Dr. Van Cappellen Kim: 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. Van Cappellen Kim
Largest movements
- Cash +€170,285
up €170,285 (+450%), from €37,831 to €208,115
mainly Current investments (+€150,000) and Accrued charges and deferred income (+€19,445)
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Receivables after one year -€11,028
down €11,028 (-10.0%), from €110,563 to €99,534
- Deferred charges and accrued income +€10,000
up €10,000 (+200%), from €5,000 to €15,000
- Accrued charges and deferred income +€19,445
new in 2025: €19,445
- Reserves +€11,899
up €11,899 (+6.4%), from €187,191 to €199,090
- Other debts -€11,100
down €11,100 (-9.9%), from €111,678 to €100,578
- Financial income -€5,887
down €5,887 (-79.3%), from €7,419 to €1,533
- Taxes -€3,025
down €3,025 (-36.4%), from €8,312 to €5,287
- Gross operating margin +€1,513
up €1,513 (+8.1%), from €18,670 to €20,183
- Depreciation +€1,331
up €1,331 (+87.0%), from €1,529 to €2,861
- Financial charges +€250
up €250 (+98.2%), from €255 to €505
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 | €316,629 | €337,038 | +€20,410 | +6.4% |
| Fixed assets | 21/28 | €6,699 | €9,380 | +€2,681 | +40.0% |
| Tangible fixed assets | 22/27 | €6,699 | €9,380 | +€2,681 | +40.0% |
| Plant, machinery and equipment | 23 | - | €2,690 | +€2,690 | |
| Furniture and vehicles | 24 | €4,953 | €5,210 | +€257 | +5.2% |
| Other tangible fixed assets | 26 | €1,747 | €1,480 | -€266 | -15.2% |
| Current assets | 29/58 | €309,930 | €327,658 | +€17,729 | +5.7% |
| Amounts receivable after more than one year | 29 | €110,563 | €99,534 | -€11,028 | -10.0% |
| Other amounts receivable | 291 | €110,563 | €99,534 | -€11,028 | -10.0% |
| Amounts receivable within one year | 40/41 | €6,536 | €5,009 | -€1,527 | -23.4% |
| Trade receivables | 40 | €2,360 | €3,673 | +€1,313 | +55.7% |
| Other amounts receivable | 41 | €4,176 | €1,335 | -€2,841 | -68.0% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €37,831 | €208,115 | +€170,285 | +450% |
| Deferred charges and accrued income | 490/1 | €5,000 | €15,000 | +€10,000 | +200% |
| Total equity and liabilities | 10/49 | €316,629 | €337,038 | +€20,410 | +6.4% |
| Equity | 10/15 | €199,591 | €211,490 | +€11,899 | +6.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €187,191 | €199,090 | +€11,899 | +6.4% |
| Distributable reserves | 133 | €187,191 | €199,090 | +€11,899 | +6.4% |
| Amounts payable | 17/49 | €117,038 | €125,548 | +€8,510 | +7.3% |
| Amounts payable within one year | 42/48 | €117,038 | €106,103 | -€10,935 | -9.3% |
| Trade debts | 44 | €3,876 | €4,335 | +€459 | +11.8% |
| Suppliers | 440/4 | €3,876 | €4,335 | +€459 | +11.8% |
| Taxes, remuneration and social security | 45 | €1,484 | €1,190 | -€294 | -19.8% |
| Taxes | 450/3 | €1,484 | €1,190 | -€294 | -19.8% |
| Other amounts payable | 47/48 | €111,678 | €100,578 | -€11,100 | -9.9% |
| Accrued charges and deferred income | 492/3 | - | €19,445 | +€19,445 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,529 | €2,861 | +€1,331 | +87.0% |
| Other operating charges | 640/8 | €1,156 | €1,164 | +€8 | +0.7% |
| Gross operating margin | 9900 | €18,670 | €20,183 | +€1,513 | +8.1% |
| Operating profit (loss) | 9901 | €15,985 | €16,159 | +€174 | +1.1% |
| Financial income | 75/76B | €7,419 | €1,533 | -€5,887 | -79.3% |
| Recurring financial income | 75 | €7,419 | €1,533 | -€5,887 | -79.3% |
| Financial charges | 65/66B | €255 | €505 | +€250 | +98.2% |
| Recurring financial charges | 65 | €255 | €505 | +€250 | +98.2% |
| Profit (loss) for the period before taxes | 9903 | €23,149 | €17,186 | -€5,963 | -25.8% |
| Income taxes | 67/77 | €8,312 | €5,287 | -€3,025 | -36.4% |
| Profit (loss) for the period | 9904 | €14,838 | €11,899 | -€2,938 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,838 | €11,899 | -€2,938 | -19.8% |
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 26 October 2026 via checked.be.