KAPELFARMA: 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.
KAPELFARMA
Largest movements
- Tangible fixed assets +€24,675
up €24,675 (+14.7%), from €167,300 to €191,976
of which Land and buildings: +€12,600
- Stocks and contracts +€24,550
up €24,550 (+16.0%), from €153,496 to €178,047
- Cash +€19,337
up €19,337 (+30.4%), from €63,574 to €82,912
mainly Net result for the year (+€120,309) and Other debts (+€78,240)
- Current investments +€17,631
up €17,631 (+97300.1%), from €18 to €17,649
- Receivables within one year +€10,008
up €10,008 (+5.9%), from €169,937 to €179,945
of which Trade receivables: +€10,229
- Other debts +€78,240
up €78,240 (+59.5%), from €131,390 to €209,630
- Trade debts +€14,497
up €14,497 (+12.2%), from €118,830 to €133,327
- Debts after one year -€7,305
down €7,305 (-11.7%), from €62,694 to €55,389
- Gross operating margin +€43,147
up €43,147 (+11.3%), from €381,512 to €424,659
- Taxes +€9,464
up €9,464 (+30.0%), from €31,508 to €40,973
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.
Cash bridge derived
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 | €556,557 | €653,987 | +€97,429 | +17.5% |
| Fixed assets | 21/28 | €167,300 | €191,976 | +€24,675 | +14.7% |
| Tangible fixed assets | 22/27 | €167,300 | €191,976 | +€24,675 | +14.7% |
| Land and buildings | 22 | €160,250 | €172,850 | +€12,600 | +7.9% |
| Plant, machinery and equipment | 23 | €7,050 | €19,126 | +€12,076 | +171.3% |
| Current assets | 29/58 | €389,257 | €462,011 | +€72,754 | +18.7% |
| Stocks and contracts in progress | 3 | €153,496 | €178,047 | +€24,550 | +16.0% |
| Stocks | 30/36 | €153,496 | €178,047 | +€24,550 | +16.0% |
| Amounts receivable within one year | 40/41 | €169,937 | €179,945 | +€10,008 | +5.9% |
| Trade receivables | 40 | €167,093 | €177,322 | +€10,229 | +6.1% |
| Other amounts receivable | 41 | €2,844 | €2,624 | -€221 | -7.8% |
| Current investments | 50/53 | €18 | €17,649 | +€17,631 | +97300.1% |
| Cash at bank and in hand | 54/58 | €63,574 | €82,912 | +€19,337 | +30.4% |
| Deferred charges and accrued income | 490/1 | €2,231 | €3,458 | +€1,228 | +55.0% |
| Total equity and liabilities | 10/49 | €556,557 | €653,987 | +€97,429 | +17.5% |
| Equity | 10/15 | €181,753 | €182,062 | +€309 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €175,553 | €175,862 | +€309 | +0.2% |
| Distributable reserves | 133 | €175,553 | €175,862 | +€309 | +0.2% |
| Amounts payable | 17/49 | €374,804 | €471,925 | +€97,120 | +25.9% |
| Amounts payable after more than one year | 17 | €62,694 | €55,389 | -€7,305 | -11.7% |
| Financial debts | 170/4 | €62,694 | €55,389 | -€7,305 | -11.7% |
| Amounts payable within one year | 42/48 | €312,071 | €416,308 | +€104,237 | +33.4% |
| Current portion of amounts payable after more than one year | 42 | €20,214 | €24,076 | +€3,862 | +19.1% |
| Financial debts | 43 | €17,474 | €23,428 | +€5,955 | +34.1% |
| Credit institutions | 430/8 | €17,474 | €23,428 | +€5,955 | +34.1% |
| Trade debts | 44 | €118,830 | €133,327 | +€14,497 | +12.2% |
| Suppliers | 440/4 | €118,830 | €133,327 | +€14,497 | +12.2% |
| Taxes, remuneration and social security | 45 | €24,162 | €25,846 | +€1,683 | +7.0% |
| Taxes | 450/3 | €14 | €933 | +€919 | +6533.8% |
| Remuneration and social security | 454/9 | €24,148 | €24,913 | +€765 | +3.2% |
| Other amounts payable | 47/48 | €131,390 | €209,630 | +€78,240 | +59.5% |
| Accrued charges and deferred income | 492/3 | €40 | €228 | +€188 | +469.8% |
| Remuneration, social security and pensions | 62 | €208,767 | €209,741 | +€974 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,169 | €9,912 | +€1,743 | +21.3% |
| Other operating charges | 640/8 | €2,228 | €1,794 | -€434 | -19.5% |
| Gross operating margin | 9900 | €381,512 | €424,659 | +€43,147 | +11.3% |
| Operating profit (loss) | 9901 | €162,347 | €203,212 | +€40,865 | +25.2% |
| Financial income | 75/76B | €4,513 | €3,007 | -€1,505 | -33.4% |
| Recurring financial income | 75 | €4,513 | €3,007 | -€1,505 | -33.4% |
| Financial charges | 65/66B | €47,179 | €44,938 | -€2,242 | -4.8% |
| Recurring financial charges | 65 | €47,179 | €44,938 | -€2,242 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €119,681 | €161,282 | +€41,601 | +34.8% |
| Income taxes | 67/77 | €31,508 | €40,973 | +€9,464 | +30.0% |
| Profit (loss) for the period | 9904 | €88,172 | €120,309 | +€32,136 | +36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88,172 | €120,309 | +€32,136 | +36.4% |
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 10 October 2026 via checked.be.