DB CapMan: 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.
DB CapMan
Largest movements
- Current investments +€709,434
up €709,434 (+148%), from €478,182 to €1.2m
- Financial fixed assets +€126,850
up €126,850 (+5.4%), from €2.3m to €2.5m
- Receivables within one year -€79,688
down €79,688 (-68.7%), from €116,000 to €36,312
of which Other amounts receivable: -€115,988
- Cash -€54,670
down €54,670 (-40.5%), from €134,972 to €80,302
mainly Current investments (-€709,434) and Debts after one year (-€156,632)
- Contributions +€600,000
up €600,000 (+119%), from €505,000 to €1.1m
- Reserves +€251,419
up €251,419 (+34.9%), from €721,334 to €972,753
of which Distributable reserves: +€251,419
- Debts after one year -€156,632
down €156,632 (-10.7%), from €1.5m to €1.3m
- Gross operating margin +€99,727
up €99,727 (+25.3%), from €393,833 to €493,560
- Financial charges +€17,840
up €17,840 (+23.2%), from €76,757 to €94,597
- Taxes +€16,986
up €16,986 (+19.4%), from €87,395 to €104,382
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 | €3,069,889 | €3,771,021 | +€701,132 | +22.8% |
| Fixed assets | 21/28 | €2,339,941 | €2,466,791 | +€126,850 | +5.4% |
| Financial fixed assets | 28 | €2,339,941 | €2,466,791 | +€126,850 | +5.4% |
| Current assets | 29/58 | €729,948 | €1,304,230 | +€574,282 | +78.7% |
| Amounts receivable within one year | 40/41 | €116,000 | €36,312 | -€79,688 | -68.7% |
| Trade receivables | 40 | - | €36,300 | +€36,300 | |
| Other amounts receivable | 41 | €116,000 | €12 | -€115,988 | -100.0% |
| Current investments | 50/53 | €478,182 | €1,187,616 | +€709,434 | +148% |
| Cash at bank and in hand | 54/58 | €134,972 | €80,302 | -€54,670 | -40.5% |
| Deferred charges and accrued income | 490/1 | €793 | - | -€793 | |
| Total equity and liabilities | 10/49 | €3,069,889 | €3,771,021 | +€701,132 | +22.8% |
| Equity | 10/15 | €1,226,334 | €2,077,753 | +€851,419 | +69.4% |
| Contributions | 10/11 | €505,000 | €1,105,000 | +€600,000 | +119% |
| Reserves | 13 | €721,334 | €972,753 | +€251,419 | +34.9% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €720,834 | €972,253 | +€251,419 | +34.9% |
| Amounts payable | 17/49 | €1,843,555 | €1,693,268 | -€150,287 | -8.2% |
| Amounts payable after more than one year | 17 | €1,465,020 | €1,308,387 | -€156,632 | -10.7% |
| Financial debts | 170/4 | €1,465,020 | €1,308,387 | -€156,632 | -10.7% |
| Amounts payable within one year | 42/48 | €378,535 | €384,881 | +€6,345 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €201,565 | €165,986 | -€35,579 | -17.7% |
| Financial debts | 43 | €17,036 | €21,289 | +€4,253 | +25.0% |
| Credit institutions | 430/8 | €17,036 | €21,289 | +€4,253 | +25.0% |
| Trade debts | 44 | €2,490 | €1,323 | -€1,166 | -46.9% |
| Suppliers | 440/4 | €2,490 | €1,323 | -€1,166 | -46.9% |
| Taxes, remuneration and social security | 45 | €92,542 | €118,983 | +€26,441 | +28.6% |
| Taxes | 450/3 | €92,542 | €118,983 | +€26,441 | +28.6% |
| Other amounts payable | 47/48 | €64,902 | €77,299 | +€12,397 | +19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €381 | - | -€381 | |
| Gross operating margin | 9900 | €393,833 | €493,560 | +€99,727 | +25.3% |
| Operating profit (loss) | 9901 | €393,452 | €493,560 | +€100,108 | +25.4% |
| Financial income | 75/76B | €34,701 | €34,358 | -€343 | -1.0% |
| Recurring financial income | 75 | €34,701 | €34,358 | -€343 | -1.0% |
| Financial charges | 65/66B | €76,757 | €94,597 | +€17,840 | +23.2% |
| Recurring financial charges | 65 | €76,757 | €94,597 | +€17,840 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €351,396 | €433,321 | +€81,924 | +23.3% |
| Income taxes | 67/77 | €87,395 | €104,382 | +€16,986 | +19.4% |
| Profit (loss) for the period | 9904 | €264,001 | €328,939 | +€64,938 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €264,001 | €328,939 | +€64,938 | +24.6% |
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 13 October 2026 via checked.be.