KAPELHOF: 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.
KAPELHOF
Largest movements
- Cash -€150,552
down €150,552 (-65.1%), from €231,212 to €80,660
mainly Debts after one year (-€221,129) and Investment in fixed assets (net) (-€7,776)
- Tangible fixed assets -€51,738
down €51,738 (-5.1%), from €1.0m to €964,303
of which Land and buildings: -€48,941
- Debts after one year -€221,129
down €221,129 (-79.8%), from €277,155 to €56,026
of which Financial debts: -€221,129
- Reserves +€28,271
up €28,271 (+6.2%), from €456,603 to €484,874
of which Distributable reserves: +€28,271
- Depreciation -€10,963
down €10,963 (-15.6%), from €70,476 to €59,514
- Financial charges -€6,102
down €6,102 (-59.6%), from €10,232 to €4,130
- Taxes +€6,026
up €6,026 (+149.5%), from €4,031 to €10,057
- Gross operating margin +€4,592
up €4,592 (+3.9%), from €118,155 to €122,746
- Other operating charges -€2,660
down €2,660 (-11.4%), from €23,435 to €20,775
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 | €1,266,171 | €1,069,374 | -€196,797 | -15.5% |
| Fixed assets | 21/28 | €1,016,041 | €964,303 | -€51,738 | -5.1% |
| Tangible fixed assets | 22/27 | €1,016,041 | €964,303 | -€51,738 | -5.1% |
| Land and buildings | 22 | €992,171 | €943,230 | -€48,941 | -4.9% |
| Plant, machinery and equipment | 23 | €23,869 | €19,971 | -€3,898 | -16.3% |
| Furniture and vehicles | 24 | - | €1,101 | +€1,101 | |
| Current assets | 29/58 | €250,131 | €105,071 | -€145,059 | -58.0% |
| Amounts receivable within one year | 40/41 | €8,936 | €11,587 | +€2,651 | +29.7% |
| Other amounts receivable | 41 | €8,936 | €11,587 | +€2,651 | +29.7% |
| Cash at bank and in hand | 54/58 | €231,212 | €80,660 | -€150,552 | -65.1% |
| Deferred charges and accrued income | 490/1 | €9,983 | €12,824 | +€2,841 | +28.5% |
| Total equity and liabilities | 10/49 | €1,266,171 | €1,069,374 | -€196,797 | -15.5% |
| Equity | 10/15 | €978,603 | €1,006,874 | +€28,271 | +2.9% |
| Contributions | 10/11 | €522,000 | €522,000 | = | 0.0% |
| Capital | 10 | €522,000 | €522,000 | = | 0.0% |
| Issued capital | 100 | €522,000 | €522,000 | = | 0.0% |
| Reserves | 13 | €456,603 | €484,874 | +€28,271 | +6.2% |
| Non-distributable reserves | 130/1 | €52,200 | €52,200 | = | 0.0% |
| Legal reserve | 130 | €52,200 | €52,200 | = | 0.0% |
| Distributable reserves | 133 | €404,403 | €432,674 | +€28,271 | +7.0% |
| Amounts payable | 17/49 | €287,568 | €62,501 | -€225,068 | -78.3% |
| Amounts payable after more than one year | 17 | €277,155 | €56,026 | -€221,129 | -79.8% |
| Financial debts | 170/4 | €270,451 | €49,322 | -€221,129 | -81.8% |
| Other amounts payable | 178/9 | €6,705 | €6,705 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,347 | €2,726 | -€3,622 | -57.1% |
| Trade debts | 44 | €1,897 | €1,576 | -€321 | -16.9% |
| Suppliers | 440/4 | €1,897 | €1,576 | -€321 | -16.9% |
| Other amounts payable | 47/48 | €4,450 | €1,150 | -€3,301 | -74.2% |
| Accrued charges and deferred income | 492/3 | €4,066 | €3,749 | -€317 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,476 | €59,514 | -€10,963 | -15.6% |
| Other operating charges | 640/8 | €23,435 | €20,775 | -€2,660 | -11.4% |
| Gross operating margin | 9900 | €118,155 | €122,746 | +€4,592 | +3.9% |
| Operating profit (loss) | 9901 | €24,243 | €42,458 | +€18,215 | +75.1% |
| Financial charges | 65/66B | €10,232 | €4,130 | -€6,102 | -59.6% |
| Recurring financial charges | 65 | €10,232 | €4,130 | -€6,102 | -59.6% |
| Profit (loss) for the period before taxes | 9903 | €14,011 | €38,328 | +€24,316 | +173.5% |
| Income taxes | 67/77 | €4,031 | €10,057 | +€6,026 | +149.5% |
| Profit (loss) for the period | 9904 | €9,980 | €28,271 | +€18,290 | +183.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,980 | €28,271 | +€18,290 | +183.3% |
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 11 October 2026 via checked.be.