Cap Horizon & Co: 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 & Co
Largest movements
- Cash +€15,123
up €15,123 (+103%), from €14,671 to €29,794
mainly Trade debts (+€28,426) and Stocks and contracts (+€14,735)
- Stocks and contracts -€14,735
down €14,735 (-36.0%), from €40,970 to €26,235
- Tangible fixed assets +€2,155
up €2,155 (+19.5%), from €11,075 to €13,231
of which Other tangible fixed assets: +€5,857
- Trade debts +€28,426
up €28,426 (+79.6%), from €35,688 to €64,114
- Reserves -€21,525
down €21,525 (-23.2%), from €92,872 to €71,347
of which Distributable reserves: -€21,525
- Gross operating margin -€28,824
down €28,824 (-30.4%), from €94,666 to €65,842
- Taxes -€3,391
down €3,391 (-63.4%), from €5,346 to €1,955
- Staff costs -€3,216
down €3,216 (-4.0%), from €79,510 to €76,294
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 | €172,356 | €176,965 | +€4,608 | +2.7% |
| Fixed assets | 21/28 | €11,125 | €13,281 | +€2,155 | +19.4% |
| Tangible fixed assets | 22/27 | €11,075 | €13,231 | +€2,155 | +19.5% |
| Plant, machinery and equipment | 23 | €559 | €323 | -€235 | -42.1% |
| Furniture and vehicles | 24 | €8,142 | €4,676 | -€3,466 | -42.6% |
| Other tangible fixed assets | 26 | €2,374 | €8,232 | +€5,857 | +247% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €161,231 | €163,684 | +€2,453 | +1.5% |
| Stocks and contracts in progress | 3 | €40,970 | €26,235 | -€14,735 | -36.0% |
| Stocks | 30/36 | €40,970 | €26,235 | -€14,735 | -36.0% |
| Amounts receivable within one year | 40/41 | €104,086 | €105,521 | +€1,435 | +1.4% |
| Trade receivables | 40 | €48,728 | €49,213 | +€484 | +1.0% |
| Other amounts receivable | 41 | €55,357 | €56,308 | +€951 | +1.7% |
| Cash at bank and in hand | 54/58 | €14,671 | €29,794 | +€15,123 | +103% |
| Deferred charges and accrued income | 490/1 | €1,505 | €2,134 | +€629 | +41.8% |
| Total equity and liabilities | 10/49 | €172,356 | €176,965 | +€4,608 | +2.7% |
| Equity | 10/15 | €111,472 | €89,947 | -€21,525 | -19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,872 | €71,347 | -€21,525 | -23.2% |
| 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 | €91,012 | €69,487 | -€21,525 | -23.7% |
| Amounts payable | 17/49 | €60,884 | €87,017 | +€26,133 | +42.9% |
| Amounts payable within one year | 42/48 | €56,375 | €83,522 | +€27,147 | +48.2% |
| Trade debts | 44 | €35,688 | €64,114 | +€28,426 | +79.6% |
| Suppliers | 440/4 | €35,688 | €64,114 | +€28,426 | +79.6% |
| Taxes, remuneration and social security | 45 | €17,587 | €16,309 | -€1,278 | -7.3% |
| Taxes | 450/3 | €3,476 | €2,695 | -€781 | -22.5% |
| Remuneration and social security | 454/9 | €14,111 | €13,614 | -€497 | -3.5% |
| Other amounts payable | 47/48 | €3,100 | €3,100 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,509 | €3,495 | -€1,014 | -22.5% |
| Remuneration, social security and pensions | 62 | €79,510 | €76,294 | -€3,216 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,602 | €5,148 | -€454 | -8.1% |
| Other operating charges | 640/8 | €3,476 | €2,823 | -€652 | -18.8% |
| Gross operating margin | 9900 | €94,666 | €65,842 | -€28,824 | -30.4% |
| Operating profit (loss) | 9901 | €6,078 | -€18,424 | -€24,502 | |
| Financial income | 75/76B | €969 | €551 | -€418 | -43.2% |
| Recurring financial income | 75 | €969 | €551 | -€418 | -43.2% |
| Financial charges | 65/66B | €2,588 | €1,697 | -€891 | -34.4% |
| Recurring financial charges | 65 | €2,588 | €1,697 | -€891 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €4,459 | -€19,570 | -€24,029 | |
| Income taxes | 67/77 | €5,346 | €1,955 | -€3,391 | -63.4% |
| Profit (loss) for the period | 9904 | -€887 | -€21,525 | -€20,638 | -2,326% |
| Profit (loss) for the period to be appropriated | 9905 | -€887 | -€21,525 | -€20,638 | -2,326% |
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 28 October 2026 via checked.be.