Kaptein: 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.
Kaptein
Largest movements
- Stocks and contracts -€57,062
down €57,062 (-2.0%), from €2.8m to €2.8m
- Receivables within one year +€40,729
up €40,729 (+137.9%), from €29,543 to €70,272
of which Trade receivables: +€50,405
- Cash +€39,565
up €39,565 (+46.5%), from €85,036 to €124,601
mainly Trade debts (+€519,169) and Debts after one year (+€500,000)
- Profit (loss) carried forward -€757,718
down €757,718 (-42.4%), from -€1.8m to -€2.5m
- Trade debts +€519,169
up €519,169 (+164.2%), from €316,199 to €835,368
- Debts after one year +€500,000
new in 2025: €500,000
- Other debts -€250,000
down €250,000 (-12.0%), from €2.1m to €1.8m
- Gross operating margin -€243,483
down €243,483 (-122.4%), from -€198,911 to -€442,394
- Depreciation -€11,363
down €11,363 (-64.4%), from €17,631 to €6,268
- Other operating charges -€8,864
down €8,864 (-54.5%), from €16,270 to €7,407
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 | €2,987,934 | €3,004,898 | +€16,964 | +0.6% |
| Fixed assets | 21/28 | €26,641 | €20,373 | -€6,268 | -23.5% |
| Tangible fixed assets | 22/27 | €26,641 | €20,373 | -€6,268 | -23.5% |
| Plant, machinery and equipment | 23 | €26,641 | €20,373 | -€6,268 | -23.5% |
| Current assets | 29/58 | €2,961,293 | €2,984,525 | +€23,232 | +0.8% |
| Stocks and contracts in progress | 3 | €2,846,714 | €2,789,652 | -€57,062 | -2.0% |
| Stocks | 30/36 | €2,846,714 | €2,789,652 | -€57,062 | -2.0% |
| Amounts receivable within one year | 40/41 | €29,543 | €70,272 | +€40,729 | +137.9% |
| Trade receivables | 40 | €15,161 | €65,565 | +€50,405 | +332.5% |
| Other amounts receivable | 41 | €14,383 | €4,707 | -€9,676 | -67.3% |
| Cash at bank and in hand | 54/58 | €85,036 | €124,601 | +€39,565 | +46.5% |
| Total equity and liabilities | 10/49 | €2,987,934 | €3,004,898 | +€16,964 | +0.6% |
| Equity | 10/15 | €553,225 | -€204,493 | -€757,718 | |
| Contributions | 10/11 | €2,338,357 | €2,338,357 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,785,132 | -€2,542,850 | -€757,718 | -42.4% |
| Amounts payable | 17/49 | €2,434,709 | €3,209,391 | +€774,682 | +31.8% |
| Amounts payable after more than one year | 17 | - | €500,000 | +€500,000 | |
| Other amounts payable | 178/9 | - | €500,000 | +€500,000 | |
| Amounts payable within one year | 42/48 | €2,434,709 | €2,709,391 | +€274,682 | +11.3% |
| Trade debts | 44 | €316,199 | €835,368 | +€519,169 | +164.2% |
| Suppliers | 440/4 | €316,199 | €835,368 | +€519,169 | +164.2% |
| Taxes, remuneration and social security | 45 | €37,081 | €42,594 | +€5,513 | +14.9% |
| Remuneration and social security | 454/9 | €37,081 | €42,594 | +€5,513 | +14.9% |
| Other amounts payable | 47/48 | €2,081,430 | €1,831,430 | -€250,000 | -12.0% |
| Remuneration, social security and pensions | 62 | €304,145 | €300,763 | -€3,382 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,631 | €6,268 | -€11,363 | -64.4% |
| Other operating charges | 640/8 | €16,270 | €7,407 | -€8,864 | -54.5% |
| Gross operating margin | 9900 | -€198,911 | -€442,394 | -€243,483 | -122.4% |
| Operating profit (loss) | 9901 | -€536,957 | -€756,832 | -€219,874 | -40.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €769 | €886 | +€117 | +15.2% |
| Recurring financial charges | 65 | €769 | €886 | +€117 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | -€537,727 | -€757,718 | -€219,991 | -40.9% |
| Profit (loss) for the period | 9904 | -€537,727 | -€757,718 | -€219,991 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€537,727 | -€757,718 | -€219,991 | -40.9% |
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 9 October 2026 via checked.be.