KAMPAGNA: 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.
KAMPAGNA
Largest movements
- Current investments +€101,077
up €101,077, from €0 to €101,077
- Cash -€96,776
down €96,776 (-40.8%), from €237,442 to €140,666
mainly Current investments (-€101,077) and Trade debts (-€10,932)
- Tangible fixed assets -€27,172
down €27,172 (-2.7%), from €1.0m to €986,860
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€34,070
down €34,070 (-47.3%), from €71,965 to €37,895
- Taxes -€6,111
down €6,111 (-60.8%), from €10,043 to €3,933
- Financial charges -€2,526
down €2,526 (-9.4%), from €26,996 to €24,470
- Financial income -€1,555
down €1,555 (-10.8%), from €14,452 to €12,897
- Depreciation +€754
up €754 (+2.7%), from €27,823 to €28,577
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 | €1,508,692 | €1,486,720 | -€21,971 | -1.5% |
| Fixed assets | 21/28 | €1,014,033 | €986,860 | -€27,172 | -2.7% |
| Tangible fixed assets | 22/27 | €1,014,033 | €986,860 | -€27,172 | -2.7% |
| Land and buildings | 22 | €928,129 | €927,289 | -€840 | -0.1% |
| Plant, machinery and equipment | 23 | €31,383 | €17,907 | -€13,476 | -42.9% |
| Furniture and vehicles | 24 | €46,060 | €35,319 | -€10,741 | -23.3% |
| Other tangible fixed assets | 26 | €8,461 | €6,346 | -€2,115 | -25.0% |
| Current assets | 29/58 | €494,659 | €499,860 | +€5,201 | +1.1% |
| Amounts receivable after more than one year | 29 | €240,000 | €240,000 | = | 0.0% |
| Other amounts receivable | 291 | €240,000 | €240,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,059 | €17,951 | +€892 | +5.2% |
| Trade receivables | 40 | €544 | €7,264 | +€6,720 | +1,235% |
| Other amounts receivable | 41 | €16,515 | €10,687 | -€5,828 | -35.3% |
| Current investments | 50/53 | €0 | €101,077 | +€101,077 | |
| Cash at bank and in hand | 54/58 | €237,442 | €140,666 | -€96,776 | -40.8% |
| Deferred charges and accrued income | 490/1 | €158 | €166 | +€8 | +5.4% |
| Total equity and liabilities | 10/49 | €1,508,692 | €1,486,720 | -€21,971 | -1.5% |
| Equity | 10/15 | €1,138,416 | €1,133,026 | -€5,390 | -0.5% |
| Contributions | 10/11 | €637,506 | €637,506 | = | 0.0% |
| Reserves | 13 | €500,909 | €495,519 | -€5,390 | -1.1% |
| Tax-exempt reserves | 132 | €81,171 | €64,222 | -€16,949 | -20.9% |
| Distributable reserves | 133 | €419,739 | €431,297 | +€11,558 | +2.8% |
| Provisions and deferred taxes | 16 | €17,277 | €11,628 | -€5,650 | -32.7% |
| Deferred taxes | 168 | €17,277 | €11,628 | -€5,650 | -32.7% |
| Amounts payable | 17/49 | €352,999 | €342,067 | -€10,932 | -3.1% |
| Amounts payable after more than one year | 17 | €95,000 | €95,000 | = | 0.0% |
| Financial debts | 170/4 | €95,000 | €95,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €257,999 | €247,067 | -€10,932 | -4.2% |
| Trade debts | 44 | €15,049 | €4,117 | -€10,932 | -72.6% |
| Suppliers | 440/4 | €15,049 | €4,117 | -€10,932 | -72.6% |
| Taxes, remuneration and social security | 45 | €2,400 | €2,400 | = | 0.0% |
| Taxes | 450/3 | €2,400 | €2,400 | = | 0.0% |
| Other amounts payable | 47/48 | €240,550 | €240,550 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,823 | €28,577 | +€754 | +2.7% |
| Other operating charges | 640/8 | €5,120 | €4,852 | -€268 | -5.2% |
| Gross operating margin | 9900 | €71,965 | €37,895 | -€34,070 | -47.3% |
| Operating profit (loss) | 9901 | €39,021 | €4,466 | -€34,555 | -88.6% |
| Financial income | 75/76B | €14,452 | €12,897 | -€1,555 | -10.8% |
| Recurring financial income | 75 | €14,452 | €12,897 | -€1,555 | -10.8% |
| Financial charges | 65/66B | €26,996 | €24,470 | -€2,526 | -9.4% |
| Recurring financial charges | 65 | €26,996 | €24,470 | -€2,526 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €26,477 | -€7,107 | -€33,584 | |
| Transfer from deferred taxes | 780 | €5,445 | €5,650 | +€204 | +3.8% |
| Income taxes | 67/77 | €10,043 | €3,933 | -€6,111 | -60.8% |
| Profit (loss) for the period | 9904 | €21,879 | -€5,390 | -€27,269 | |
| Transfer from tax-exempt reserves | 789 | €16,336 | €16,949 | +€613 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,215 | €11,558 | -€26,657 | -69.8% |
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 26 October 2026 via checked.be.