CAP 2025: 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 2025
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Cash -€93,394
down €93,394 (-30.9%), from €302,669 to €209,274
mainly Current investments (-€150,000) and Accrued charges and deferred income (-€1,461)
- Tangible fixed assets -€4,231
down €4,231 (-71.4%), from €5,924 to €1,693
- Reserves +€51,150
up €51,150 (+19.1%), from €268,360 to €319,510
of which Distributable reserves: +€51,150
- Gross operating margin +€12,204
up €12,204 (+18.0%), from €67,895 to €80,099
- Turnover +€9,283
up €9,283 (+10.9%), from €85,529 to €94,812
- Taxes +€4,340
up €4,340 (+22.3%), from €19,463 to €23,802
- Purchases and services -€2,922
down €2,922 (-16.6%), from €17,634 to €14,713
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 | €316,675 | €369,946 | +€53,271 | +16.8% |
| Fixed assets | 21/28 | €5,929 | €1,698 | -€4,231 | -71.4% |
| Tangible fixed assets | 22/27 | €5,924 | €1,693 | -€4,231 | -71.4% |
| Furniture and vehicles | 24 | €5,924 | €1,693 | -€4,231 | -71.4% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €310,746 | €368,248 | +€57,502 | +18.5% |
| Amounts receivable within one year | 40/41 | €7,821 | €8,710 | +€889 | +11.4% |
| Trade receivables | 40 | €7,821 | €8,512 | +€691 | +8.8% |
| Other amounts receivable | 41 | - | €198 | +€198 | |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €302,669 | €209,274 | -€93,394 | -30.9% |
| Deferred charges and accrued income | 490/1 | €256 | €264 | +€8 | +2.9% |
| Total equity and liabilities | 10/49 | €316,675 | €369,946 | +€53,271 | +16.8% |
| Equity | 10/15 | €281,127 | €332,298 | +€51,171 | +18.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €268,360 | €319,510 | +€51,150 | +19.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €266,500 | €317,650 | +€51,150 | +19.2% |
| Profit (loss) carried forward | 14 | €367 | €388 | +€21 | +5.8% |
| Amounts payable | 17/49 | €35,548 | €37,647 | +€2,099 | +5.9% |
| Amounts payable within one year | 42/48 | €32,189 | €35,749 | +€3,560 | +11.1% |
| Trade debts | 44 | €561 | €705 | +€145 | +25.8% |
| Suppliers | 440/4 | €561 | €705 | +€145 | +25.8% |
| Taxes, remuneration and social security | 45 | €6,351 | €6,666 | +€314 | +5.0% |
| Taxes | 450/3 | €5,901 | €6,439 | +€537 | +9.1% |
| Remuneration and social security | 454/9 | €450 | €227 | -€223 | -49.5% |
| Other amounts payable | 47/48 | €25,277 | €28,378 | +€3,101 | +12.3% |
| Accrued charges and deferred income | 492/3 | €3,359 | €1,898 | -€1,461 | -43.5% |
| Turnover | 70 | €85,529 | €94,812 | +€9,283 | +10.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €17,634 | €14,713 | -€2,922 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,231 | €4,231 | = | 0.0% |
| Other operating charges | 640/8 | €1,285 | €1,347 | +€61 | +4.8% |
| Gross operating margin | 9900 | €67,895 | €80,099 | +€12,204 | +18.0% |
| Operating profit (loss) | 9901 | €62,378 | €74,521 | +€12,143 | +19.5% |
| Financial income | 75/76B | €2,298 | €2,441 | +€142 | +6.2% |
| Recurring financial income | 75 | €2,298 | €2,441 | +€142 | +6.2% |
| Financial charges | 65/66B | €2,092 | €1,988 | -€104 | -5.0% |
| Recurring financial charges | 65 | €2,092 | €1,988 | -€104 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €62,584 | €74,974 | +€12,389 | +19.8% |
| Income taxes | 67/77 | €19,463 | €23,802 | +€4,340 | +22.3% |
| Profit (loss) for the period | 9904 | €43,122 | €51,171 | +€8,050 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,122 | €51,171 | +€8,050 | +18.7% |
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 4 October 2026 via checked.be.