CAPE VICTOIRE: 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.
CAPE VICTOIRE
Largest movements
- Intangible fixed assets -€91,506
down €91,506 (-16.0%), from €571,556 to €480,050
- Receivables after one year +€90,000
new in 2025: €90,000
- Cash -€80,878
down €80,878 (-20.0%), from €404,265 to €323,387
mainly Debts after one year (-€142,814) and Other debts (-€98,480)
- Tangible fixed assets -€33,292
down €33,292 (-8.6%), from €387,739 to €354,447
of which Furniture and vehicles: -€20,757
- Debts after one year -€142,814
down €142,814 (-24.0%), from €596,031 to €453,217
- Reserves +€135,500
up €135,500 (+21.5%), from €631,360 to €766,860
of which Distributable reserves: +€135,500
- Other debts -€98,480
down €98,480 (-96.4%), from €102,158 to €3,678
- Gross operating margin +€33,138
up €33,138 (+9.0%), from €368,593 to €401,731
- Provisions +€24,000
no longer reported in 2025 (was -€24,000)
- Staff costs +€8,404
up €8,404 (+16.5%), from €50,799 to €59,203
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 | €1,747,175 | €1,641,804 | -€105,371 | -6.0% |
| Fixed assets | 21/28 | €1,249,365 | €1,124,567 | -€124,798 | -10.0% |
| Intangible fixed assets | 21 | €571,556 | €480,050 | -€91,506 | -16.0% |
| Tangible fixed assets | 22/27 | €387,739 | €354,447 | -€33,292 | -8.6% |
| Land and buildings | 22 | €328,203 | €315,668 | -€12,535 | -3.8% |
| Furniture and vehicles | 24 | €55,861 | €35,104 | -€20,757 | -37.2% |
| Other tangible fixed assets | 26 | €3,675 | €3,675 | = | 0.0% |
| Financial fixed assets | 28 | €290,070 | €290,070 | = | 0.0% |
| Current assets | 29/58 | €497,810 | €517,237 | +€19,427 | +3.9% |
| Amounts receivable after more than one year | 29 | - | €90,000 | +€90,000 | |
| Other amounts receivable | 291 | - | €90,000 | +€90,000 | |
| Amounts receivable within one year | 40/41 | €55,753 | €68,778 | +€13,025 | +23.4% |
| Trade receivables | 40 | €44,588 | €42,661 | -€1,927 | -4.3% |
| Other amounts receivable | 41 | €11,165 | €26,117 | +€14,952 | +134% |
| Current investments | 50/53 | €24,842 | €24,842 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €404,265 | €323,387 | -€80,878 | -20.0% |
| Deferred charges and accrued income | 490/1 | €12,950 | €10,230 | -€2,720 | -21.0% |
| Total equity and liabilities | 10/49 | €1,747,175 | €1,641,804 | -€105,371 | -6.0% |
| Equity | 10/15 | €731,732 | €867,487 | +€135,755 | +18.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €631,360 | €766,860 | +€135,500 | +21.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,000 | €45,000 | = | 0.0% |
| Distributable reserves | 133 | €584,500 | €720,000 | +€135,500 | +23.2% |
| Profit (loss) carried forward | 14 | €87,972 | €88,227 | +€255 | +0.3% |
| Amounts payable | 17/49 | €1,015,443 | €774,317 | -€241,126 | -23.7% |
| Amounts payable after more than one year | 17 | €596,031 | €453,217 | -€142,814 | -24.0% |
| Financial debts | 170/4 | €596,031 | €453,217 | -€142,814 | -24.0% |
| Amounts payable within one year | 42/48 | €374,885 | €276,749 | -€98,136 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €150,535 | €150,535 | = | 0.0% |
| Trade debts | 44 | €59,063 | €68,069 | +€9,006 | +15.2% |
| Suppliers | 440/4 | €59,063 | €68,069 | +€9,006 | +15.2% |
| Taxes, remuneration and social security | 45 | €63,129 | €54,467 | -€8,662 | -13.7% |
| Taxes | 450/3 | €55,605 | €42,875 | -€12,730 | -22.9% |
| Remuneration and social security | 454/9 | €7,524 | €11,592 | +€4,068 | +54.1% |
| Other amounts payable | 47/48 | €102,158 | €3,678 | -€98,480 | -96.4% |
| Accrued charges and deferred income | 492/3 | €44,527 | €44,351 | -€176 | -0.4% |
| Remuneration, social security and pensions | 62 | €50,799 | €59,203 | +€8,404 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,311 | €128,610 | -€701 | -0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€24,000 | - | +€24,000 | |
| Other operating charges | 640/8 | €5,175 | €5,789 | +€614 | +11.9% |
| Gross operating margin | 9900 | €368,593 | €401,731 | +€33,138 | +9.0% |
| Operating profit (loss) | 9901 | €207,308 | €208,129 | +€821 | +0.4% |
| Financial income | 75/76B | €444 | €1,279 | +€835 | +188% |
| Recurring financial income | 75 | €444 | €1,279 | +€835 | +188% |
| Financial charges | 65/66B | €14,186 | €11,575 | -€2,611 | -18.4% |
| Recurring financial charges | 65 | €14,186 | €11,575 | -€2,611 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €193,566 | €197,833 | +€4,267 | +2.2% |
| Income taxes | 67/77 | €61,310 | €62,078 | +€768 | +1.3% |
| Profit (loss) for the period | 9904 | €132,256 | €135,755 | +€3,499 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €132,256 | €135,755 | +€3,499 | +2.6% |
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 29 October 2026 via checked.be.