Kapitein Spaak: what changed
Kapitein Spaak
Largest movements
- Cash +€24,928
up €24,928 (+144%), from €17,348 to €42,276
mainly Net result for the year (+€29,977) and Trade debts (+€17,172)
- Tangible fixed assets +€11,360
up €11,360 (+64.5%), from €17,604 to €28,965
of which Furniture and vehicles: +€12,302
- Receivables within one year +€6,591
up €6,591 (+177%), from €3,716 to €10,308
of which Trade receivables: +€6,990
- Stocks and contracts +€4,135
up €4,135 (+50.0%), from €8,275 to €12,410
- Deferred charges and accrued income +€2,811
up €2,811 (+161%), from €1,750 to €4,562
- Profit (loss) carried forward +€29,144
new in 2025: €29,144
- Trade debts +€17,172
up €17,172 (+182%), from €9,458 to €26,630
- Tax, wage and social debts +€8,660
up €8,660 (+105%), from €8,221 to €16,881
of which Remuneration and social security: +€6,786
- Current portion of long-term debt -€7,636
down €7,636 (-81.4%), from €9,377 to €1,741
- Debts after one year +€3,259
up €3,259 (+69.7%), from €4,676 to €7,935
- Gross operating margin +€49,067
up €49,067 (+107%), from €45,833 to €94,900
- Staff costs +€34,362
up €34,362 (+104%), from €33,165 to €67,527
- Financial income +€17,733
new in 2025: €17,733
- Taxes +€2,376
up €2,376 (+189%), from €1,258 to €3,634
- Depreciation +€1,884
up €1,884 (+27.7%), from €6,802 to €8,686
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,754 | €98,775 | +€50,022 | +103% |
| Fixed assets | 21/28 | €17,664 | €29,220 | +€11,555 | +65.4% |
| Tangible fixed assets | 22/27 | €17,604 | €28,965 | +€11,360 | +64.5% |
| Furniture and vehicles | 24 | €14,478 | €26,780 | +€12,302 | +85.0% |
| Other tangible fixed assets | 26 | €3,126 | €2,185 | -€941 | -30.1% |
| Financial fixed assets | 28 | €60 | €255 | +€195 | +325% |
| Current assets | 29/58 | €31,089 | €69,555 | +€38,466 | +124% |
| Stocks and contracts in progress | 3 | €8,275 | €12,410 | +€4,135 | +50.0% |
| Stocks | 30/36 | €8,275 | €12,410 | +€4,135 | +50.0% |
| Amounts receivable within one year | 40/41 | €3,716 | €10,308 | +€6,591 | +177% |
| Trade receivables | 40 | €3,212 | €10,202 | +€6,990 | +218% |
| Other amounts receivable | 41 | €505 | €106 | -€399 | -79.0% |
| Cash at bank and in hand | 54/58 | €17,348 | €42,276 | +€24,928 | +144% |
| Deferred charges and accrued income | 490/1 | €1,750 | €4,562 | +€2,811 | +161% |
| Total equity and liabilities | 10/49 | €48,754 | €98,775 | +€50,022 | +103% |
| Equity | 10/15 | €12,864 | €42,009 | +€29,144 | +227% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €10,364 | €10,364 | = | 0.0% |
| Distributable reserves | 133 | €10,364 | €10,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €29,144 | +€29,144 | |
| Amounts payable | 17/49 | €35,889 | €56,766 | +€20,877 | +58.2% |
| Amounts payable after more than one year | 17 | €4,676 | €7,935 | +€3,259 | +69.7% |
| Financial debts | 170/4 | €4,676 | €7,935 | +€3,259 | +69.7% |
| Amounts payable within one year | 42/48 | €31,214 | €48,831 | +€17,618 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €9,377 | €1,741 | -€7,636 | -81.4% |
| Trade debts | 44 | €9,458 | €26,630 | +€17,172 | +182% |
| Suppliers | 440/4 | €9,458 | €26,630 | +€17,172 | +182% |
| Taxes, remuneration and social security | 45 | €8,221 | €16,881 | +€8,660 | +105% |
| Taxes | 450/3 | €3,276 | €5,150 | +€1,874 | +57.2% |
| Remuneration and social security | 454/9 | €4,945 | €11,731 | +€6,786 | +137% |
| Other amounts payable | 47/48 | €4,158 | €3,580 | -€578 | -13.9% |
| Remuneration, social security and pensions | 62 | €33,165 | €67,527 | +€34,362 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,802 | €8,686 | +€1,884 | +27.7% |
| Other operating charges | 640/8 | €732 | €1,573 | +€841 | +115% |
| Gross operating margin | 9900 | €45,833 | €94,900 | +€49,067 | +107% |
| Operating profit (loss) | 9901 | €5,134 | €17,115 | +€11,981 | +233% |
| Financial income | 75/76B | - | €17,733 | +€17,733 | |
| Recurring financial income | 75 | - | €17,733 | +€17,733 | |
| Financial charges | 65/66B | €1,065 | €1,236 | +€171 | +16.0% |
| Recurring financial charges | 65 | €1,065 | €1,236 | +€171 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €4,069 | €33,611 | +€29,542 | +726% |
| Income taxes | 67/77 | €1,258 | €3,634 | +€2,376 | +189% |
| Profit (loss) for the period | 9904 | €2,811 | €29,977 | +€27,166 | +966% |
| Profit (loss) for the period to be appropriated | 9905 | €2,811 | €29,977 | +€27,166 | +966% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.