KAPITALO: 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.
KAPITALO
Largest movements
- Deferred charges and accrued income +€30,389
up €30,389 (+38.3%), from €79,364 to €109,754
- Reserves +€19,870
up €19,870 (+3.9%), from €510,057 to €529,927
of which Distributable reserves: +€19,870
- Financial income -€15,027
down €15,027 (-33.1%), from €45,416 to €30,389
- Taxes -€4,165
down €4,165 (-30.9%), from €13,494 to €9,330
- Gross operating margin +€1,737
up €1,737, from -€1,606 to €131
- Other operating charges -€96
down €96 (-7.9%), from €1,219 to €1,123
- Financial charges +€17
up €17 (+9.4%), from €181 to €198
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 | €1,404,421 | €1,422,791 | +€18,370 | +1.3% |
| Fixed assets | 21/28 | €1,775 | €1,775 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,575 | €1,575 | = | 0.0% |
| Furniture and vehicles | 24 | €1,575 | €1,575 | = | 0.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,402,646 | €1,421,016 | +€18,370 | +1.3% |
| Amounts receivable within one year | 40/41 | €1,248,777 | €1,241,468 | -€7,309 | -0.6% |
| Trade receivables | 40 | €39,035 | €39,035 | = | 0.0% |
| Other amounts receivable | 41 | €1,209,742 | €1,202,433 | -€7,309 | -0.6% |
| Cash at bank and in hand | 54/58 | €74,505 | €69,794 | -€4,711 | -6.3% |
| Deferred charges and accrued income | 490/1 | €79,364 | €109,754 | +€30,389 | +38.3% |
| Total equity and liabilities | 10/49 | €1,404,421 | €1,422,791 | +€18,370 | +1.3% |
| Equity | 10/15 | €1,397,177 | €1,417,047 | +€19,870 | +1.4% |
| Contributions | 10/11 | €885,400 | €885,400 | = | 0.0% |
| Reserves | 13 | €510,057 | €529,927 | +€19,870 | +3.9% |
| Non-distributable reserves | 130/1 | €38,991 | €38,991 | = | 0.0% |
| Reserves not available under the articles | 1311 | €38,991 | €38,991 | = | 0.0% |
| Distributable reserves | 133 | €471,066 | €490,936 | +€19,870 | +4.2% |
| Profit (loss) carried forward | 14 | €1,720 | €1,720 | = | 0.0% |
| Amounts payable | 17/49 | €7,244 | €5,744 | -€1,500 | -20.7% |
| Amounts payable within one year | 42/48 | €5,744 | €5,744 | = | 0.0% |
| Trade debts | 44 | €2,574 | €2,333 | -€241 | -9.4% |
| Suppliers | 440/4 | €2,574 | €2,333 | -€241 | -9.4% |
| Other amounts payable | 47/48 | €3,170 | €3,411 | +€241 | +7.6% |
| Accrued charges and deferred income | 492/3 | €1,500 | - | -€1,500 | |
| Other operating charges | 640/8 | €1,219 | €1,123 | -€96 | -7.9% |
| Gross operating margin | 9900 | -€1,606 | €131 | +€1,737 | |
| Operating profit (loss) | 9901 | -€2,825 | -€993 | +€1,833 | +64.9% |
| Financial income | 75/76B | €45,416 | €30,389 | -€15,027 | -33.1% |
| Recurring financial income | 75 | €45,416 | €30,389 | -€15,027 | -33.1% |
| Financial charges | 65/66B | €181 | €198 | +€17 | +9.4% |
| Recurring financial charges | 65 | €181 | €198 | +€17 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €42,410 | €29,199 | -€13,211 | -31.2% |
| Income taxes | 67/77 | €13,494 | €9,330 | -€4,165 | -30.9% |
| Profit (loss) for the period | 9904 | €28,916 | €19,870 | -€9,046 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,916 | €19,870 | -€9,046 | -31.3% |
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 23 October 2026 via checked.be.