CAPCORE: 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.
CAPCORE
Largest movements
- Tangible fixed assets -€106,907
down €106,907 (-21.9%), from €487,669 to €380,762
of which Other tangible fixed assets: -€112,109
- Cash +€103,156
up €103,156 (+130.7%), from €78,909 to €182,065
mainly Net result for the year (+€191,627) and Investment in fixed assets (net) (+€82,567)
- Receivables within one year +€48,391
up €48,391 (+198.2%), from €24,413 to €72,804
of which Trade receivables: +€42,819
- Financial fixed assets -€12,500
down €12,500 (-100.0%), from €12,500 to €0
- Reserves +€61,627
up €61,627 (+26.1%), from €235,968 to €297,595
- Debts after one year -€32,093
down €32,093 (-11.4%), from €281,894 to €249,800
- Tax, wage and social debts +€8,228
up €8,228 (+30.7%), from €26,778 to €35,006
- Financial income +€44,330
up €44,330 (+1194.6%), from €3,711 to €48,041
of which Non-recurring financial income: +€41,072
- Gross operating margin +€33,963
up €33,963 (+15.4%), from €220,502 to €254,466
- Taxes +€12,422
up €12,422 (+31.7%), from €39,139 to €51,561
- Other operating charges +€8,445
up €8,445 (+957.9%), from €882 to €9,327
- Depreciation -€4,431
down €4,431 (-10.7%), from €41,270 to €36,839
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 | €603,931 | €637,277 | +€33,346 | +5.5% |
| Fixed assets | 21/28 | €500,169 | €380,762 | -€119,407 | -23.9% |
| Tangible fixed assets | 22/27 | €487,669 | €380,762 | -€106,907 | -21.9% |
| Furniture and vehicles | 24 | €20,615 | €25,817 | +€5,202 | +25.2% |
| Other tangible fixed assets | 26 | €467,054 | €354,946 | -€112,109 | -24.0% |
| Financial fixed assets | 28 | €12,500 | €0 | -€12,500 | -100.0% |
| Current assets | 29/58 | €103,762 | €256,514 | +€152,752 | +147.2% |
| Amounts receivable within one year | 40/41 | €24,413 | €72,804 | +€48,391 | +198.2% |
| Trade receivables | 40 | €24,413 | €67,232 | +€42,819 | +175.4% |
| Other amounts receivable | 41 | - | €5,572 | +€5,572 | |
| Cash at bank and in hand | 54/58 | €78,909 | €182,065 | +€103,156 | +130.7% |
| Deferred charges and accrued income | 490/1 | €440 | €1,645 | +€1,205 | +274.1% |
| Total equity and liabilities | 10/49 | €603,931 | €637,277 | +€33,346 | +5.5% |
| Equity | 10/15 | €253,468 | €315,095 | +€61,627 | +24.3% |
| Contributions | 10/11 | €17,500 | €17,500 | = | 0.0% |
| Reserves | 13 | €235,968 | €297,595 | +€61,627 | +26.1% |
| Distributable reserves | 133 | €235,968 | €297,595 | +€61,627 | +26.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €350,463 | €322,181 | -€28,282 | -8.1% |
| Amounts payable after more than one year | 17 | €281,894 | €249,800 | -€32,093 | -11.4% |
| Financial debts | 170/4 | €281,894 | €249,800 | -€32,093 | -11.4% |
| Amounts payable within one year | 42/48 | €67,073 | €72,253 | +€5,180 | +7.7% |
| Current portion of amounts payable after more than one year | 42 | €30,954 | €32,093 | +€1,139 | +3.7% |
| Trade debts | 44 | €6,085 | €5,154 | -€932 | -15.3% |
| Suppliers | 440/4 | €6,085 | €5,154 | -€932 | -15.3% |
| Taxes, remuneration and social security | 45 | €26,778 | €35,006 | +€8,228 | +30.7% |
| Taxes | 450/3 | €26,778 | €35,006 | +€8,228 | +30.7% |
| Other amounts payable | 47/48 | €3,256 | €0 | -€3,256 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,496 | €128 | -€1,368 | -91.4% |
| Non-recurring operating income | 76A | - | €27,730 | +€27,730 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,270 | €36,839 | -€4,431 | -10.7% |
| Other operating charges | 640/8 | €882 | €9,327 | +€8,445 | +957.9% |
| Gross operating margin | 9900 | €220,502 | €254,466 | +€33,963 | +15.4% |
| Operating profit (loss) | 9901 | €178,351 | €208,299 | +€29,948 | +16.8% |
| Financial income | 75/76B | €3,711 | €48,041 | +€44,330 | +1194.6% |
| Recurring financial income | 75 | €3,711 | €6,969 | +€3,258 | +87.8% |
| Non-recurring financial income | 76B | - | €41,072 | +€41,072 | |
| Financial charges | 65/66B | €12,509 | €13,152 | +€643 | +5.1% |
| Recurring financial charges | 65 | €12,509 | €13,152 | +€643 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €169,553 | €243,189 | +€73,635 | +43.4% |
| Income taxes | 67/77 | €39,139 | €51,561 | +€12,422 | +31.7% |
| Profit (loss) for the period | 9904 | €130,414 | €191,627 | +€61,213 | +46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €130,414 | €191,627 | +€61,213 | +46.9% |
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 28 September 2026 via checked.be.