KAPEL 22: 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.
KAPEL 22
Largest movements
- Receivables within one year -€111,692
down €111,692 (-54.2%), from €206,100 to €94,408
of which Trade receivables: -€106,434
- Stocks and contracts -€52,945
down €52,945 (-20.9%), from €253,769 to €200,824
- Intangible fixed assets -€32,040
down €32,040 (-23.2%), from €138,338 to €106,298
- Cash +€12,830
up €12,830 (+74.3%), from €17,267 to €30,097
mainly Receivables within one year (+€111,692) and Debts after one year (+€66,497)
- Profit (loss) carried forward -€205,053
down €205,053, from €36,927 to -€168,126
- Short-term financial debts -€100,000
down €100,000 (-40.5%), from €247,000 to €147,000
of which Credit institutions: -€100,000
- Debts after one year +€66,497
up €66,497 (+127%), from €52,489 to €118,986
- Tax, wage and social debts +€38,810
up €38,810 (+51.1%), from €75,939 to €114,750
of which Taxes: +€46,684
- Trade debts +€27,965
up €27,965 (+84.9%), from €32,953 to €60,918
- Gross operating margin -€233,794
down €233,794 (-85.2%), from €274,272 to €40,478
- Staff costs -€33,164
down €33,164 (-17.2%), from €192,389 to €159,224
- Other operating charges +€10,609
up €10,609 (+395%), from €2,684 to €13,293
- Financial charges -€6,571
down €6,571 (-15.0%), from €43,819 to €37,247
- Depreciation +€5,095
up €5,095 (+16.7%), from €30,452 to €35,547
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 | €630,474 | €450,253 | -€180,221 | -28.6% |
| Fixed assets | 21/28 | €142,003 | €112,919 | -€29,084 | -20.5% |
| Intangible fixed assets | 21 | €138,338 | €106,298 | -€32,040 | -23.2% |
| Tangible fixed assets | 22/27 | €3,605 | €6,561 | +€2,956 | +82.0% |
| Furniture and vehicles | 24 | €3,605 | €6,561 | +€2,956 | +82.0% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €488,472 | €337,334 | -€151,137 | -30.9% |
| Stocks and contracts in progress | 3 | €253,769 | €200,824 | -€52,945 | -20.9% |
| Stocks | 30/36 | €253,769 | €200,824 | -€52,945 | -20.9% |
| Amounts receivable within one year | 40/41 | €206,100 | €94,408 | -€111,692 | -54.2% |
| Trade receivables | 40 | €200,717 | €94,283 | -€106,434 | -53.0% |
| Other amounts receivable | 41 | €5,383 | €125 | -€5,258 | -97.7% |
| Cash at bank and in hand | 54/58 | €17,267 | €30,097 | +€12,830 | +74.3% |
| Deferred charges and accrued income | 490/1 | €11,335 | €12,005 | +€670 | +5.9% |
| Total equity and liabilities | 10/49 | €630,474 | €450,253 | -€180,221 | -28.6% |
| Equity | 10/15 | €137,676 | -€67,377 | -€205,053 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €749 | €749 | = | 0.0% |
| Distributable reserves | 133 | €749 | €749 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,927 | -€168,126 | -€205,053 | |
| Amounts payable | 17/49 | €492,798 | €517,630 | +€24,832 | +5.0% |
| Amounts payable after more than one year | 17 | €52,489 | €118,986 | +€66,497 | +127% |
| Financial debts | 170/4 | €52,489 | €118,986 | +€66,497 | +127% |
| Amounts payable within one year | 42/48 | €434,557 | €394,094 | -€40,462 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €45,695 | €31,619 | -€14,075 | -30.8% |
| Financial debts | 43 | €247,000 | €147,000 | -€100,000 | -40.5% |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Other loans | 439 | €147,000 | €147,000 | = | 0.0% |
| Trade debts | 44 | €32,953 | €60,918 | +€27,965 | +84.9% |
| Suppliers | 440/4 | €32,953 | €60,918 | +€27,965 | +84.9% |
| Taxes, remuneration and social security | 45 | €75,939 | €114,750 | +€38,810 | +51.1% |
| Taxes | 450/3 | €51,448 | €98,132 | +€46,684 | +90.7% |
| Remuneration and social security | 454/9 | €24,491 | €16,618 | -€7,874 | -32.1% |
| Other amounts payable | 47/48 | €32,970 | €39,807 | +€6,837 | +20.7% |
| Accrued charges and deferred income | 492/3 | €5,752 | €4,550 | -€1,203 | -20.9% |
| Non-recurring operating income | 76A | - | €4,526 | +€4,526 | |
| Remuneration, social security and pensions | 62 | €192,389 | €159,224 | -€33,164 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,452 | €35,547 | +€5,095 | +16.7% |
| Other operating charges | 640/8 | €2,684 | €13,293 | +€10,609 | +395% |
| Gross operating margin | 9900 | €274,272 | €40,478 | -€233,794 | -85.2% |
| Operating profit (loss) | 9901 | €48,748 | -€167,586 | -€216,334 | |
| Financial income | 75/76B | €3,037 | €223 | -€2,814 | -92.6% |
| Recurring financial income | 75 | €3,037 | €223 | -€2,814 | -92.6% |
| Financial charges | 65/66B | €43,819 | €37,247 | -€6,571 | -15.0% |
| Recurring financial charges | 65 | €43,819 | €37,247 | -€6,571 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €7,966 | -€204,610 | -€212,577 | |
| Income taxes | 67/77 | €4,729 | €443 | -€4,286 | -90.6% |
| Profit (loss) for the period | 9904 | €3,238 | -€205,053 | -€208,291 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,238 | -€205,053 | -€208,291 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.