7 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.
7 CAPITAL
Largest movements
- Cash +€323,941
up €323,941 (+20.5%), from €1.6m to €1.9m
mainly Net result for the year (+€379,605) and Trade debts (+€49,848)
- Tangible fixed assets -€31,302
down €31,302 (-26.7%), from €117,185 to €85,883
of which Furniture and vehicles: -€30,464
- Reserves +€379,500
up €379,500 (+18.9%), from €2.0m to €2.4m
of which Distributable reserves: +€379,500
- Tax, wage and social debts -€155,132
down €155,132 (-70.8%), from €219,182 to €64,050
- Trade debts +€49,848
up €49,848 (+2149.1%), from €2,320 to €52,168
- Financial charges -€160,836
down €160,836 (-99.4%), from €161,883 to €1,047
of which Financial charges: -€129,275
- Financial income -€159,716
down €159,716 (-87.6%), from €182,257 to €22,542
- Gross operating margin +€24,889
up €24,889 (+4.1%), from €608,995 to €633,885
- Taxes +€21,779
up €21,779 (+10.2%), from €212,895 to €234,674
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 | €2,301,556 | €2,572,110 | +€270,554 | +11.8% |
| Fixed assets | 21/28 | €633,354 | €596,898 | -€36,456 | -5.8% |
| Tangible fixed assets | 22/27 | €117,185 | €85,883 | -€31,302 | -26.7% |
| Plant, machinery and equipment | 23 | €3,753 | €2,914 | -€838 | -22.3% |
| Furniture and vehicles | 24 | €113,432 | €82,968 | -€30,464 | -26.9% |
| Financial fixed assets | 28 | €516,169 | €511,015 | -€5,154 | -1.0% |
| Current assets | 29/58 | €1,668,202 | €1,975,212 | +€307,010 | +18.4% |
| Amounts receivable within one year | 40/41 | €84,376 | €65,602 | -€18,774 | -22.2% |
| Trade receivables | 40 | €41,919 | €43,420 | +€1,500 | +3.6% |
| Other amounts receivable | 41 | €42,457 | €22,183 | -€20,274 | -47.8% |
| Cash at bank and in hand | 54/58 | €1,583,164 | €1,907,104 | +€323,941 | +20.5% |
| Deferred charges and accrued income | 490/1 | €662 | €2,506 | +€1,843 | +278.3% |
| Total equity and liabilities | 10/49 | €2,301,556 | €2,572,110 | +€270,554 | +11.8% |
| Equity | 10/15 | €2,045,312 | €2,424,917 | +€379,605 | +18.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €2,012,408 | €2,391,908 | +€379,500 | +18.9% |
| Tax-exempt reserves | 132 | €21,589 | €21,589 | = | 0.0% |
| Distributable reserves | 133 | €1,990,819 | €2,370,319 | +€379,500 | +19.1% |
| Profit (loss) carried forward | 14 | €24,844 | €24,949 | +€105 | +0.4% |
| Amounts payable | 17/49 | €256,244 | €147,192 | -€109,051 | -42.6% |
| Amounts payable within one year | 42/48 | €256,244 | €147,192 | -€109,051 | -42.6% |
| Trade debts | 44 | €2,320 | €52,168 | +€49,848 | +2149.1% |
| Suppliers | 440/4 | €2,320 | €52,168 | +€49,848 | +2149.1% |
| Taxes, remuneration and social security | 45 | €219,182 | €64,050 | -€155,132 | -70.8% |
| Taxes | 450/3 | €219,182 | €64,050 | -€155,132 | -70.8% |
| Other amounts payable | 47/48 | €34,742 | €30,974 | -€3,767 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,434 | €32,784 | -€650 | -1.9% |
| Other operating charges | 640/8 | €13,057 | €8,317 | -€4,740 | -36.3% |
| Gross operating margin | 9900 | €608,995 | €633,885 | +€24,889 | +4.1% |
| Operating profit (loss) | 9901 | €562,504 | €592,784 | +€30,280 | +5.4% |
| Financial income | 75/76B | €182,257 | €22,542 | -€159,716 | -87.6% |
| Recurring financial income | 75 | €182,257 | €22,542 | -€159,716 | -87.6% |
| Financial charges | 65/66B | €161,883 | €1,047 | -€160,836 | -99.4% |
| Recurring financial charges | 65 | €130,322 | €1,047 | -€129,275 | -99.2% |
| Non-recurring financial charges | 66B | €31,560 | - | -€31,560 | |
| Profit (loss) for the period before taxes | 9903 | €582,879 | €614,279 | +€31,399 | +5.4% |
| Income taxes | 67/77 | €212,895 | €234,674 | +€21,779 | +10.2% |
| Profit (loss) for the period | 9904 | €369,985 | €379,605 | +€9,621 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €369,985 | €379,605 | +€9,621 | +2.6% |
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 10 October 2026 via checked.be.