CAP Formations: 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 Formations
Largest movements
- Cash -€46,652
down €46,652 (-32.2%), from €145,044 to €98,393
mainly Contributions, distributions and other (-€80,000) and Other debts (-€17,000)
- Receivables within one year +€14,600
up €14,600 (+38.9%), from €37,510 to €52,110
of which Trade receivables: +€11,978
- Tangible fixed assets -€8,091
down €8,091 (-34.0%), from €23,829 to €15,738
of which Furniture and vehicles: -€6,364
- Profit (loss) carried forward -€17,850
down €17,850 (-86.6%), from €20,618 to €2,768
- Other debts -€17,000
down €17,000 (-20.0%), from €85,000 to €68,000
- Debts after one year -€4,099
down €4,099 (-47.3%), from €8,669 to €4,570
- Gross operating margin +€30,235
up €30,235 (+50.9%), from €59,367 to €89,603
- Taxes +€6,112
up €6,112 (+53.8%), from €11,351 to €17,463
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 | €207,438 | €167,396 | -€40,042 | -19.3% |
| Fixed assets | 21/28 | €23,829 | €15,738 | -€8,091 | -34.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €23,829 | €15,738 | -€8,091 | -34.0% |
| Plant, machinery and equipment | 23 | €4,920 | €3,193 | -€1,727 | -35.1% |
| Furniture and vehicles | 24 | €18,910 | €12,545 | -€6,364 | -33.7% |
| Current assets | 29/58 | €183,609 | €151,658 | -€31,951 | -17.4% |
| Amounts receivable within one year | 40/41 | €37,510 | €52,110 | +€14,600 | +38.9% |
| Trade receivables | 40 | €36,790 | €48,768 | +€11,978 | +32.6% |
| Other amounts receivable | 41 | €719 | €3,341 | +€2,622 | +364.6% |
| Cash at bank and in hand | 54/58 | €145,044 | €98,393 | -€46,652 | -32.2% |
| Deferred charges and accrued income | 490/1 | €1,055 | €1,155 | +€101 | +9.6% |
| Total equity and liabilities | 10/49 | €207,438 | €167,396 | -€40,042 | -19.3% |
| Equity | 10/15 | €77,538 | €59,688 | -€17,850 | -23.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,320 | €38,320 | = | 0.0% |
| 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 | €36,460 | €36,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,618 | €2,768 | -€17,850 | -86.6% |
| Amounts payable | 17/49 | €129,900 | €107,708 | -€22,193 | -17.1% |
| Amounts payable after more than one year | 17 | €8,669 | €4,570 | -€4,099 | -47.3% |
| Financial debts | 170/4 | €8,669 | €4,570 | -€4,099 | -47.3% |
| Amounts payable within one year | 42/48 | €121,231 | €103,138 | -€18,094 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €3,988 | €4,099 | +€111 | +2.8% |
| Financial debts | 43 | €4,065 | €4,000 | -€65 | -1.6% |
| Credit institutions | 430/8 | €4,065 | €4,000 | -€65 | -1.6% |
| Trade debts | 44 | €3,254 | €1,225 | -€2,029 | -62.3% |
| Suppliers | 440/4 | €3,254 | €1,225 | -€2,029 | -62.3% |
| Advances received on contracts in progress | 46 | €0 | €1,194 | +€1,194 | |
| Taxes, remuneration and social security | 45 | €24,924 | €24,620 | -€304 | -1.2% |
| Taxes | 450/3 | €24,924 | €24,620 | -€304 | -1.2% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €85,000 | €68,000 | -€17,000 | -20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,315 | €8,091 | -€224 | -2.7% |
| Other operating charges | 640/8 | €1,275 | €1,214 | -€61 | -4.8% |
| Gross operating margin | 9900 | €59,367 | €89,603 | +€30,235 | +50.9% |
| Operating profit (loss) | 9901 | €49,777 | €80,297 | +€30,521 | +61.3% |
| Financial income | 75/76B | €103 | €185 | +€83 | +80.6% |
| Recurring financial income | 75 | €103 | €185 | +€83 | +80.6% |
| Non-recurring financial income | 76B | €103 | €185 | +€83 | +80.6% |
| Financial charges | 65/66B | €986 | €869 | -€117 | -11.8% |
| Recurring financial charges | 65 | €986 | €869 | -€117 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €48,893 | €79,614 | +€30,720 | +62.8% |
| Income taxes | 67/77 | €11,351 | €17,463 | +€6,112 | +53.8% |
| Profit (loss) for the period | 9904 | €37,542 | €62,150 | +€24,609 | +65.5% |
| Profit (loss) for the period to be appropriated | 9905 | €37,542 | €62,150 | +€24,609 | +65.5% |
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.