Kamino: 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.
Kamino
Largest movements
- Financial fixed assets -€1.1m
down €1.1m (-27.3%), from €4.0m to €2.9m
- Receivables within one year -€650,076
down €650,076 (-89.5%), from €726,360 to €76,284
of which Other amounts receivable: -€655,213
- Receivables after one year +€629,701
new in 2025: €629,701
- Cash +€561,725
up €561,725 (+236%), from €238,503 to €800,228
mainly Net result for the year (+€1.2m) and Investment in fixed assets (net) (+€1.1m)
- Debts after one year -€1.7m
no longer reported in 2025 (was €1.7m)
- Reserves +€1.2m
up €1.2m (+95.1%), from €1.3m to €2.5m
- Profit (loss) carried forward -€1.0m
down €1.0m (-52.3%), from €1.9m to €910,880
- Other debts +€799,769
up €799,769 (+399%), from €200,231 to €1.0m
- Tax, wage and social debts +€93,756
new in 2025: €93,756
- Financial income -€84,332
down €84,332 (-6.4%), from €1.3m to €1.2m
- Financial charges -€27,492
down €27,492 (-64.9%), from €42,373 to €14,881
- Depreciation +€8,950
up €8,950 (+31.6%), from €28,300 to €37,250
- Gross operating margin +€4,088
up €4,088 (+2.3%), from €174,717 to €178,804
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 | €5,097,113 | €4,513,064 | -€584,049 | -11.5% |
| Fixed assets | 21/28 | €4,127,123 | €3,006,850 | -€1.1m | -27.1% |
| Tangible fixed assets | 22/27 | €157,059 | €119,809 | -€37,250 | -23.7% |
| Furniture and vehicles | 24 | €157,059 | €119,809 | -€37,250 | -23.7% |
| Financial fixed assets | 28 | €3,970,064 | €2,887,041 | -€1.1m | -27.3% |
| Current assets | 29/58 | €969,990 | €1,506,214 | +€536,223 | +55.3% |
| Amounts receivable after more than one year | 29 | - | €629,701 | +€629,701 | |
| Other amounts receivable | 291 | - | €629,701 | +€629,701 | |
| Amounts receivable within one year | 40/41 | €726,360 | €76,284 | -€650,076 | -89.5% |
| Trade receivables | 40 | €66,388 | €71,525 | +€5,137 | +7.7% |
| Other amounts receivable | 41 | €659,972 | €4,759 | -€655,213 | -99.3% |
| Cash at bank and in hand | 54/58 | €238,503 | €800,228 | +€561,725 | +236% |
| Deferred charges and accrued income | 490/1 | €5,127 | - | -€5,127 | |
| Total equity and liabilities | 10/49 | €5,097,113 | €4,513,064 | -€584,049 | -11.5% |
| Equity | 10/15 | €3,201,708 | €3,411,662 | +€209,954 | +6.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,272,278 | €2,482,232 | +€1.2m | +95.1% |
| Distributable reserves | 133 | €1,272,278 | €2,482,232 | +€1.2m | +95.1% |
| Profit (loss) carried forward | 14 | €1,910,880 | €910,880 | -€1.0m | -52.3% |
| Amounts payable | 17/49 | €1,895,406 | €1,101,402 | -€794,004 | -41.9% |
| Amounts payable after more than one year | 17 | €1,694,331 | - | -€1.7m | |
| Financial debts | 170/4 | €1,694,331 | - | -€1.7m | |
| Amounts payable within one year | 42/48 | €201,075 | €1,101,402 | +€900,327 | +448% |
| Trade debts | 44 | €843 | €7,646 | +€6,803 | +807% |
| Suppliers | 440/4 | €843 | €7,646 | +€6,803 | +807% |
| Taxes, remuneration and social security | 45 | - | €93,756 | +€93,756 | |
| Taxes | 450/3 | - | €93,756 | +€93,756 | |
| Other amounts payable | 47/48 | €200,231 | €1,000,000 | +€799,769 | +399% |
| Non-recurring operating income | 76A | €14,000 | €18,000 | +€4,000 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,300 | €37,250 | +€8,950 | +31.6% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €174,717 | €178,804 | +€4,088 | +2.3% |
| Operating profit (loss) | 9901 | €145,449 | €140,556 | -€4,893 | -3.4% |
| Financial income | 75/76B | €1,320,376 | €1,236,044 | -€84,332 | -6.4% |
| Recurring financial income | 75 | €1,320,376 | €1,236,044 | -€84,332 | -6.4% |
| Financial charges | 65/66B | €42,373 | €14,881 | -€27,492 | -64.9% |
| Recurring financial charges | 65 | €42,373 | €14,881 | -€27,492 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | €1,423,451 | €1,361,719 | -€61,733 | -4.3% |
| Income taxes | 67/77 | €153,029 | €151,764 | -€1,264 | -0.8% |
| Profit (loss) for the period | 9904 | €1,270,423 | €1,209,954 | -€60,468 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,270,423 | €1,209,954 | -€60,468 | -4.8% |
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 21 October 2026 via checked.be.