KAMENEV: 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.
KAMENEV
Largest movements
- Receivables within one year +€132,063
up €132,063 (+43.5%), from €303,599 to €435,662
of which Trade receivables: +€81,023
- Cash -€22,216
down €22,216 (-95.4%), from €23,287 to €1,071
mainly Receivables within one year (-€132,063) and Contributions, distributions and other (-€80,000)
- Other debts +€80,374
up €80,374 (+42964.5%), from €187 to €80,561
- Profit (loss) carried forward -€54,612
down €54,612 (-47.2%), from €115,707 to €61,095
- Trade debts +€35,643
up €35,643 (+17.9%), from €199,288 to €234,931
- Short-term financial debts +€26,601
new in 2025: €26,601
- Tax, wage and social debts +€21,305
up €21,305 (+168.1%), from €12,677 to €33,982
of which Taxes: +€12,473
- Staff costs +€10,759
up €10,759 (+7.6%), from €142,144 to €152,903
- Gross operating margin -€9,037
down €9,037 (-4.6%), from €197,959 to €188,923
- Financial income +€4,222
up €4,222 (+1054.3%), from €400 to €4,622
- Taxes +€2,785
up €2,785, from €0 to €2,785
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 | €451,724 | €561,348 | +€109,624 | +24.3% |
| Fixed assets | 21/28 | €53,397 | €50,530 | -€2,867 | -5.4% |
| Tangible fixed assets | 22/27 | €53,078 | €50,211 | -€2,867 | -5.4% |
| Land and buildings | 22 | €35,757 | €35,136 | -€620 | -1.7% |
| Plant, machinery and equipment | 23 | €17,321 | €15,074 | -€2,247 | -13.0% |
| Financial fixed assets | 28 | €319 | €319 | = | 0.0% |
| Current assets | 29/58 | €398,327 | €510,818 | +€112,491 | +28.2% |
| Stocks and contracts in progress | 3 | €70,977 | €73,478 | +€2,501 | +3.5% |
| Stocks | 30/36 | €70,977 | €73,478 | +€2,501 | +3.5% |
| Amounts receivable within one year | 40/41 | €303,599 | €435,662 | +€132,063 | +43.5% |
| Trade receivables | 40 | €182,642 | €263,665 | +€81,023 | +44.4% |
| Other amounts receivable | 41 | €120,957 | €171,996 | +€51,040 | +42.2% |
| Cash at bank and in hand | 54/58 | €23,287 | €1,071 | -€22,216 | -95.4% |
| Deferred charges and accrued income | 490/1 | €464 | €607 | +€143 | +30.8% |
| Total equity and liabilities | 10/49 | €451,724 | €561,348 | +€109,624 | +24.3% |
| Equity | 10/15 | €239,303 | €184,690 | -€54,612 | -22.8% |
| Contributions | 10/11 | €34,085 | €34,085 | = | 0.0% |
| Reserves | 13 | €89,510 | €89,510 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,409 | €3,409 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,409 | €3,409 | = | 0.0% |
| Distributable reserves | 133 | €86,102 | €86,102 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,707 | €61,095 | -€54,612 | -47.2% |
| Amounts payable | 17/49 | €212,421 | €376,657 | +€164,236 | +77.3% |
| Amounts payable within one year | 42/48 | €212,152 | €376,075 | +€163,923 | +77.3% |
| Financial debts | 43 | - | €26,601 | +€26,601 | |
| Credit institutions | 430/8 | - | €26,601 | +€26,601 | |
| Trade debts | 44 | €199,288 | €234,931 | +€35,643 | +17.9% |
| Suppliers | 440/4 | €199,288 | €234,931 | +€35,643 | +17.9% |
| Taxes, remuneration and social security | 45 | €12,677 | €33,982 | +€21,305 | +168.1% |
| Taxes | 450/3 | €5,090 | €17,563 | +€12,473 | +245.0% |
| Remuneration and social security | 454/9 | €7,586 | €16,419 | +€8,832 | +116.4% |
| Other amounts payable | 47/48 | €187 | €80,561 | +€80,374 | +42964.5% |
| Accrued charges and deferred income | 492/3 | €269 | €583 | +€314 | +116.5% |
| Remuneration, social security and pensions | 62 | €142,144 | €152,903 | +€10,759 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,576 | €4,106 | +€1,530 | +59.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €521 | €0 | -€521 | -100.0% |
| Other operating charges | 640/8 | €4,976 | €5,593 | +€617 | +12.4% |
| Gross operating margin | 9900 | €197,959 | €188,923 | -€9,037 | -4.6% |
| Operating profit (loss) | 9901 | €47,743 | €26,321 | -€21,422 | -44.9% |
| Financial income | 75/76B | €400 | €4,622 | +€4,222 | +1054.3% |
| Recurring financial income | 75 | €400 | €4,622 | +€4,222 | +1054.3% |
| Financial charges | 65/66B | €1,649 | €2,771 | +€1,122 | +68.0% |
| Recurring financial charges | 65 | €1,649 | €2,771 | +€1,122 | +68.0% |
| Profit (loss) for the period before taxes | 9903 | €46,494 | €28,173 | -€18,321 | -39.4% |
| Income taxes | 67/77 | €0 | €2,785 | +€2,785 | |
| Profit (loss) for the period | 9904 | €46,494 | €25,388 | -€21,107 | -45.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,494 | €25,388 | -€21,107 | -45.4% |
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 7 October 2026 via checked.be.