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
- Receivables within one year +€18.4m
up €18.4m (+507.4%), from €3.6m to €22.0m
of which Other amounts receivable: +€18.5m
- Current investments +€6.1m
up €6.1m (+16.1%), from €37.6m to €43.6m
- Reserves +€23.7m
up €23.7m (+52.3%), from €45.2m to €68.8m
of which Distributable reserves: +€23.7m
- Tax, wage and social debts +€2.3m
up €2.3m (+7832.4%), from €29,802 to €2.4m
of which Taxes: +€2.3m
- Debts after one year -€1.4m
down €1.4m (-93.1%), from €1.5m to €106,495
- Financial income +€26.5m
up €26.5m (+6090.8%), from €435,235 to €26.9m
- Taxes +€2.4m
up €2.4m (+3970.6%), from €61,632 to €2.5m
- Financial charges +€631,021
up €631,021 (+1243.9%), from €50,731 to €681,752
- Gross operating margin +€10,595
up €10,595 (+5.4%), from €194,594 to €205,189
- Staff costs +€8,715
up €8,715 (+6.1%), from €143,291 to €152,006
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 | €48,657,465 | €73,118,902 | +€24.5m | +50.3% |
| Fixed assets | 21/28 | €7,027,133 | €6,996,397 | -€30,736 | -0.4% |
| Tangible fixed assets | 22/27 | €151,075 | €120,339 | -€30,736 | -20.3% |
| Furniture and vehicles | 24 | €151,075 | €120,339 | -€30,736 | -20.3% |
| Financial fixed assets | 28 | €6,876,058 | €6,876,058 | = | 0.0% |
| Current assets | 29/58 | €41,630,332 | €66,122,505 | +€24.5m | +58.8% |
| Amounts receivable within one year | 40/41 | €3,629,022 | €22,044,189 | +€18.4m | +507.4% |
| Trade receivables | 40 | €112,955 | €71,926 | -€41,029 | -36.3% |
| Other amounts receivable | 41 | €3,516,067 | €21,972,263 | +€18.5m | +524.9% |
| Current investments | 50/53 | €37,550,836 | €43,607,370 | +€6.1m | +16.1% |
| Cash at bank and in hand | 54/58 | €448,213 | €468,572 | +€20,359 | +4.5% |
| Deferred charges and accrued income | 490/1 | €2,261 | €2,374 | +€113 | +5.0% |
| Total equity and liabilities | 10/49 | €48,657,465 | €73,118,902 | +€24.5m | +50.3% |
| Equity | 10/15 | €45,249,236 | €68,960,613 | +€23.7m | +52.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €45,181,200 | €68,831,200 | +€23.7m | +52.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €45,175,000 | €68,825,000 | +€23.7m | +52.4% |
| Profit (loss) carried forward | 14 | €6,036 | €67,413 | +€61,376 | +1016.8% |
| Amounts payable | 17/49 | €3,408,228 | €4,158,289 | +€750,060 | +22.0% |
| Amounts payable after more than one year | 17 | €1,541,495 | €106,495 | -€1.4m | -93.1% |
| Financial debts | 170/4 | €1,541,495 | €106,495 | -€1.4m | -93.1% |
| Amounts payable within one year | 42/48 | €1,805,929 | €3,987,811 | +€2.2m | +120.8% |
| Trade debts | 44 | €16,673 | €11,480 | -€5,193 | -31.1% |
| Suppliers | 440/4 | €16,673 | €11,480 | -€5,193 | -31.1% |
| Taxes, remuneration and social security | 45 | €29,802 | €2,364,008 | +€2.3m | +7832.4% |
| Taxes | 450/3 | €3,399 | €2,339,061 | +€2.3m | +68720.4% |
| Remuneration and social security | 454/9 | €26,403 | €24,947 | -€1,456 | -5.5% |
| Other amounts payable | 47/48 | €1,759,454 | €1,612,322 | -€147,132 | -8.4% |
| Accrued charges and deferred income | 492/3 | €60,804 | €63,983 | +€3,179 | +5.2% |
| Remuneration, social security and pensions | 62 | €143,291 | €152,006 | +€8,715 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,736 | €30,736 | = | 0.0% |
| Other operating charges | 640/8 | €60,922 | €65,275 | +€4,353 | +7.1% |
| Gross operating margin | 9900 | €194,594 | €205,189 | +€10,595 | +5.4% |
| Operating profit (loss) | 9901 | -€40,355 | -€42,828 | -€2,473 | -6.1% |
| Financial income | 75/76B | €435,235 | €26,944,764 | +€26.5m | +6090.8% |
| Recurring financial income | 75 | €435,235 | €26,944,764 | +€26.5m | +6090.8% |
| Financial charges | 65/66B | €50,731 | €681,752 | +€631,021 | +1243.9% |
| Recurring financial charges | 65 | €50,731 | €681,752 | +€631,021 | +1243.9% |
| Profit (loss) for the period before taxes | 9903 | €344,150 | €26,220,184 | +€25.9m | +7518.8% |
| Income taxes | 67/77 | €61,632 | €2,508,808 | +€2.4m | +3970.6% |
| Profit (loss) for the period | 9904 | €282,518 | €23,711,376 | +€23.4m | +8292.9% |
| Profit (loss) for the period to be appropriated | 9905 | €282,518 | €23,711,376 | +€23.4m | +8292.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.