CAPEX: 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.
CAPEX
Largest movements
- Stocks and contracts +€3.3m
up €3.3m (+80.6%), from €4.0m to €7.3m
- Cash -€362,597
down €362,597 (-94.2%), from €385,105 to €22,508
mainly Stocks and contracts (-€3.3m) and Net result for the year (-€39,748)
- Advances received +€2.6m
up €2.6m (+96.7%), from €2.7m to €5.4m
- Short-term financial debts +€150,000
up €150,000 (+43.7%), from €342,904 to €492,904
- Trade debts +€74,055
up €74,055 (+16.7%), from €442,844 to €516,900
- Gross operating margin -€44,133
down €44,133, from €4,471 to -€39,662
- Financial charges +€3,427
up €3,427 (+284.3%), from €1,205 to €4,632
- Financial income +€1,362
up €1,362 (+41.9%), from €3,251 to €4,613
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 | €4,464,341 | €7,355,351 | +€2.9m | +64.8% |
| Fixed assets | 21/28 | €41,419 | €41,419 | = | 0.0% |
| Financial fixed assets | 28 | €41,419 | €41,419 | = | 0.0% |
| Current assets | 29/58 | €4,422,922 | €7,313,932 | +€2.9m | +65.4% |
| Stocks and contracts in progress | 3 | €4,037,817 | €7,290,583 | +€3.3m | +80.6% |
| Stocks | 30/36 | €4,037,817 | €7,290,583 | +€3.3m | +80.6% |
| Amounts receivable within one year | 40/41 | - | €841 | +€841 | |
| Trade receivables | 40 | - | €841 | +€841 | |
| Cash at bank and in hand | 54/58 | €385,105 | €22,508 | -€362,597 | -94.2% |
| Total equity and liabilities | 10/49 | €4,464,341 | €7,355,351 | +€2.9m | +64.8% |
| Equity | 10/15 | €16,903 | -€22,844 | -€39,748 | |
| Contributions | 10/11 | €108,550 | €108,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,647 | -€131,394 | -€39,748 | -43.4% |
| Amounts payable | 17/49 | €4,447,437 | €7,378,196 | +€2.9m | +65.9% |
| Amounts payable within one year | 42/48 | €4,446,912 | €7,377,282 | +€2.9m | +65.9% |
| Financial debts | 43 | €342,904 | €492,904 | +€150,000 | +43.7% |
| Credit institutions | 430/8 | €342,904 | €492,904 | +€150,000 | +43.7% |
| Trade debts | 44 | €442,844 | €516,900 | +€74,055 | +16.7% |
| Suppliers | 440/4 | €442,844 | €516,900 | +€74,055 | +16.7% |
| Advances received on contracts in progress | 46 | €2,739,710 | €5,388,828 | +€2.6m | +96.7% |
| Taxes, remuneration and social security | 45 | €134,299 | €190,649 | +€56,350 | +42.0% |
| Taxes | 450/3 | €134,299 | €190,649 | +€56,350 | +42.0% |
| Other amounts payable | 47/48 | €787,154 | €788,002 | +€847 | +0.1% |
| Accrued charges and deferred income | 492/3 | €525 | €914 | +€389 | +74.0% |
| Other operating charges | 640/8 | €451 | €66 | -€385 | -85.4% |
| Gross operating margin | 9900 | €4,471 | -€39,662 | -€44,133 | |
| Operating profit (loss) | 9901 | €4,020 | -€39,728 | -€43,748 | |
| Financial income | 75/76B | €3,251 | €4,613 | +€1,362 | +41.9% |
| Recurring financial income | 75 | €3,251 | €4,613 | +€1,362 | +41.9% |
| Financial charges | 65/66B | €1,205 | €4,632 | +€3,427 | +284.3% |
| Recurring financial charges | 65 | €1,205 | €4,632 | +€3,427 | +284.3% |
| Profit (loss) for the period before taxes | 9903 | €6,065 | -€39,748 | -€45,813 | |
| Profit (loss) for the period | 9904 | €6,065 | -€39,748 | -€45,813 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,065 | -€39,748 | -€45,813 |
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 12 October 2026 via checked.be.