CAPITOL: 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.
CAPITOL
Largest movements
- Stocks and contracts -€726,556
down €726,556 (-59.9%), from €1.2m to €486,042
- Tangible fixed assets -€57,327
down €57,327 (-47.2%), from €121,438 to €64,111
of which Other tangible fixed assets: -€42,400
- Cash +€21,635
up €21,635 (+1190.4%), from €1,817 to €23,453
mainly Stocks and contracts (+€726,556) and Other debts (+€177,706)
- Debts after one year -€742,659
down €742,659 (-56.8%), from €1.3m to €565,418
of which Financial debts: -€742,287
- Profit (loss) carried forward -€204,732
down €204,732 (-214.0%), from -€95,656 to -€300,388
- Other debts +€177,706
up €177,706 (+16228.8%), from €1,095 to €178,801
- Short-term financial debts +€20,174
new in 2025: €20,174
- Gross operating margin -€186,069
down €186,069, from €49,953 to -€136,115
- Financial charges -€71,158
down €71,158 (-64.8%), from €109,813 to €38,655
- Depreciation +€10,932
up €10,932 (+273.6%), from €3,995 to €14,927
- Other operating charges -€9,933
down €9,933 (-39.7%), from €25,012 to €15,078
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 | €1,372,657 | €632,124 | -€740,533 | -53.9% |
| Fixed assets | 21/28 | €121,438 | €64,111 | -€57,327 | -47.2% |
| Tangible fixed assets | 22/27 | €121,438 | €64,111 | -€57,327 | -47.2% |
| Land and buildings | 22 | €10,275 | €9,575 | -€700 | -6.8% |
| Furniture and vehicles | 24 | €67,397 | €53,170 | -€14,227 | -21.1% |
| Other tangible fixed assets | 26 | €43,766 | €1,366 | -€42,400 | -96.9% |
| Current assets | 29/58 | €1,251,218 | €568,012 | -€683,206 | -54.6% |
| Amounts receivable after more than one year | 29 | €17,000 | €25,700 | +€8,700 | +51.2% |
| Other amounts receivable | 291 | €17,000 | €25,700 | +€8,700 | +51.2% |
| Stocks and contracts in progress | 3 | €1,212,598 | €486,042 | -€726,556 | -59.9% |
| Stocks | 30/36 | €1,212,598 | €486,042 | -€726,556 | -59.9% |
| Amounts receivable within one year | 40/41 | €19,803 | €32,409 | +€12,606 | +63.7% |
| Trade receivables | 40 | €8,531 | €21,136 | +€12,606 | +147.8% |
| Other amounts receivable | 41 | €11,273 | €11,273 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,817 | €23,453 | +€21,635 | +1190.4% |
| Deferred charges and accrued income | 490/1 | - | €409 | +€409 | |
| Total equity and liabilities | 10/49 | €1,372,657 | €632,124 | -€740,533 | -53.9% |
| Equity | 10/15 | €22,587 | -€182,145 | -€204,732 | |
| Contributions | 10/11 | €118,000 | €118,000 | = | 0.0% |
| Capital | 10 | €118,000 | €118,000 | = | 0.0% |
| Issued capital | 100 | €118,000 | €118,000 | = | 0.0% |
| Reserves | 13 | €243 | €243 | = | 0.0% |
| Non-distributable reserves | 130/1 | €243 | €243 | = | 0.0% |
| Legal reserve | 130 | €243 | €243 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,656 | -€300,388 | -€204,732 | -214.0% |
| Amounts payable | 17/49 | €1,350,069 | €814,269 | -€535,801 | -39.7% |
| Amounts payable after more than one year | 17 | €1,308,077 | €565,418 | -€742,659 | -56.8% |
| Financial debts | 170/4 | €1,307,706 | €565,418 | -€742,287 | -56.8% |
| Other amounts payable | 178/9 | €372 | €0 | -€372 | -100.0% |
| Amounts payable within one year | 42/48 | €41,992 | €248,665 | +€206,673 | +492.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,351 | +€8,351 | |
| Financial debts | 43 | - | €20,174 | +€20,174 | |
| Credit institutions | 430/8 | - | €20,174 | +€20,174 | |
| Trade debts | 44 | €24,890 | €37,368 | +€12,478 | +50.1% |
| Suppliers | 440/4 | €24,890 | €37,368 | +€12,478 | +50.1% |
| Taxes, remuneration and social security | 45 | €16,007 | €3,972 | -€12,035 | -75.2% |
| Taxes | 450/3 | €16,007 | €3,972 | -€12,035 | -75.2% |
| Other amounts payable | 47/48 | €1,095 | €178,801 | +€177,706 | +16228.8% |
| Accrued charges and deferred income | 492/3 | - | €185 | +€185 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,995 | €14,927 | +€10,932 | +273.6% |
| Other operating charges | 640/8 | €25,012 | €15,078 | -€9,933 | -39.7% |
| Gross operating margin | 9900 | €49,953 | -€136,115 | -€186,069 | |
| Operating profit (loss) | 9901 | €20,946 | -€166,121 | -€187,067 | |
| Financial income | 75/76B | - | €185 | +€185 | |
| Recurring financial income | 75 | - | €185 | +€185 | |
| Financial charges | 65/66B | €109,813 | €38,655 | -€71,158 | -64.8% |
| Recurring financial charges | 65 | €109,813 | €38,655 | -€71,158 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | -€88,867 | -€204,591 | -€115,724 | -130.2% |
| Income taxes | 67/77 | - | €141 | +€141 | |
| Profit (loss) for the period | 9904 | -€88,867 | -€204,732 | -€115,865 | -130.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,867 | -€204,732 | -€115,865 | -130.4% |
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 12 October 2026 via checked.be.