The Campfire: 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.
The Campfire
Largest movements
- Receivables within one year +€182,625
up €182,625 (+195%), from €93,638 to €276,262
of which Trade receivables: +€167,702
- Cash -€9,168
down €9,168 (-99.7%), from €9,192 to €24
mainly Receivables within one year (-€182,625) and Investment in fixed assets (net) (-€35,287)
- Deferred charges and accrued income +€9,039
up €9,039 (+6,202%), from €146 to €9,185
- Intangible fixed assets -€4,759
down €4,759 (-6.3%), from €75,123 to €70,365
- Profit (loss) carried forward +€91,575
up €91,575 (+276%), from €33,188 to €124,763
- Trade debts +€37,077
up €37,077 (+88.6%), from €41,868 to €78,946
- Tax, wage and social debts +€28,222
up €28,222 (+44.8%), from €63,050 to €91,272
of which Taxes: +€20,515
- Current portion of long-term debt +€11,871
up €11,871 (+50.9%), from €23,330 to €35,201
- Short-term financial debts +€5,023
new in 2025: €5,023
- Gross operating margin +€229,253
up €229,253 (+49.0%), from €467,803 to €697,056
- Staff costs +€67,120
up €67,120 (+14.7%), from €458,049 to €525,168
- Taxes +€32,441
up €32,441 (+5,053%), from €642 to €33,083
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 | €192,193 | €370,131 | +€177,938 | +92.6% |
| Fixed assets | 21/28 | €89,218 | €84,660 | -€4,558 | -5.1% |
| Intangible fixed assets | 21 | €75,123 | €70,365 | -€4,759 | -6.3% |
| Tangible fixed assets | 22/27 | €4,095 | €4,295 | +€201 | +4.9% |
| Furniture and vehicles | 24 | €4,095 | €4,295 | +€201 | +4.9% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €102,975 | €285,472 | +€182,496 | +177% |
| Amounts receivable within one year | 40/41 | €93,638 | €276,262 | +€182,625 | +195% |
| Trade receivables | 40 | €81,451 | €249,153 | +€167,702 | +206% |
| Other amounts receivable | 41 | €12,187 | €27,109 | +€14,922 | +122% |
| Cash at bank and in hand | 54/58 | €9,192 | €24 | -€9,168 | -99.7% |
| Deferred charges and accrued income | 490/1 | €146 | €9,185 | +€9,039 | +6,202% |
| Total equity and liabilities | 10/49 | €192,193 | €370,131 | +€177,938 | +92.6% |
| Equity | 10/15 | €53,188 | €144,763 | +€91,575 | +172% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,188 | €124,763 | +€91,575 | +276% |
| Amounts payable | 17/49 | €139,006 | €225,368 | +€86,362 | +62.1% |
| Amounts payable within one year | 42/48 | €139,006 | €225,368 | +€86,362 | +62.1% |
| Current portion of amounts payable after more than one year | 42 | €23,330 | €35,201 | +€11,871 | +50.9% |
| Financial debts | 43 | - | €5,023 | +€5,023 | |
| Credit institutions | 430/8 | - | €5,023 | +€5,023 | |
| Trade debts | 44 | €41,868 | €78,946 | +€37,077 | +88.6% |
| Suppliers | 440/4 | €41,868 | €78,946 | +€37,077 | +88.6% |
| Taxes, remuneration and social security | 45 | €63,050 | €91,272 | +€28,222 | +44.8% |
| Taxes | 450/3 | €13,247 | €33,762 | +€20,515 | +155% |
| Remuneration and social security | 454/9 | €49,803 | €57,510 | +€7,707 | +15.5% |
| Other amounts payable | 47/48 | €10,757 | €14,926 | +€4,169 | +38.8% |
| Remuneration, social security and pensions | 62 | €458,049 | €525,168 | +€67,120 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,173 | €39,845 | +€672 | +1.7% |
| Other operating charges | 640/8 | €1,619 | €1,891 | +€273 | +16.8% |
| Gross operating margin | 9900 | €467,803 | €697,056 | +€229,253 | +49.0% |
| Operating profit (loss) | 9901 | -€31,038 | €130,151 | +€161,189 | |
| Financial income | 75/76B | €422 | €1,393 | +€971 | +230% |
| Recurring financial income | 75 | €422 | €1,393 | +€971 | +230% |
| Financial charges | 65/66B | €5,419 | €6,885 | +€1,467 | +27.1% |
| Recurring financial charges | 65 | €5,419 | €6,885 | +€1,467 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | -€36,034 | €124,659 | +€160,693 | |
| Income taxes | 67/77 | €642 | €33,083 | +€32,441 | +5,053% |
| Profit (loss) for the period | 9904 | -€36,676 | €91,575 | +€128,252 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,676 | €91,575 | +€128,252 |
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.