CAP-INVEST: 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-INVEST
Largest movements
- Tangible fixed assets -€513,551
down €513,551 (-59.0%), from €870,716 to €357,165
of which Land and buildings: -€522,126
- Cash +€95,524
up €95,524 (+484%), from €19,727 to €115,251
mainly Investment in fixed assets (net) (+€490,722) and Net result for the year (+€357,865)
- Receivables within one year +€29,540
up €29,540 (+151%), from €19,526 to €49,066
of which Other amounts receivable: +€20,670
- Profit (loss) carried forward +€466,333
up €466,333 (+57.6%), from -€809,594 to -€343,261
- Other debts -€409,079
down €409,079 (-100%), from €409,079 to €0
- Revaluation surpluses -€155,147
down €155,147 (-100%), from €155,147 to €0
- Reserves -€108,468
down €108,468 (-30.5%), from €355,311 to €246,843
of which Tax-exempt reserves: -€108,468
- Current portion of long-term debt -€98,580
down €98,580 (-79.5%), from €124,063 to €25,483
- Gross operating margin +€446,623
up €446,623 (+652%), from €68,497 to €515,120
- Taxes +€145,465
up €145,465 (+526%), from €27,672 to €173,137
- Depreciation -€33,213
down €33,213 (-59.3%), from €56,042 to €22,829
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 | €910,528 | €521,714 | -€388,814 | -42.7% |
| Fixed assets | 21/28 | €870,716 | €357,165 | -€513,551 | -59.0% |
| Tangible fixed assets | 22/27 | €870,716 | €357,165 | -€513,551 | -59.0% |
| Land and buildings | 22 | €870,654 | €348,529 | -€522,126 | -60.0% |
| Furniture and vehicles | 24 | €61 | €8,636 | +€8,575 | +13,989% |
| Current assets | 29/58 | €39,812 | €164,550 | +€124,737 | +313% |
| Amounts receivable within one year | 40/41 | €19,526 | €49,066 | +€29,540 | +151% |
| Trade receivables | 40 | €4,665 | €13,536 | +€8,870 | +190% |
| Other amounts receivable | 41 | €14,860 | €35,530 | +€20,670 | +139% |
| Current investments | 50/53 | €231 | €233 | +€2 | +0.7% |
| Cash at bank and in hand | 54/58 | €19,727 | €115,251 | +€95,524 | +484% |
| Deferred charges and accrued income | 490/1 | €328 | €0 | -€328 | -100% |
| Total equity and liabilities | 10/49 | €910,528 | €521,714 | -€388,814 | -42.7% |
| Equity | 10/15 | -€293,591 | -€90,873 | +€202,718 | +69.0% |
| Contributions | 10/11 | €5,545 | €5,545 | = | 0.0% |
| Revaluation surpluses | 12 | €155,147 | €0 | -€155,147 | -100% |
| Reserves | 13 | €355,311 | €246,843 | -€108,468 | -30.5% |
| Non-distributable reserves | 130/1 | €1,664 | €1,664 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,664 | €1,664 | = | 0.0% |
| Tax-exempt reserves | 132 | €263,147 | €154,679 | -€108,468 | -41.2% |
| Distributable reserves | 133 | €90,501 | €90,501 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€809,594 | -€343,261 | +€466,333 | +57.6% |
| Provisions and deferred taxes | 16 | €447,305 | €391,428 | -€55,877 | -12.5% |
| Provisions for liabilities and charges | 160/5 | €311,745 | €311,745 | = | 0.0% |
| Pensions and similar obligations | 160 | €311,745 | €311,745 | = | 0.0% |
| Deferred taxes | 168 | €135,560 | €79,683 | -€55,877 | -41.2% |
| Amounts payable | 17/49 | €756,814 | €221,159 | -€535,654 | -70.8% |
| Amounts payable after more than one year | 17 | €190,469 | €148,869 | -€41,600 | -21.8% |
| Financial debts | 170/4 | €190,469 | €148,869 | -€41,600 | -21.8% |
| Amounts payable within one year | 42/48 | €566,345 | €72,290 | -€494,055 | -87.2% |
| Current portion of amounts payable after more than one year | 42 | €124,063 | €25,483 | -€98,580 | -79.5% |
| Trade debts | 44 | €5,930 | €11,538 | +€5,608 | +94.6% |
| Suppliers | 440/4 | €5,930 | €11,538 | +€5,608 | +94.6% |
| Taxes, remuneration and social security | 45 | €27,274 | €35,269 | +€7,995 | +29.3% |
| Taxes | 450/3 | €27,274 | €35,269 | +€7,995 | +29.3% |
| Other amounts payable | 47/48 | €409,079 | €0 | -€409,079 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,042 | €22,829 | -€33,213 | -59.3% |
| Other operating charges | 640/8 | €7,514 | €8,638 | +€1,124 | +15.0% |
| Gross operating margin | 9900 | €68,497 | €515,120 | +€446,623 | +652% |
| Operating profit (loss) | 9901 | €4,941 | €483,653 | +€478,712 | +9,688% |
| Financial income | 75/76B | €33 | €461 | +€428 | +1,300% |
| Recurring financial income | 75 | €33 | €461 | +€428 | +1,300% |
| Financial charges | 65/66B | €13,027 | €8,989 | -€4,038 | -31.0% |
| Recurring financial charges | 65 | €13,027 | €8,989 | -€4,038 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,053 | €475,125 | +€483,178 | |
| Transfer from deferred taxes | 780 | €12,081 | €55,877 | +€43,797 | +363% |
| Income taxes | 67/77 | €27,672 | €173,137 | +€145,465 | +526% |
| Profit (loss) for the period | 9904 | -€23,644 | €357,865 | +€381,510 | |
| Transfer from tax-exempt reserves | 789 | €23,451 | €108,468 | +€85,017 | +363% |
| Profit (loss) for the period to be appropriated | 9905 | -€193 | €466,333 | +€466,527 |
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.