CAP: 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.
CAP
Largest movements
- Tangible fixed assets -€164,982
down €164,982 (-17.4%), from €946,855 to €781,874
of which Land and buildings: -€155,249
- Receivables within one year -€33,031
down €33,031 (-39.4%), from €83,795 to €50,764
of which Trade receivables: -€41,283
- Intangible fixed assets -€20,284
down €20,284 (-47.7%), from €42,515 to €22,231
- Cash -€14,832
down €14,832 (-72.0%), from €20,593 to €5,761
mainly Debts after one year (-€124,657) and Other debts (-€72,865)
- Debts after one year -€124,657
down €124,657 (-27.8%), from €447,938 to €323,280
- Reserves +€73,528
up €73,528 (+148.3%), from €49,575 to €123,103
of which Distributable reserves: +€73,528
- Other debts -€72,865
down €72,865 (-28.0%), from €259,956 to €187,092
- Current portion of long-term debt -€71,757
down €71,757 (-36.5%), from €196,414 to €124,657
- Tax, wage and social debts -€37,715
down €37,715 (-52.9%), from €71,302 to €33,587
- Gross operating margin +€75,651
up €75,651 (+25.3%), from €299,483 to €375,133
- Taxes +€25,839
up €25,839 (+115.9%), from €22,294 to €48,133
- Financial charges -€7,282
down €7,282 (-24.8%), from €29,417 to €22,135
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 | €1,098,449 | €869,387 | -€229,062 | -20.9% |
| Fixed assets | 21/28 | €992,070 | €806,804 | -€185,266 | -18.7% |
| Intangible fixed assets | 21 | €42,515 | €22,231 | -€20,284 | -47.7% |
| Tangible fixed assets | 22/27 | €946,855 | €781,874 | -€164,982 | -17.4% |
| Land and buildings | 22 | €893,459 | €738,209 | -€155,249 | -17.4% |
| Plant, machinery and equipment | 23 | €5,218 | €2,800 | -€2,418 | -46.3% |
| Furniture and vehicles | 24 | €44,679 | €36,525 | -€8,154 | -18.3% |
| Other tangible fixed assets | 26 | €3,500 | €4,340 | +€840 | +24.0% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €106,380 | €62,583 | -€43,796 | -41.2% |
| Amounts receivable within one year | 40/41 | €83,795 | €50,764 | -€33,031 | -39.4% |
| Trade receivables | 40 | €50,454 | €9,171 | -€41,283 | -81.8% |
| Other amounts receivable | 41 | €33,341 | €41,592 | +€8,251 | +24.7% |
| Cash at bank and in hand | 54/58 | €20,593 | €5,761 | -€14,832 | -72.0% |
| Deferred charges and accrued income | 490/1 | €1,992 | €6,059 | +€4,067 | +204.2% |
| Total equity and liabilities | 10/49 | €1,098,449 | €869,387 | -€229,062 | -20.9% |
| Equity | 10/15 | €108,471 | €181,999 | +€73,528 | +67.8% |
| Contributions | 10/11 | €4,397 | €4,397 | = | 0.0% |
| Reserves | 13 | €49,575 | €123,103 | +€73,528 | +148.3% |
| Tax-exempt reserves | 132 | €49,575 | €49,575 | = | 0.0% |
| Distributable reserves | 133 | - | €73,528 | +€73,528 | |
| Profit (loss) carried forward | 14 | €54,499 | €54,499 | = | 0.0% |
| Amounts payable | 17/49 | €989,978 | €687,389 | -€302,590 | -30.6% |
| Amounts payable after more than one year | 17 | €447,938 | €323,280 | -€124,657 | -27.8% |
| Financial debts | 170/4 | €447,938 | €323,280 | -€124,657 | -27.8% |
| Amounts payable within one year | 42/48 | €542,041 | €364,108 | -€177,932 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €196,414 | €124,657 | -€71,757 | -36.5% |
| Financial debts | 43 | - | €10,746 | +€10,746 | |
| Credit institutions | 430/8 | - | €10,746 | +€10,746 | |
| Trade debts | 44 | €14,368 | €8,026 | -€6,342 | -44.1% |
| Suppliers | 440/4 | €14,368 | €8,026 | -€6,342 | -44.1% |
| Taxes, remuneration and social security | 45 | €71,302 | €33,587 | -€37,715 | -52.9% |
| Taxes | 450/3 | €71,302 | €33,587 | -€37,715 | -52.9% |
| Other amounts payable | 47/48 | €259,956 | €187,092 | -€72,865 | -28.0% |
| Non-recurring operating income | 76A | €0 | €16,262 | +€16,262 | |
| Remuneration, social security and pensions | 62 | €7,074 | €7,035 | -€39 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,375 | €207,492 | +€117 | +0.1% |
| Other operating charges | 640/8 | €19,559 | €18,740 | -€820 | -4.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €299,483 | €375,133 | +€75,651 | +25.3% |
| Operating profit (loss) | 9901 | €65,474 | €141,866 | +€76,392 | +116.7% |
| Financial income | 75/76B | €1,992 | €1,930 | -€62 | -3.1% |
| Recurring financial income | 75 | €1,992 | €1,930 | -€62 | -3.1% |
| Financial charges | 65/66B | €29,417 | €22,135 | -€7,282 | -24.8% |
| Recurring financial charges | 65 | €29,417 | €22,135 | -€7,282 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €38,048 | €121,661 | +€83,612 | +219.8% |
| Income taxes | 67/77 | €22,294 | €48,133 | +€25,839 | +115.9% |
| Profit (loss) for the period | 9904 | €15,754 | €73,528 | +€57,774 | +366.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,754 | €73,528 | +€57,774 | +366.7% |
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.