CAPITAL H: 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 H
Largest movements
- Cash +€160,166
up €160,166 (+560%), from €28,588 to €188,753
mainly Accrued charges and deferred income (+€166,681) and Depreciation (+€113,040)
- Intangible fixed assets +€141,230
up €141,230 (+17.7%), from €799,978 to €941,207
- Receivables within one year -€102,790
down €102,790 (-21.4%), from €479,248 to €376,458
of which Other amounts receivable: -€158,111
- Contributions +€424,710
up €424,710 (+115%), from €367,865 to €792,575
of which Contributions outside capital: +€369,450
- Investment grants -€350,030
no longer reported in 2025 (was €350,030)
- Accrued charges and deferred income +€166,681
up €166,681 (+1,301%), from €12,817 to €179,498
- Other debts -€121,570
down €121,570 (-98.5%), from €123,452 to €1,882
- Trade debts +€53,898
up €53,898 (+283%), from €19,068 to €72,966
- Gross operating margin +€106,513
up €106,513 (+172%), from €61,787 to €168,300
- Financial income -€90,515
down €90,515 (-99.5%), from €90,997 to €483
- Depreciation +€17,230
up €17,230 (+18.0%), from €95,809 to €113,040
- Financial charges -€12,449
down €12,449 (-42.9%), from €29,014 to €16,565
- Staff costs -€3,107
no longer reported in 2025 (was €3,107)
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 | €1,308,827 | €1,511,064 | +€202,237 | +15.5% |
| Fixed assets | 21/28 | €800,991 | €942,120 | +€141,129 | +17.6% |
| Intangible fixed assets | 21 | €799,978 | €941,207 | +€141,230 | +17.7% |
| Tangible fixed assets | 22/27 | €101 | - | -€101 | |
| Furniture and vehicles | 24 | €101 | - | -€101 | |
| Financial fixed assets | 28 | €913 | €913 | = | 0.0% |
| Current assets | 29/58 | €507,835 | €568,944 | +€61,108 | +12.0% |
| Amounts receivable within one year | 40/41 | €479,248 | €376,458 | -€102,790 | -21.4% |
| Trade receivables | 40 | €37,112 | €92,434 | +€55,321 | +149% |
| Other amounts receivable | 41 | €442,135 | €284,024 | -€158,111 | -35.8% |
| Cash at bank and in hand | 54/58 | €28,588 | €188,753 | +€160,166 | +560% |
| Deferred charges and accrued income | 490/1 | - | €3,732 | +€3,732 | |
| Total equity and liabilities | 10/49 | €1,308,827 | €1,511,064 | +€202,237 | +15.5% |
| Equity | 10/15 | €610,247 | €722,986 | +€112,738 | +18.5% |
| Contributions | 10/11 | €367,865 | €792,575 | +€424,710 | +115% |
| Capital | 10 | €100,420 | €155,680 | +€55,260 | +55.0% |
| Issued capital | 100 | €100,420 | €155,680 | +€55,260 | +55.0% |
| Contributions outside capital | 11 | €267,445 | €636,895 | +€369,450 | +138% |
| Share premium | 1100/10 | €267,445 | €636,895 | +€369,450 | +138% |
| Profit (loss) carried forward | 14 | -€107,648 | -€69,589 | +€38,059 | +35.4% |
| Investment grants | 15 | €350,030 | - | -€350,030 | |
| Amounts payable | 17/49 | €698,579 | €788,078 | +€89,499 | +12.8% |
| Amounts payable after more than one year | 17 | €380,409 | €360,011 | -€20,398 | -5.4% |
| Financial debts | 170/4 | €380,409 | €360,011 | -€20,398 | -5.4% |
| Amounts payable within one year | 42/48 | €305,353 | €248,569 | -€56,784 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €162,834 | €173,722 | +€10,888 | +6.7% |
| Trade debts | 44 | €19,068 | €72,966 | +€53,898 | +283% |
| Suppliers | 440/4 | €19,068 | €72,966 | +€53,898 | +283% |
| Other amounts payable | 47/48 | €123,452 | €1,882 | -€121,570 | -98.5% |
| Accrued charges and deferred income | 492/3 | €12,817 | €179,498 | +€166,681 | +1,301% |
| Non-recurring operating income | 76A | €15,400 | - | -€15,400 | |
| Remuneration, social security and pensions | 62 | €3,107 | - | -€3,107 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,809 | €113,040 | +€17,230 | +18.0% |
| Other operating charges | 640/8 | €1,153 | €1,118 | -€35 | -3.0% |
| Gross operating margin | 9900 | €61,787 | €168,300 | +€106,513 | +172% |
| Operating profit (loss) | 9901 | -€38,283 | €54,141 | +€92,424 | |
| Financial income | 75/76B | €90,997 | €483 | -€90,515 | -99.5% |
| Recurring financial income | 75 | €90,997 | €483 | -€90,515 | -99.5% |
| Financial charges | 65/66B | €29,014 | €16,565 | -€12,449 | -42.9% |
| Recurring financial charges | 65 | €29,014 | €16,565 | -€12,449 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €23,700 | €38,059 | +€14,358 | +60.6% |
| Profit (loss) for the period | 9904 | €23,700 | €38,059 | +€14,358 | +60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,700 | €38,059 | +€14,358 | +60.6% |
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 31 October 2026 via checked.be.