Active Capital: what changed
Two fiscal 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.
Active Capital
Largest movements
- Current investments +€6.0m
new in 2025: €6.0m
- Financial fixed assets -€6.0m
down €6.0m (-36.2%), from €16.5m to €10.5m
of which Other financial fixed assets: -€7.2m
- Receivables within one year +€763,388
up €763,388 (+3463.0%), from €22,044 to €785,432
of which Other amounts receivable: +€740,841
- Profit (loss) carried forward +€6.6m
up €6.6m (+87.9%), from €7.5m to €14.2m
- Debts after one year -€4.2m
down €4.2m (-66.2%), from €6.4m to €2.2m
- Other debts -€1.5m
down €1.5m (-85.7%), from €1.8m to €250,609
- Financial income +€8.0m
up €8.0m (+15582.8%), from €51,080 to €8.0m
of which Non-recurring financial income: +€7.3m
- Financial charges +€1.3m
up €1.3m (+8474.2%), from €15,284 to €1.3m
of which Non-recurring financial charges: +€1.2m
- Turnover -€20,484
down €20,484 (-36.1%), from €56,679 to €36,195
- Taxes +€9,417
up €9,417 (+63.6%), from €14,810 to €24,226
of which Taxes: +€9,026
- Services and other goods -€8,482
down €8,482 (-10.2%), from €82,846 to €74,364
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 | €16,816,051 | €17,699,686 | +€883,635 | +5.3% |
| Fixed assets | 21/28 | €16,489,649 | €10,524,716 | -€6.0m | -36.2% |
| Financial fixed assets | 28 | €16,489,649 | €10,524,716 | -€6.0m | -36.2% |
| Affiliated companies | 280/1 | €4,196,818 | €6,275,117 | +€2.1m | +49.5% |
| Participating interests | 280 | €3,425,000 | €5,575,000 | +€2.2m | +62.8% |
| Amounts receivable | 281 | €771,818 | €700,117 | -€71,702 | -9.3% |
| Companies linked by participating interests | 282/3 | €3,477,030 | €2,613,511 | -€863,519 | -24.8% |
| Participating interests | 282 | €3,477,030 | €2,613,511 | -€863,519 | -24.8% |
| Other financial fixed assets | 284/8 | €8,815,801 | €1,636,088 | -€7.2m | -81.4% |
| Shares | 284 | €8,815,801 | €1,636,088 | -€7.2m | -81.4% |
| Current assets | 29/58 | €326,401 | €7,174,970 | +€6.8m | +2098.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €22,044 | €785,432 | +€763,388 | +3463.0% |
| Trade receivables | 40 | €22,000 | €44,547 | +€22,547 | +102.5% |
| Other amounts receivable | 41 | €44 | €740,885 | +€740,841 | +1669688.7% |
| Current investments | 50/53 | - | €6,000,000 | +€6.0m | |
| Other investments | 51/53 | - | €6,000,000 | +€6.0m | |
| Cash at bank and in hand | 54/58 | €303,871 | €381,486 | +€77,614 | +25.5% |
| Deferred charges and accrued income | 490/1 | €486 | €8,052 | +€7,566 | +1556.5% |
| Total equity and liabilities | 10/49 | €16,816,051 | €17,699,686 | +€883,635 | +5.3% |
| Equity | 10/15 | €8,648,850 | €15,285,406 | +€6.6m | +76.7% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,548,850 | €14,185,406 | +€6.6m | +87.9% |
| Amounts payable | 17/49 | €8,167,201 | €2,414,280 | -€5.8m | -70.4% |
| Amounts payable after more than one year | 17 | €6,400,000 | €2,161,626 | -€4.2m | -66.2% |
| Other amounts payable | 178/9 | €6,400,000 | €2,161,626 | -€4.2m | -66.2% |
| Amounts payable within one year | 42/48 | €1,767,201 | €252,654 | -€1.5m | -85.7% |
| Trade debts | 44 | €42 | €620 | +€578 | +1376.2% |
| Suppliers | 440/4 | €42 | €620 | +€578 | +1376.2% |
| Taxes, remuneration and social security | 45 | €16,550 | €1,426 | -€15,125 | -91.4% |
| Taxes | 450/3 | €16,550 | €1,426 | -€15,125 | -91.4% |
| Other amounts payable | 47/48 | €1,750,609 | €250,609 | -€1.5m | -85.7% |
| Operating income | 70/76A | €57,179 | €36,195 | -€20,984 | -36.7% |
| Turnover | 70 | €56,679 | €36,195 | -€20,484 | -36.1% |
| Other operating income | 74 | €500 | €0 | -€500 | -100.0% |
| Operating charges | 60/66A | €84,088 | €75,622 | -€8,466 | -10.1% |
| Services and other goods | 61 | €82,846 | €74,364 | -€8,482 | -10.2% |
| Other operating charges | 640/8 | €1,242 | €1,258 | +€16 | +1.3% |
| Operating profit (loss) | 9901 | -€26,909 | -€39,427 | -€12,518 | -46.5% |
| Financial income | 75/76B | €51,080 | €8,010,715 | +€8.0m | +15582.8% |
| Recurring financial income | 75 | €51,080 | €699,087 | +€648,007 | +1268.6% |
| Income from financial fixed assets | 750 | €51,080 | €574,382 | +€523,303 | +1024.5% |
| Income from current assets | 751 | - | €124,705 | +€124,705 | |
| Non-recurring financial income | 76B | - | €7,311,628 | +€7.3m | |
| Financial charges | 65/66B | €15,284 | €1,310,505 | +€1.3m | +8474.2% |
| Recurring financial charges | 65 | €15,284 | €71,987 | +€56,702 | +371.0% |
| Debt charges | 650 | €5,278 | €52,370 | +€47,092 | +892.3% |
| Other financial charges | 652/9 | €10,007 | €19,616 | +€9,610 | +96.0% |
| Non-recurring financial charges | 66B | - | €1,238,519 | +€1.2m | |
| Profit (loss) for the period before taxes | 9903 | €8,886 | €6,660,782 | +€6.7m | +74857.7% |
| Income taxes | 67/77 | €14,810 | €24,226 | +€9,417 | +63.6% |
| Taxes | 670/3 | €15,200 | €24,226 | +€9,026 | +59.4% |
| Tax adjustments and reversals of tax provisions | 77 | €390 | €0 | -€390 | -100.0% |
| Profit (loss) for the period | 9904 | -€5,924 | €6,636,556 | +€6.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,924 | €6,636,556 | +€6.6m |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.