CAP 28: what changed
Two financial 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 28
Largest movements
- Cash +€76,829
up €76,829 (+157.8%), from €48,683 to €125,512
mainly Net result for the year (+€74,170) and Receivables within one year (+€49,477)
- Receivables within one year -€49,477
down €49,477 (-47.9%), from €103,400 to €53,923
of which Trade receivables: -€53,025
- Tangible fixed assets +€16,170
up €16,170 (+94.1%), from €17,189 to €33,359
of which Furniture and vehicles: +€13,451
- Profit (loss) carried forward +€74,170
up €74,170 (+246.4%), from €30,096 to €104,266
- Trade debts -€48,170
down €48,170 (-82.2%), from €58,602 to €10,432
- Tax, wage and social debts +€14,136
up €14,136 (+84.5%), from €16,731 to €30,867
- Accrued charges and deferred income +€2,363
up €2,363 (+101.3%), from €2,332 to €4,695
- Gross operating margin +€182,670
up €182,670, from -€55,622 to €127,048
- Taxes +€31,408
up €31,408, from -€242 to €31,167
- Depreciation +€4,497
up €4,497 (+55.4%), from €8,117 to €12,614
- Other operating charges -€1,643
down €1,643 (-63.9%), from €2,573 to €930
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 | €174,531 | €216,120 | +€41,590 | +23.8% |
| Fixed assets | 21/28 | €17,214 | €33,384 | +€16,170 | +93.9% |
| Tangible fixed assets | 22/27 | €17,189 | €33,359 | +€16,170 | +94.1% |
| Plant, machinery and equipment | 23 | €16,244 | €17,578 | +€1,334 | +8.2% |
| Furniture and vehicles | 24 | - | €13,451 | +€13,451 | |
| Other tangible fixed assets | 26 | €945 | €2,330 | +€1,386 | +146.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €157,317 | €182,736 | +€25,419 | +16.2% |
| Amounts receivable within one year | 40/41 | €103,400 | €53,923 | -€49,477 | -47.9% |
| Trade receivables | 40 | €69,335 | €16,310 | -€53,025 | -76.5% |
| Other amounts receivable | 41 | €34,065 | €37,613 | +€3,548 | +10.4% |
| Cash at bank and in hand | 54/58 | €48,683 | €125,512 | +€76,829 | +157.8% |
| Deferred charges and accrued income | 490/1 | €5,234 | €3,301 | -€1,933 | -36.9% |
| Total equity and liabilities | 10/49 | €174,531 | €216,120 | +€41,590 | +23.8% |
| Equity | 10/15 | €50,501 | €124,671 | +€74,170 | +146.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,096 | €104,266 | +€74,170 | +246.4% |
| Amounts payable | 17/49 | €124,030 | €91,450 | -€32,581 | -26.3% |
| Amounts payable within one year | 42/48 | €121,698 | €86,755 | -€34,944 | -28.7% |
| Trade debts | 44 | €58,602 | €10,432 | -€48,170 | -82.2% |
| Suppliers | 440/4 | €58,602 | €10,432 | -€48,170 | -82.2% |
| Taxes, remuneration and social security | 45 | €16,731 | €30,867 | +€14,136 | +84.5% |
| Taxes | 450/3 | €16,731 | €30,867 | +€14,136 | +84.5% |
| Other amounts payable | 47/48 | €46,365 | €45,455 | -€909 | -2.0% |
| Accrued charges and deferred income | 492/3 | €2,332 | €4,695 | +€2,363 | +101.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,117 | €12,614 | +€4,497 | +55.4% |
| Other operating charges | 640/8 | €2,573 | €930 | -€1,643 | -63.9% |
| Gross operating margin | 9900 | -€55,622 | €127,048 | +€182,670 | |
| Operating profit (loss) | 9901 | -€66,312 | €113,505 | +€179,816 | |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €7,867 | €8,168 | +€301 | +3.8% |
| Recurring financial charges | 65 | €7,867 | €8,168 | +€301 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | -€74,174 | €105,337 | +€179,511 | |
| Income taxes | 67/77 | -€242 | €31,167 | +€31,408 | |
| Profit (loss) for the period | 9904 | -€73,933 | €74,170 | +€148,103 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,933 | €74,170 | +€148,103 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.