De blauwe Kapitein: 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.
De blauwe Kapitein
Largest movements
- Tangible fixed assets -€20,446
down €20,446 (-24.6%), from €83,066 to €62,620
- Cash +€1,045
new in 2025: €1,045
mainly Depreciation (+€11,699) and Investment in fixed assets (net) (+€8,747)
- Debts after one year -€25,100
down €25,100 (-20.7%), from €121,150 to €96,050
of which Other amounts payable: -€15,139
- Profit (loss) carried forward +€6,142
up €6,142 (+10.7%), from -€57,265 to -€51,123
- Gross operating margin +€8,938
up €8,938 (+77.2%), from €11,573 to €20,511
- Depreciation -€5,714
down €5,714 (-32.8%), from €17,413 to €11,699
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 | €83,204 | €64,301 | -€18,903 | -22.7% |
| Fixed assets | 21/28 | €83,066 | €62,620 | -€20,446 | -24.6% |
| Tangible fixed assets | 22/27 | €83,066 | €62,620 | -€20,446 | -24.6% |
| Land and buildings | 22 | €61,246 | €51,547 | -€9,699 | -15.8% |
| Furniture and vehicles | 24 | €8,747 | - | -€8,747 | |
| Other tangible fixed assets | 26 | €13,073 | €11,073 | -€2,000 | -15.3% |
| Current assets | 29/58 | €138 | €1,681 | +€1,542 | +1,114% |
| Amounts receivable within one year | 40/41 | €40 | €478 | +€438 | +1,098% |
| Trade receivables | 40 | - | €478 | +€478 | |
| Other amounts receivable | 41 | €40 | - | -€40 | |
| Cash at bank and in hand | 54/58 | - | €1,045 | +€1,045 | |
| Deferred charges and accrued income | 490/1 | €99 | €158 | +€60 | +60.7% |
| Total equity and liabilities | 10/49 | €83,204 | €64,301 | -€18,903 | -22.7% |
| Equity | 10/15 | -€49,205 | -€43,063 | +€6,142 | +12.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,265 | -€51,123 | +€6,142 | +10.7% |
| Amounts payable | 17/49 | €132,409 | €107,364 | -€25,046 | -18.9% |
| Amounts payable after more than one year | 17 | €121,150 | €96,050 | -€25,100 | -20.7% |
| Financial debts | 170/4 | €61,250 | €51,289 | -€9,962 | -16.3% |
| Other amounts payable | 178/9 | €59,900 | €44,762 | -€15,139 | -25.3% |
| Amounts payable within one year | 42/48 | €11,259 | €11,314 | +€54 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €9,808 | €9,962 | +€153 | +1.6% |
| Financial debts | 43 | €4 | - | -€4 | |
| Credit institutions | 430/8 | €4 | - | -€4 | |
| Trade debts | 44 | €583 | €633 | +€50 | +8.5% |
| Suppliers | 440/4 | €583 | €633 | +€50 | +8.5% |
| Taxes, remuneration and social security | 45 | €442 | €683 | +€242 | +54.7% |
| Taxes | 450/3 | €442 | €683 | +€242 | +54.7% |
| Other amounts payable | 47/48 | €422 | €36 | -€386 | -91.4% |
| Non-recurring operating income | 76A | - | €3,963 | +€3,963 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,413 | €11,699 | -€5,714 | -32.8% |
| Other operating charges | 640/8 | €1,138 | €1,299 | +€161 | +14.1% |
| Gross operating margin | 9900 | €11,573 | €20,511 | +€8,938 | +77.2% |
| Operating profit (loss) | 9901 | -€6,977 | €7,513 | +€14,491 | |
| Financial income | 75/76B | €4 | €1 | -€3 | -81.5% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -81.5% |
| Financial charges | 65/66B | €1,478 | €1,328 | -€150 | -10.1% |
| Recurring financial charges | 65 | €1,478 | €1,328 | -€150 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,451 | €6,186 | +€14,637 | |
| Income taxes | 67/77 | €220 | €44 | -€176 | -80.1% |
| Profit (loss) for the period | 9904 | -€8,671 | €6,142 | +€14,814 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,671 | €6,142 | +€14,814 |
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 23 October 2026 via checked.be.