18 Capital: 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.
18 Capital
Largest movements
- Receivables within one year +€223,565
up €223,565 (+225.7%), from €99,040 to €322,605
of which Other amounts receivable: +€220,979
- Cash -€94,604
down €94,604 (-90.9%), from €104,082 to €9,478
mainly Receivables within one year (-€223,565) and Investment in fixed assets (net) (-€771)
- Reserves +€93,578
up €93,578 (+55.2%), from €169,485 to €263,063
- Other debts +€21,855
up €21,855 (+407.0%), from €5,370 to €27,225
- Tax, wage and social debts +€14,141
up €14,141 (+47.3%), from €29,880 to €44,021
- Financial income -€88,842
down €88,842 (-89.4%), from €99,408 to €10,566
- Gross operating margin +€73,755
up €73,755 (+187.1%), from €39,412 to €113,166
- Taxes +€17,739
up €17,739 (+196.4%), from €9,034 to €26,773
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 | €215,254 | €344,702 | +€129,449 | +60.1% |
| Fixed assets | 21/28 | €12,050 | €12,497 | +€447 | +3.7% |
| Tangible fixed assets | 22/27 | €9,000 | €9,797 | +€797 | +8.9% |
| Plant, machinery and equipment | 23 | - | €797 | +€797 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €9,000 | €9,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,050 | €2,700 | -€350 | -11.5% |
| Current assets | 29/58 | €203,204 | €332,206 | +€129,002 | +63.5% |
| Amounts receivable within one year | 40/41 | €99,040 | €322,605 | +€223,565 | +225.7% |
| Trade receivables | 40 | €14,556 | €17,142 | +€2,586 | +17.8% |
| Other amounts receivable | 41 | €84,484 | €305,463 | +€220,979 | +261.6% |
| Cash at bank and in hand | 54/58 | €104,082 | €9,478 | -€94,604 | -90.9% |
| Deferred charges and accrued income | 490/1 | €82 | €123 | +€41 | +49.9% |
| Total equity and liabilities | 10/49 | €215,254 | €344,702 | +€129,449 | +60.1% |
| Equity | 10/15 | €172,485 | €266,063 | +€93,578 | +54.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €169,485 | €263,063 | +€93,578 | +55.2% |
| Distributable reserves | 133 | €169,485 | €263,063 | +€93,578 | +55.2% |
| Amounts payable | 17/49 | €42,768 | €78,639 | +€35,871 | +83.9% |
| Amounts payable within one year | 42/48 | €42,768 | €78,639 | +€35,871 | +83.9% |
| Trade debts | 44 | €7,518 | €7,393 | -€125 | -1.7% |
| Suppliers | 440/4 | €7,518 | €7,393 | -€125 | -1.7% |
| Taxes, remuneration and social security | 45 | €29,880 | €44,021 | +€14,141 | +47.3% |
| Taxes | 450/3 | €29,880 | €44,021 | +€14,141 | +47.3% |
| Other amounts payable | 47/48 | €5,370 | €27,225 | +€21,855 | +407.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €324 | +€324 | |
| Other operating charges | 640/8 | €1,278 | €1,465 | +€187 | +14.6% |
| Non-recurring operating charges | 66A | €617 | €0 | -€617 | -100.0% |
| Gross operating margin | 9900 | €39,412 | €113,166 | +€73,755 | +187.1% |
| Operating profit (loss) | 9901 | €37,516 | €111,377 | +€73,861 | +196.9% |
| Financial income | 75/76B | €99,408 | €10,566 | -€88,842 | -89.4% |
| Recurring financial income | 75 | €99,408 | €10,566 | -€88,842 | -89.4% |
| Financial charges | 65/66B | €989 | €1,593 | +€603 | +61.0% |
| Recurring financial charges | 65 | €989 | €1,593 | +€603 | +61.0% |
| Profit (loss) for the period before taxes | 9903 | €135,935 | €120,350 | -€15,585 | -11.5% |
| Income taxes | 67/77 | €9,034 | €26,773 | +€17,739 | +196.4% |
| Profit (loss) for the period | 9904 | €126,901 | €93,578 | -€33,323 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €126,901 | €93,578 | -€33,323 | -26.3% |
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 11 October 2026 via checked.be.