KAMINSKY: 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.
KAMINSKY
Largest movements
- Cash -€25,950
down €25,950 (-17.8%), from €145,517 to €119,566
mainly Net result for the year (-€22,465) and Investment in fixed assets (net) (-€18,181)
- Tangible fixed assets -€11,725
down €11,725 (-7.0%), from €167,267 to €155,542
of which Land and buildings: -€8,037
- Receivables within one year +€5,808
up €5,808 (+62.2%), from €9,336 to €15,144
of which Other amounts receivable: +€5,808
- Stocks and contracts +€4,971
up €4,971 (+44.5%), from €11,173 to €16,144
- Reserves -€22,465
down €22,465 (-15.6%), from €144,249 to €121,784
- Debts after one year -€16,327
down €16,327 (-23.4%), from €69,806 to €53,480
- Trade debts +€9,826
up €9,826 (+19.3%), from €50,797 to €60,623
- Tax, wage and social debts +€4,984
up €4,984 (+13.1%), from €38,086 to €43,069
of which Taxes: +€4,476
- Gross operating margin -€42,017
down €42,017 (-6.8%), from €621,618 to €579,601
- Taxes -€6,414
down €6,414 (-100.0%), from €6,414 to €0
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 | €337,603 | €314,054 | -€23,549 | -7.0% |
| Fixed assets | 21/28 | €171,576 | €159,851 | -€11,725 | -6.8% |
| Tangible fixed assets | 22/27 | €167,267 | €155,542 | -€11,725 | -7.0% |
| Land and buildings | 22 | €150,562 | €142,525 | -€8,037 | -5.3% |
| Plant, machinery and equipment | 23 | €16,706 | €13,018 | -€3,688 | -22.1% |
| Financial fixed assets | 28 | €4,309 | €4,309 | = | 0.0% |
| Current assets | 29/58 | €166,026 | €154,202 | -€11,824 | -7.1% |
| Stocks and contracts in progress | 3 | €11,173 | €16,144 | +€4,971 | +44.5% |
| Stocks | 30/36 | €11,173 | €16,144 | +€4,971 | +44.5% |
| Amounts receivable within one year | 40/41 | €9,336 | €15,144 | +€5,808 | +62.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €9,336 | €15,144 | +€5,808 | +62.2% |
| Cash at bank and in hand | 54/58 | €145,517 | €119,566 | -€25,950 | -17.8% |
| Deferred charges and accrued income | 490/1 | - | €3,347 | +€3,347 | |
| Total equity and liabilities | 10/49 | €337,603 | €314,054 | -€23,549 | -7.0% |
| Equity | 10/15 | €162,849 | €140,384 | -€22,465 | -13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €144,249 | €121,784 | -€22,465 | -15.6% |
| Distributable reserves | 133 | €144,249 | €121,784 | -€22,465 | -15.6% |
| Amounts payable | 17/49 | €174,754 | €173,670 | -€1,084 | -0.6% |
| Amounts payable after more than one year | 17 | €69,806 | €53,480 | -€16,327 | -23.4% |
| Financial debts | 170/4 | €69,806 | €53,480 | -€16,327 | -23.4% |
| Amounts payable within one year | 42/48 | €104,947 | €120,020 | +€15,072 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €16,065 | €16,327 | +€262 | +1.6% |
| Trade debts | 44 | €50,797 | €60,623 | +€9,826 | +19.3% |
| Suppliers | 440/4 | €50,797 | €60,623 | +€9,826 | +19.3% |
| Taxes, remuneration and social security | 45 | €38,086 | €43,069 | +€4,984 | +13.1% |
| Taxes | 450/3 | €21,044 | €25,521 | +€4,476 | +21.3% |
| Remuneration and social security | 454/9 | €17,041 | €17,549 | +€508 | +3.0% |
| Accrued charges and deferred income | 492/3 | - | €171 | +€171 | |
| Remuneration, social security and pensions | 62 | €561,310 | €562,883 | +€1,573 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,064 | €29,906 | -€158 | -0.5% |
| Other operating charges | 640/8 | €1,062 | €1,802 | +€740 | +69.7% |
| Gross operating margin | 9900 | €621,618 | €579,601 | -€42,017 | -6.8% |
| Operating profit (loss) | 9901 | €29,182 | -€14,990 | -€44,172 | |
| Financial income | 75/76B | €0 | €41 | +€41 | |
| Recurring financial income | 75 | €0 | €41 | +€41 | |
| Financial charges | 65/66B | €7,580 | €7,517 | -€63 | -0.8% |
| Recurring financial charges | 65 | €7,580 | €7,517 | -€63 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €21,603 | -€22,465 | -€44,068 | |
| Income taxes | 67/77 | €6,414 | €0 | -€6,414 | -100.0% |
| Profit (loss) for the period | 9904 | €15,188 | -€22,465 | -€37,654 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,188 | -€22,465 | -€37,654 |
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.