Cap and Go: 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 and Go
Largest movements
- Cash -€440,173
down €440,173 (-66.7%), from €660,399 to €220,226
mainly Net result for the year (-€762,939) and Debts after one year (-€229,903)
- Tangible fixed assets -€203,349
down €203,349 (-21.6%), from €939,892 to €736,544
of which Plant, machinery and equipment: -€116,078
- Receivables within one year +€37,535
up €37,535 (+26.4%), from €142,060 to €179,595
of which Trade receivables: +€23,678
- Profit (loss) carried forward -€762,939
down €762,939 (-608%), from -€125,456 to -€888,394
- Trade debts +€356,922
up €356,922 (+28.0%), from €1.3m to €1.6m
- Debts after one year -€229,903
down €229,903 (-33.6%), from €684,150 to €454,247
- Gross operating margin -€477,873
down €477,873, from €462,914 to -€14,959
- Staff costs -€122,749
down €122,749 (-25.9%), from €473,853 to €351,104
- Financial charges +€86,111
up €86,111 (+175%), from €49,085 to €135,195
of which Financial charges: +€87,919
- Other operating charges -€7,672
down €7,672 (-32.1%), from €23,894 to €16,222
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.
Derived cash bridge
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 | €2,221,288 | €1,591,077 | -€630,211 | -28.4% |
| Formation expenses | 20 | €12,433 | €4,287 | -€8,146 | -65.5% |
| Fixed assets | 21/28 | €951,133 | €736,623 | -€214,511 | -22.6% |
| Intangible fixed assets | 21 | €1,774 | €79 | -€1,695 | -95.6% |
| Tangible fixed assets | 22/27 | €939,892 | €736,544 | -€203,349 | -21.6% |
| Land and buildings | 22 | €389,266 | €337,070 | -€52,196 | -13.4% |
| Plant, machinery and equipment | 23 | €462,192 | €346,114 | -€116,078 | -25.1% |
| Furniture and vehicles | 24 | €88,434 | €53,360 | -€35,074 | -39.7% |
| Financial fixed assets | 28 | €9,467 | €0 | -€9,467 | -100% |
| Current assets | 29/58 | €1,257,721 | €850,167 | -€407,555 | -32.4% |
| Stocks and contracts in progress | 3 | €408,452 | €396,288 | -€12,164 | -3.0% |
| Stocks | 30/36 | €408,452 | €396,288 | -€12,164 | -3.0% |
| Amounts receivable within one year | 40/41 | €142,060 | €179,595 | +€37,535 | +26.4% |
| Trade receivables | 40 | €21,109 | €44,787 | +€23,678 | +112% |
| Other amounts receivable | 41 | €120,952 | €134,809 | +€13,857 | +11.5% |
| Cash at bank and in hand | 54/58 | €660,399 | €220,226 | -€440,173 | -66.7% |
| Deferred charges and accrued income | 490/1 | €46,810 | €54,058 | +€7,248 | +15.5% |
| Total equity and liabilities | 10/49 | €2,221,288 | €1,591,077 | -€630,211 | -28.4% |
| Equity | 10/15 | -€7,456 | -€770,394 | -€762,939 | -10,233% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €18,000 | €18,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€125,456 | -€888,394 | -€762,939 | -608% |
| Amounts payable | 17/49 | €2,228,744 | €2,361,471 | +€132,728 | +6.0% |
| Amounts payable after more than one year | 17 | €684,150 | €454,247 | -€229,903 | -33.6% |
| Financial debts | 170/4 | €684,150 | €454,247 | -€229,903 | -33.6% |
| Amounts payable within one year | 42/48 | €1,544,594 | €1,897,436 | +€352,843 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €227,277 | €229,799 | +€2,523 | +1.1% |
| Trade debts | 44 | €1,274,508 | €1,631,430 | +€356,922 | +28.0% |
| Suppliers | 440/4 | €1,274,508 | €1,631,430 | +€356,922 | +28.0% |
| Taxes, remuneration and social security | 45 | €42,610 | €36,008 | -€6,602 | -15.5% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €42,610 | €36,008 | -€6,602 | -15.5% |
| Other amounts payable | 47/48 | €199 | €199 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | €9,788 | +€9,788 | |
| Non-recurring operating income | 76A | €41,474 | €7,440 | -€34,035 | -82.1% |
| Remuneration, social security and pensions | 62 | €473,853 | €351,104 | -€122,749 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,606 | €239,978 | +€1,373 | +0.6% |
| Other operating charges | 640/8 | €23,894 | €16,222 | -€7,672 | -32.1% |
| Non-recurring operating charges | 66A | €769 | €15,433 | +€14,665 | +1,908% |
| Gross operating margin | 9900 | €462,914 | -€14,959 | -€477,873 | |
| Operating profit (loss) | 9901 | -€274,207 | -€637,697 | -€363,490 | -133% |
| Financial income | 75/76B | €11,081 | €9,954 | -€1,128 | -10.2% |
| Recurring financial income | 75 | €11,081 | €9,954 | -€1,128 | -10.2% |
| Financial charges | 65/66B | €49,085 | €135,195 | +€86,111 | +175% |
| Recurring financial charges | 65 | €38,046 | €125,964 | +€87,919 | +231% |
| Non-recurring financial charges | 66B | €11,039 | €9,231 | -€1,808 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | -€312,210 | -€762,939 | -€450,728 | -144% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€312,210 | -€762,939 | -€450,728 | -144% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€312,210 | -€762,939 | -€450,728 | -144% |
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 24 October 2026 via checked.be.