CAPITAL HEDGE: 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 HEDGE
Largest movements
- Tangible fixed assets +€154,713
up €154,713 (+14,802%), from €1,045 to €155,758
of which Other tangible fixed assets: +€151,582
- Cash +€33,510
up €33,510 (+580%), from €5,780 to €39,290
mainly Other debts (+€120,200) and Trade debts (+€50,267)
- Receivables within one year +€4,366
up €4,366 (+8.1%), from €54,150 to €58,517
of which Trade receivables: +€11,240
- Current investments -€4,056
down €4,056 (-11.8%), from €34,257 to €30,201
- Other debts +€120,200
up €120,200 (+40.6%), from €296,137 to €416,337
- Trade debts +€50,267
up €50,267 (+595%), from €8,450 to €58,717
- Tax, wage and social debts +€12,768
up €12,768 (+761%), from €1,678 to €14,446
of which Taxes: +€11,733
- Profit (loss) carried forward +€4,221
up €4,221 (+0.9%), from -€461,750 to -€457,529
- Gross operating margin +€30,204
up €30,204 (+306%), from €9,860 to €40,064
- Staff costs +€14,438
up €14,438 (+137%), from €10,564 to €25,002
- Financial income -€3,813
down €3,813 (-85.4%), from €4,464 to €651
- Depreciation +€3,644
up €3,644 (+257%), from €1,416 to €5,060
- Financial charges +€3,092
up €3,092 (+161%), from €1,925 to €5,017
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 | €99,823 | €287,407 | +€187,584 | +188% |
| Fixed assets | 21/28 | €2,414 | €155,758 | +€153,345 | +6,353% |
| Tangible fixed assets | 22/27 | €1,045 | €155,758 | +€154,713 | +14,802% |
| Furniture and vehicles | 24 | €1,045 | €4,176 | +€3,131 | +300% |
| Other tangible fixed assets | 26 | - | €151,582 | +€151,582 | |
| Financial fixed assets | 28 | €1,368 | €0 | -€1,368 | -100% |
| Current assets | 29/58 | €97,409 | €131,649 | +€34,239 | +35.1% |
| Amounts receivable within one year | 40/41 | €54,150 | €58,517 | +€4,366 | +8.1% |
| Trade receivables | 40 | €38,760 | €50,000 | +€11,240 | +29.0% |
| Other amounts receivable | 41 | €15,391 | €8,517 | -€6,874 | -44.7% |
| Current investments | 50/53 | €34,257 | €30,201 | -€4,056 | -11.8% |
| Cash at bank and in hand | 54/58 | €5,780 | €39,290 | +€33,510 | +580% |
| Deferred charges and accrued income | 490/1 | €3,222 | €3,641 | +€419 | +13.0% |
| Total equity and liabilities | 10/49 | €99,823 | €287,407 | +€187,584 | +188% |
| Equity | 10/15 | -€206,442 | -€202,221 | +€4,221 | +2.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €5,308 | €5,308 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,308 | €5,308 | = | 0.0% |
| Legal reserve | 130 | €5,308 | €5,308 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€461,750 | -€457,529 | +€4,221 | +0.9% |
| Amounts payable | 17/49 | €306,265 | €489,628 | +€183,363 | +59.9% |
| Amounts payable within one year | 42/48 | €306,265 | €489,628 | +€183,363 | +59.9% |
| Financial debts | 43 | - | €128 | +€128 | |
| Other loans | 439 | - | €128 | +€128 | |
| Trade debts | 44 | €8,450 | €58,717 | +€50,267 | +595% |
| Suppliers | 440/4 | €8,450 | €58,717 | +€50,267 | +595% |
| Taxes, remuneration and social security | 45 | €1,678 | €14,446 | +€12,768 | +761% |
| Taxes | 450/3 | €1,060 | €12,793 | +€11,733 | +1,107% |
| Remuneration and social security | 454/9 | €619 | €1,653 | +€1,035 | +167% |
| Other amounts payable | 47/48 | €296,137 | €416,337 | +€120,200 | +40.6% |
| Remuneration, social security and pensions | 62 | €10,564 | €25,002 | +€14,438 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,416 | €5,060 | +€3,644 | +257% |
| Other operating charges | 640/8 | €2,533 | €520 | -€2,013 | -79.5% |
| Non-recurring operating charges | 66A | - | €331 | +€331 | |
| Gross operating margin | 9900 | €9,860 | €40,064 | +€30,204 | +306% |
| Operating profit (loss) | 9901 | -€4,653 | €9,150 | +€13,804 | |
| Financial income | 75/76B | €4,464 | €651 | -€3,813 | -85.4% |
| Recurring financial income | 75 | €4,464 | €651 | -€3,813 | -85.4% |
| Financial charges | 65/66B | €1,925 | €5,017 | +€3,092 | +161% |
| Recurring financial charges | 65 | €1,925 | €5,017 | +€3,092 | +161% |
| Profit (loss) for the period before taxes | 9903 | -€2,114 | €4,784 | +€6,899 | |
| Income taxes | 67/77 | €539 | €564 | +€25 | +4.6% |
| Profit (loss) for the period | 9904 | -€2,653 | €4,221 | +€6,874 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,653 | €4,221 | +€6,874 |
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 14 October 2026 via checked.be.