Capitall Twelve: 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 Twelve
Largest movements
- Receivables within one year +€306,350
up €306,350 (+255.5%), from €119,890 to €426,240
of which Other amounts receivable: +€311,404
- Stocks and contracts -€145,045
down €145,045 (-100.0%), from €145,045 to €0
- Cash +€7,739
up €7,739 (+13557.8%), from €57 to €7,796
mainly Short-term financial debts (+€400,000) and Stocks and contracts (+€145,045)
- Short-term financial debts +€400,000
new in 2025: €400,000
- Reserves -€98,727
down €98,727 (-51.0%), from €193,478 to €94,751
of which Distributable reserves: -€98,727
- Other debts -€89,745
down €89,745 (-100.0%), from €89,745 to €0
- Trade debts -€37,522
down €37,522 (-43.9%), from €85,427 to €47,905
- Tax, wage and social debts -€7,011
down €7,011 (-100.0%), from €7,011 to €0
- Gross operating margin -€88,307
down €88,307, from €33,134 to -€55,173
- Depreciation -€20,012
down €20,012 (-100.0%), from €20,012 to €0
- Financial charges +€1,671
up €1,671 (+558.4%), from €299 to €1,970
- Financial income +€1,482
new in 2025: €1,482
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.
Cash bridge derived
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 | €445,787 | €613,309 | +€167,521 | +37.6% |
| Fixed assets | 21/28 | €180,483 | €178,485 | -€1,998 | -1.1% |
| Tangible fixed assets | 22/27 | €174,633 | €175,785 | +€1,152 | +0.7% |
| Land and buildings | 22 | €116,605 | €116,605 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €58,029 | €0 | -€58,029 | -100.0% |
| Assets under construction and advance payments | 27 | - | €59,181 | +€59,181 | |
| Financial fixed assets | 28 | €5,850 | €2,700 | -€3,150 | -53.8% |
| Current assets | 29/58 | €265,304 | €434,823 | +€169,519 | +63.9% |
| Stocks and contracts in progress | 3 | €145,045 | €0 | -€145,045 | -100.0% |
| Stocks | 30/36 | €145,045 | €0 | -€145,045 | -100.0% |
| Amounts receivable within one year | 40/41 | €119,890 | €426,240 | +€306,350 | +255.5% |
| Trade receivables | 40 | €5,053 | €0 | -€5,053 | -100.0% |
| Other amounts receivable | 41 | €114,837 | €426,240 | +€311,404 | +271.2% |
| Current investments | 50/53 | €63 | - | -€63 | |
| Cash at bank and in hand | 54/58 | €57 | €7,796 | +€7,739 | +13557.8% |
| Deferred charges and accrued income | 490/1 | €249 | €787 | +€538 | +215.6% |
| Total equity and liabilities | 10/49 | €445,787 | €613,309 | +€167,521 | +37.6% |
| Equity | 10/15 | €263,478 | €164,751 | -€98,727 | -37.5% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €193,478 | €94,751 | -€98,727 | -51.0% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €186,478 | €87,751 | -€98,727 | -52.9% |
| Amounts payable | 17/49 | €182,310 | €448,558 | +€266,248 | +146.0% |
| Amounts payable within one year | 42/48 | €182,184 | €447,905 | +€265,722 | +145.9% |
| Financial debts | 43 | - | €400,000 | +€400,000 | |
| Credit institutions | 430/8 | - | €400,000 | +€400,000 | |
| Trade debts | 44 | €85,427 | €47,905 | -€37,522 | -43.9% |
| Suppliers | 440/4 | €85,427 | €47,905 | -€37,522 | -43.9% |
| Taxes, remuneration and social security | 45 | €7,011 | €0 | -€7,011 | -100.0% |
| Taxes | 450/3 | €7,011 | €0 | -€7,011 | -100.0% |
| Other amounts payable | 47/48 | €89,745 | €0 | -€89,745 | -100.0% |
| Accrued charges and deferred income | 492/3 | €126 | €652 | +€526 | +417.6% |
| Non-recurring operating income | 76A | €2,134 | €0 | -€2,134 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,012 | €0 | -€20,012 | -100.0% |
| Other operating charges | 640/8 | €9,338 | €9,312 | -€26 | -0.3% |
| Non-recurring operating charges | 66A | - | €33,029 | +€33,029 | |
| Gross operating margin | 9900 | €33,134 | -€55,173 | -€88,307 | |
| Operating profit (loss) | 9901 | €3,784 | -€97,513 | -€101,298 | |
| Financial income | 75/76B | - | €1,482 | +€1,482 | |
| Recurring financial income | 75 | - | €1,482 | +€1,482 | |
| Financial charges | 65/66B | €299 | €1,970 | +€1,671 | +558.4% |
| Recurring financial charges | 65 | €299 | €1,970 | +€1,671 | +558.4% |
| Profit (loss) for the period before taxes | 9903 | €3,485 | -€98,002 | -€101,487 | |
| Income taxes | 67/77 | €1,004 | €725 | -€279 | -27.8% |
| Profit (loss) for the period | 9904 | €2,481 | -€98,727 | -€101,208 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,481 | -€98,727 | -€101,208 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.