CAPA: what changed
Two fiscal 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.
CAPA
Largest movements
- Stocks and contracts +€355,291
up €355,291 (+189.9%), from €187,090 to €542,381
- Cash -€18,947
down €18,947 (-75.6%), from €25,066 to €6,119
mainly Stocks and contracts (-€355,291) and Tax, wage and social debts (-€1,584)
- Debts after one year +€290,050
up €290,050 (+692.0%), from €41,915 to €331,965
- Other debts +€25,114
up €25,114 (+5079.2%), from €494 to €25,609
- Current portion of long-term debt +€7,622
up €7,622 (+327.3%), from €2,329 to €9,950
- Profit (loss) carried forward +€6,407
up €6,407 (+3.9%), from €165,032 to €171,439
- Gross operating margin +€87,519
up €87,519, from -€76,885 to €10,634
- Staff costs -€4,560
no longer reported in 2025 (was €4,560)
- Financial charges +€1,148
up €1,148 (+68.0%), from €1,688 to €2,836
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 | €251,553 | €583,514 | +€331,961 | +132.0% |
| Fixed assets | 21/28 | €68 | €1,160 | +€1,091 | +1601.1% |
| Tangible fixed assets | 22/27 | - | €1,091 | +€1,091 | |
| Furniture and vehicles | 24 | - | €1,091 | +€1,091 | |
| Financial fixed assets | 28 | €68 | €68 | = | 0.0% |
| Current assets | 29/58 | €251,485 | €582,354 | +€330,870 | +131.6% |
| Amounts receivable after more than one year | 29 | €12,815 | €12,815 | = | 0.0% |
| Trade receivables | 290 | €12,815 | €12,815 | = | 0.0% |
| Stocks and contracts in progress | 3 | €187,090 | €542,381 | +€355,291 | +189.9% |
| Stocks | 30/36 | €187,090 | €542,381 | +€355,291 | +189.9% |
| Amounts receivable within one year | 40/41 | €26,513 | €21,039 | -€5,474 | -20.6% |
| Trade receivables | 40 | €5,683 | €6,683 | +€1,000 | +17.6% |
| Other amounts receivable | 41 | €20,830 | €14,356 | -€6,474 | -31.1% |
| Cash at bank and in hand | 54/58 | €25,066 | €6,119 | -€18,947 | -75.6% |
| Total equity and liabilities | 10/49 | €251,553 | €583,514 | +€331,961 | +132.0% |
| Equity | 10/15 | €199,896 | €206,302 | +€6,407 | +3.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €28,666 | €28,666 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €8,057 | €8,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | €165,032 | €171,439 | +€6,407 | +3.9% |
| Amounts payable | 17/49 | €51,657 | €377,211 | +€325,555 | +630.2% |
| Amounts payable after more than one year | 17 | €41,915 | €331,965 | +€290,050 | +692.0% |
| Financial debts | 170/4 | €41,915 | €331,965 | +€290,050 | +692.0% |
| Amounts payable within one year | 42/48 | €9,742 | €45,247 | +€35,505 | +364.4% |
| Current portion of amounts payable after more than one year | 42 | €2,329 | €9,950 | +€7,622 | +327.3% |
| Trade debts | 44 | €185 | €4,538 | +€4,353 | +2353.5% |
| Suppliers | 440/4 | €185 | €4,538 | +€4,353 | +2353.5% |
| Taxes, remuneration and social security | 45 | €6,734 | €5,150 | -€1,584 | -23.5% |
| Taxes | 450/3 | €1,784 | €200 | -€1,584 | -88.8% |
| Remuneration and social security | 454/9 | €4,950 | €4,950 | = | 0.0% |
| Other amounts payable | 47/48 | €494 | €25,609 | +€25,114 | +5079.2% |
| Non-recurring operating income | 76A | - | €17,500 | +€17,500 | |
| Remuneration, social security and pensions | 62 | €4,560 | - | -€4,560 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €412 | +€412 | |
| Other operating charges | 640/8 | €1,459 | €979 | -€481 | -32.9% |
| Gross operating margin | 9900 | -€76,885 | €10,634 | +€87,519 | |
| Operating profit (loss) | 9901 | -€82,905 | €9,243 | +€92,148 | |
| Financial income | 75/76B | €382 | - | -€382 | |
| Recurring financial income | 75 | €382 | - | -€382 | |
| Financial charges | 65/66B | €1,688 | €2,836 | +€1,148 | +68.0% |
| Recurring financial charges | 65 | €1,688 | €2,836 | +€1,148 | +68.0% |
| Profit (loss) for the period before taxes | 9903 | -€84,211 | €6,407 | +€90,617 | |
| Income taxes | 67/77 | €114 | - | -€114 | |
| Profit (loss) for the period | 9904 | -€84,325 | €6,407 | +€90,732 | |
| Profit (loss) for the period to be appropriated | 9905 | -€84,325 | €6,407 | +€90,732 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.