KAPAAL: 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.
KAPAAL
Largest movements
- Tangible fixed assets -€262,507
down €262,507 (-4.0%), from €6.5m to €6.2m
- Current portion of long-term debt -€4.5m
no longer reported in 2025 (was €4.5m)
- Short-term financial debts +€4.5m
new in 2025: €4.5m
- Trade debts -€183,092
down €183,092 (-97.6%), from €187,521 to €4,429
- Profit (loss) carried forward -€125,345
down €125,345 (-242%), from -€51,724 to -€177,069
- Turnover +€332,000
new in 2025: €332,000
- Gross operating margin +€271,716
up €271,716, from -€194,210 to €77,507
- Purchases and services +€255,106
new in 2025: €255,106
- Financial charges -€58,335
down €58,335 (-23.3%), from €250,728 to €192,393
- Depreciation +€17,347
up €17,347 (+6.5%), from €267,981 to €285,329
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 | €9,505,515 | €9,195,457 | -€310,058 | -3.3% |
| Formation expenses | 20 | €62,796 | €39,975 | -€22,821 | -36.3% |
| Fixed assets | 21/28 | €6,490,479 | €6,227,972 | -€262,507 | -4.0% |
| Tangible fixed assets | 22/27 | €6,490,479 | €6,227,972 | -€262,507 | -4.0% |
| Land and buildings | 22 | €6,490,479 | €6,227,972 | -€262,507 | -4.0% |
| Current assets | 29/58 | €2,952,239 | €2,927,510 | -€24,729 | -0.8% |
| Amounts receivable within one year | 40/41 | €2,863,428 | €2,857,572 | -€5,856 | -0.2% |
| Trade receivables | 40 | €23,813 | €27,667 | +€3,854 | +16.2% |
| Other amounts receivable | 41 | €2,839,615 | €2,829,905 | -€9,709 | -0.3% |
| Cash at bank and in hand | 54/58 | €0 | €44 | +€44 | |
| Deferred charges and accrued income | 490/1 | €88,811 | €69,894 | -€18,918 | -21.3% |
| Total equity and liabilities | 10/49 | €9,505,515 | €9,195,457 | -€310,058 | -3.3% |
| Equity | 10/15 | €4,800,318 | €4,674,974 | -€125,345 | -2.6% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Revaluation surpluses | 12 | €852,043 | €852,043 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,724 | -€177,069 | -€125,345 | -242% |
| Amounts payable | 17/49 | €4,705,196 | €4,520,483 | -€184,713 | -3.9% |
| Amounts payable within one year | 42/48 | €4,687,521 | €4,504,429 | -€183,092 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €4,500,000 | - | -€4.5m | |
| Financial debts | 43 | - | €4,500,000 | +€4.5m | |
| Credit institutions | 430/8 | - | €4,500,000 | +€4.5m | |
| Trade debts | 44 | €187,521 | €4,429 | -€183,092 | -97.6% |
| Suppliers | 440/4 | €187,521 | €4,429 | -€183,092 | -97.6% |
| Accrued charges and deferred income | 492/3 | €17,675 | €16,054 | -€1,621 | -9.2% |
| Turnover | 70 | - | €332,000 | +€332,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €255,106 | +€255,106 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,981 | €285,329 | +€17,347 | +6.5% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€194,210 | €77,507 | +€271,716 | |
| Operating profit (loss) | 9901 | -€463,159 | -€208,820 | +€254,338 | +54.9% |
| Financial income | 75/76B | €287,169 | €275,869 | -€11,300 | -3.9% |
| Recurring financial income | 75 | €287,169 | €275,869 | -€11,300 | -3.9% |
| Financial charges | 65/66B | €250,728 | €192,393 | -€58,335 | -23.3% |
| Recurring financial charges | 65 | €250,728 | €192,393 | -€58,335 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | -€426,718 | -€125,345 | +€301,373 | +70.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€426,718 | -€125,345 | +€301,373 | +70.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€426,718 | -€125,345 | +€301,373 | +70.6% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.