CAPZO: 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.
CAPZO
Largest movements
- Receivables within one year +€10,800
up €10,800 (+27.6%), from €39,200 to €50,000
of which Other amounts receivable: +€12,500
- Tangible fixed assets -€5,861
down €5,861 (-3.5%), from €167,498 to €161,637
- Reserves +€45,709
up €45,709 (+16.8%), from €272,725 to €318,434
- Current portion of long-term debt -€23,745
down €23,745 (-66.8%), from €35,524 to €11,779
- Other debts -€11,966
down €11,966 (-10.7%), from €112,277 to €100,311
- Debts after one year -€11,788
down €11,788 (-14.8%), from €79,661 to €67,873
- Financial income -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Taxes -€2,614
down €2,614 (-35.9%), from €7,278 to €4,664
- Financial charges +€1,866
up €1,866 (+32.6%), from €5,731 to €7,597
of which Financial charges: +€1,890
- Gross operating margin +€930
up €930 (+6.4%), from €14,509 to €15,439
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 | €514,594 | €517,250 | +€2,656 | +0.5% |
| Fixed assets | 21/28 | €462,998 | €457,137 | -€5,861 | -1.3% |
| Tangible fixed assets | 22/27 | €167,498 | €161,637 | -€5,861 | -3.5% |
| Land and buildings | 22 | €167,498 | €161,637 | -€5,861 | -3.5% |
| Financial fixed assets | 28 | €295,500 | €295,500 | = | 0.0% |
| Current assets | 29/58 | €51,596 | €60,113 | +€8,517 | +16.5% |
| Amounts receivable within one year | 40/41 | €39,200 | €50,000 | +€10,800 | +27.6% |
| Trade receivables | 40 | €1,700 | - | -€1,700 | |
| Other amounts receivable | 41 | €37,500 | €50,000 | +€12,500 | +33.3% |
| Current investments | 50/53 | €63 | €63 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,333 | €10,050 | -€2,283 | -18.5% |
| Total equity and liabilities | 10/49 | €514,594 | €517,250 | +€2,656 | +0.5% |
| Equity | 10/15 | €278,925 | €324,634 | +€45,709 | +16.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €272,725 | €318,434 | +€45,709 | +16.8% |
| Distributable reserves | 133 | €272,725 | €318,434 | +€45,709 | +16.8% |
| Amounts payable | 17/49 | €235,669 | €192,616 | -€43,053 | -18.3% |
| Amounts payable after more than one year | 17 | €79,661 | €67,873 | -€11,788 | -14.8% |
| Financial debts | 170/4 | €79,661 | €67,873 | -€11,788 | -14.8% |
| Amounts payable within one year | 42/48 | €156,008 | €124,743 | -€31,265 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €35,524 | €11,779 | -€23,745 | -66.8% |
| Taxes, remuneration and social security | 45 | €8,207 | €12,653 | +€4,446 | +54.2% |
| Taxes | 450/3 | €8,207 | €12,653 | +€4,446 | +54.2% |
| Other amounts payable | 47/48 | €112,277 | €100,311 | -€11,966 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,861 | €5,861 | = | 0.0% |
| Other operating charges | 640/8 | €1,560 | €1,608 | +€48 | +3.1% |
| Gross operating margin | 9900 | €14,509 | €15,439 | +€930 | +6.4% |
| Operating profit (loss) | 9901 | €7,088 | €7,970 | +€882 | +12.4% |
| Financial income | 75/76B | €75,000 | €50,000 | -€25,000 | -33.3% |
| Recurring financial income | 75 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Financial charges | 65/66B | €5,731 | €7,597 | +€1,866 | +32.6% |
| Recurring financial charges | 65 | €5,588 | €7,478 | +€1,890 | +33.8% |
| Non-recurring financial charges | 66B | €143 | €119 | -€24 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €76,357 | €50,373 | -€25,984 | -34.0% |
| Income taxes | 67/77 | €7,278 | €4,664 | -€2,614 | -35.9% |
| Profit (loss) for the period | 9904 | €69,079 | €45,709 | -€23,370 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,079 | €45,709 | -€23,370 | -33.8% |
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.