THE CAPITAL LINK: 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.
THE CAPITAL LINK
Largest movements
- Cash -€74,837
down €74,837 (-99.9%), from €74,938 to €102
mainly Other debts (-€112,400) and Tax, wage and social debts (-€53,180)
- Tangible fixed assets -€62,886
down €62,886 (-18.7%), from €336,175 to €273,289
of which Leasing and similar rights: -€43,913
- Receivables within one year -€36,510
down €36,510 (-32.8%), from €111,176 to €74,666
of which Trade receivables: -€48,381
- Other debts -€112,400
down €112,400 (-77.5%), from €145,000 to €32,600
- Tax, wage and social debts -€53,180
down €53,180 (-84.9%), from €62,615 to €9,435
- Debts after one year -€24,113
down €24,113 (-12.2%), from €197,046 to €172,933
- Trade debts +€17,573
up €17,573 (+29.5%), from €59,503 to €77,076
- Current portion of long-term debt -€13,469
down €13,469 (-35.8%), from €37,630 to €24,161
- Gross operating margin -€712,044
down €712,044 (-90.3%), from €788,891 to €76,847
- Taxes -€174,537
down €174,537 (-94.9%), from €183,971 to €9,435
- Financial income +€12,776
up €12,776, from €0 to €12,776
of which Financial income: +€12,776
- Depreciation -€9,415
down €9,415 (-13.5%), from €69,960 to €60,545
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 | €522,719 | €348,056 | -€174,663 | -33.4% |
| Fixed assets | 21/28 | €336,604 | €273,289 | -€63,316 | -18.8% |
| Intangible fixed assets | 21 | €430 | €0 | -€430 | -100% |
| Tangible fixed assets | 22/27 | €336,175 | €273,289 | -€62,886 | -18.7% |
| Furniture and vehicles | 24 | €8,125 | €0 | -€8,125 | -100% |
| Leasing and similar rights | 25 | €263,478 | €219,565 | -€43,913 | -16.7% |
| Other tangible fixed assets | 26 | €64,571 | €53,723 | -€10,848 | -16.8% |
| Current assets | 29/58 | €186,115 | €74,767 | -€111,347 | -59.8% |
| Amounts receivable within one year | 40/41 | €111,176 | €74,666 | -€36,510 | -32.8% |
| Trade receivables | 40 | €111,176 | €62,795 | -€48,381 | -43.5% |
| Other amounts receivable | 41 | - | €11,870 | +€11,870 | |
| Cash at bank and in hand | 54/58 | €74,938 | €102 | -€74,837 | -99.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €522,719 | €348,056 | -€174,663 | -33.4% |
| Equity | 10/15 | €20,926 | €30,185 | +€9,259 | +44.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,326 | €11,585 | +€9,259 | +398% |
| Amounts payable | 17/49 | €501,793 | €317,871 | -€183,922 | -36.7% |
| Amounts payable after more than one year | 17 | €197,046 | €172,933 | -€24,113 | -12.2% |
| Financial debts | 170/4 | €197,046 | €172,933 | -€24,113 | -12.2% |
| Amounts payable within one year | 42/48 | €304,747 | €143,272 | -€161,476 | -53.0% |
| Current portion of amounts payable after more than one year | 42 | €37,630 | €24,161 | -€13,469 | -35.8% |
| Trade debts | 44 | €59,503 | €77,076 | +€17,573 | +29.5% |
| Suppliers | 440/4 | €59,503 | €77,076 | +€17,573 | +29.5% |
| Taxes, remuneration and social security | 45 | €62,615 | €9,435 | -€53,180 | -84.9% |
| Taxes | 450/3 | €62,615 | €9,435 | -€53,180 | -84.9% |
| Other amounts payable | 47/48 | €145,000 | €32,600 | -€112,400 | -77.5% |
| Accrued charges and deferred income | 492/3 | - | €1,666 | +€1,666 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,960 | €60,545 | -€9,415 | -13.5% |
| Other operating charges | 640/8 | €6,916 | €3,782 | -€3,134 | -45.3% |
| Gross operating margin | 9900 | €788,891 | €76,847 | -€712,044 | -90.3% |
| Operating profit (loss) | 9901 | €712,014 | €12,520 | -€699,494 | -98.2% |
| Financial income | 75/76B | €0 | €12,776 | +€12,776 | |
| Recurring financial income | 75 | €0 | €12,776 | +€12,776 | |
| Non-recurring financial income | 76B | - | €12,776 | +€12,776 | |
| Financial charges | 65/66B | €7,758 | €6,602 | -€1,157 | -14.9% |
| Recurring financial charges | 65 | €7,758 | €6,602 | -€1,157 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €704,256 | €18,694 | -€685,562 | -97.3% |
| Income taxes | 67/77 | €183,971 | €9,435 | -€174,537 | -94.9% |
| Profit (loss) for the period | 9904 | €520,285 | €9,259 | -€511,026 | -98.2% |
| Profit (loss) for the period to be appropriated | 9905 | €520,285 | €9,259 | -€511,026 | -98.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.