KAMO: 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.
KAMO
Largest movements
- Receivables after one year +€276,830
new in 2025: €276,830
- Cash -€196,114
down €196,114 (-50.6%), from €387,614 to €191,500
mainly Receivables after one year (-€276,830) and Investment in fixed assets (net) (-€128,260)
- Tangible fixed assets +€111,590
up €111,590 (+444.3%), from €25,117 to €136,707
of which Other tangible fixed assets: +€116,719
- Receivables within one year -€48,936
down €48,936 (-40.7%), from €120,233 to €71,298
- Stocks and contracts -€9,070
down €9,070 (-21.0%), from €43,181 to €34,111
- Debts after one year +€103,005
up €103,005 (+128.8%), from €80,000 to €183,005
of which Financial debts: +€103,005
- Trade debts -€87,629
down €87,629 (-56.4%), from €155,353 to €67,724
- Profit (loss) carried forward +€41,814
up €41,814 (+47.3%), from €88,480 to €130,294
- Reserves +€32,529
up €32,529 (+16.8%), from €193,384 to €225,913
- Current portion of long-term debt +€28,539
new in 2025: €28,539
- Gross operating margin +€63,337
up €63,337 (+21.0%), from €301,719 to €365,056
- Taxes +€21,626
up €21,626 (+147.7%), from €14,639 to €36,264
- Financial charges -€18,277
down €18,277 (-58.8%), from €31,063 to €12,786
of which Non-recurring financial charges: -€20,000
- Financial income +€6,946
up €6,946 (+1572.5%), from €442 to €7,387
- Depreciation +€6,777
up €6,777 (+68.5%), from €9,893 to €16,670
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 | €593,473 | €726,396 | +€132,923 | +22.4% |
| Fixed assets | 21/28 | €27,574 | €139,164 | +€111,590 | +404.7% |
| Tangible fixed assets | 22/27 | €25,117 | €136,707 | +€111,590 | +444.3% |
| Plant, machinery and equipment | 23 | €4,510 | €2,351 | -€2,159 | -47.9% |
| Furniture and vehicles | 24 | €6,455 | €3,485 | -€2,970 | -46.0% |
| Other tangible fixed assets | 26 | €14,152 | €130,871 | +€116,719 | +824.8% |
| Financial fixed assets | 28 | €2,457 | €2,457 | = | 0.0% |
| Current assets | 29/58 | €565,900 | €587,232 | +€21,332 | +3.8% |
| Amounts receivable after more than one year | 29 | - | €276,830 | +€276,830 | |
| Other amounts receivable | 291 | - | €276,830 | +€276,830 | |
| Stocks and contracts in progress | 3 | €43,181 | €34,111 | -€9,070 | -21.0% |
| Stocks | 30/36 | €43,181 | €34,111 | -€9,070 | -21.0% |
| Amounts receivable within one year | 40/41 | €120,233 | €71,298 | -€48,936 | -40.7% |
| Trade receivables | 40 | €120,233 | €71,298 | -€48,936 | -40.7% |
| Cash at bank and in hand | 54/58 | €387,614 | €191,500 | -€196,114 | -50.6% |
| Deferred charges and accrued income | 490/1 | €14,872 | €13,494 | -€1,378 | -9.3% |
| Total equity and liabilities | 10/49 | €593,473 | €726,396 | +€132,923 | +22.4% |
| Equity | 10/15 | €300,464 | €374,807 | +€74,343 | +24.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €193,384 | €225,913 | +€32,529 | +16.8% |
| Distributable reserves | 133 | €193,384 | €225,913 | +€32,529 | +16.8% |
| Profit (loss) carried forward | 14 | €88,480 | €130,294 | +€41,814 | +47.3% |
| Amounts payable | 17/49 | €293,010 | €351,589 | +€58,579 | +20.0% |
| Amounts payable after more than one year | 17 | €80,000 | €183,005 | +€103,005 | +128.8% |
| Financial debts | 170/4 | - | €103,005 | +€103,005 | |
| Other amounts payable | 178/9 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €213,010 | €168,584 | -€44,425 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | - | €28,539 | +€28,539 | |
| Trade debts | 44 | €155,353 | €67,724 | -€87,629 | -56.4% |
| Suppliers | 440/4 | €155,353 | €67,724 | -€87,629 | -56.4% |
| Taxes, remuneration and social security | 45 | €48,831 | €72,322 | +€23,491 | +48.1% |
| Taxes | 450/3 | €26,872 | €49,359 | +€22,487 | +83.7% |
| Remuneration and social security | 454/9 | €21,959 | €22,963 | +€1,004 | +4.6% |
| Other amounts payable | 47/48 | €8,826 | - | -€8,826 | |
| Remuneration, social security and pensions | 62 | €208,543 | €209,183 | +€640 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,893 | €16,670 | +€6,777 | +68.5% |
| Other operating charges | 640/8 | €6,551 | €5,725 | -€826 | -12.6% |
| Gross operating margin | 9900 | €301,719 | €365,056 | +€63,337 | +21.0% |
| Operating profit (loss) | 9901 | €76,732 | €133,477 | +€56,746 | +74.0% |
| Financial income | 75/76B | €442 | €7,387 | +€6,946 | +1572.5% |
| Recurring financial income | 75 | €442 | €7,387 | +€6,946 | +1572.5% |
| Financial charges | 65/66B | €31,063 | €12,786 | -€18,277 | -58.8% |
| Recurring financial charges | 65 | €11,063 | €12,786 | +€1,723 | +15.6% |
| Non-recurring financial charges | 66B | €20,000 | - | -€20,000 | |
| Profit (loss) for the period before taxes | 9903 | €46,110 | €128,078 | +€81,968 | +177.8% |
| Income taxes | 67/77 | €14,639 | €36,264 | +€21,626 | +147.7% |
| Profit (loss) for the period | 9904 | €31,472 | €91,814 | +€60,342 | +191.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,472 | €91,814 | +€60,342 | +191.7% |
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 4 October 2026 via checked.be.