CAPPAL: 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.
CAPPAL
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+255.0%), from €450,545 to €1.6m
of which Furniture and vehicles: +€605,717
- Receivables within one year -€549,405
down €549,405 (-14.7%), from €3.7m to €3.2m
of which Trade receivables: -€430,667
- Cash +€351,057
up €351,057 (+571.0%), from €61,486 to €412,543
mainly Receivables within one year (+€549,405) and Other debts (+€479,299)
- Other debts +€479,299
up €479,299 (+29.4%), from €1.6m to €2.1m
- Profit (loss) carried forward +€216,512
up €216,512 (+568.3%), from €38,096 to €254,607
- Tax, wage and social debts +€174,027
up €174,027 (+74.1%), from €234,736 to €408,763
of which Remuneration and social security: +€167,862
- Gross operating margin +€1.7m
up €1.7m (+65.5%), from €2.6m to €4.2m
- Staff costs +€1.3m
up €1.3m (+57.4%), from €2.2m to €3.4m
- Depreciation +€159,701
up €159,701 (+165.0%), from €96,788 to €256,488
- Other operating charges +€73,422
up €73,422 (+183.4%), from €40,032 to €113,454
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 | €4,427,003 | €5,306,288 | +€879,285 | +19.9% |
| Fixed assets | 21/28 | €553,289 | €1,682,996 | +€1.1m | +204.2% |
| Tangible fixed assets | 22/27 | €450,545 | €1,599,421 | +€1.1m | +255.0% |
| Plant, machinery and equipment | 23 | €114,468 | €657,628 | +€543,160 | +474.5% |
| Furniture and vehicles | 24 | €336,077 | €941,793 | +€605,717 | +180.2% |
| Financial fixed assets | 28 | €102,745 | €83,575 | -€19,170 | -18.7% |
| Current assets | 29/58 | €3,873,714 | €3,623,292 | -€250,421 | -6.5% |
| Stocks and contracts in progress | 3 | €22,599 | - | -€22,599 | |
| Stocks | 30/36 | €22,599 | - | -€22,599 | |
| Amounts receivable within one year | 40/41 | €3,749,180 | €3,199,775 | -€549,405 | -14.7% |
| Trade receivables | 40 | €3,423,436 | €2,992,770 | -€430,667 | -12.6% |
| Other amounts receivable | 41 | €325,743 | €207,005 | -€118,739 | -36.5% |
| Cash at bank and in hand | 54/58 | €61,486 | €412,543 | +€351,057 | +571.0% |
| Deferred charges and accrued income | 490/1 | €40,449 | €10,974 | -€29,475 | -72.9% |
| Total equity and liabilities | 10/49 | €4,427,003 | €5,306,288 | +€879,285 | +19.9% |
| Equity | 10/15 | €1,154,650 | €1,409,257 | +€254,607 | +22.1% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €992,607 | €1,030,703 | +€38,096 | +3.8% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €980,213 | €1,018,308 | +€38,096 | +3.9% |
| Profit (loss) carried forward | 14 | €38,096 | €254,607 | +€216,512 | +568.3% |
| Provisions and deferred taxes | 16 | €33,428 | €40,506 | +€7,078 | +21.2% |
| Provisions for liabilities and charges | 160/5 | €33,428 | €40,506 | +€7,078 | +21.2% |
| Other liabilities and charges | 164/5 | €33,428 | €40,506 | +€7,078 | +21.2% |
| Amounts payable | 17/49 | €3,238,925 | €3,856,526 | +€617,600 | +19.1% |
| Amounts payable within one year | 42/48 | €3,238,925 | €3,856,526 | +€617,600 | +19.1% |
| Trade debts | 44 | €1,373,177 | €1,337,452 | -€35,726 | -2.6% |
| Suppliers | 440/4 | €1,373,177 | €1,337,452 | -€35,726 | -2.6% |
| Taxes, remuneration and social security | 45 | €234,736 | €408,763 | +€174,027 | +74.1% |
| Taxes | 450/3 | €12,196 | €18,361 | +€6,165 | +50.5% |
| Remuneration and social security | 454/9 | €222,539 | €390,401 | +€167,862 | +75.4% |
| Other amounts payable | 47/48 | €1,631,012 | €2,110,311 | +€479,299 | +29.4% |
| Non-recurring operating income | 76A | €18,355 | €36,653 | +€18,298 | +99.7% |
| Remuneration, social security and pensions | 62 | €2,189,197 | €3,444,756 | +€1.3m | +57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,788 | €256,488 | +€159,701 | +165.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €33,428 | €7,078 | -€26,351 | -78.8% |
| Other operating charges | 640/8 | €40,032 | €113,454 | +€73,422 | +183.4% |
| Non-recurring operating charges | 66A | - | €732 | +€732 | |
| Gross operating margin | 9900 | €2,559,448 | €4,236,421 | +€1.7m | +65.5% |
| Operating profit (loss) | 9901 | €200,003 | €413,913 | +€213,910 | +107.0% |
| Financial income | 75/76B | €523 | €11,041 | +€10,518 | +2011.1% |
| Recurring financial income | 75 | €523 | €11,041 | +€10,518 | +2011.1% |
| Financial charges | 65/66B | €53,271 | €77,832 | +€24,561 | +46.1% |
| Recurring financial charges | 65 | €53,271 | €77,832 | +€24,561 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | €147,255 | €347,122 | +€199,867 | +135.7% |
| Income taxes | 67/77 | €109,159 | €92,514 | -€16,645 | -15.2% |
| Profit (loss) for the period | 9904 | €38,096 | €254,607 | +€216,512 | +568.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,096 | €254,607 | +€216,512 | +568.3% |
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 5 October 2026 via checked.be.