CAPMA: 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.
CAPMA
Largest movements
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Cash +€133,976
up €133,976 (+116%), from €115,663 to €249,639
mainly Other debts (+€242,059) and Current investments (+€200,000)
- Receivables within one year +€11,413
up €11,413 (+90.0%), from €12,681 to €24,094
- Reserves -€280,259
down €280,259 (-100%), from €280,259 to €0
- Other debts +€242,059
up €242,059 (+68.3%), from €354,641 to €596,700
- Debts after one year -€25,040
down €25,040 (-18.8%), from €133,255 to €108,215
- Gross operating margin +€6,079
up €6,079 (+22.1%), from €27,456 to €33,534
- Financial income +€4,838
up €4,838 (+211%), from €2,296 to €7,134
- Taxes +€2,057
up €2,057 (+93.1%), from €2,210 to €4,266
- Depreciation +€489
up €489 (+3.9%), from €12,622 to €13,111
- Financial charges -€435
down €435 (-18.6%), from €2,343 to €1,908
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 | €822,567 | €762,275 | -€60,293 | -7.3% |
| Fixed assets | 21/28 | €487,991 | €484,377 | -€3,614 | -0.7% |
| Tangible fixed assets | 22/27 | €484,250 | €480,636 | -€3,614 | -0.7% |
| Land and buildings | 22 | €483,210 | €470,739 | -€12,471 | -2.6% |
| Furniture and vehicles | 24 | €1,040 | €9,897 | +€8,858 | +852% |
| Financial fixed assets | 28 | €3,741 | €3,741 | = | 0.0% |
| Current assets | 29/58 | €334,576 | €277,897 | -€56,679 | -16.9% |
| Amounts receivable within one year | 40/41 | €12,681 | €24,094 | +€11,413 | +90.0% |
| Trade receivables | 40 | €12,681 | €24,094 | +€11,413 | +90.0% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €115,663 | €249,639 | +€133,976 | +116% |
| Deferred charges and accrued income | 490/1 | €6,232 | €4,164 | -€2,068 | -33.2% |
| Total equity and liabilities | 10/49 | €822,567 | €762,275 | -€60,293 | -7.3% |
| Equity | 10/15 | €298,953 | €19,797 | -€279,156 | -93.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €280,259 | €0 | -€280,259 | -100% |
| Distributable reserves | 133 | €280,259 | €0 | -€280,259 | -100% |
| Profit (loss) carried forward | 14 | €94 | €1,197 | +€1,103 | +1,173% |
| Amounts payable | 17/49 | €523,615 | €742,477 | +€218,863 | +41.8% |
| Amounts payable after more than one year | 17 | €133,255 | €108,215 | -€25,040 | -18.8% |
| Financial debts | 170/4 | €133,255 | €108,215 | -€25,040 | -18.8% |
| Amounts payable within one year | 42/48 | €388,942 | €632,300 | +€243,358 | +62.6% |
| Current portion of amounts payable after more than one year | 42 | €24,791 | €25,040 | +€249 | +1.0% |
| Trade debts | 44 | €2,427 | €2,011 | -€416 | -17.1% |
| Suppliers | 440/4 | €2,427 | €2,011 | -€416 | -17.1% |
| Taxes, remuneration and social security | 45 | €7,083 | €8,549 | +€1,467 | +20.7% |
| Taxes | 450/3 | €7,083 | €6,175 | -€908 | -12.8% |
| Remuneration and social security | 454/9 | €0 | €2,375 | +€2,375 | |
| Other amounts payable | 47/48 | €354,641 | €596,700 | +€242,059 | +68.3% |
| Accrued charges and deferred income | 492/3 | €1,418 | €1,962 | +€545 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,622 | €13,111 | +€489 | +3.9% |
| Other operating charges | 640/8 | €5,591 | €5,538 | -€53 | -1.0% |
| Gross operating margin | 9900 | €27,456 | €33,534 | +€6,079 | +22.1% |
| Operating profit (loss) | 9901 | €9,242 | €14,885 | +€5,643 | +61.1% |
| Financial income | 75/76B | €2,296 | €7,134 | +€4,838 | +211% |
| Recurring financial income | 75 | €2,296 | €7,134 | +€4,838 | +211% |
| Financial charges | 65/66B | €2,343 | €1,908 | -€435 | -18.6% |
| Recurring financial charges | 65 | €2,343 | €1,908 | -€435 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €9,195 | €20,110 | +€10,915 | +119% |
| Income taxes | 67/77 | €2,210 | €4,266 | +€2,057 | +93.1% |
| Profit (loss) for the period | 9904 | €6,985 | €15,844 | +€8,859 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €6,985 | €15,844 | +€8,859 | +127% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.