CAPPELLE DAVID: 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.
CAPPELLE DAVID
Largest movements
- Receivables within one year +€85,925
up €85,925 (+234%), from €36,726 to €122,651
of which Other amounts receivable: +€70,699
- Tangible fixed assets -€15,471
down €15,471 (-5.3%), from €293,243 to €277,772
of which Land and buildings: -€14,502
- Deferred charges and accrued income -€10,444
down €10,444 (-79.8%), from €13,088 to €2,645
- Cash -€9,862
down €9,862 (-4.4%), from €224,106 to €214,244
mainly Receivables within one year (-€85,925) and Debts after one year (-€27,988)
- Reserves +€74,223
up €74,223 (+28.8%), from €258,019 to €332,243
- Debts after one year -€27,988
down €27,988 (-13.8%), from €202,370 to €174,382
- Tax, wage and social debts +€8,571
up €8,571 (+66.7%), from €12,847 to €21,418
of which Taxes: +€8,571
- Trade debts +€6,786
up €6,786 (+32.8%), from €20,665 to €27,451
- Gross operating margin +€22,231
up €22,231 (+19.8%), from €112,099 to €134,330
- Taxes +€8,771
up €8,771 (+36.2%), from €24,216 to €32,986
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 | €581,113 | €637,605 | +€56,493 | +9.7% |
| Fixed assets | 21/28 | €293,361 | €277,905 | -€15,457 | -5.3% |
| Tangible fixed assets | 22/27 | €293,243 | €277,772 | -€15,471 | -5.3% |
| Land and buildings | 22 | €279,060 | €264,557 | -€14,502 | -5.2% |
| Plant, machinery and equipment | 23 | €6,351 | €6,160 | -€191 | -3.0% |
| Furniture and vehicles | 24 | €7,833 | €7,055 | -€778 | -9.9% |
| Financial fixed assets | 28 | €118 | €133 | +€14 | +12.1% |
| Current assets | 29/58 | €287,751 | €359,701 | +€71,949 | +25.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €13,831 | €20,162 | +€6,330 | +45.8% |
| Stocks | 30/36 | €13,831 | €20,162 | +€6,330 | +45.8% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €36,726 | €122,651 | +€85,925 | +234% |
| Trade receivables | 40 | €24,976 | €40,203 | +€15,226 | +61.0% |
| Other amounts receivable | 41 | €11,750 | €82,448 | +€70,699 | +602% |
| Cash at bank and in hand | 54/58 | €224,106 | €214,244 | -€9,862 | -4.4% |
| Deferred charges and accrued income | 490/1 | €13,088 | €2,645 | -€10,444 | -79.8% |
| Total equity and liabilities | 10/49 | €581,113 | €637,605 | +€56,493 | +9.7% |
| Equity | 10/15 | €276,619 | €350,843 | +€74,223 | +26.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €258,019 | €332,243 | +€74,223 | +28.8% |
| Distributable reserves | 133 | €258,019 | €332,243 | +€74,223 | +28.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €304,494 | €286,763 | -€17,731 | -5.8% |
| Amounts payable after more than one year | 17 | €202,370 | €174,382 | -€27,988 | -13.8% |
| Financial debts | 170/4 | €202,370 | €174,382 | -€27,988 | -13.8% |
| Amounts payable within one year | 42/48 | €63,624 | €76,857 | +€13,234 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €27,612 | €27,988 | +€376 | +1.4% |
| Trade debts | 44 | €20,665 | €27,451 | +€6,786 | +32.8% |
| Suppliers | 440/4 | €20,665 | €27,451 | +€6,786 | +32.8% |
| Taxes, remuneration and social security | 45 | €12,847 | €21,418 | +€8,571 | +66.7% |
| Taxes | 450/3 | €12,847 | €21,418 | +€8,571 | +66.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,500 | €0 | -€2,500 | -100% |
| Accrued charges and deferred income | 492/3 | €38,500 | €35,524 | -€2,977 | -7.7% |
| Non-recurring operating income | 76A | €8,715 | €0 | -€8,715 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,033 | €21,515 | +€482 | +2.3% |
| Other operating charges | 640/8 | €2,265 | €1,530 | -€735 | -32.4% |
| Gross operating margin | 9900 | €112,099 | €134,330 | +€22,231 | +19.8% |
| Operating profit (loss) | 9901 | €88,801 | €111,284 | +€22,484 | +25.3% |
| Financial income | 75/76B | €2,362 | €2,151 | -€211 | -8.9% |
| Recurring financial income | 75 | €2,362 | €2,151 | -€211 | -8.9% |
| Financial charges | 65/66B | €6,608 | €6,225 | -€383 | -5.8% |
| Recurring financial charges | 65 | €6,608 | €6,225 | -€383 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €84,555 | €107,210 | +€22,655 | +26.8% |
| Income taxes | 67/77 | €24,216 | €32,986 | +€8,771 | +36.2% |
| Profit (loss) for the period | 9904 | €60,339 | €74,223 | +€13,885 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,339 | €74,223 | +€13,885 | +23.0% |
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 27 October 2026 via checked.be.