Kapricorn: 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.
Kapricorn
Largest movements
- Receivables within one year -€602,704
down €602,704 (-26.4%), from €2.3m to €1.7m
of which Other amounts receivable: -€532,410
- Current investments -€250,000
down €250,000 (-20.0%), from €1.3m to €1.0m
- Reserves -€513,205
down €513,205 (-24.2%), from €2.1m to €1.6m
of which Distributable reserves: -€511,345
- Other debts -€431,606
down €431,606 (-31.5%), from €1.4m to €939,273
- Tax, wage and social debts +€71,865
up €71,865 (+62.4%), from €115,208 to €187,073
of which Taxes: +€71,829
- Gross operating margin -€341,481
down €341,481 (-18.8%), from €1.8m to €1.5m
- Taxes -€92,861
down €92,861 (-20.0%), from €464,190 to €371,328
- Financial income -€26,508
down €26,508 (-57.0%), from €46,541 to €20,033
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 | €3,630,102 | €2,757,534 | -€872,568 | -24.0% |
| Fixed assets | 21/28 | €66,392 | €57,426 | -€8,966 | -13.5% |
| Tangible fixed assets | 22/27 | €66,392 | €57,426 | -€8,966 | -13.5% |
| Furniture and vehicles | 24 | €66,392 | €57,426 | -€8,966 | -13.5% |
| Current assets | 29/58 | €3,563,710 | €2,700,108 | -€863,602 | -24.2% |
| Amounts receivable within one year | 40/41 | €2,281,302 | €1,678,598 | -€602,704 | -26.4% |
| Trade receivables | 40 | €81,742 | €11,448 | -€70,294 | -86.0% |
| Other amounts receivable | 41 | €2,199,560 | €1,667,150 | -€532,410 | -24.2% |
| Current investments | 50/53 | €1,250,000 | €1,000,000 | -€250,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €18,824 | €12,216 | -€6,609 | -35.1% |
| Deferred charges and accrued income | 490/1 | €13,583 | €9,294 | -€4,289 | -31.6% |
| Total equity and liabilities | 10/49 | €3,630,102 | €2,757,534 | -€872,568 | -24.0% |
| Equity | 10/15 | €2,141,009 | €1,627,803 | -€513,205 | -24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,122,409 | €1,609,203 | -€513,205 | -24.2% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €2,120,549 | €1,609,203 | -€511,345 | -24.1% |
| Amounts payable | 17/49 | €1,489,093 | €1,129,731 | -€359,362 | -24.1% |
| Amounts payable within one year | 42/48 | €1,487,229 | €1,129,208 | -€358,020 | -24.1% |
| Trade debts | 44 | €1,142 | €2,863 | +€1,721 | +151% |
| Suppliers | 440/4 | €1,142 | €2,863 | +€1,721 | +151% |
| Taxes, remuneration and social security | 45 | €115,208 | €187,073 | +€71,865 | +62.4% |
| Taxes | 450/3 | €111,476 | €183,305 | +€71,829 | +64.4% |
| Remuneration and social security | 454/9 | €3,732 | €3,768 | +€36 | +1.0% |
| Other amounts payable | 47/48 | €1,370,878 | €939,273 | -€431,606 | -31.5% |
| Accrued charges and deferred income | 492/3 | €1,865 | €523 | -€1,342 | -72.0% |
| Remuneration, social security and pensions | 62 | €2,877 | - | -€2,877 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,075 | €18,466 | +€391 | +2.2% |
| Other operating charges | 640/8 | €2,369 | €1,375 | -€994 | -41.9% |
| Non-recurring operating charges | 66A | €1,900 | - | -€1,900 | |
| Gross operating margin | 9900 | €1,814,312 | €1,472,831 | -€341,481 | -18.8% |
| Operating profit (loss) | 9901 | €1,789,091 | €1,452,989 | -€336,101 | -18.8% |
| Financial income | 75/76B | €46,541 | €20,033 | -€26,508 | -57.0% |
| Recurring financial income | 75 | €46,541 | €20,033 | -€26,508 | -57.0% |
| Financial charges | 65/66B | €564 | €83 | -€481 | -85.3% |
| Recurring financial charges | 65 | €564 | €83 | -€481 | -85.3% |
| Profit (loss) for the period before taxes | 9903 | €1,835,068 | €1,472,940 | -€362,128 | -19.7% |
| Income taxes | 67/77 | €464,190 | €371,328 | -€92,861 | -20.0% |
| Profit (loss) for the period | 9904 | €1,370,878 | €1,101,612 | -€269,267 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,370,878 | €1,101,612 | -€269,267 | -19.6% |
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 29 October 2026 via checked.be.