Capital Participations: what changed
Capital Participations
Largest movements
- Cash -€5,283
down €5,283 (-93.5%), from €5,652 to €369
mainly Other debts (-€22,948) and Investment in fixed assets (net) (-€7,528)
- Intangible fixed assets +€5,231
up €5,231 (+302%), from €1,732 to €6,963
- Receivables within one year +€4,209
up €4,209 (+4.8%), from €87,880 to €92,089
of which Trade receivables: +€4,538
- Tangible fixed assets -€2,310
down €2,310 (-21.7%), from €10,652 to €8,341
- Other debts -€22,948
down €22,948 (-19.0%), from €120,974 to €98,026
- Profit (loss) carried forward +€21,991
up €21,991 (+40.0%), from -€55,037 to -€33,046
- Trade debts +€2,152
up €2,152 (+408%), from €528 to €2,680
- Gross operating margin +€6,023
up €6,023 (+28.4%), from €21,206 to €27,229
- Depreciation +€766
up €766 (+19.9%), from €3,842 to €4,608
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,763 | €109,468 | +€1,705 | +1.6% |
| Fixed assets | 21/28 | €14,034 | €16,954 | +€2,920 | +20.8% |
| Intangible fixed assets | 21 | €1,732 | €6,963 | +€5,231 | +302% |
| Tangible fixed assets | 22/27 | €10,652 | €8,341 | -€2,310 | -21.7% |
| Plant, machinery and equipment | 23 | €10,652 | €8,341 | -€2,310 | -21.7% |
| Financial fixed assets | 28 | €1,650 | €1,650 | = | 0.0% |
| Current assets | 29/58 | €93,729 | €92,514 | -€1,215 | -1.3% |
| Amounts receivable within one year | 40/41 | €87,880 | €92,089 | +€4,209 | +4.8% |
| Trade receivables | 40 | €4,689 | €9,227 | +€4,538 | +96.8% |
| Other amounts receivable | 41 | €83,190 | €82,862 | -€328 | -0.4% |
| Cash at bank and in hand | 54/58 | €5,652 | €369 | -€5,283 | -93.5% |
| Deferred charges and accrued income | 490/1 | €198 | €56 | -€142 | -71.5% |
| Total equity and liabilities | 10/49 | €107,763 | €109,468 | +€1,705 | +1.6% |
| Equity | 10/15 | -€36,437 | -€14,446 | +€21,991 | +60.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,037 | -€33,046 | +€21,991 | +40.0% |
| Amounts payable | 17/49 | €144,200 | €123,914 | -€20,286 | -14.1% |
| Amounts payable after more than one year | 17 | €19,588 | €19,169 | -€418 | -2.1% |
| Financial debts | 170/4 | €19,588 | €19,169 | -€418 | -2.1% |
| Amounts payable within one year | 42/48 | €124,612 | €104,232 | -€20,380 | -16.4% |
| Trade debts | 44 | €528 | €2,680 | +€2,152 | +408% |
| Suppliers | 440/4 | €528 | €2,680 | +€2,152 | +408% |
| Taxes, remuneration and social security | 45 | €3,110 | €3,526 | +€415 | +13.4% |
| Taxes | 450/3 | €3,110 | €3,526 | +€415 | +13.4% |
| Other amounts payable | 47/48 | €120,974 | €98,026 | -€22,948 | -19.0% |
| Accrued charges and deferred income | 492/3 | - | €513 | +€513 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,842 | €4,608 | +€766 | +19.9% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €21,206 | €27,229 | +€6,023 | +28.4% |
| Operating profit (loss) | 9901 | €16,977 | €22,221 | +€5,245 | +30.9% |
| Financial income | 75/76B | €252 | - | -€252 | |
| Recurring financial income | 75 | €252 | - | -€252 | |
| Financial charges | 65/66B | €378 | €231 | -€148 | -39.1% |
| Recurring financial charges | 65 | €378 | €231 | -€148 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €16,851 | €21,991 | +€5,140 | +30.5% |
| Profit (loss) for the period | 9904 | €16,851 | €21,991 | +€5,140 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,851 | €21,991 | +€5,140 | +30.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.