KAMELEON: 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.
KAMELEON
Largest movements
- Receivables within one year -€514,788
down €514,788 (-82.2%), from €626,003 to €111,215
of which Other amounts receivable: -€273,480
- Cash +€399,640
up €399,640 (+469%), from €85,217 to €484,857
mainly Receivables within one year (+€514,788) and Net result for the year (+€292,416)
- Receivables after one year +€350,000
new in 2025: €350,000
- Tangible fixed assets -€45,346
down €45,346 (-3.5%), from €1.3m to €1.2m
of which Land and buildings: -€59,219
- Reserves +€292,416
up €292,416 (+18.9%), from €1.5m to €1.8m
of which Distributable reserves: +€292,416
- Debts after one year -€81,027
down €81,027 (-14.6%), from €555,106 to €474,079
of which Financial debts: -€81,027
- Gross operating margin +€158,713
up €158,713 (+41.2%), from €384,991 to €543,704
- Taxes +€48,113
up €48,113 (+64.4%), from €74,668 to €122,781
- Financial income -€35,812
down €35,812 (-39.5%), from €90,569 to €54,756
- Other operating charges +€12,618
up €12,618 (+64.3%), from €19,620 to €32,238
- Financial charges -€6,431
down €6,431 (-38.8%), from €16,580 to €10,150
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 | €2,360,059 | €2,549,682 | +€189,622 | +8.0% |
| Fixed assets | 21/28 | €1,504,603 | €1,434,083 | -€70,520 | -4.7% |
| Tangible fixed assets | 22/27 | €1,292,826 | €1,247,481 | -€45,346 | -3.5% |
| Land and buildings | 22 | €1,285,636 | €1,226,417 | -€59,219 | -4.6% |
| Plant, machinery and equipment | 23 | €6,210 | €4,417 | -€1,793 | -28.9% |
| Furniture and vehicles | 24 | €980 | €646 | -€334 | -34.1% |
| Other tangible fixed assets | 26 | - | €16,000 | +€16,000 | |
| Financial fixed assets | 28 | €211,776 | €186,602 | -€25,174 | -11.9% |
| Current assets | 29/58 | €855,456 | €1,115,599 | +€260,143 | +30.4% |
| Amounts receivable after more than one year | 29 | - | €350,000 | +€350,000 | |
| Other amounts receivable | 291 | - | €350,000 | +€350,000 | |
| Amounts receivable within one year | 40/41 | €626,003 | €111,215 | -€514,788 | -82.2% |
| Trade receivables | 40 | €340,064 | €98,756 | -€241,308 | -71.0% |
| Other amounts receivable | 41 | €285,939 | €12,459 | -€273,480 | -95.6% |
| Current investments | 50/53 | €144,236 | €156,559 | +€12,322 | +8.5% |
| Cash at bank and in hand | 54/58 | €85,217 | €484,857 | +€399,640 | +469% |
| Deferred charges and accrued income | 490/1 | €0 | €12,968 | +€12,968 | |
| Total equity and liabilities | 10/49 | €2,360,059 | €2,549,682 | +€189,622 | +8.0% |
| Equity | 10/15 | €1,565,943 | €1,858,359 | +€292,416 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,547,343 | €1,839,759 | +€292,416 | +18.9% |
| Non-distributable reserves | 130/1 | €378,608 | €378,608 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €378,608 | €378,608 | = | 0.0% |
| Distributable reserves | 133 | €1,168,735 | €1,461,151 | +€292,416 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €794,116 | €691,323 | -€102,793 | -12.9% |
| Amounts payable after more than one year | 17 | €555,106 | €474,079 | -€81,027 | -14.6% |
| Financial debts | 170/4 | €546,106 | €465,079 | -€81,027 | -14.8% |
| Other amounts payable | 178/9 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €239,009 | €217,244 | -€21,766 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €101,519 | €79,203 | -€22,316 | -22.0% |
| Trade debts | 44 | €13,004 | €12,343 | -€661 | -5.1% |
| Suppliers | 440/4 | €13,004 | €12,343 | -€661 | -5.1% |
| Taxes, remuneration and social security | 45 | €36,237 | €33,179 | -€3,057 | -8.4% |
| Taxes | 450/3 | €20,802 | €23,201 | +€2,399 | +11.5% |
| Remuneration and social security | 454/9 | €15,435 | €9,978 | -€5,457 | -35.4% |
| Other amounts payable | 47/48 | €88,250 | €92,518 | +€4,268 | +4.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €78,692 | €79,530 | +€838 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,517 | €61,346 | -€4,171 | -6.4% |
| Other operating charges | 640/8 | €19,620 | €32,238 | +€12,618 | +64.3% |
| Gross operating margin | 9900 | €384,991 | €543,704 | +€158,713 | +41.2% |
| Operating profit (loss) | 9901 | €221,162 | €370,590 | +€149,428 | +67.6% |
| Financial income | 75/76B | €90,569 | €54,756 | -€35,812 | -39.5% |
| Recurring financial income | 75 | €90,569 | €54,756 | -€35,812 | -39.5% |
| Financial charges | 65/66B | €16,580 | €10,150 | -€6,431 | -38.8% |
| Recurring financial charges | 65 | €16,580 | €10,150 | -€6,431 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €295,151 | €415,197 | +€120,046 | +40.7% |
| Income taxes | 67/77 | €74,668 | €122,781 | +€48,113 | +64.4% |
| Profit (loss) for the period | 9904 | €220,483 | €292,416 | +€71,933 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €220,483 | €292,416 | +€71,933 | +32.6% |
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 14 October 2026 via checked.be.