Capital Sigma: 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 Sigma
Largest movements
- Tangible fixed assets +€213,560
up €213,560 (+50.0%), from €427,346 to €640,906
of which Land and buildings: +€214,072
- Current investments +€86,252
new in 2025: €86,252
- Receivables within one year -€22,728
down €22,728 (-59.9%), from €37,926 to €15,198
of which Trade receivables: -€20,257
- Debts after one year +€208,715
up €208,715 (+60.2%), from €346,445 to €555,159
- Profit (loss) carried forward +€49,170
up €49,170 (+38.1%), from €128,985 to €178,155
- Current portion of long-term debt +€11,105
up €11,105 (+67.3%), from €16,494 to €27,599
- Gross operating margin +€43,209
up €43,209 (+47.0%), from €91,878 to €135,087
- Depreciation +€31,153
up €31,153 (+201%), from €15,534 to €46,687
- Financial charges +€7,804
up €7,804 (+55.7%), from €14,004 to €21,808
- Taxes +€4,187
up €4,187 (+32.1%), from €13,029 to €17,216
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 | €514,373 | €787,826 | +€273,453 | +53.2% |
| Fixed assets | 21/28 | €427,346 | €640,906 | +€213,560 | +50.0% |
| Tangible fixed assets | 22/27 | €427,346 | €640,906 | +€213,560 | +50.0% |
| Land and buildings | 22 | €420,569 | €634,641 | +€214,072 | +50.9% |
| Plant, machinery and equipment | 23 | €1,527 | €2,432 | +€905 | +59.3% |
| Furniture and vehicles | 24 | €5,251 | €3,833 | -€1,417 | -27.0% |
| Current assets | 29/58 | €87,027 | €146,919 | +€59,893 | +68.8% |
| Amounts receivable within one year | 40/41 | €37,926 | €15,198 | -€22,728 | -59.9% |
| Trade receivables | 40 | €35,455 | €15,198 | -€20,257 | -57.1% |
| Other amounts receivable | 41 | €2,471 | €0 | -€2,471 | -100% |
| Current investments | 50/53 | - | €86,252 | +€86,252 | |
| Cash at bank and in hand | 54/58 | €47,397 | €44,797 | -€2,601 | -5.5% |
| Deferred charges and accrued income | 490/1 | €1,704 | €673 | -€1,031 | -60.5% |
| Total equity and liabilities | 10/49 | €514,373 | €787,826 | +€273,453 | +53.2% |
| Equity | 10/15 | €138,985 | €188,155 | +€49,170 | +35.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,985 | €178,155 | +€49,170 | +38.1% |
| Amounts payable | 17/49 | €375,388 | €599,671 | +€224,283 | +59.7% |
| Amounts payable after more than one year | 17 | €346,445 | €555,159 | +€208,715 | +60.2% |
| Financial debts | 170/4 | €346,445 | €555,159 | +€208,715 | +60.2% |
| Amounts payable within one year | 42/48 | €28,780 | €43,602 | +€14,822 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €16,494 | €27,599 | +€11,105 | +67.3% |
| Financial debts | 43 | €1,692 | €4,381 | +€2,689 | +159% |
| Credit institutions | 430/8 | €1,692 | €4,381 | +€2,689 | +159% |
| Trade debts | 44 | €709 | €808 | +€99 | +13.9% |
| Suppliers | 440/4 | €709 | €808 | +€99 | +13.9% |
| Taxes, remuneration and social security | 45 | €9,147 | €10,030 | +€883 | +9.6% |
| Taxes | 450/3 | €9,147 | €10,030 | +€883 | +9.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €737 | €783 | +€47 | +6.4% |
| Accrued charges and deferred income | 492/3 | €163 | €910 | +€747 | +457% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,534 | €46,687 | +€31,153 | +201% |
| Other operating charges | 640/8 | €1,769 | €655 | -€1,114 | -63.0% |
| Gross operating margin | 9900 | €91,878 | €135,087 | +€43,209 | +47.0% |
| Operating profit (loss) | 9901 | €74,575 | €87,745 | +€13,170 | +17.7% |
| Financial income | 75/76B | €1,635 | €449 | -€1,186 | -72.5% |
| Recurring financial income | 75 | €1,635 | €449 | -€1,186 | -72.5% |
| Financial charges | 65/66B | €14,004 | €21,808 | +€7,804 | +55.7% |
| Recurring financial charges | 65 | €14,004 | €21,808 | +€7,804 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €62,205 | €66,385 | +€4,180 | +6.7% |
| Income taxes | 67/77 | €13,029 | €17,216 | +€4,187 | +32.1% |
| Profit (loss) for the period | 9904 | €49,176 | €49,170 | -€6 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,176 | €49,170 | -€6 | 0.0% |
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 25 October 2026 via checked.be.