KAMAX: 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.
KAMAX
Largest movements
- Cash +€83,276
up €83,276 (+330%), from €25,218 to €108,494
mainly Net result for the year (+€98,124) and Trade debts (+€41,487)
- Receivables within one year +€32,781
up €32,781 (+13.2%), from €247,507 to €280,288
of which Other amounts receivable: +€18,475
- Profit (loss) carried forward +€98,124
up €98,124 (+42.4%), from €231,641 to €329,765
- Trade debts +€41,487
up €41,487 (+32.8%), from €126,340 to €167,827
- Accrued charges and deferred income -€20,000
down €20,000 (-25.0%), from €80,000 to €60,000
- Tax, wage and social debts -€6,290
no longer reported in 2025 (was €6,290)
- Financial income +€86,800
new in 2025: €86,800
- Gross operating margin -€32,745
down €32,745 (-51.5%), from €63,567 to €30,822
- Taxes -€7,780
down €7,780 (-69.0%), from €11,280 to €3,500
- Other operating charges -€4,136
down €4,136 (-71.1%), from €5,819 to €1,683
- Depreciation +€1,630
up €1,630 (+30.2%), from €5,388 to €7,018
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 | €483,473 | €596,793 | +€113,321 | +23.4% |
| Fixed assets | 21/28 | €118,896 | €116,160 | -€2,736 | -2.3% |
| Tangible fixed assets | 22/27 | €25,814 | €23,078 | -€2,736 | -10.6% |
| Plant, machinery and equipment | 23 | €999 | €8,411 | +€7,412 | +742% |
| Furniture and vehicles | 24 | €24,816 | €14,667 | -€10,148 | -40.9% |
| Financial fixed assets | 28 | €93,082 | €93,082 | = | 0.0% |
| Current assets | 29/58 | €364,576 | €480,633 | +€116,057 | +31.8% |
| Amounts receivable within one year | 40/41 | €247,507 | €280,288 | +€32,781 | +13.2% |
| Trade receivables | 40 | €228,607 | €242,913 | +€14,306 | +6.3% |
| Other amounts receivable | 41 | €18,900 | €37,375 | +€18,475 | +97.8% |
| Current investments | 50/53 | €91,851 | €91,851 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,218 | €108,494 | +€83,276 | +330% |
| Total equity and liabilities | 10/49 | €483,473 | €596,793 | +€113,321 | +23.4% |
| Equity | 10/15 | €270,843 | €368,966 | +€98,124 | +36.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €20,609 | €20,609 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €231,641 | €329,765 | +€98,124 | +42.4% |
| Amounts payable | 17/49 | €212,630 | €227,827 | +€15,197 | +7.1% |
| Amounts payable within one year | 42/48 | €132,630 | €167,827 | +€35,197 | +26.5% |
| Trade debts | 44 | €126,340 | €167,827 | +€41,487 | +32.8% |
| Suppliers | 440/4 | €126,340 | €167,827 | +€41,487 | +32.8% |
| Taxes, remuneration and social security | 45 | €6,290 | - | -€6,290 | |
| Taxes | 450/3 | €6,290 | - | -€6,290 | |
| Accrued charges and deferred income | 492/3 | €80,000 | €60,000 | -€20,000 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,388 | €7,018 | +€1,630 | +30.2% |
| Other operating charges | 640/8 | €5,819 | €1,683 | -€4,136 | -71.1% |
| Non-recurring operating charges | 66A | - | €3,630 | +€3,630 | |
| Gross operating margin | 9900 | €63,567 | €30,822 | -€32,745 | -51.5% |
| Operating profit (loss) | 9901 | €52,360 | €18,492 | -€33,868 | -64.7% |
| Financial income | 75/76B | - | €86,800 | +€86,800 | |
| Recurring financial income | 75 | - | €86,800 | +€86,800 | |
| Financial charges | 65/66B | €4,181 | €3,668 | -€513 | -12.3% |
| Recurring financial charges | 65 | €4,181 | €3,668 | -€513 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €48,179 | €101,624 | +€53,445 | +111% |
| Income taxes | 67/77 | €11,280 | €3,500 | -€7,780 | -69.0% |
| Profit (loss) for the period | 9904 | €36,899 | €98,124 | +€61,225 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €36,899 | €98,124 | +€61,225 | +166% |
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 17 October 2026 via checked.be.