | €400,175 | -€44,242 | -10.0% |
| Furniture and vehicles | 24 | €53,082 | €101,364 | +€48,282 | +91.0% |
| Other tangible fixed assets | 26 | €154,654 | €154,654 | = | 0.0% |
| Financial fixed assets | 28 | €3,871,010 | €3,871,010 | = | 0.0% |
| Current assets | 29/58 | €5,386,456 | €5,496,719 | +€110,263 | +2.0% |
| Amounts receivable within one year | 40/41 | €3,043,845 | €2,230,329 | -€813,516 | -26.7% |
| Trade receivables | 40 | €127,424 | €123,733 | -€3,691 | -2.9% |
| Other amounts receivable | 41 | €2,916,421 | €2,106,595 | -€809,826 | -27.8% |
| Current investments | 50/53 | €2,154,582 | €2,944,892 | +€790,310 | +36.7% |
| Cash at bank and in hand | 54/58 | €185,174 | €318,112 | +€132,938 | +71.8% |
| Deferred charges and accrued income | 490/1 | €2,855 | €3,387 | +€532 | +18.6% |
| Total equity and liabilities | 10/49 | €9,909,619 | €10,023,922 | +€114,303 | +1.2% |
| Equity | 10/15 | €2,718,459 | €2,850,505 | +€132,046 | +4.9% |
| Contributions | 10/11 | €1,336,341 | €1,336,341 | = | 0.0% |
| Capital | 10 | €1,336,341 | €1,336,341 | = | 0.0% |
| Issued capital | 100 | €1,336,341 | €1,336,341 | = | 0.0% |
| Reserves | 13 | €1,382,117 | €1,514,164 | +€132,046 | +9.6% |
| Non-distributable reserves | 130/1 | €73,239 | €79,841 | +€6,602 | +9.0% |
| Legal reserve | 130 | €73,239 | €79,841 | +€6,602 | +9.0% |
| Distributable reserves | 133 | €1,308,878 | €1,434,322 | +€125,444 | +9.6% |
| Amounts payable | 17/49 | €7,191,160 | €7,173,417 | -€17,743 | -0.2% |
| Amounts payable within one year | 42/48 | €7,190,607 | €7,173,063 | -€17,545 | -0.2% |
| Trade debts | 44 | €6,936 | €661 | -€6,275 | -90.5% |
| Suppliers | 440/4 | €6,936 | €661 | -€6,275 | -90.5% |
| Taxes, remuneration and social security | 45 | €3,378 | €3,445 | +€67 | +2.0% |
| Taxes | 450/3 | €3,378 | €3,445 | +€67 | +2.0% |
| Other amounts payable | 47/48 | €7,180,293 | €7,168,957 | -€11,336 | -0.2% |
| Accrued charges and deferred income | 492/3 | €553 | €354 | -€199 | -36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,283 | €71,376 | +€8,093 | +12.8% |
| Other operating charges | 640/8 | €12,099 | €11,165 | -€934 | -7.7% |
| Gross operating margin | 9900 | €55,197 | €44,081 | -€11,117 | -20.1% |
| Operating profit (loss) | 9901 | -€20,185 | -€38,461 | -€18,276 | -90.5% |
| Financial income | 75/76B | €689,186 | €219,171 | -€470,015 | -68.2% |
| Recurring financial income | 75 | €689,186 | €219,171 | -€470,015 | -68.2% |
| Financial charges | 65/66B | €82,522 | €4,131 | -€78,391 | -95.0% |
| Recurring financial charges | 65 | €82,522 | €4,131 | -€78,391 | -95.0% |
| Profit (loss) for the period before taxes | 9903 | €586,479 | €176,580 | -€409,899 | -69.9% |
| Income taxes | 67/77 | €38,701 | €44,533 | +€5,833 | +15.1% |
| Profit (loss) for the period | 9904 | €547,778 | €132,046 | -€415,731 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €547,778 | €132,046 | -€415,731 | -75.9% |
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 10 October 2026 via checked.be.