KAMA: 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.
KAMA
Largest movements
- Intangible fixed assets -€58,071
down €58,071 (-48.8%), from €118,937 to €60,866
- Receivables within one year -€9,790
down €9,790 (-45.8%), from €21,369 to €11,579
of which Trade receivables: -€11,734
- Tangible fixed assets -€2,668
down €2,668 (-30.9%), from €8,639 to €5,971
of which Other tangible fixed assets: -€4,783
- Profit (loss) carried forward -€63,349
new in 2025: -€63,349
- Debts after one year -€13,934
down €13,934 (-62.5%), from €22,285 to €8,351
of which Financial debts: -€8,934
- Trade debts +€4,614
up €4,614 (+4.5%), from €101,892 to €106,507
- Staff costs +€37,922
up €37,922 (+29.0%), from €130,762 to €168,684
- Other operating charges +€19,179
up €19,179 (+464.7%), from €4,127 to €23,306
- Depreciation -€10,727
down €10,727 (-54.1%), from €19,820 to €9,093
- Gross operating margin +€10,030
up €10,030 (+6.0%), from €166,320 to €176,350
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 | €231,673 | €158,169 | -€73,504 | -31.7% |
| Fixed assets | 21/28 | €127,665 | €66,926 | -€60,739 | -47.6% |
| Intangible fixed assets | 21 | €118,937 | €60,866 | -€58,071 | -48.8% |
| Tangible fixed assets | 22/27 | €8,639 | €5,971 | -€2,668 | -30.9% |
| Land and buildings | 22 | - | €4,640 | +€4,640 | |
| Plant, machinery and equipment | 23 | €2,765 | €320 | -€2,445 | -88.4% |
| Leasing and similar rights | 25 | €80 | - | -€80 | |
| Other tangible fixed assets | 26 | €5,794 | €1,011 | -€4,783 | -82.6% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €104,008 | €91,243 | -€12,765 | -12.3% |
| Stocks and contracts in progress | 3 | €76,872 | €75,231 | -€1,641 | -2.1% |
| Stocks | 30/36 | €76,872 | €75,231 | -€1,641 | -2.1% |
| Amounts receivable within one year | 40/41 | €21,369 | €11,579 | -€9,790 | -45.8% |
| Trade receivables | 40 | €21,367 | €9,633 | -€11,734 | -54.9% |
| Other amounts receivable | 41 | €2 | €1,947 | +€1,945 | +92160.2% |
| Cash at bank and in hand | 54/58 | €5,766 | €4,432 | -€1,334 | -23.1% |
| Total equity and liabilities | 10/49 | €231,673 | €158,169 | -€73,504 | -31.7% |
| Equity | 10/15 | €40,974 | -€22,375 | -€63,349 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,374 | €22,374 | = | 0.0% |
| Distributable reserves | 133 | €22,374 | €22,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€63,349 | -€63,349 | |
| Amounts payable | 17/49 | €190,699 | €180,544 | -€10,155 | -5.3% |
| Amounts payable after more than one year | 17 | €22,285 | €8,351 | -€13,934 | -62.5% |
| Financial debts | 170/4 | €17,285 | €8,351 | -€8,934 | -51.7% |
| Other amounts payable | 178/9 | €5,000 | - | -€5,000 | |
| Amounts payable within one year | 42/48 | €168,415 | €172,193 | +€3,779 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €9,345 | €8,934 | -€411 | -4.4% |
| Trade debts | 44 | €101,892 | €106,507 | +€4,614 | +4.5% |
| Suppliers | 440/4 | €101,892 | €106,507 | +€4,614 | +4.5% |
| Taxes, remuneration and social security | 45 | €32,985 | €34,643 | +€1,658 | +5.0% |
| Taxes | 450/3 | €6,442 | €10,392 | +€3,949 | +61.3% |
| Remuneration and social security | 454/9 | €26,543 | €24,251 | -€2,292 | -8.6% |
| Other amounts payable | 47/48 | €24,192 | €22,110 | -€2,082 | -8.6% |
| Non-recurring operating income | 76A | €17,200 | - | -€17,200 | |
| Remuneration, social security and pensions | 62 | €130,762 | €168,684 | +€37,922 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,820 | €9,093 | -€10,727 | -54.1% |
| Other operating charges | 640/8 | €4,127 | €23,306 | +€19,179 | +464.7% |
| Non-recurring operating charges | 66A | - | €31,733 | +€31,733 | |
| Gross operating margin | 9900 | €166,320 | €176,350 | +€10,030 | +6.0% |
| Operating profit (loss) | 9901 | €11,611 | -€56,465 | -€68,076 | |
| Financial income | 75/76B | €13 | €322 | +€309 | +2392.9% |
| Recurring financial income | 75 | €13 | €322 | +€309 | +2392.9% |
| Financial charges | 65/66B | €5,704 | €5,682 | -€22 | -0.4% |
| Recurring financial charges | 65 | €5,704 | €5,682 | -€22 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €5,920 | -€61,825 | -€67,745 | |
| Income taxes | 67/77 | €3,087 | €1,523 | -€1,564 | -50.7% |
| Profit (loss) for the period | 9904 | €2,833 | -€63,349 | -€66,181 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,833 | -€63,349 | -€66,181 |
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 5 October 2026 via checked.be.