Kapitan: 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.
Kapitan
Largest movements
- Receivables within one year -€82,466
down €82,466 (-74.4%), from €110,843 to €28,376
of which Trade receivables: -€82,502
- Tangible fixed assets -€28,328
down €28,328 (-6.2%), from €459,808 to €431,480
of which Land and buildings: -€27,726
- Stocks and contracts -€8,486
down €8,486 (-21.8%), from €38,996 to €30,509
- Profit (loss) carried forward -€84,141
down €84,141 (-399.9%), from -€21,041 to -€105,181
- Tax, wage and social debts -€29,022
down €29,022 (-46.5%), from €62,382 to €33,360
of which Remuneration and social security: -€18,676
- Debts after one year -€19,750
down €19,750 (-9.5%), from €207,375 to €187,625
- Short-term financial debts +€17,000
up €17,000 (+22.7%), from €74,909 to €91,909
- Trade debts -€7,224
down €7,224 (-14.6%), from €49,423 to €42,199
- Gross operating margin -€139,263
down €139,263 (-41.8%), from €332,812 to €193,549
- Taxes -€10,328
down €10,328 (-91.0%), from €11,352 to €1,025
- Other operating charges -€7,111
down €7,111 (-58.1%), from €12,232 to €5,121
- Depreciation +€4,997
up €4,997 (+21.4%), from €23,331 to €28,328
- Staff costs -€3,451
down €3,451 (-1.5%), from €236,013 to €232,561
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 | €620,460 | €495,959 | -€124,501 | -20.1% |
| Fixed assets | 21/28 | €461,849 | €433,394 | -€28,455 | -6.2% |
| Tangible fixed assets | 22/27 | €459,808 | €431,480 | -€28,328 | -6.2% |
| Land and buildings | 22 | €458,391 | €430,665 | -€27,726 | -6.0% |
| Plant, machinery and equipment | 23 | €926 | €617 | -€309 | -33.3% |
| Furniture and vehicles | 24 | €490 | €197 | -€293 | -59.7% |
| Financial fixed assets | 28 | €2,041 | €1,915 | -€127 | -6.2% |
| Current assets | 29/58 | €158,611 | €62,565 | -€96,046 | -60.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €38,996 | €30,509 | -€8,486 | -21.8% |
| Contracts in progress | 37 | €38,996 | €30,509 | -€8,486 | -21.8% |
| Amounts receivable within one year | 40/41 | €110,843 | €28,376 | -€82,466 | -74.4% |
| Trade receivables | 40 | €103,742 | €21,240 | -€82,502 | -79.5% |
| Other amounts receivable | 41 | €7,100 | €7,136 | +€36 | +0.5% |
| Cash at bank and in hand | 54/58 | €5,435 | €490 | -€4,945 | -91.0% |
| Deferred charges and accrued income | 490/1 | €3,338 | €3,189 | -€149 | -4.5% |
| Total equity and liabilities | 10/49 | €620,460 | €495,959 | -€124,501 | -20.1% |
| Equity | 10/15 | €203,630 | €119,490 | -€84,141 | -41.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €193,521 | €193,521 | = | 0.0% |
| Reserves | 13 | €18,750 | €18,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,041 | -€105,181 | -€84,141 | -399.9% |
| Amounts payable | 17/49 | €416,829 | €376,469 | -€40,360 | -9.7% |
| Amounts payable after more than one year | 17 | €207,375 | €187,625 | -€19,750 | -9.5% |
| Financial debts | 170/4 | €207,375 | €187,625 | -€19,750 | -9.5% |
| Amounts payable within one year | 42/48 | €207,879 | €188,690 | -€19,189 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €19,750 | €19,750 | = | 0.0% |
| Financial debts | 43 | €74,909 | €91,909 | +€17,000 | +22.7% |
| Credit institutions | 430/8 | €74,909 | €91,909 | +€17,000 | +22.7% |
| Trade debts | 44 | €49,423 | €42,199 | -€7,224 | -14.6% |
| Suppliers | 440/4 | €49,423 | €42,199 | -€7,224 | -14.6% |
| Taxes, remuneration and social security | 45 | €62,382 | €33,360 | -€29,022 | -46.5% |
| Taxes | 450/3 | €30,127 | €19,782 | -€10,346 | -34.3% |
| Remuneration and social security | 454/9 | €32,255 | €13,578 | -€18,676 | -57.9% |
| Other amounts payable | 47/48 | €1,415 | €1,472 | +€57 | +4.0% |
| Accrued charges and deferred income | 492/3 | €1,575 | €154 | -€1,421 | -90.2% |
| Remuneration, social security and pensions | 62 | €236,013 | €232,561 | -€3,451 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,331 | €28,328 | +€4,997 | +21.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,053 | €0 | +€2,053 | |
| Other operating charges | 640/8 | €12,232 | €5,121 | -€7,111 | -58.1% |
| Gross operating margin | 9900 | €332,812 | €193,549 | -€139,263 | -41.8% |
| Operating profit (loss) | 9901 | €63,288 | -€72,462 | -€135,750 | |
| Financial income | 75/76B | €2 | €2,469 | +€2,466 | +119730.6% |
| Recurring financial income | 75 | €2 | €2,469 | +€2,466 | +119730.6% |
| Financial charges | 65/66B | €13,242 | €13,122 | -€120 | -0.9% |
| Recurring financial charges | 65 | €13,242 | €13,122 | -€120 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €50,048 | -€83,116 | -€133,164 | |
| Income taxes | 67/77 | €11,352 | €1,025 | -€10,328 | -91.0% |
| Profit (loss) for the period | 9904 | €38,696 | -€84,141 | -€122,836 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,696 | -€84,141 | -€122,836 |
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 11 October 2026 via checked.be.