CAP1: 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.
CAP1
Largest movements
- Intangible fixed assets -€357,583
down €357,583 (-11.4%), from €3.1m to €2.8m
- Receivables within one year -€177,971
down €177,971 (-45.0%), from €395,193 to €217,221
of which Trade receivables: -€123,150
- Financial fixed assets -€151,458
down €151,458 (-33.3%), from €454,997 to €303,539
- Receivables after one year +€44,615
up €44,615 (+89.2%), from €50,000 to €94,615
of which Other amounts receivable: +€94,615
- Other debts +€1.0m
up €1.0m (+242%), from €424,306 to €1.4m
- Debts after one year -€615,772
down €615,772 (-27.7%), from €2.2m to €1.6m
- Trade debts -€410,741
down €410,741 (-64.7%), from €634,591 to €223,850
- Profit (loss) carried forward -€345,823
down €345,823 (-157%), from -€220,606 to -€566,429
- Current portion of long-term debt -€131,304
down €131,304 (-42.5%), from €309,114 to €177,809
- Gross operating margin -€238,544
down €238,544 (-80.4%), from €296,762 to €58,218
- Financial income +€141,255
up €141,255 (+5,075%), from €2,783 to €144,039
of which Non-recurring financial income: +€138,742
- Financial charges +€127,488
up €127,488 (+233%), from €54,637 to €182,125
of which Non-recurring financial charges: +€100,000
- Taxes -€21,621
down €21,621 (-78.6%), from €27,501 to €5,879
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 | €4,137,762 | €3,491,577 | -€646,186 | -15.6% |
| Fixed assets | 21/28 | €3,678,956 | €3,169,915 | -€509,041 | -13.8% |
| Intangible fixed assets | 21 | €3,132,706 | €2,775,123 | -€357,583 | -11.4% |
| Tangible fixed assets | 22/27 | €91,253 | €91,253 | = | 0.0% |
| Plant, machinery and equipment | 23 | €91,253 | €91,253 | = | 0.0% |
| Financial fixed assets | 28 | €454,997 | €303,539 | -€151,458 | -33.3% |
| Current assets | 29/58 | €458,806 | €321,661 | -€137,145 | -29.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €94,615 | +€44,615 | +89.2% |
| Trade receivables | 290 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | - | €94,615 | +€94,615 | |
| Amounts receivable within one year | 40/41 | €395,193 | €217,221 | -€177,971 | -45.0% |
| Trade receivables | 40 | €322,000 | €198,850 | -€123,150 | -38.2% |
| Other amounts receivable | 41 | €73,193 | €18,371 | -€54,821 | -74.9% |
| Cash at bank and in hand | 54/58 | €9,587 | €9,018 | -€569 | -5.9% |
| Deferred charges and accrued income | 490/1 | €4,026 | €807 | -€3,220 | -80.0% |
| Total equity and liabilities | 10/49 | €4,137,762 | €3,491,577 | -€646,186 | -15.6% |
| Equity | 10/15 | €385,315 | -€60,509 | -€445,823 | |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €100,000 | €0 | -€100,000 | -100% |
| Reserves | 13 | €5,920 | €5,920 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,920 | €5,920 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,920 | €5,920 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€220,606 | -€566,429 | -€345,823 | -157% |
| Amounts payable | 17/49 | €3,752,448 | €3,552,085 | -€200,362 | -5.3% |
| Amounts payable after more than one year | 17 | €2,219,423 | €1,603,651 | -€615,772 | -27.7% |
| Financial debts | 170/4 | €2,219,423 | €1,603,651 | -€615,772 | -27.7% |
| Amounts payable within one year | 42/48 | €1,533,025 | €1,948,434 | +€415,410 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €309,114 | €177,809 | -€131,304 | -42.5% |
| Financial debts | 43 | €75,019 | €0 | -€75,019 | -100% |
| Credit institutions | 430/8 | €75,019 | €0 | -€75,019 | -100% |
| Trade debts | 44 | €634,591 | €223,850 | -€410,741 | -64.7% |
| Suppliers | 440/4 | €634,591 | €223,850 | -€410,741 | -64.7% |
| Taxes, remuneration and social security | 45 | €89,995 | €96,997 | +€7,003 | +7.8% |
| Taxes | 450/3 | €89,995 | €96,997 | +€7,003 | +7.8% |
| Other amounts payable | 47/48 | €424,306 | €1,449,777 | +€1.0m | +242% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €357,583 | €357,583 | = | 0.0% |
| Other operating charges | 640/8 | €425 | €2,492 | +€2,067 | +486% |
| Gross operating margin | 9900 | €296,762 | €58,218 | -€238,544 | -80.4% |
| Operating profit (loss) | 9901 | -€61,246 | -€301,857 | -€240,611 | -393% |
| Financial income | 75/76B | €2,783 | €144,039 | +€141,255 | +5,075% |
| Recurring financial income | 75 | €2,783 | €5,296 | +€2,513 | +90.3% |
| Non-recurring financial income | 76B | €0 | €138,742 | +€138,742 | |
| Financial charges | 65/66B | €54,637 | €182,125 | +€127,488 | +233% |
| Recurring financial charges | 65 | €54,637 | €82,125 | +€27,488 | +50.3% |
| Non-recurring financial charges | 66B | - | €100,000 | +€100,000 | |
| Profit (loss) for the period before taxes | 9903 | -€113,100 | -€339,944 | -€226,844 | -201% |
| Income taxes | 67/77 | €27,501 | €5,879 | -€21,621 | -78.6% |
| Profit (loss) for the period | 9904 | -€140,601 | -€345,823 | -€205,222 | -146% |
| Profit (loss) for the period to be appropriated | 9905 | -€140,601 | -€345,823 | -€205,222 | -146% |
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 26 October 2026 via checked.be.