DR. SOFIE CAPPON: 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. SOFIE CAPPON
Largest movements
- Cash -€163,712
down €163,712 (-42.5%), from €384,830 to €221,118
mainly Contributions, distributions and other (-€333,281) and Tax, wage and social debts (-€45,943)
- Current investments +€43,739
new in 2025: €43,739
- Tangible fixed assets -€13,639
down €13,639 (-4.9%), from €279,593 to €265,954
of which Land and buildings: -€12,255
- Reserves -€150,909
down €150,909 (-44.5%), from €339,136 to €188,228
- Other debts +€72,796
up €72,796 (+126%), from €57,989 to €130,785
- Tax, wage and social debts -€45,943
down €45,943 (-42.1%), from €109,243 to €63,300
of which Taxes: -€42,443
- Debts after one year -€13,207
down €13,207 (-8.1%), from €162,850 to €149,643
- Gross operating margin +€37,840
up €37,840 (+16.0%), from €236,325 to €274,165
- Taxes +€12,077
up €12,077 (+26.8%), from €45,080 to €57,157
- Depreciation -€4,502
down €4,502 (-14.5%), from €31,135 to €26,634
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 | €687,332 | €552,713 | -€134,619 | -19.6% |
| Fixed assets | 21/28 | €279,593 | €265,954 | -€13,639 | -4.9% |
| Tangible fixed assets | 22/27 | €279,593 | €265,954 | -€13,639 | -4.9% |
| Land and buildings | 22 | €236,330 | €224,075 | -€12,255 | -5.2% |
| Plant, machinery and equipment | 23 | €3,046 | €2,071 | -€975 | -32.0% |
| Furniture and vehicles | 24 | €26,445 | €18,838 | -€7,607 | -28.8% |
| Other tangible fixed assets | 26 | €13,772 | €20,970 | +€7,198 | +52.3% |
| Current assets | 29/58 | €407,739 | €286,759 | -€120,981 | -29.7% |
| Amounts receivable within one year | 40/41 | €7,977 | €6,602 | -€1,376 | -17.2% |
| Other amounts receivable | 41 | €7,977 | €6,602 | -€1,376 | -17.2% |
| Current investments | 50/53 | - | €43,739 | +€43,739 | |
| Cash at bank and in hand | 54/58 | €384,830 | €221,118 | -€163,712 | -42.5% |
| Deferred charges and accrued income | 490/1 | €14,932 | €15,300 | +€368 | +2.5% |
| Total equity and liabilities | 10/49 | €687,332 | €552,713 | -€134,619 | -19.6% |
| Equity | 10/15 | €344,136 | €193,228 | -€150,909 | -43.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €339,136 | €188,228 | -€150,909 | -44.5% |
| Distributable reserves | 133 | €339,136 | €188,228 | -€150,909 | -44.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €343,196 | €359,485 | +€16,289 | +4.7% |
| Amounts payable after more than one year | 17 | €162,850 | €149,643 | -€13,207 | -8.1% |
| Financial debts | 170/4 | €162,850 | €149,643 | -€13,207 | -8.1% |
| Amounts payable within one year | 42/48 | €180,346 | €209,843 | +€29,497 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €12,957 | €13,207 | +€250 | +1.9% |
| Trade debts | 44 | €158 | €2,551 | +€2,393 | +1,517% |
| Suppliers | 440/4 | €158 | €2,551 | +€2,393 | +1,517% |
| Taxes, remuneration and social security | 45 | €109,243 | €63,300 | -€45,943 | -42.1% |
| Taxes | 450/3 | €105,743 | €63,300 | -€42,443 | -40.1% |
| Remuneration and social security | 454/9 | €3,500 | €0 | -€3,500 | -100% |
| Other amounts payable | 47/48 | €57,989 | €130,785 | +€72,796 | +126% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,135 | €26,634 | -€4,502 | -14.5% |
| Other operating charges | 640/8 | €795 | €769 | -€26 | -3.2% |
| Non-recurring operating charges | 66A | €400 | €0 | -€400 | -100% |
| Gross operating margin | 9900 | €236,325 | €274,165 | +€37,840 | +16.0% |
| Operating profit (loss) | 9901 | €203,995 | €246,762 | +€42,767 | +21.0% |
| Financial income | 75/76B | €0 | €185 | +€185 | +1,854,200% |
| Recurring financial income | 75 | €0 | €185 | +€185 | +1,854,200% |
| Financial charges | 65/66B | €8,006 | €7,419 | -€588 | -7.3% |
| Recurring financial charges | 65 | €8,006 | €7,358 | -€648 | -8.1% |
| Non-recurring financial charges | 66B | - | €61 | +€61 | |
| Profit (loss) for the period before taxes | 9903 | €195,988 | €239,529 | +€43,540 | +22.2% |
| Income taxes | 67/77 | €45,080 | €57,157 | +€12,077 | +26.8% |
| Profit (loss) for the period | 9904 | €150,909 | €182,372 | +€31,464 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €150,909 | €182,372 | +€31,464 | +20.8% |
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 14 October 2026 via checked.be.