Maarten Van Cappellen: what changed
Two fiscal 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.
Maarten Van Cappellen
Largest movements
- Cash +€54,232
up €54,232 (+45.7%), from €118,559 to €172,791
mainly Net result for the year (+€59,269) and Depreciation (+€12,413)
- Tangible fixed assets -€9,184
down €9,184 (-22.6%), from €40,689 to €31,504
- Receivables within one year +€6,184
up €6,184 (+33.2%), from €18,633 to €24,817
of which Other amounts receivable: +€4,276
- Reserves +€59,269
up €59,269 (+43.7%), from €135,773 to €195,041
- Tax, wage and social debts -€10,435
down €10,435 (-36.0%), from €28,974 to €18,538
- Gross operating margin -€16,038
down €16,038 (-15.4%), from €103,996 to €87,957
- Taxes -€6,545
down €6,545 (-30.0%), from €21,811 to €15,267
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 | €179,971 | €229,112 | +€49,141 | +27.3% |
| Fixed assets | 21/28 | €40,689 | €31,504 | -€9,184 | -22.6% |
| Tangible fixed assets | 22/27 | €40,689 | €31,504 | -€9,184 | -22.6% |
| Furniture and vehicles | 24 | €40,689 | €31,504 | -€9,184 | -22.6% |
| Current assets | 29/58 | €139,282 | €197,608 | +€58,325 | +41.9% |
| Amounts receivable within one year | 40/41 | €18,633 | €24,817 | +€6,184 | +33.2% |
| Trade receivables | 40 | €18,108 | €20,015 | +€1,907 | +10.5% |
| Other amounts receivable | 41 | €526 | €4,802 | +€4,276 | +813.7% |
| Cash at bank and in hand | 54/58 | €118,559 | €172,791 | +€54,232 | +45.7% |
| Deferred charges and accrued income | 490/1 | €2,090 | €0 | -€2,090 | -100.0% |
| Total equity and liabilities | 10/49 | €179,971 | €229,112 | +€49,141 | +27.3% |
| Equity | 10/15 | €150,773 | €210,041 | +€59,269 | +39.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €135,773 | €195,041 | +€59,269 | +43.7% |
| Distributable reserves | 133 | €135,773 | €195,041 | +€59,269 | +43.7% |
| Amounts payable | 17/49 | €29,198 | €19,070 | -€10,128 | -34.7% |
| Amounts payable within one year | 42/48 | €29,198 | €19,070 | -€10,128 | -34.7% |
| Financial debts | 43 | - | €36 | +€36 | |
| Credit institutions | 430/8 | - | €36 | +€36 | |
| Trade debts | 44 | €224 | €496 | +€272 | +121.2% |
| Suppliers | 440/4 | €224 | €496 | +€272 | +121.2% |
| Taxes, remuneration and social security | 45 | €28,974 | €18,538 | -€10,435 | -36.0% |
| Taxes | 450/3 | €28,974 | €18,538 | -€10,435 | -36.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,194 | €12,413 | +€219 | +1.8% |
| Other operating charges | 640/8 | €695 | €724 | +€30 | +4.2% |
| Gross operating margin | 9900 | €103,996 | €87,957 | -€16,038 | -15.4% |
| Operating profit (loss) | 9901 | €91,107 | €74,820 | -€16,287 | -17.9% |
| Financial income | 75/76B | €14 | €0 | -€14 | -100.0% |
| Recurring financial income | 75 | €14 | €0 | -€14 | -100.0% |
| Financial charges | 65/66B | €154 | €285 | +€131 | +84.9% |
| Recurring financial charges | 65 | €154 | €285 | +€131 | +84.9% |
| Profit (loss) for the period before taxes | 9903 | €90,967 | €74,535 | -€16,432 | -18.1% |
| Income taxes | 67/77 | €21,811 | €15,267 | -€6,545 | -30.0% |
| Profit (loss) for the period | 9904 | €69,156 | €59,269 | -€9,887 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,156 | €59,269 | -€9,887 | -14.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.