KAPELHOEVE: 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.
KAPELHOEVE
Largest movements
- Tangible fixed assets +€813,463
up €813,463 (+6.7%), from €12.2m to €13.0m
of which Other tangible fixed assets: +€432,834
- Receivables within one year +€215,476
up €215,476 (+423.3%), from €50,903 to €266,379
of which Trade receivables: +€171,241
- Debts after one year +€1.2m
up €1.2m (+12.7%), from €9.1m to €10.3m
- Profit (loss) carried forward -€170,767
down €170,767 (-24.1%), from -€708,260 to -€879,028
- Financial charges -€266,718
down €266,718 (-99.9%), from €266,905 to €187
- Gross operating margin +€255,115
up €255,115, from -€222,822 to €32,292
- Other operating charges +€5,316
up €5,316 (+23.1%), from €22,999 to €28,315
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 | €12,360,432 | €13,424,072 | +€1.1m | +8.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €12,189,671 | €13,003,134 | +€813,463 | +6.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €12,187,346 | €13,000,809 | +€813,463 | +6.7% |
| Land and buildings | 22 | €9,243,353 | €9,598,004 | +€354,651 | +3.8% |
| Plant, machinery and equipment | 23 | €172,195 | €201,047 | +€28,852 | +16.8% |
| Furniture and vehicles | 24 | €16,047 | €13,173 | -€2,875 | -17.9% |
| Other tangible fixed assets | 26 | €2,755,751 | €3,188,585 | +€432,834 | +15.7% |
| Financial fixed assets | 28 | €2,325 | €2,325 | = | 0.0% |
| Current assets | 29/58 | €170,761 | €420,938 | +€250,177 | +146.5% |
| Stocks and contracts in progress | 3 | €82,157 | €120,872 | +€38,715 | +47.1% |
| Stocks | 30/36 | €82,157 | €120,872 | +€38,715 | +47.1% |
| Amounts receivable within one year | 40/41 | €50,903 | €266,379 | +€215,476 | +423.3% |
| Trade receivables | 40 | €50,903 | €222,145 | +€171,241 | +336.4% |
| Other amounts receivable | 41 | - | €44,234 | +€44,234 | |
| Cash at bank and in hand | 54/58 | €8,849 | €4,835 | -€4,014 | -45.4% |
| Deferred charges and accrued income | 490/1 | €28,852 | €28,852 | = | 0.0% |
| Total equity and liabilities | 10/49 | €12,360,432 | €13,424,072 | +€1.1m | +8.6% |
| Equity | 10/15 | €2,891,740 | €2,720,972 | -€170,767 | -5.9% |
| Contributions | 10/11 | €3,600,000 | €3,600,000 | = | 0.0% |
| Capital | 10 | €3,600,000 | €3,600,000 | = | 0.0% |
| Issued capital | 100 | €3,600,000 | €3,600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€708,260 | -€879,028 | -€170,767 | -24.1% |
| Amounts payable | 17/49 | €9,468,693 | €10,703,100 | +€1.2m | +13.0% |
| Amounts payable after more than one year | 17 | €9,133,661 | €10,295,127 | +€1.2m | +12.7% |
| Other amounts payable | 178/9 | €9,133,661 | €10,295,127 | +€1.2m | +12.7% |
| Amounts payable within one year | 42/48 | €68,372 | €100,132 | +€31,760 | +46.5% |
| Trade debts | 44 | €58,137 | €89,945 | +€31,808 | +54.7% |
| Suppliers | 440/4 | €58,137 | €89,945 | +€31,808 | +54.7% |
| Taxes, remuneration and social security | 45 | €10,236 | €10,187 | -€49 | -0.5% |
| Remuneration and social security | 454/9 | €10,236 | €10,187 | -€49 | -0.5% |
| Accrued charges and deferred income | 492/3 | €266,660 | €307,840 | +€41,180 | +15.4% |
| Remuneration, social security and pensions | 62 | €103,724 | €105,413 | +€1,690 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,298 | €69,144 | +€1,846 | +2.7% |
| Other operating charges | 640/8 | €22,999 | €28,315 | +€5,316 | +23.1% |
| Gross operating margin | 9900 | -€222,822 | €32,292 | +€255,115 | |
| Operating profit (loss) | 9901 | -€416,843 | -€170,580 | +€246,263 | +59.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €266,905 | €187 | -€266,718 | -99.9% |
| Recurring financial charges | 65 | €266,905 | €187 | -€266,718 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | -€683,748 | -€170,767 | +€512,981 | +75.0% |
| Profit (loss) for the period | 9904 | -€683,748 | -€170,767 | +€512,981 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€683,748 | -€170,767 | +€512,981 | +75.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.