JORDY CAPPAERT: what changed
Two fiscal 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.
JORDY CAPPAERT
Largest movements
- Tangible fixed assets -€33,270
down €33,270 (-28.7%), from €115,925 to €82,655
of which Furniture and vehicles: -€26,600
- Receivables within one year +€32,150
up €32,150 (+121.7%), from €26,424 to €58,574
of which Trade receivables: +€35,943
- Stocks and contracts -€17,322
down €17,322 (-66.4%), from €26,072 to €8,751
- Cash +€3,623
up €3,623 (+8.6%), from €42,030 to €45,652
mainly Depreciation (+€38,225) and Net result for the year (+€23,809)
- Reserves -€39,195
down €39,195 (-35.2%), from €111,342 to €72,147
- Profit (loss) carried forward +€23,809
new in 2026: €23,809
- Debts after one year -€22,366
down €22,366 (-46.3%), from €48,276 to €25,910
- Trade debts +€20,074
up €20,074 (+88.0%), from €22,803 to €42,876
- Other debts +€5,012
up €5,012 (+156.5%), from €3,203 to €8,215
- Gross operating margin -€19,977
down €19,977 (-21.6%), from €92,458 to €72,481
- Taxes -€3,625
down €3,625 (-34.4%), from €10,541 to €6,916
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €215,416 | €200,592 | -€14,824 | -6.9% |
| Fixed assets | 21/28 | €115,925 | €82,655 | -€33,270 | -28.7% |
| Tangible fixed assets | 22/27 | €115,925 | €82,655 | -€33,270 | -28.7% |
| Plant, machinery and equipment | 23 | €5,332 | €3,797 | -€1,535 | -28.8% |
| Furniture and vehicles | 24 | €83,970 | €57,371 | -€26,600 | -31.7% |
| Leasing and similar rights | 25 | €11,908 | €5,968 | -€5,940 | -49.9% |
| Other tangible fixed assets | 26 | €14,715 | €15,520 | +€805 | +5.5% |
| Current assets | 29/58 | €99,491 | €117,937 | +€18,446 | +18.5% |
| Stocks and contracts in progress | 3 | €26,072 | €8,751 | -€17,322 | -66.4% |
| Stocks | 30/36 | €26,072 | €8,751 | -€17,322 | -66.4% |
| Amounts receivable within one year | 40/41 | €26,424 | €58,574 | +€32,150 | +121.7% |
| Trade receivables | 40 | €15,903 | €51,847 | +€35,943 | +226.0% |
| Other amounts receivable | 41 | €10,521 | €6,727 | -€3,794 | -36.1% |
| Cash at bank and in hand | 54/58 | €42,030 | €45,652 | +€3,623 | +8.6% |
| Deferred charges and accrued income | 490/1 | €4,965 | €4,960 | -€5 | -0.1% |
| Total equity and liabilities | 10/49 | €215,416 | €200,592 | -€14,824 | -6.9% |
| Equity | 10/15 | €113,842 | €98,456 | -€15,386 | -13.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €111,342 | €72,147 | -€39,195 | -35.2% |
| Distributable reserves | 133 | €111,342 | €72,147 | -€39,195 | -35.2% |
| Profit (loss) carried forward | 14 | - | €23,809 | +€23,809 | |
| Amounts payable | 17/49 | €101,574 | €102,136 | +€562 | +0.6% |
| Amounts payable after more than one year | 17 | €48,276 | €25,910 | -€22,366 | -46.3% |
| Financial debts | 170/4 | €48,276 | €25,910 | -€22,366 | -46.3% |
| Amounts payable within one year | 42/48 | €53,298 | €75,954 | +€22,656 | +42.5% |
| Current portion of amounts payable after more than one year | 42 | €22,042 | €22,366 | +€324 | +1.5% |
| Trade debts | 44 | €22,803 | €42,876 | +€20,074 | +88.0% |
| Suppliers | 440/4 | €22,803 | €42,876 | +€20,074 | +88.0% |
| Taxes, remuneration and social security | 45 | €5,250 | €2,497 | -€2,753 | -52.4% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €5,250 | €2,497 | -€2,753 | -52.4% |
| Other amounts payable | 47/48 | €3,203 | €8,215 | +€5,012 | +156.5% |
| Accrued charges and deferred income | 492/3 | €0 | €272 | +€272 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,508 | €38,225 | -€283 | -0.7% |
| Other operating charges | 640/8 | €1,321 | €1,080 | -€241 | -18.3% |
| Gross operating margin | 9900 | €92,458 | €72,481 | -€19,977 | -21.6% |
| Operating profit (loss) | 9901 | €52,629 | €33,177 | -€19,452 | -37.0% |
| Financial income | 75/76B | €187 | €297 | +€111 | +59.3% |
| Recurring financial income | 75 | €187 | €297 | +€111 | +59.3% |
| Financial charges | 65/66B | €3,080 | €2,750 | -€330 | -10.7% |
| Recurring financial charges | 65 | €3,080 | €2,750 | -€330 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €49,736 | €30,724 | -€19,011 | -38.2% |
| Income taxes | 67/77 | €10,541 | €6,916 | -€3,625 | -34.4% |
| Profit (loss) for the period | 9904 | €39,195 | €23,809 | -€15,386 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,195 | €23,809 | -€15,386 | -39.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.