The Captain: 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 Captain
Largest movements
- Cash -€162,400
down €162,400 (-86.0%), from €188,895 to €26,495
mainly Other debts (-€233,749) and Debts after one year (-€60,492)
- Receivables within one year +€28,006
up €28,006 (+3.8%), from €732,654 to €760,660
of which Trade receivables: +€42,350
- Current investments +€19,343
up €19,343 (+15.6%), from €124,251 to €143,594
- Other debts -€233,749
down €233,749 (-33.1%), from €705,802 to €472,052
- Profit (loss) carried forward +€164,123
up €164,123 (+75.4%), from €217,580 to €381,703
- Debts after one year -€60,492
down €60,492 (-20.4%), from €296,369 to €235,877
- Short-term financial debts +€29,916
up €29,916 (+119%), from €25,084 to €55,000
- Tax, wage and social debts -€15,583
down €15,583 (-43.0%), from €36,280 to €20,697
- Gross operating margin -€42,008
down €42,008 (-29.9%), from €140,650 to €98,641
- Financial income +€33,320
up €33,320 (+28.8%), from €115,695 to €149,015
of which Financial income: +€117,533
- Depreciation -€12,724
down €12,724 (-54.8%), from €23,214 to €10,490
- Taxes +€8,450
up €8,450 (+17.0%), from €49,656 to €58,107
- Financial charges -€4,831
down €4,831 (-29.7%), from €16,257 to €11,426
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 | €1,436,302 | €1,321,070 | -€115,232 | -8.0% |
| Fixed assets | 21/28 | €384,050 | €389,138 | +€5,088 | +1.3% |
| Tangible fixed assets | 22/27 | €384,050 | €389,138 | +€5,088 | +1.3% |
| Land and buildings | 22 | €320,757 | €354,102 | +€33,345 | +10.4% |
| Plant, machinery and equipment | 23 | €218 | - | -€218 | |
| Furniture and vehicles | 24 | €63,075 | €35,036 | -€28,039 | -44.5% |
| Current assets | 29/58 | €1,052,252 | €931,932 | -€120,319 | -11.4% |
| Amounts receivable within one year | 40/41 | €732,654 | €760,660 | +€28,006 | +3.8% |
| Trade receivables | 40 | €18,150 | €60,500 | +€42,350 | +233% |
| Other amounts receivable | 41 | €714,504 | €700,160 | -€14,344 | -2.0% |
| Current investments | 50/53 | €124,251 | €143,594 | +€19,343 | +15.6% |
| Cash at bank and in hand | 54/58 | €188,895 | €26,495 | -€162,400 | -86.0% |
| Deferred charges and accrued income | 490/1 | €6,452 | €1,184 | -€5,268 | -81.7% |
| Total equity and liabilities | 10/49 | €1,436,302 | €1,321,070 | -€115,232 | -8.0% |
| Equity | 10/15 | €309,880 | €474,003 | +€164,123 | +53.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €87,300 | €87,300 | = | 0.0% |
| Distributable reserves | 133 | €87,300 | €87,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,580 | €381,703 | +€164,123 | +75.4% |
| Amounts payable | 17/49 | €1,126,422 | €847,068 | -€279,354 | -24.8% |
| Amounts payable after more than one year | 17 | €296,369 | €235,877 | -€60,492 | -20.4% |
| Financial debts | 170/4 | €296,369 | €235,877 | -€60,492 | -20.4% |
| Amounts payable within one year | 42/48 | €830,053 | €611,191 | -€218,862 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €58,411 | €60,492 | +€2,081 | +3.6% |
| Financial debts | 43 | €25,084 | €55,000 | +€29,916 | +119% |
| Credit institutions | 430/8 | €25,084 | €55,000 | +€29,916 | +119% |
| Trade debts | 44 | €4,477 | €2,950 | -€1,527 | -34.1% |
| Suppliers | 440/4 | €4,477 | €2,950 | -€1,527 | -34.1% |
| Taxes, remuneration and social security | 45 | €36,280 | €20,697 | -€15,583 | -43.0% |
| Taxes | 450/3 | €36,280 | €20,697 | -€15,583 | -43.0% |
| Other amounts payable | 47/48 | €705,802 | €472,052 | -€233,749 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,214 | €10,490 | -€12,724 | -54.8% |
| Other operating charges | 640/8 | €5,574 | €3,512 | -€2,063 | -37.0% |
| Gross operating margin | 9900 | €140,650 | €98,641 | -€42,008 | -29.9% |
| Operating profit (loss) | 9901 | €111,862 | €84,640 | -€27,222 | -24.3% |
| Financial income | 75/76B | €115,695 | €149,015 | +€33,320 | +28.8% |
| Recurring financial income | 75 | €19,957 | €137,490 | +€117,533 | +589% |
| Non-recurring financial income | 76B | €95,738 | €11,525 | -€84,213 | -88.0% |
| Financial charges | 65/66B | €16,257 | €11,426 | -€4,831 | -29.7% |
| Recurring financial charges | 65 | €16,257 | €11,426 | -€4,831 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €211,300 | €222,229 | +€10,929 | +5.2% |
| Income taxes | 67/77 | €49,656 | €58,107 | +€8,450 | +17.0% |
| Profit (loss) for the period | 9904 | €161,644 | €164,123 | +€2,479 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €161,644 | €164,123 | +€2,479 | +1.5% |
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 13 October 2026 via checked.be.