CAPXPERTISE: 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.
CAPXPERTISE
Largest movements
- Receivables within one year -€81,164
down €81,164 (-74.1%), from €109,592 to €28,428
of which Trade receivables: -€82,339
- Cash +€19,114
up €19,114 (+23.6%), from €81,055 to €100,169
mainly Receivables within one year (+€81,164) and Depreciation (+€13,545)
- Tangible fixed assets -€13,545
down €13,545 (-59.5%), from €22,776 to €9,232
- Deferred charges and accrued income -€8,026
down €8,026 (-43.4%), from €18,506 to €10,481
- Tax, wage and social debts -€31,025
down €31,025 (-53.2%), from €58,285 to €27,260
- Trade debts -€15,757
down €15,757 (-95.6%), from €16,485 to €729
- Accrued charges and deferred income -€15,694
no longer reported in 2025 (was €15,694)
- Profit (loss) carried forward -€15,220
new in 2025: -€15,220
- Other debts -€5,923
down €5,923 (-13.0%), from €45,643 to €39,720
- Gross operating margin -€110,578
down €110,578 (-97.0%), from €114,022 to €3,444
- Write-downs -€20,532
no longer reported in 2025 (was €20,532)
- Taxes -€20,453
down €20,453 (-85.7%), from €23,857 to €3,404
- Financial charges +€1,704
up €1,704, from -€1,565 to €140
- Other operating charges -€1,497
down €1,497 (-48.7%), from €3,073 to €1,576
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 | €231,930 | €148,310 | -€83,620 | -36.1% |
| Fixed assets | 21/28 | €22,776 | €9,232 | -€13,545 | -59.5% |
| Tangible fixed assets | 22/27 | €22,776 | €9,232 | -€13,545 | -59.5% |
| Furniture and vehicles | 24 | €22,776 | €9,232 | -€13,545 | -59.5% |
| Current assets | 29/58 | €209,153 | €139,078 | -€70,075 | -33.5% |
| Amounts receivable within one year | 40/41 | €109,592 | €28,428 | -€81,164 | -74.1% |
| Trade receivables | 40 | €109,592 | €27,253 | -€82,339 | -75.1% |
| Other amounts receivable | 41 | - | €1,175 | +€1,175 | |
| Cash at bank and in hand | 54/58 | €81,055 | €100,169 | +€19,114 | +23.6% |
| Deferred charges and accrued income | 490/1 | €18,506 | €10,481 | -€8,026 | -43.4% |
| Total equity and liabilities | 10/49 | €231,930 | €148,310 | -€83,620 | -36.1% |
| Equity | 10/15 | €95,822 | €80,602 | -€15,220 | -15.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €93,322 | €93,322 | = | 0.0% |
| Distributable reserves | 133 | €93,322 | €93,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€15,220 | -€15,220 | |
| Amounts payable | 17/49 | €136,107 | €67,708 | -€68,399 | -50.3% |
| Amounts payable within one year | 42/48 | €120,413 | €67,708 | -€52,705 | -43.8% |
| Trade debts | 44 | €16,485 | €729 | -€15,757 | -95.6% |
| Suppliers | 440/4 | €16,485 | €729 | -€15,757 | -95.6% |
| Taxes, remuneration and social security | 45 | €58,285 | €27,260 | -€31,025 | -53.2% |
| Taxes | 450/3 | €58,285 | €27,260 | -€31,025 | -53.2% |
| Other amounts payable | 47/48 | €45,643 | €39,720 | -€5,923 | -13.0% |
| Accrued charges and deferred income | 492/3 | €15,694 | - | -€15,694 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,545 | €13,545 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,532 | - | -€20,532 | |
| Other operating charges | 640/8 | €3,073 | €1,576 | -€1,497 | -48.7% |
| Gross operating margin | 9900 | €114,022 | €3,444 | -€110,578 | -97.0% |
| Operating profit (loss) | 9901 | €76,872 | -€11,677 | -€88,549 | |
| Financial charges | 65/66B | -€1,565 | €140 | +€1,704 | |
| Recurring financial charges | 65 | -€1,565 | €140 | +€1,704 | |
| Profit (loss) for the period before taxes | 9903 | €78,437 | -€11,817 | -€90,254 | |
| Income taxes | 67/77 | €23,857 | €3,404 | -€20,453 | -85.7% |
| Profit (loss) for the period | 9904 | €54,580 | -€15,220 | -€69,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,580 | -€15,220 | -€69,800 |
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 9 October 2026 via checked.be.