Dr. Luc Capiau: 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.
Dr. Luc Capiau
Largest movements
- Tangible fixed assets +€73,146
up €73,146 (+20.0%), from €365,330 to €438,476
of which Land and buildings: +€75,427
- Receivables within one year -€70,178
down €70,178 (-62.4%), from €112,444 to €42,266
of which Other amounts receivable: -€41,061
- Cash -€13,336
down €13,336 (-5.2%), from €254,841 to €241,505
mainly Contributions, distributions and other (-€123,567) and Investment in fixed assets (net) (-€99,317)
- Deferred charges and accrued income +€8,435
up €8,435 (+398%), from €2,119 to €10,555
- Reserves -€14,918
down €14,918 (-2.1%), from €698,473 to €683,556
- Advances received +€10,062
up €10,062, from €0 to €10,062
- Tax, wage and social debts -€7,470
down €7,470 (-42.2%), from €17,710 to €10,239
of which Taxes: -€9,339
- Gross operating margin +€63,108
up €63,108 (+38.0%), from €166,057 to €229,165
- Staff costs +€13,190
up €13,190 (+50.3%), from €26,229 to €39,419
- Taxes +€12,314
up €12,314 (+31.9%), from €38,628 to €50,941
- Financial income -€4,357
down €4,357 (-99.9%), from €4,363 to €6
- Depreciation +€2,740
up €2,740 (+11.7%), from €23,430 to €26,171
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 | €734,746 | €732,814 | -€1,932 | -0.3% |
| Fixed assets | 21/28 | €365,342 | €438,489 | +€73,146 | +20.0% |
| Tangible fixed assets | 22/27 | €365,330 | €438,476 | +€73,146 | +20.0% |
| Land and buildings | 22 | €339,223 | €414,650 | +€75,427 | +22.2% |
| Plant, machinery and equipment | 23 | €25,793 | €22,022 | -€3,771 | -14.6% |
| Furniture and vehicles | 24 | €314 | €1,805 | +€1,491 | +474% |
| Financial fixed assets | 28 | €12 | €12 | = | 0.0% |
| Current assets | 29/58 | €369,404 | €294,325 | -€75,078 | -20.3% |
| Amounts receivable within one year | 40/41 | €112,444 | €42,266 | -€70,178 | -62.4% |
| Trade receivables | 40 | €49,917 | €20,800 | -€29,116 | -58.3% |
| Other amounts receivable | 41 | €62,527 | €21,466 | -€41,061 | -65.7% |
| Cash at bank and in hand | 54/58 | €254,841 | €241,505 | -€13,336 | -5.2% |
| Deferred charges and accrued income | 490/1 | €2,119 | €10,555 | +€8,435 | +398% |
| Total equity and liabilities | 10/49 | €734,746 | €732,814 | -€1,932 | -0.3% |
| Equity | 10/15 | €704,723 | €689,806 | -€14,918 | -2.1% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €698,473 | €683,556 | -€14,918 | -2.1% |
| Distributable reserves | 133 | €698,473 | €683,556 | -€14,918 | -2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,023 | €43,008 | +€12,985 | +43.3% |
| Amounts payable within one year | 42/48 | €30,016 | €43,008 | +€12,992 | +43.3% |
| Trade debts | 44 | €12,307 | €17,552 | +€5,246 | +42.6% |
| Suppliers | 440/4 | €12,307 | €17,552 | +€5,246 | +42.6% |
| Advances received on contracts in progress | 46 | €0 | €10,062 | +€10,062 | |
| Taxes, remuneration and social security | 45 | €17,710 | €10,239 | -€7,470 | -42.2% |
| Taxes | 450/3 | €13,736 | €4,397 | -€9,339 | -68.0% |
| Remuneration and social security | 454/9 | €3,974 | €5,842 | +€1,868 | +47.0% |
| Other amounts payable | 47/48 | - | €5,155 | +€5,155 | |
| Accrued charges and deferred income | 492/3 | €7 | €0 | -€7 | -100% |
| Remuneration, social security and pensions | 62 | €26,229 | €39,419 | +€13,190 | +50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,430 | €26,171 | +€2,740 | +11.7% |
| Other operating charges | 640/8 | €3,086 | €3,089 | +€2 | +0.1% |
| Gross operating margin | 9900 | €166,057 | €229,165 | +€63,108 | +38.0% |
| Operating profit (loss) | 9901 | €113,312 | €160,487 | +€47,175 | +41.6% |
| Financial income | 75/76B | €4,363 | €6 | -€4,357 | -99.9% |
| Recurring financial income | 75 | €4,363 | €6 | -€4,357 | -99.9% |
| Financial charges | 65/66B | €848 | €903 | +€55 | +6.4% |
| Recurring financial charges | 65 | €848 | €903 | +€55 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €116,827 | €159,591 | +€42,764 | +36.6% |
| Income taxes | 67/77 | €38,628 | €50,941 | +€12,314 | +31.9% |
| Profit (loss) for the period | 9904 | €78,200 | €108,649 | +€30,450 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,200 | €108,649 | +€30,450 | +38.9% |
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 30 October 2026 via checked.be.