223 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.
223 CAPITAL
Largest movements
- Cash +€125,506
up €125,506 (+30.4%), from €413,203 to €538,709
mainly Depreciation (+€105,116) and Net result for the year (+€102,275)
- Tangible fixed assets -€105,116
down €105,116 (-5.4%), from €2.0m to €1.8m
- Profit (loss) carried forward +€102,275
up €102,275 (+29.3%), from €348,629 to €450,904
- Current portion of long-term debt -€48,803
down €48,803 (-4.6%), from €1.1m to €1.0m
- Tax, wage and social debts -€31,307
down €31,307 (-88.3%), from €35,473 to €4,166
- Gross operating margin +€40,350
up €40,350 (+12.4%), from €326,662 to €367,012
- Financial charges +€19,447
up €19,447 (+72.9%), from €26,677 to €46,124
- Other operating charges +€5,529
up €5,529 (+7.9%), from €69,997 to €75,526
- Taxes +€4,124
up €4,124 (+12.2%), from €33,847 to €37,971
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 | €2,580,198 | €2,608,090 | +€27,892 | +1.1% |
| Fixed assets | 21/28 | €1,950,096 | €1,844,980 | -€105,116 | -5.4% |
| Tangible fixed assets | 22/27 | €1,950,096 | €1,844,980 | -€105,116 | -5.4% |
| Land and buildings | 22 | €1,950,096 | €1,844,980 | -€105,116 | -5.4% |
| Current assets | 29/58 | €630,102 | €763,110 | +€133,008 | +21.1% |
| Amounts receivable within one year | 40/41 | €79,311 | €93,121 | +€13,810 | +17.4% |
| Trade receivables | 40 | €79,311 | €93,121 | +€13,810 | +17.4% |
| Cash at bank and in hand | 54/58 | €413,203 | €538,709 | +€125,506 | +30.4% |
| Deferred charges and accrued income | 490/1 | €137,588 | €131,280 | -€6,308 | -4.6% |
| Total equity and liabilities | 10/49 | €2,580,198 | €2,608,090 | +€27,892 | +1.1% |
| Equity | 10/15 | €1,250,737 | €1,353,012 | +€102,275 | +8.2% |
| Contributions | 10/11 | €889,550 | €889,550 | = | 0.0% |
| Contributions outside capital | 11 | €889,550 | €889,550 | = | 0.0% |
| Other | 1109/19 | €889,550 | €889,550 | = | 0.0% |
| Reserves | 13 | €12,557 | €12,557 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,557 | €12,557 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,557 | €12,557 | = | 0.0% |
| Profit (loss) carried forward | 14 | €348,629 | €450,904 | +€102,275 | +29.3% |
| Amounts payable | 17/49 | €1,329,462 | €1,255,078 | -€74,383 | -5.6% |
| Amounts payable after more than one year | 17 | €144,006 | €142,809 | -€1,197 | -0.8% |
| Other amounts payable | 178/9 | €144,006 | €142,809 | -€1,197 | -0.8% |
| Amounts payable within one year | 42/48 | €1,092,170 | €1,009,131 | -€83,039 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €1,051,197 | €1,002,395 | -€48,803 | -4.6% |
| Trade debts | 44 | €5,500 | €2,570 | -€2,930 | -53.3% |
| Suppliers | 440/4 | €5,500 | €2,570 | -€2,930 | -53.3% |
| Taxes, remuneration and social security | 45 | €35,473 | €4,166 | -€31,307 | -88.3% |
| Taxes | 450/3 | €35,473 | €4,166 | -€31,307 | -88.3% |
| Accrued charges and deferred income | 492/3 | €93,286 | €103,139 | +€9,853 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,116 | €105,116 | = | 0.0% |
| Other operating charges | 640/8 | €69,997 | €75,526 | +€5,529 | +7.9% |
| Gross operating margin | 9900 | €326,662 | €367,012 | +€40,350 | +12.4% |
| Operating profit (loss) | 9901 | €151,549 | €186,370 | +€34,821 | +23.0% |
| Financial charges | 65/66B | €26,677 | €46,124 | +€19,447 | +72.9% |
| Recurring financial charges | 65 | €26,677 | €46,124 | +€19,447 | +72.9% |
| Profit (loss) for the period before taxes | 9903 | €124,872 | €140,246 | +€15,374 | +12.3% |
| Income taxes | 67/77 | €33,847 | €37,971 | +€4,124 | +12.2% |
| Profit (loss) for the period | 9904 | €91,025 | €102,275 | +€11,250 | +12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €91,025 | €102,275 | +€11,250 | +12.4% |
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 27 October 2026 via checked.be.