PROGECAP: what changed
PROGECAP
Largest movements
- Tangible fixed assets +€97,273
up €97,273 (+42.9%), from €226,499 to €323,772
of which Land and buildings: +€102,228
- Receivables within one year +€40,141
up €40,141 (+37.5%), from €106,914 to €147,055
of which Other amounts receivable: +€45,063
- Cash +€18,839
up €18,839 (+55.5%), from €33,948 to €52,787
mainly Debts after one year (+€131,543) and Depreciation (+€39,572)
- Debts after one year +€131,543
up €131,543 (+124%), from €106,289 to €237,833
- Reserves +€38,900
up €38,900 (+19.4%), from €200,400 to €239,300
- Tax, wage and social debts -€8,893
down €8,893 (-35.4%), from €25,130 to €16,236
of which Taxes: -€8,954
- Depreciation +€24,684
up €24,684 (+166%), from €14,888 to €39,572
- Gross operating margin -€18,787
down €18,787 (-19.0%), from €98,841 to €80,054
- Financial income +€16,008
up €16,008 (+399%), from €4,013 to €20,022
- Taxes -€8,192
down €8,192 (-38.5%), from €21,297 to €13,105
- Financial charges +€2,652
up €2,652 (+74.5%), from €3,561 to €6,213
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €426,032 | €582,317 | +€156,285 | +36.7% |
| Fixed assets | 21/28 | €279,639 | €376,912 | +€97,273 | +34.8% |
| Tangible fixed assets | 22/27 | €226,499 | €323,772 | +€97,273 | +42.9% |
| Land and buildings | 22 | €194,822 | €297,050 | +€102,228 | +52.5% |
| Furniture and vehicles | 24 | €5,745 | €3,531 | -€2,214 | -38.5% |
| Other tangible fixed assets | 26 | €25,932 | €23,191 | -€2,741 | -10.6% |
| Financial fixed assets | 28 | €53,140 | €53,140 | = | 0.0% |
| Current assets | 29/58 | €146,394 | €205,405 | +€59,012 | +40.3% |
| Amounts receivable within one year | 40/41 | €106,914 | €147,055 | +€40,141 | +37.5% |
| Trade receivables | 40 | €49,756 | €44,834 | -€4,922 | -9.9% |
| Other amounts receivable | 41 | €57,159 | €102,221 | +€45,063 | +78.8% |
| Cash at bank and in hand | 54/58 | €33,948 | €52,787 | +€18,839 | +55.5% |
| Deferred charges and accrued income | 490/1 | €5,531 | €5,563 | +€32 | +0.6% |
| Total equity and liabilities | 10/49 | €426,032 | €582,317 | +€156,285 | +36.7% |
| Equity | 10/15 | €250,955 | €289,945 | +€38,989 | +15.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €200,400 | €239,300 | +€38,900 | +19.4% |
| Distributable reserves | 133 | €200,400 | €239,300 | +€38,900 | +19.4% |
| Profit (loss) carried forward | 14 | €30,095 | €30,185 | +€89 | +0.3% |
| Amounts payable | 17/49 | €175,077 | €292,372 | +€117,295 | +67.0% |
| Amounts payable after more than one year | 17 | €106,289 | €237,833 | +€131,543 | +124% |
| Financial debts | 170/4 | €106,289 | €237,833 | +€131,543 | +124% |
| Amounts payable within one year | 42/48 | €67,387 | €53,139 | -€14,248 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €32,416 | €31,256 | -€1,159 | -3.6% |
| Trade debts | 44 | €9,842 | €5,647 | -€4,195 | -42.6% |
| Suppliers | 440/4 | €9,842 | €5,647 | -€4,195 | -42.6% |
| Taxes, remuneration and social security | 45 | €25,130 | €16,236 | -€8,893 | -35.4% |
| Taxes | 450/3 | €25,130 | €16,176 | -€8,954 | -35.6% |
| Remuneration and social security | 454/9 | - | €61 | +€61 | |
| Accrued charges and deferred income | 492/3 | €1,400 | €1,400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,888 | €39,572 | +€24,684 | +166% |
| Other operating charges | 640/8 | €1,982 | €2,196 | +€215 | +10.8% |
| Non-recurring operating charges | 66A | €14,624 | - | -€14,624 | |
| Gross operating margin | 9900 | €98,841 | €80,054 | -€18,787 | -19.0% |
| Operating profit (loss) | 9901 | €67,347 | €38,286 | -€29,062 | -43.2% |
| Financial income | 75/76B | €4,013 | €20,022 | +€16,008 | +399% |
| Recurring financial income | 75 | €4,013 | €20,022 | +€16,008 | +399% |
| Financial charges | 65/66B | €3,561 | €6,213 | +€2,652 | +74.5% |
| Recurring financial charges | 65 | €3,561 | €6,213 | +€2,652 | +74.5% |
| Profit (loss) for the period before taxes | 9903 | €67,799 | €52,094 | -€15,705 | -23.2% |
| Income taxes | 67/77 | €21,297 | €13,105 | -€8,192 | -38.5% |
| Profit (loss) for the period | 9904 | €46,503 | €38,989 | -€7,513 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,503 | €38,989 | -€7,513 | -16.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.