The Captains: 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 Captains
Largest movements
- Cash -€74,212
down €74,212 (-41.3%), from €179,597 to €105,384
mainly Contributions, distributions and other (-€120,000) and Net result for the year (-€29,659)
- Receivables within one year +€10,918
up €10,918 (+45.8%), from €23,824 to €34,742
of which Other amounts receivable: +€5,919
- Financial fixed assets -€10,000
down €10,000 (-13.9%), from €71,922 to €61,922
- Tangible fixed assets -€3,761
down €3,761 (-37.9%), from €9,923 to €6,162
of which Plant, machinery and equipment: -€2,443
- Reserves -€149,659
down €149,659 (-84.3%), from €177,601 to €27,942
- Other debts +€102,000
new in 2025: €102,000
- Tax, wage and social debts -€22,057
down €22,057 (-96.6%), from €22,832 to €775
of which Remuneration and social security: -€21,594
- Trade debts -€6,573
down €6,573 (-81.8%), from €8,031 to €1,458
- Gross operating margin -€375,594
down €375,594, from €347,830 to -€27,764
- Staff costs -€268,165
down €268,165, from €247,024 to -€21,141
- Financial charges +€10,413
up €10,413 (+480.3%), from €2,168 to €12,581
of which Non-recurring financial charges: +€12,167
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 | €285,820 | €209,097 | -€76,723 | -26.8% |
| Fixed assets | 21/28 | €81,846 | €68,084 | -€13,761 | -16.8% |
| Tangible fixed assets | 22/27 | €9,923 | €6,162 | -€3,761 | -37.9% |
| Plant, machinery and equipment | 23 | €4,531 | €2,088 | -€2,443 | -53.9% |
| Furniture and vehicles | 24 | €3,108 | €2,061 | -€1,047 | -33.7% |
| Other tangible fixed assets | 26 | €2,284 | €2,013 | -€272 | -11.9% |
| Financial fixed assets | 28 | €71,922 | €61,922 | -€10,000 | -13.9% |
| Current assets | 29/58 | €203,974 | €141,013 | -€62,961 | -30.9% |
| Amounts receivable within one year | 40/41 | €23,824 | €34,742 | +€10,918 | +45.8% |
| Trade receivables | 40 | - | €4,999 | +€4,999 | |
| Other amounts receivable | 41 | €23,824 | €29,744 | +€5,919 | +24.8% |
| Cash at bank and in hand | 54/58 | €179,597 | €105,384 | -€74,212 | -41.3% |
| Deferred charges and accrued income | 490/1 | €553 | €886 | +€333 | +60.2% |
| Total equity and liabilities | 10/49 | €285,820 | €209,097 | -€76,723 | -26.8% |
| Equity | 10/15 | €254,523 | €104,864 | -€149,659 | -58.8% |
| Contributions | 10/11 | €76,922 | €76,922 | = | 0.0% |
| Reserves | 13 | €177,601 | €27,942 | -€149,659 | -84.3% |
| Distributable reserves | 133 | €177,601 | €27,942 | -€149,659 | -84.3% |
| Amounts payable | 17/49 | €31,297 | €104,233 | +€72,936 | +233.0% |
| Amounts payable within one year | 42/48 | €30,864 | €104,233 | +€73,370 | +237.7% |
| Trade debts | 44 | €8,031 | €1,458 | -€6,573 | -81.8% |
| Suppliers | 440/4 | €8,031 | €1,458 | -€6,573 | -81.8% |
| Taxes, remuneration and social security | 45 | €22,832 | €775 | -€22,057 | -96.6% |
| Taxes | 450/3 | €1,239 | €775 | -€464 | -37.4% |
| Remuneration and social security | 454/9 | €21,594 | - | -€21,594 | |
| Other amounts payable | 47/48 | - | €102,000 | +€102,000 | |
| Accrued charges and deferred income | 492/3 | €433 | - | -€433 | |
| Remuneration, social security and pensions | 62 | €247,024 | -€21,141 | -€268,165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,761 | €3,761 | = | 0.0% |
| Other operating charges | 640/8 | €2,576 | €5,918 | +€3,342 | +129.7% |
| Gross operating margin | 9900 | €347,830 | -€27,764 | -€375,594 | |
| Operating profit (loss) | 9901 | €94,468 | -€16,303 | -€110,771 | |
| Financial income | 75/76B | €1,226 | - | -€1,226 | |
| Recurring financial income | 75 | €1,226 | - | -€1,226 | |
| Financial charges | 65/66B | €2,168 | €12,581 | +€10,413 | +480.3% |
| Recurring financial charges | 65 | €2,168 | €414 | -€1,754 | -80.9% |
| Non-recurring financial charges | 66B | - | €12,167 | +€12,167 | |
| Profit (loss) for the period before taxes | 9903 | €93,526 | -€28,884 | -€122,410 | |
| Income taxes | 67/77 | €1,239 | €775 | -€464 | -37.4% |
| Profit (loss) for the period | 9904 | €92,287 | -€29,659 | -€121,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,287 | -€29,659 | -€121,946 |
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 11 October 2026 via checked.be.