CAP NORD: 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 NORD
Largest movements
- Tangible fixed assets +€97,720
up €97,720 (+329%), from €29,674 to €127,395
- Receivables within one year +€6,314
up €6,314 (+50.6%), from €12,466 to €18,781
of which Trade receivables: +€13,500
- Cash +€4,501
up €4,501 (+560%), from €804 to €5,305
mainly Other debts (+€61,762) and Debts after one year (+€33,637)
- Deferred charges and accrued income +€3,193
up €3,193 (+769%), from €415 to €3,609
- Other debts +€61,762
up €61,762 (+2,043%), from €3,023 to €64,784
- Debts after one year +€33,637
new in 2025: €33,637
- Current portion of long-term debt +€14,609
new in 2025: €14,609
- Trade debts +€7,843
up €7,843 (+497%), from €1,578 to €9,421
- Profit (loss) carried forward -€6,808
down €6,808 (-34.0%), from €20,010 to €13,202
- Depreciation +€23,225
up €23,225 (+606%), from €3,834 to €27,058
- Gross operating margin +€8,690
up €8,690 (+37.5%), from €23,144 to €31,833
- Other operating charges +€6,855
up €6,855 (+2,056%), from €333 to €7,188
- Taxes -€4,885
down €4,885 (-99.4%), from €4,915 to €30
- Financial charges +€4,112
up €4,112 (+2,109%), from €195 to €4,307
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 | €43,360 | €155,089 | +€111,729 | +258% |
| Fixed assets | 21/28 | €29,674 | €127,395 | +€97,720 | +329% |
| Tangible fixed assets | 22/27 | €29,674 | €127,395 | +€97,720 | +329% |
| Furniture and vehicles | 24 | €29,674 | €127,395 | +€97,720 | +329% |
| Current assets | 29/58 | €13,686 | €27,694 | +€14,009 | +102% |
| Amounts receivable within one year | 40/41 | €12,466 | €18,781 | +€6,314 | +50.6% |
| Trade receivables | 40 | €846 | €14,346 | +€13,500 | +1,596% |
| Other amounts receivable | 41 | €11,620 | €4,435 | -€7,185 | -61.8% |
| Cash at bank and in hand | 54/58 | €804 | €5,305 | +€4,501 | +560% |
| Deferred charges and accrued income | 490/1 | €415 | €3,609 | +€3,193 | +769% |
| Total equity and liabilities | 10/49 | €43,360 | €155,089 | +€111,729 | +258% |
| Equity | 10/15 | €38,760 | €31,952 | -€6,808 | -17.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150 | €150 | = | 0.0% |
| Distributable reserves | 133 | €150 | €150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,010 | €13,202 | -€6,808 | -34.0% |
| Amounts payable | 17/49 | €4,600 | €123,137 | +€118,537 | +2,577% |
| Amounts payable after more than one year | 17 | - | €33,637 | +€33,637 | |
| Financial debts | 170/4 | - | €33,637 | +€33,637 | |
| Amounts payable within one year | 42/48 | €4,600 | €89,500 | +€84,900 | +1,846% |
| Current portion of amounts payable after more than one year | 42 | - | €14,609 | +€14,609 | |
| Trade debts | 44 | €1,578 | €9,421 | +€7,843 | +497% |
| Suppliers | 440/4 | €1,578 | €9,421 | +€7,843 | +497% |
| Advances received on contracts in progress | 46 | - | €686 | +€686 | |
| Other amounts payable | 47/48 | €3,023 | €64,784 | +€61,762 | +2,043% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,834 | €27,058 | +€23,225 | +606% |
| Other operating charges | 640/8 | €333 | €7,188 | +€6,855 | +2,056% |
| Non-recurring operating charges | 66A | - | €59 | +€59 | |
| Gross operating margin | 9900 | €23,144 | €31,833 | +€8,690 | +37.5% |
| Operating profit (loss) | 9901 | €18,977 | -€2,472 | -€21,449 | |
| Financial income | 75/76B | €12 | €0 | -€12 | -99.7% |
| Recurring financial income | 75 | €12 | €0 | -€12 | -99.7% |
| Financial charges | 65/66B | €195 | €4,307 | +€4,112 | +2,109% |
| Recurring financial charges | 65 | €195 | €4,307 | +€4,112 | +2,109% |
| Profit (loss) for the period before taxes | 9903 | €18,794 | -€6,778 | -€25,572 | |
| Income taxes | 67/77 | €4,915 | €30 | -€4,885 | -99.4% |
| Profit (loss) for the period | 9904 | €13,879 | -€6,808 | -€20,686 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,879 | -€6,808 | -€20,686 |
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 21 October 2026 via checked.be.