CAP 43: 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 43
Largest movements
- Stocks and contracts +€83,337
up €83,337 (+43.2%), from €192,893 to €276,230
- Cash -€19,945
down €19,945 (-34.0%), from €58,658 to €38,713
mainly Contributions, distributions and other (-€100,000) and Stocks and contracts (-€83,337)
- Tangible fixed assets -€13,768
down €13,768 (-31.7%), from €43,489 to €29,721
of which Other tangible fixed assets: -€11,198
- Other debts +€100,000
up €100,000 (+250.0%), from €40,000 to €140,000
- Profit (loss) carried forward -€43,456
down €43,456 (-59.2%), from €73,353 to €29,897
- Current portion of long-term debt -€7,227
no longer reported in 2025 (was €7,227)
- Gross operating margin +€59,798
up €59,798 (+20.2%), from €296,535 to €356,332
- Taxes +€10,100
up €10,100 (+86.6%), from €11,663 to €21,762
- Staff costs +€9,632
up €9,632 (+3.9%), from €245,046 to €254,678
- Depreciation -€3,710
down €3,710 (-16.8%), from €22,142 to €18,432
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €375,555 | €427,858 | +€52,303 | +13.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €43,489 | €29,721 | -€13,768 | -31.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €43,489 | €29,721 | -€13,768 | -31.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €6,206 | €3,636 | -€2,570 | -41.4% |
| Other tangible fixed assets | 26 | €37,282 | €26,085 | -€11,198 | -30.0% |
| Current assets | 29/58 | €332,067 | €398,138 | +€66,071 | +19.9% |
| Stocks and contracts in progress | 3 | €192,893 | €276,230 | +€83,337 | +43.2% |
| Stocks | 30/36 | €192,893 | €276,230 | +€83,337 | +43.2% |
| Amounts receivable within one year | 40/41 | €77,585 | €80,176 | +€2,591 | +3.3% |
| Other amounts receivable | 41 | €77,585 | €80,176 | +€2,591 | +3.3% |
| Cash at bank and in hand | 54/58 | €58,658 | €38,713 | -€19,945 | -34.0% |
| Deferred charges and accrued income | 490/1 | €2,931 | €3,018 | +€87 | +3.0% |
| Total equity and liabilities | 10/49 | €375,555 | €427,858 | +€52,303 | +13.9% |
| Equity | 10/15 | €215,806 | €172,351 | -€43,456 | -20.1% |
| Contributions | 10/11 | €64,000 | €64,000 | = | 0.0% |
| Capital | 10 | €64,000 | €64,000 | = | 0.0% |
| Issued capital | 100 | €64,000 | €64,000 | = | 0.0% |
| Reserves | 13 | €78,453 | €78,453 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,913 | €37,913 | = | 0.0% |
| Reserves not available under the articles | 1311 | €37,913 | €37,913 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,541 | €9,541 | = | 0.0% |
| Distributable reserves | 133 | €31,000 | €31,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,353 | €29,897 | -€43,456 | -59.2% |
| Amounts payable | 17/49 | €159,749 | €255,508 | +€95,759 | +59.9% |
| Amounts payable within one year | 42/48 | €159,749 | €255,508 | +€95,759 | +59.9% |
| Current portion of amounts payable after more than one year | 42 | €7,227 | - | -€7,227 | |
| Financial debts | 43 | €10,000 | €13,027 | +€3,027 | +30.3% |
| Credit institutions | 430/8 | €10,000 | €13,027 | +€3,027 | +30.3% |
| Trade debts | 44 | €7,108 | €9,592 | +€2,484 | +34.9% |
| Suppliers | 440/4 | €7,108 | €9,592 | +€2,484 | +34.9% |
| Taxes, remuneration and social security | 45 | €95,414 | €92,888 | -€2,526 | -2.6% |
| Taxes | 450/3 | €49,963 | €58,102 | +€8,139 | +16.3% |
| Remuneration and social security | 454/9 | €45,451 | €34,786 | -€10,665 | -23.5% |
| Other amounts payable | 47/48 | €40,000 | €140,000 | +€100,000 | +250.0% |
| Remuneration, social security and pensions | 62 | €245,046 | €254,678 | +€9,632 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,142 | €18,432 | -€3,710 | -16.8% |
| Other operating charges | 640/8 | €1,213 | €2,636 | +€1,423 | +117.3% |
| Gross operating margin | 9900 | €296,535 | €356,332 | +€59,798 | +20.2% |
| Operating profit (loss) | 9901 | €28,133 | €80,586 | +€52,453 | +186.4% |
| Financial income | 75/76B | €697 | - | -€697 | |
| Recurring financial income | 75 | €697 | - | -€697 | |
| Financial charges | 65/66B | €2,480 | €2,280 | -€200 | -8.1% |
| Recurring financial charges | 65 | €2,480 | €2,280 | -€200 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €26,351 | €78,307 | +€51,956 | +197.2% |
| Income taxes | 67/77 | €11,663 | €21,762 | +€10,100 | +86.6% |
| Profit (loss) for the period | 9904 | €14,688 | €56,544 | +€41,856 | +285.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,688 | €56,544 | +€41,856 | +285.0% |
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 2 October 2026 via checked.be.