Annelies Cappaert: 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.
Annelies Cappaert
Largest movements
- Tangible fixed assets +€3,006
up €3,006 (+1033.4%), from €291 to €3,297
- Receivables within one year -€2,747
down €2,747 (-97.7%), from €2,811 to €64
- Stocks and contracts -€246
down €246 (-3.0%), from €8,307 to €8,061
- Other debts -€16,535
down €16,535 (-44.7%), from €37,004 to €20,468
- Profit (loss) carried forward +€12,546
up €12,546 (+21.1%), from -€59,587 to -€47,041
- Trade debts -€10,859
down €10,859 (-86.7%), from €12,530 to €1,671
- Debts after one year +€10,000
up €10,000 (+206.9%), from €4,834 to €14,834
- Accrued charges and deferred income +€2,179
up €2,179 (+1287.3%), from €169 to €2,349
- Gross operating margin +€5,183
up €5,183 (+45.1%), from €11,498 to €16,681
- Depreciation +€577
up €577 (+135.9%), from €424 to €1,001
- Financial charges +€320
up €320 (+24.6%), from €1,304 to €1,624
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 | €12,056 | €12,057 | +€1 | 0.0% |
| Fixed assets | 21/28 | €291 | €3,297 | +€3,006 | +1033.4% |
| Tangible fixed assets | 22/27 | €291 | €3,297 | +€3,006 | +1033.4% |
| Plant, machinery and equipment | 23 | €291 | €3,297 | +€3,006 | +1033.4% |
| Current assets | 29/58 | €11,765 | €8,760 | -€3,005 | -25.5% |
| Stocks and contracts in progress | 3 | €8,307 | €8,061 | -€246 | -3.0% |
| Stocks | 30/36 | €8,307 | €8,061 | -€246 | -3.0% |
| Amounts receivable within one year | 40/41 | €2,811 | €64 | -€2,747 | -97.7% |
| Trade receivables | 40 | €2,811 | €64 | -€2,747 | -97.7% |
| Cash at bank and in hand | 54/58 | €14 | €14 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €633 | €621 | -€12 | -2.0% |
| Total equity and liabilities | 10/49 | €12,056 | €12,057 | +€1 | 0.0% |
| Equity | 10/15 | -€51,527 | -€38,981 | +€12,546 | +24.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,587 | -€47,041 | +€12,546 | +21.1% |
| Amounts payable | 17/49 | €63,584 | €51,038 | -€12,545 | -19.7% |
| Amounts payable after more than one year | 17 | €4,834 | €14,834 | +€10,000 | +206.9% |
| Other amounts payable | 178/9 | €4,834 | €14,834 | +€10,000 | +206.9% |
| Amounts payable within one year | 42/48 | €58,580 | €33,855 | -€24,725 | -42.2% |
| Financial debts | 43 | €6,717 | €8,110 | +€1,394 | +20.8% |
| Credit institutions | 430/8 | €6,717 | €8,110 | +€1,394 | +20.8% |
| Trade debts | 44 | €12,530 | €1,671 | -€10,859 | -86.7% |
| Suppliers | 440/4 | €12,530 | €1,671 | -€10,859 | -86.7% |
| Taxes, remuneration and social security | 45 | €2,330 | €3,606 | +€1,276 | +54.8% |
| Taxes | 450/3 | €2,330 | €3,606 | +€1,276 | +54.8% |
| Other amounts payable | 47/48 | €37,004 | €20,468 | -€16,535 | -44.7% |
| Accrued charges and deferred income | 492/3 | €169 | €2,349 | +€2,179 | +1287.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424 | €1,001 | +€577 | +135.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,238 | €1,403 | +€165 | +13.3% |
| Gross operating margin | 9900 | €11,498 | €16,681 | +€5,183 | +45.1% |
| Operating profit (loss) | 9901 | €9,837 | €14,277 | +€4,441 | +45.1% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Financial charges | 65/66B | €1,304 | €1,624 | +€320 | +24.6% |
| Recurring financial charges | 65 | €1,304 | €1,624 | +€320 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €8,536 | €12,653 | +€4,117 | +48.2% |
| Income taxes | 67/77 | €109 | €107 | -€2 | -2.1% |
| Profit (loss) for the period | 9904 | €8,427 | €12,546 | +€4,120 | +48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,427 | €12,546 | +€4,120 | +48.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.