Cap Horizon: 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 Horizon
Largest movements
- Tangible fixed assets +€38,232
up €38,232 (+296%), from €12,913 to €51,144
- Cash -€10,555
down €10,555 (-96.2%), from €10,969 to €413
mainly Investment in fixed assets (net) (-€48,362) and Trade debts (-€5,637)
- Receivables within one year -€6,556
down €6,556 (-92.9%), from €7,060 to €505
of which Trade receivables: -€6,233
- Profit (loss) carried forward +€14,325
up €14,325 (+8.7%), from -€165,533 to -€151,208
- Other debts +€12,375
up €12,375 (+9.5%), from €130,018 to €142,394
- Trade debts -€5,637
down €5,637 (-84.6%), from €6,660 to €1,023
- Gross operating margin -€8,944
down €8,944 (-26.4%), from €33,941 to €24,996
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 | €31,310 | €52,510 | +€21,200 | +67.7% |
| Fixed assets | 21/28 | €12,913 | €51,144 | +€38,232 | +296% |
| Tangible fixed assets | 22/27 | €12,913 | €51,144 | +€38,232 | +296% |
| Furniture and vehicles | 24 | €12,913 | €51,144 | +€38,232 | +296% |
| Current assets | 29/58 | €18,398 | €1,366 | -€17,031 | -92.6% |
| Amounts receivable within one year | 40/41 | €7,060 | €505 | -€6,556 | -92.9% |
| Trade receivables | 40 | €6,738 | €505 | -€6,233 | -92.5% |
| Other amounts receivable | 41 | €323 | - | -€323 | |
| Cash at bank and in hand | 54/58 | €10,969 | €413 | -€10,555 | -96.2% |
| Deferred charges and accrued income | 490/1 | €368 | €448 | +€80 | +21.7% |
| Total equity and liabilities | 10/49 | €31,310 | €52,510 | +€21,200 | +67.7% |
| Equity | 10/15 | -€105,543 | -€91,217 | +€14,325 | +13.6% |
| Contributions | 10/11 | €54,537 | €54,537 | = | 0.0% |
| Capital | 10 | €54,537 | €54,537 | = | 0.0% |
| Issued capital | 100 | €54,537 | €54,537 | = | 0.0% |
| Reserves | 13 | €5,454 | €5,454 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,454 | €5,454 | = | 0.0% |
| Legal reserve | 130 | €5,454 | €5,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,533 | -€151,208 | +€14,325 | +8.7% |
| Amounts payable | 17/49 | €136,853 | €143,728 | +€6,875 | +5.0% |
| Amounts payable within one year | 42/48 | €136,853 | €143,728 | +€6,875 | +5.0% |
| Trade debts | 44 | €6,660 | €1,023 | -€5,637 | -84.6% |
| Suppliers | 440/4 | €6,660 | €1,023 | -€5,637 | -84.6% |
| Taxes, remuneration and social security | 45 | €174 | €311 | +€137 | +78.4% |
| Taxes | 450/3 | €174 | €311 | +€137 | +78.4% |
| Other amounts payable | 47/48 | €130,018 | €142,394 | +€12,375 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,829 | €10,130 | +€302 | +3.1% |
| Other operating charges | 640/8 | €745 | €412 | -€332 | -44.7% |
| Gross operating margin | 9900 | €33,941 | €24,996 | -€8,944 | -26.4% |
| Operating profit (loss) | 9901 | €23,368 | €14,454 | -€8,914 | -38.1% |
| Financial income | 75/76B | €0 | €21 | +€21 | +6,221% |
| Recurring financial income | 75 | €0 | €21 | +€21 | +6,221% |
| Financial charges | 65/66B | €183 | €150 | -€33 | -18.0% |
| Recurring financial charges | 65 | €153 | €150 | -€3 | -2.0% |
| Non-recurring financial charges | 66B | €30 | - | -€30 | |
| Profit (loss) for the period before taxes | 9903 | €23,185 | €14,325 | -€8,860 | -38.2% |
| Income taxes | 67/77 | €174 | - | -€174 | |
| Profit (loss) for the period | 9904 | €23,011 | €14,325 | -€8,685 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,011 | €14,325 | -€8,685 | -37.7% |
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 13 October 2026 via checked.be.