CAP IMAGE: 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 IMAGE
Largest movements
- Tangible fixed assets +€72,299
up €72,299 (+25.0%), from €289,655 to €361,954
of which Furniture and vehicles: +€76,761
- Current investments -€56,065
down €56,065 (-14.8%), from €377,712 to €321,647
- Receivables within one year +€33,665
up €33,665 (+336.7%), from €10,000 to €43,665
of which Other amounts receivable: +€43,665
- Cash -€32,456
down €32,456 (-17.5%), from €185,796 to €153,339
mainly Contributions, distributions and other (-€129,212) and Investment in fixed assets (net) (-€113,302)
- Deferred charges and accrued income +€31,289
up €31,289 (+22.2%), from €141,230 to €172,519
- Debts after one year +€36,393
up €36,393 (+28.9%), from €125,866 to €162,260
- Tax, wage and social debts -€19,885
down €19,885 (-80.6%), from €24,683 to €4,797
- Current portion of long-term debt +€18,914
up €18,914 (+78.1%), from €24,206 to €43,120
- Reserves +€14,307
up €14,307 (+1.8%), from €815,263 to €829,570
- Gross operating margin +€35,281
up €35,281 (+16.7%), from €211,538 to €246,819
- Financial income -€33,545
down €33,545 (-69.1%), from €48,538 to €14,993
- Other operating charges +€4,655
up €4,655 (+137.9%), from €3,377 to €8,032
- Depreciation +€3,530
up €3,530 (+9.4%), from €37,473 to €41,003
- Taxes -€2,779
down €2,779 (-4.3%), from €64,047 to €61,268
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 | €1,004,393 | €1,053,125 | +€48,732 | +4.9% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €289,655 | €361,954 | +€72,299 | +25.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €289,655 | €361,954 | +€72,299 | +25.0% |
| Land and buildings | 22 | €224,972 | €218,457 | -€6,515 | -2.9% |
| Plant, machinery and equipment | 23 | €1,110 | €3,163 | +€2,052 | +184.9% |
| Furniture and vehicles | 24 | €63,573 | €140,334 | +€76,761 | +120.7% |
| Current assets | 29/58 | €714,739 | €691,171 | -€23,567 | -3.3% |
| Amounts receivable within one year | 40/41 | €10,000 | €43,665 | +€33,665 | +336.7% |
| Trade receivables | 40 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 41 | - | €43,665 | +€43,665 | |
| Current investments | 50/53 | €377,712 | €321,647 | -€56,065 | -14.8% |
| Cash at bank and in hand | 54/58 | €185,796 | €153,339 | -€32,456 | -17.5% |
| Deferred charges and accrued income | 490/1 | €141,230 | €172,519 | +€31,289 | +22.2% |
| Total equity and liabilities | 10/49 | €1,004,393 | €1,053,125 | +€48,732 | +4.9% |
| Equity | 10/15 | €828,209 | €842,516 | +€14,307 | +1.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €815,263 | €829,570 | +€14,307 | +1.8% |
| Distributable reserves | 133 | €815,263 | €829,570 | +€14,307 | +1.8% |
| Profit (loss) carried forward | 14 | €546 | €546 | = | 0.0% |
| Amounts payable | 17/49 | €176,184 | €210,610 | +€34,425 | +19.5% |
| Amounts payable after more than one year | 17 | €125,866 | €162,260 | +€36,393 | +28.9% |
| Financial debts | 170/4 | €125,866 | €162,260 | +€36,393 | +28.9% |
| Amounts payable within one year | 42/48 | €49,849 | €47,935 | -€1,914 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €24,206 | €43,120 | +€18,914 | +78.1% |
| Trade debts | 44 | - | €17 | +€17 | |
| Suppliers | 440/4 | - | €17 | +€17 | |
| Taxes, remuneration and social security | 45 | €24,683 | €4,797 | -€19,885 | -80.6% |
| Taxes | 450/3 | €24,683 | €4,797 | -€19,885 | -80.6% |
| Other amounts payable | 47/48 | €960 | - | -€960 | |
| Accrued charges and deferred income | 492/3 | €469 | €415 | -€54 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,473 | €41,003 | +€3,530 | +9.4% |
| Other operating charges | 640/8 | €3,377 | €8,032 | +€4,655 | +137.9% |
| Gross operating margin | 9900 | €211,538 | €246,819 | +€35,281 | +16.7% |
| Operating profit (loss) | 9901 | €170,689 | €197,785 | +€27,096 | +15.9% |
| Financial income | 75/76B | €48,538 | €14,993 | -€33,545 | -69.1% |
| Recurring financial income | 75 | €48,538 | €14,993 | -€33,545 | -69.1% |
| Financial charges | 65/66B | €6,472 | €7,991 | +€1,519 | +23.5% |
| Recurring financial charges | 65 | €6,472 | €7,991 | +€1,519 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €212,756 | €204,787 | -€7,969 | -3.7% |
| Income taxes | 67/77 | €64,047 | €61,268 | -€2,779 | -4.3% |
| Profit (loss) for the period | 9904 | €148,709 | €143,519 | -€5,190 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €148,709 | €143,519 | -€5,190 | -3.5% |
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 9 October 2026 via checked.be.