Capital C: 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.
Capital C
Largest movements
- Tangible fixed assets +€492,757
up €492,757 (+12.1%), from €4.1m to €4.6m
of which Land and buildings: +€497,104
- Receivables within one year -€414,518
down €414,518 (-59.5%), from €696,862 to €282,344
of which Other amounts receivable: -€462,765
- Financial fixed assets +€350,000
new in 2025: €350,000
- Cash -€98,249
down €98,249 (-69.0%), from €142,304 to €44,055
mainly Investment in fixed assets (net) (-€985,424) and Debts after one year (-€199,887)
- Debts after one year -€199,887
down €199,887 (-5.1%), from €3.9m to €3.7m
- Reserves +€121,656
up €121,656 (+13.2%), from €922,308 to €1.0m
of which Tax-exempt reserves: +€154,501
- Profit (loss) carried forward +€115,552
up €115,552, from -€115,552 to €0
- Other debts +€96,548
up €96,548 (+453%), from €21,305 to €117,853
- Gross operating margin -€243,655
down €243,655 (-27.4%), from €890,703 to €647,047
- Depreciation -€186,658
down €186,658 (-56.7%), from €329,325 to €142,667
- Taxes +€34,698
up €34,698, from -€397 to €34,302
- Other operating charges +€25,469
up €25,469 (+259%), from €9,851 to €35,320
- Financial income +€22,572
up €22,572 (+52.4%), from €43,107 to €65,678
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 | €5,180,087 | €5,483,989 | +€303,902 | +5.9% |
| Fixed assets | 21/28 | €4,060,357 | €4,903,114 | +€842,757 | +20.8% |
| Tangible fixed assets | 22/27 | €4,060,357 | €4,553,114 | +€492,757 | +12.1% |
| Land and buildings | 22 | €4,032,041 | €4,529,145 | +€497,104 | +12.3% |
| Plant, machinery and equipment | 23 | €2,929 | €0 | -€2,929 | -100% |
| Furniture and vehicles | 24 | €3,064 | €1,646 | -€1,418 | -46.3% |
| Other tangible fixed assets | 26 | €22,323 | €22,323 | = | 0.0% |
| Financial fixed assets | 28 | - | €350,000 | +€350,000 | |
| Current assets | 29/58 | €1,119,730 | €580,876 | -€538,854 | -48.1% |
| Amounts receivable within one year | 40/41 | €696,862 | €282,344 | -€414,518 | -59.5% |
| Trade receivables | 40 | €137,744 | €185,992 | +€48,247 | +35.0% |
| Other amounts receivable | 41 | €559,117 | €96,352 | -€462,765 | -82.8% |
| Current investments | 50/53 | €245,794 | €245,210 | -€584 | -0.2% |
| Cash at bank and in hand | 54/58 | €142,304 | €44,055 | -€98,249 | -69.0% |
| Deferred charges and accrued income | 490/1 | €34,770 | €9,267 | -€25,503 | -73.3% |
| Total equity and liabilities | 10/49 | €5,180,087 | €5,483,989 | +€303,902 | +5.9% |
| Equity | 10/15 | €819,156 | €1,056,364 | +€237,208 | +29.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €922,308 | €1,043,964 | +€121,656 | +13.2% |
| Tax-exempt reserves | 132 | €432,238 | €586,739 | +€154,501 | +35.7% |
| Distributable reserves | 133 | €490,071 | €457,225 | -€32,846 | -6.7% |
| Profit (loss) carried forward | 14 | -€115,552 | €0 | +€115,552 | |
| Provisions and deferred taxes | 16 | €144,015 | €195,516 | +€51,500 | +35.8% |
| Deferred taxes | 168 | €144,015 | €195,516 | +€51,500 | +35.8% |
| Amounts payable | 17/49 | €4,216,915 | €4,232,110 | +€15,194 | +0.4% |
| Amounts payable after more than one year | 17 | €3,883,973 | €3,684,086 | -€199,887 | -5.1% |
| Financial debts | 170/4 | €3,883,973 | €3,684,086 | -€199,887 | -5.1% |
| Amounts payable within one year | 42/48 | €329,278 | €543,214 | +€213,936 | +65.0% |
| Current portion of amounts payable after more than one year | 42 | €200,319 | €239,551 | +€39,232 | +19.6% |
| Trade debts | 44 | €83,873 | €135,952 | +€52,079 | +62.1% |
| Suppliers | 440/4 | €83,873 | €135,952 | +€52,079 | +62.1% |
| Taxes, remuneration and social security | 45 | €23,781 | €49,858 | +€26,077 | +110% |
| Taxes | 450/3 | €23,781 | €49,858 | +€26,077 | +110% |
| Other amounts payable | 47/48 | €21,305 | €117,853 | +€96,548 | +453% |
| Accrued charges and deferred income | 492/3 | €3,664 | €4,809 | +€1,145 | +31.3% |
| Non-recurring operating income | 76A | €666,030 | €258,733 | -€407,297 | -61.2% |
| Remuneration, social security and pensions | 62 | - | €2,033 | +€2,033 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329,325 | €142,667 | -€186,658 | -56.7% |
| Other operating charges | 640/8 | €9,851 | €35,320 | +€25,469 | +259% |
| Non-recurring operating charges | 66A | €1,540 | €0 | -€1,540 | -100% |
| Gross operating margin | 9900 | €890,703 | €647,047 | -€243,655 | -27.4% |
| Operating profit (loss) | 9901 | €549,986 | €467,027 | -€82,959 | -15.1% |
| Financial income | 75/76B | €43,107 | €65,678 | +€22,572 | +52.4% |
| Recurring financial income | 75 | €43,107 | €65,678 | +€22,572 | +52.4% |
| Financial charges | 65/66B | €132,981 | €116,743 | -€16,238 | -12.2% |
| Recurring financial charges | 65 | €132,981 | €116,743 | -€16,238 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €460,112 | €415,962 | -€44,150 | -9.6% |
| Transfer from deferred taxes | 780 | €11,876 | €8,975 | -€2,901 | -24.4% |
| Transfer to deferred taxes | 680 | €155,891 | €60,475 | -€95,416 | -61.2% |
| Income taxes | 67/77 | -€397 | €34,302 | +€34,698 | |
| Profit (loss) for the period | 9904 | €316,494 | €330,161 | +€13,667 | +4.3% |
| Transfer from tax-exempt reserves | 789 | €35,628 | €26,924 | -€8,704 | -24.4% |
| Transfer to tax-exempt reserves | 689 | €467,673 | €181,425 | -€286,248 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€115,552 | €175,659 | +€291,211 |
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 15 October 2026 via checked.be.