Kurt Cappoen: 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.
Kurt Cappoen
Largest movements
- Receivables within one year +€86,101
up €86,101 (+74.5%), from €115,589 to €201,690
- Cash +€12,203
up €12,203 (+20.2%), from €60,314 to €72,517
mainly Net result for the year (+€408,992) and Tax, wage and social debts (+€46,290)
- Tangible fixed assets -€10,997
down €10,997 (-3.2%), from €344,461 to €333,464
of which Land and buildings: -€10,132
- Tax, wage and social debts +€46,290
up €46,290 (+45.0%), from €102,832 to €149,123
- Other debts +€40,081
up €40,081 (+6.8%), from €592,731 to €632,811
- Gross operating margin +€136,688
up €136,688 (+32.9%), from €415,275 to €551,963
- Taxes +€34,186
up €34,186 (+34.4%), from €99,370 to €133,556
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 | €716,429 | €803,162 | +€86,733 | +12.1% |
| Fixed assets | 21/28 | €344,461 | €333,464 | -€10,997 | -3.2% |
| Tangible fixed assets | 22/27 | €344,461 | €333,464 | -€10,997 | -3.2% |
| Land and buildings | 22 | €342,343 | €332,211 | -€10,132 | -3.0% |
| Furniture and vehicles | 24 | €2,118 | €1,253 | -€865 | -40.8% |
| Current assets | 29/58 | €371,968 | €469,699 | +€97,730 | +26.3% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €115,589 | €201,690 | +€86,101 | +74.5% |
| Trade receivables | 40 | €115,589 | €201,690 | +€86,101 | +74.5% |
| Cash at bank and in hand | 54/58 | €60,314 | €72,517 | +€12,203 | +20.2% |
| Deferred charges and accrued income | 490/1 | €6,066 | €5,492 | -€574 | -9.5% |
| Total equity and liabilities | 10/49 | €716,429 | €803,162 | +€86,733 | +12.1% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €697,879 | €784,612 | +€86,733 | +12.4% |
| Amounts payable within one year | 42/48 | €696,379 | €783,112 | +€86,733 | +12.5% |
| Trade debts | 44 | €816 | €1,178 | +€362 | +44.4% |
| Suppliers | 440/4 | €816 | €1,178 | +€362 | +44.4% |
| Taxes, remuneration and social security | 45 | €102,832 | €149,123 | +€46,290 | +45.0% |
| Taxes | 450/3 | €102,832 | €149,123 | +€46,290 | +45.0% |
| Other amounts payable | 47/48 | €592,731 | €632,811 | +€40,081 | +6.8% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,032 | €10,911 | -€121 | -1.1% |
| Other operating charges | 640/8 | €2,178 | €1,675 | -€503 | -23.1% |
| Non-recurring operating charges | 66A | - | €85 | +€85 | |
| Gross operating margin | 9900 | €415,275 | €551,963 | +€136,688 | +32.9% |
| Operating profit (loss) | 9901 | €402,065 | €539,291 | +€137,226 | +34.1% |
| Financial income | 75/76B | €11,070 | €6,650 | -€4,420 | -39.9% |
| Recurring financial income | 75 | €11,070 | €6,650 | -€4,420 | -39.9% |
| Financial charges | 65/66B | €3,958 | €3,393 | -€566 | -14.3% |
| Recurring financial charges | 65 | €3,958 | €3,393 | -€566 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €409,177 | €542,548 | +€133,371 | +32.6% |
| Income taxes | 67/77 | €99,370 | €133,556 | +€34,186 | +34.4% |
| Profit (loss) for the period | 9904 | €309,808 | €408,992 | +€99,185 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €309,808 | €408,992 | +€99,185 | +32.0% |
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 16 October 2026 via checked.be.