Capitall Hold: what changed
Two fiscal 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.
Capitall Hold
Largest movements
- Receivables within one year +€3.0m
up €3.0m (+32314.3%), from €9,264 to €3.0m
of which Other amounts receivable: +€3.0m
- Tangible fixed assets -€1.5m
down €1.5m (-41.3%), from €3.6m to €2.1m
of which Land and buildings: -€1.5m
- Cash +€175,334
up €175,334 (+2346.9%), from €7,471 to €182,805
- Reserves +€1.4m
up €1.4m (+610.6%), from €232,619 to €1.7m
of which Tax-exempt reserves: +€1.4m
- Other debts -€1.1m
down €1.1m (-100.0%), from €1.1m to €11
- Debts after one year +€718,462
up €718,462 (+48.1%), from €1.5m to €2.2m
of which Financial debts: +€739,020
- Provisions +€473,457
new in 2025: €473,457
- Current portion of long-term debt +€124,358
new in 2025: €124,358
- Gross operating margin +€2.4m
up €2.4m (+715.6%), from €335,796 to €2.7m
- Financial charges +€102,086
up €102,086 (+162.4%), from €62,872 to €164,957
- Other operating charges +€33,987
up €33,987 (+112.0%), from €30,334 to €64,321
From the 2023 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.
Cash bridge derived
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,645,781 | €5,322,252 | +€1.7m | +46.0% |
| Fixed assets | 21/28 | €3,625,954 | €2,127,685 | -€1.5m | -41.3% |
| Tangible fixed assets | 22/27 | €3,625,954 | €2,127,685 | -€1.5m | -41.3% |
| Land and buildings | 22 | €3,620,271 | €2,124,595 | -€1.5m | -41.3% |
| Plant, machinery and equipment | 23 | €5,269 | €3,090 | -€2,179 | -41.4% |
| Furniture and vehicles | 24 | €414 | €0 | -€414 | -100.0% |
| Current assets | 29/58 | €19,827 | €3,194,566 | +€3.2m | +16012.6% |
| Amounts receivable within one year | 40/41 | €9,264 | €3,002,955 | +€3.0m | +32314.3% |
| Trade receivables | 40 | €9,116 | €2,955 | -€6,161 | -67.6% |
| Other amounts receivable | 41 | €149 | €3,000,000 | +€3.0m | +2019694.0% |
| Cash at bank and in hand | 54/58 | €7,471 | €182,805 | +€175,334 | +2346.9% |
| Deferred charges and accrued income | 490/1 | €3,091 | €8,807 | +€5,716 | +184.9% |
| Total equity and liabilities | 10/49 | €3,645,781 | €5,322,252 | +€1.7m | +46.0% |
| Equity | 10/15 | €1,057,075 | €2,477,447 | +€1.4m | +134.4% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €232,619 | €1,652,991 | +€1.4m | +610.6% |
| Tax-exempt reserves | 132 | - | €1,420,372 | +€1.4m | |
| Distributable reserves | 133 | €232,619 | €232,619 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,456 | €74,456 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €473,457 | +€473,457 | |
| Deferred taxes | 168 | - | €473,457 | +€473,457 | |
| Amounts payable | 17/49 | €2,588,706 | €2,371,348 | -€217,358 | -8.4% |
| Amounts payable after more than one year | 17 | €1,494,645 | €2,213,107 | +€718,462 | +48.1% |
| Financial debts | 170/4 | €1,426,085 | €2,165,105 | +€739,020 | +51.8% |
| Other amounts payable | 178/9 | €68,560 | €48,001 | -€20,559 | -30.0% |
| Amounts payable within one year | 42/48 | €1,062,782 | €158,241 | -€904,541 | -85.1% |
| Current portion of amounts payable after more than one year | 42 | - | €124,358 | +€124,358 | |
| Trade debts | 44 | €5,584 | €33,872 | +€28,288 | +506.5% |
| Suppliers | 440/4 | €5,584 | €33,872 | +€28,288 | +506.5% |
| Other amounts payable | 47/48 | €1,057,197 | €11 | -€1.1m | -100.0% |
| Accrued charges and deferred income | 492/3 | €31,279 | €0 | -€31,279 | -100.0% |
| Non-recurring operating income | 76A | - | €2,687,076 | +€2.7m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,283 | €129,606 | -€13,677 | -9.5% |
| Other operating charges | 640/8 | €30,334 | €64,321 | +€33,987 | +112.0% |
| Non-recurring operating charges | 66A | - | €486,522 | +€486,522 | |
| Gross operating margin | 9900 | €335,796 | €2,738,729 | +€2.4m | +715.6% |
| Operating profit (loss) | 9901 | €162,179 | €2,058,280 | +€1.9m | +1169.1% |
| Financial income | 75/76B | €0 | €507 | +€506 | +1688233.3% |
| Recurring financial income | 75 | €0 | €507 | +€506 | +1688233.3% |
| Financial charges | 65/66B | €62,872 | €164,957 | +€102,086 | +162.4% |
| Recurring financial charges | 65 | €62,872 | €164,957 | +€102,086 | +162.4% |
| Profit (loss) for the period before taxes | 9903 | €99,307 | €1,893,829 | +€1.8m | +1807.0% |
| Transfer to deferred taxes | 680 | - | €473,457 | +€473,457 | |
| Income taxes | 67/77 | €24,851 | €0 | -€24,851 | -100.0% |
| Profit (loss) for the period | 9904 | €74,456 | €1,420,372 | +€1.3m | +1807.7% |
| Transfer to tax-exempt reserves | 689 | - | €1,420,372 | +€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €74,456 | €0 | -€74,456 | -100.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.