CAPITAL RESEARCH: 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 RESEARCH
Largest movements
- Cash +€12,241
up €12,241 (+494%), from €2,479 to €14,719
mainly Net result for the year (+€10,201) and Tax, wage and social debts (+€4,129)
- Profit (loss) carried forward +€10,201
up €10,201 (+3.4%), from €298,939 to €309,140
- Tax, wage and social debts +€4,129
up €4,129 (+1,252%), from €330 to €4,459
- Gross operating margin +€3,048
up €3,048 (+29.2%), from €10,442 to €13,489
- Taxes +€1,447
up €1,447 (+860%), from €168 to €1,615
- Depreciation -€532
down €532 (-44.0%), from €1,207 to €675
- Other operating charges -€366
down €366 (-26.8%), from €1,364 to €998
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 | €300,766 | €315,271 | +€14,504 | +4.8% |
| Fixed assets | 21/28 | €1,554 | €879 | -€675 | -43.4% |
| Tangible fixed assets | 22/27 | €1,554 | €879 | -€675 | -43.4% |
| Other tangible fixed assets | 26 | €1,554 | €879 | -€675 | -43.4% |
| Current assets | 29/58 | €299,212 | €314,392 | +€15,180 | +5.1% |
| Amounts receivable within one year | 40/41 | €296,733 | €299,673 | +€2,939 | +1.0% |
| Trade receivables | 40 | - | €4,356 | +€4,356 | |
| Other amounts receivable | 41 | €296,733 | €295,317 | -€1,417 | -0.5% |
| Cash at bank and in hand | 54/58 | €2,479 | €14,719 | +€12,241 | +494% |
| Total equity and liabilities | 10/49 | €300,766 | €315,271 | +€14,504 | +4.8% |
| Equity | 10/15 | €300,039 | €310,240 | +€10,201 | +3.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,939 | €309,140 | +€10,201 | +3.4% |
| Amounts payable | 17/49 | €727 | €5,031 | +€4,304 | +592% |
| Amounts payable within one year | 42/48 | €727 | €5,031 | +€4,304 | +592% |
| Trade debts | 44 | €397 | €572 | +€174 | +43.9% |
| Suppliers | 440/4 | €397 | €572 | +€174 | +43.9% |
| Taxes, remuneration and social security | 45 | €330 | €4,459 | +€4,129 | +1,252% |
| Taxes | 450/3 | €330 | €4,459 | +€4,129 | +1,252% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,207 | €675 | -€532 | -44.0% |
| Other operating charges | 640/8 | €1,364 | €998 | -€366 | -26.8% |
| Gross operating margin | 9900 | €10,442 | €13,489 | +€3,048 | +29.2% |
| Operating profit (loss) | 9901 | €7,871 | €11,816 | +€3,945 | +50.1% |
| Profit (loss) for the period before taxes | 9903 | €7,871 | €11,816 | +€3,945 | +50.1% |
| Income taxes | 67/77 | €168 | €1,615 | +€1,447 | +860% |
| Profit (loss) for the period | 9904 | €7,702 | €10,201 | +€2,498 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,702 | €10,201 | +€2,498 | +32.4% |
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 19 October 2026 via checked.be.