KAPITOS: 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.
KAPITOS
Largest movements
- Receivables within one year +€193,266
up €193,266 (+1,318%), from €14,661 to €207,927
of which Other amounts receivable: +€163,406
- Tangible fixed assets -€100,370
down €100,370 (-2.3%), from €4.4m to €4.3m
of which Land and buildings: -€111,895
- Reserves +€63,080
up €63,080 (+25.4%), from €248,116 to €311,196
of which Distributable reserves: +€63,080
- Other debts -€62,775
down €62,775 (-19.5%), from €322,563 to €259,788
- Current portion of long-term debt +€52,098
up €52,098 (+38.5%), from €135,440 to €187,538
- Financial charges +€23,209
up €23,209 (+41.7%), from €55,705 to €78,914
- Taxes +€10,942
up €10,942 (+4,215%), from €260 to €11,202
- Gross operating margin -€10,594
down €10,594 (-3.2%), from €326,877 to €316,282
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,445,906 | €4,550,627 | +€104,721 | +2.4% |
| Fixed assets | 21/28 | €4,428,633 | €4,325,593 | -€103,040 | -2.3% |
| Tangible fixed assets | 22/27 | €4,425,963 | €4,325,593 | -€100,370 | -2.3% |
| Land and buildings | 22 | €4,339,538 | €4,227,644 | -€111,895 | -2.6% |
| Plant, machinery and equipment | 23 | €73,389 | €64,216 | -€9,174 | -12.5% |
| Furniture and vehicles | 24 | €13,036 | €33,734 | +€20,698 | +159% |
| Financial fixed assets | 28 | €2,670 | - | -€2,670 | |
| Current assets | 29/58 | €17,273 | €225,033 | +€207,761 | +1,203% |
| Amounts receivable within one year | 40/41 | €14,661 | €207,927 | +€193,266 | +1,318% |
| Trade receivables | 40 | - | €29,859 | +€29,859 | |
| Other amounts receivable | 41 | €14,661 | €178,067 | +€163,406 | +1,115% |
| Cash at bank and in hand | 54/58 | €1,393 | €17,107 | +€15,714 | +1,128% |
| Deferred charges and accrued income | 490/1 | €1,219 | - | -€1,219 | |
| Total equity and liabilities | 10/49 | €4,445,906 | €4,550,627 | +€104,721 | +2.4% |
| Equity | 10/15 | €2,269,820 | €2,332,900 | +€63,080 | +2.8% |
| Contributions | 10/11 | €1,798,895 | €1,798,895 | = | 0.0% |
| Reserves | 13 | €248,116 | €311,196 | +€63,080 | +25.4% |
| Non-distributable reserves | 130/1 | €33,551 | €33,551 | = | 0.0% |
| Reserves not available under the articles | 1311 | €33,551 | €33,551 | = | 0.0% |
| Distributable reserves | 133 | €214,566 | €277,645 | +€63,080 | +29.4% |
| Profit (loss) carried forward | 14 | €222,809 | €222,809 | = | 0.0% |
| Amounts payable | 17/49 | €2,176,086 | €2,217,727 | +€41,641 | +1.9% |
| Amounts payable after more than one year | 17 | €1,703,520 | €1,727,178 | +€23,658 | +1.4% |
| Financial debts | 170/4 | €1,703,520 | €1,727,178 | +€23,658 | +1.4% |
| Amounts payable within one year | 42/48 | €472,566 | €468,379 | -€4,187 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €135,440 | €187,538 | +€52,098 | +38.5% |
| Trade debts | 44 | €203 | €2,002 | +€1,799 | +885% |
| Suppliers | 440/4 | €203 | €2,002 | +€1,799 | +885% |
| Taxes, remuneration and social security | 45 | €14,359 | €19,051 | +€4,691 | +32.7% |
| Taxes | 450/3 | €14,359 | €19,051 | +€4,691 | +32.7% |
| Other amounts payable | 47/48 | €322,563 | €259,788 | -€62,775 | -19.5% |
| Accrued charges and deferred income | 492/3 | - | €22,170 | +€22,170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,294 | €136,534 | +€3,241 | +2.4% |
| Other operating charges | 640/8 | €24,782 | €26,556 | +€1,774 | +7.2% |
| Gross operating margin | 9900 | €326,877 | €316,282 | -€10,594 | -3.2% |
| Operating profit (loss) | 9901 | €168,801 | €153,192 | -€15,609 | -9.2% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €55,705 | €78,914 | +€23,209 | +41.7% |
| Recurring financial charges | 65 | €55,705 | €78,914 | +€23,209 | +41.7% |
| Profit (loss) for the period before taxes | 9903 | €113,096 | €74,281 | -€38,814 | -34.3% |
| Income taxes | 67/77 | €260 | €11,202 | +€10,942 | +4,215% |
| Profit (loss) for the period | 9904 | €112,836 | €63,080 | -€49,756 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €112,836 | €63,080 | -€49,756 | -44.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.