Capaul
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-01-2026 PDF all 48 filings
Turnover
€18.1m▲ 23.5%
2024 · €14.7m
EBIT margin
13.3%▲ 5.3pp
2024 · 8.0%
Net result
€1.9m▲ 87.8%
2024 · €996,277
Working capital
€8.1m▲ 50.9%
2024 · €5.4m
In the rankings
#1 oldest company in Eupen, Manufacturing sector#3 employer in Eupen, Manufacturing sector#3 company by total assets in Eupen, Manufacturing sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€18.1m
▲ 23.5%
2025
20192025
Operating result
€2.4m
▲ 105%
2025
20192025
Net result
€1.9m
▲ 87.8%
2025
highest quarter of the sector
20192025
EBIT margin
13.3%
▲ 5.3pp
2025
20192025
Equity
€9.8m
▲ 35.7%
2025
highest quarter of the sector
20192025
Total assets
€18.2m
▲ 11.0%
2025
highest quarter of the sector
20192025
Debt
€8.4m
▼ 8.5%
2025
20192025
Working capital
€8.1m
▲ 50.9%
2025
highest quarter of the sector
20192025
Solvency
54.0%
▲ 9.8pp
2025
middle half of the sector
20192025
Current ratio
3.17
▲ 1.09
2025
highest quarter of the sector
20192025
Return on assets (ROA)
10.3%
▲ 4.2pp
2025
highest quarter of the sector
20192025
Staff (FTE)
94.9
▲ 14.3%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€12.2m-€10.6m▼ 12.8%€6.9m▼ 35.2%€9.9m▲ 44.1%€11.3m▲ 14.3%€14.7m▲ 29.7%€18.1m▲ 23.5%
Operating result€0.08m-€2.3m▲ 30×-€1.4m€0.01m€0.8m▲ 77×€1.2m▲ 45.2%€2.4m▲ 105%
Net result€0.2m-€2.4mabove the sector's middle half▲ 11×-€1.0mbelow the sector's middle half€0.09mwithin the sector's middle half€0.8mabove the sector's middle half▲ 793%€1.0mabove the sector's middle half▲ 18.3%€1.9mabove the sector's middle half▲ 87.8%
EBIT margin0.6%-21.7%▲ 21.0pp-20.0%▼ 41.6pp0.1%▲ 20.1pp7.2%▲ 7.1pp8.0%▲ 0.9pp13.3%▲ 5.3pp
Equity€6.1m-€6.2mabove the sector's middle half▲ 1.7%€5.6mabove the sector's middle half▼ 9.2%€5.6mabove the sector's middle half▼ 0.7%€6.3mabove the sector's middle half▲ 13.6%€7.2mabove the sector's middle half▲ 14.4%€9.8mabove the sector's middle half▲ 35.7%
Total assets€15.5m-€15.6mabove the sector's middle half▲ 0.8%€12.1mabove the sector's middle half▼ 22.1%€12.0mabove the sector's middle half▼ 1.2%€14.3mabove the sector's middle half▲ 19.7%€16.4mabove the sector's middle half▲ 14.1%€18.2mabove the sector's middle half▲ 11.0%
Debt€9.4m-€9.4m▼ 0.1%€6.5m▼ 30.6%€6.4m▼ 1.3%€8.0m▲ 24.9%€9.1m▲ 13.9%€8.4m▼ 8.5%
Working capital€6.8m-€8.1mabove the sector's middle half▲ 18.8%€7.0mabove the sector's middle half▼ 13.1%€6.3mabove the sector's middle half▼ 10.5%€4.7mabove the sector's middle half▼ 25.3%€5.4mabove the sector's middle half▲ 13.7%€8.1mabove the sector's middle half▲ 50.9%
Solvency39.2%-39.6%within the sector's middle half▲ 0.4pp46.2%within the sector's middle half▲ 6.6pp46.4%within the sector's middle half▲ 0.2pp44.0%within the sector's middle half▼ 2.4pp44.1%within the sector's middle half▲ 0.1pp54.0%within the sector's middle half▲ 9.8pp
Current ratio3.22-2.94above the sector's middle half▼ 0.283.93above the sector's middle half▲ 0.993.62above the sector's middle half▼ 0.302.19within the sector's middle half▼ 1.432.08within the sector's middle half▼ 0.123.17above the sector's middle half▲ 1.09
Return on assets (ROA)1.3%-15.1%above the sector's middle half▲ 13.8pp-8.5%below the sector's middle half▼ 23.6pp0.8%below the sector's middle half▲ 9.3pp5.9%within the sector's middle half▲ 5.1pp6.1%within the sector's middle half▲ 0.2pp10.3%above the sector's middle half▲ 4.2pp
Staff (FTE)75.1-79.4above the sector's middle half▲ 5.7%78.9above the sector's middle half▼ 0.6%72.5above the sector's middle half▼ 8.1%72.3above the sector's middle half▼ 0.3%83above the sector's middle half▲ 14.8%94.9above the sector's middle half▲ 14.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 105% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €18.2m
Fixed assets
€6.4m ▲ 5.3%
Current assets
€11.8m ▲ 14.4%
Equity and liabilities €18.2m
Equity
€9.8m ▲ 35.7%
Provisions
€2,934 =
Debt
€8.4m ▼ 8.5%
Debt's share of the balance-sheet total falls from 55.9% to 46.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3.7m▲
2024 · €2.2m
Cash flow
€3.2m▲
2024 · €2.0m
Quick ratio
1.57▲
2024 · 1.00
Debt to equity
0.85▼
2024 · 1.27
ROE
19.1%▲
2024 · 13.8%
Interest coverage
30.00▲
2024 · 21.39
Debt ≤ 1 year
€3.7m▼
2024 · €5.0m
Debt > 1 year
€4.6m▲
2024 · €4.1m
Income taxes
€600,484▲
2024 · €188,497
Customer credit
73 days▲
2024 · 70 days
Supplier credit
80 days▼
2024 · 100 days
Staff costs
€6.0m▲
2024 · €4.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 78 | 80 | 92 | 107 |
| full-time | 64 | 68 | 82 | 94 |
| part-time | 14 | 12 | 10 | 13 |
| in full-time equivalents | 73.8 | 76.4 | 89.3 | 102.7 |
| Average over the year, in full-time equivalents | 72.5 | 72.3 | 83 | 94.9 |
| On a permanent contract | 64 | 69 | 83 | 102 |
| Joined | 30 | 71 | 84 | 78 |
| Left | 29 | 69 | 72 | 63 |
| Agency workers, average number | 0.3 | 9.4 | 9.4 | 5.4 |
| Training hours | 10,454 | 15,795 | 14,008 | 10,925 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €2.8m | €1.9m | €5.3m | €2.5m |
| Mortgages, amount registered | €247,894 | €247,894 | €247,894 | - |
| Carrying value of the mortgaged assets | €777,797 | €728,305 | €695,042 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1.4m | €3.2m | €1.4m | €1.7m |
| Depreciation and write-downs of the year | €810,361 | €803,754 | €1.0m | €1.3m |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Fee for the audit | €8,895 | €10,098 | €9,785 | €9,955 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €9.4m | €13.0m | €15.0m | €19.4m | ▲ 28.7% |
| Turnover70 | €12.2m | €10.6m | €6.9m | €9.9m | €11.3m | €14.7m | €18.1m | ▲ 23.5% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | -€0.7m | €1.4m | €0.2m | €0.5m | ▲ 218% |
| Other operating income74 | - | - | - | €0.2m | €0.2m | €0.2m | €0.7m | ▲ 257% |
| Non-recurring operating income76A | - | - | - | €0.02m | €0.009m | €0.004m | €0.01m | ▲ 288% |
| Operating charges60/66A | - | - | - | €9.4m | €12.2m | €13.9m | €16.9m | ▲ 22.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €3.1m | €4.3m | €4.6m | €5.7m | ▲ 24.6% |
| Purchases600/8 | - | - | - | €3.2m | €4.6m | €4.8m | €5.9m | ▲ 22.3% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.04m | -€0.3m | -€0.2m | -€0.1m | ▲ 36.4% |
| Services and other goods61 | - | - | - | €1.9m | €3.0m | €3.3m | €3.4m | ▲ 4.7% |
| Remuneration, social security and pensions62 | - | - | - | €3.5m | €4.1m | €4.9m | €6.0m | ▲ 20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.7m | €1.9m | €1.3m | €0.8m | €0.8m | €1.0m | €1.3m | ▲ 26.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.07m | -€0.02m | -€0.05m | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.02m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.05m | €0.08m | €0.08m | €0.5m | ▲ 542% |
| Non-recurring operating charges66A | - | - | - | €0.05m | - | €0.01m | €0.02m | ▲ 130% |
| Operating profit (loss)9901 | €0.08m | €2.3m | -€1.4m | €0.01m | €0.8m | €1.2m | €2.4m | ▲ 105% |
| Financial income75/76B | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 84.9% |
| Recurring financial income75 | €0.3m | €0.3m | €0.4m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 84.9% |
| Income from current assets751 | - | - | - | - | €0.002m | €85 | €0.001m | ▲ 14× |
| Other financial income752/9 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 84.0% |
| Financial charges65/66B | - | - | - | €0.07m | €0.09m | €0.1m | €0.2m | ▲ 47.9% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.09m | €0.07m | €0.09m | €0.1m | €0.2m | ▲ 47.9% |
| Debt charges650 | €0.1m | €0.1m | €0.08m | €0.07m | €0.08m | €0.1m | €0.1m | ▲ 20.4% |
| Other financial charges652/9 | - | - | - | €0.004m | €0.01m | €0.01m | €0.05m | ▲ 283% |
| Profit (loss) for the period before taxes9903 | €0.2m | €2.5m | -€1.0m | €0.1m | €0.8m | €1.2m | €2.5m | ▲ 109% |
| Transfer from deferred taxes780 | - | - | - | €2 | - | - | - | - |
| Income taxes67/77 | €0.03m | €0.1m | €0.001m | €0.003m | €0.001m | €0.2m | €0.6m | ▲ 219% |
| Taxes670/3 | - | - | - | €0.003m | €0.001m | €0.2m | €0.6m | ▲ 219% |
| Profit (loss) for the period9904 | €0.2m | €2.4m | -€1.0m | €0.09m | €0.8m | €1.0m | €1.9m | ▲ 87.8% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €1.0m | - |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €2.4m | -€1.0m | €0.09m | €0.8m | €1.0m | €0.9m | ▼ 12.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €15.5m | €15.6m | €12.1m | €12.0m | €14.3m | €16.4m | €18.2m | ▲ 11.0% |
| Fixed assets21/28 | €5.6m | €3.3m | €2.7m | €3.3m | €5.7m | €6.0m | €6.4m | ▲ 5.3% |
| Intangible fixed assets21 | €0.003m | €204 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €5.6m | €3.3m | €2.7m | €3.3m | €5.7m | €6.0m | €6.4m | ▲ 5.4% |
| Land and buildings22 | - | - | - | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 7.1% |
| Plant, machinery and equipment23 | - | - | - | €0.8m | €1.0m | €4.2m | €4.4m | ▲ 5.5% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.6m | €0.7m | €0.8m | ▲ 21.7% |
| Assets under construction and advance payments27 | - | - | - | €1.4m | €3.3m | €0.5m | €0.5m | ▼ 0.2% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.007m | €0.003m | ▼ 58.0% |
| Companies linked by participating interests282/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Participating interests282 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Other financial fixed assets284/8 | - | - | - | €0.002m | €0.002m | €0.006m | €0.002m | ▼ 67.5% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.002m | €0.002m | €0.006m | €0.002m | ▼ 67.5% |
| Current assets29/58 | €9.9m | €12.3m | €9.5m | €8.7m | €8.7m | €10.3m | €11.8m | ▲ 14.4% |
| Stocks and contracts in progress3 | €0.2m | €0.3m | €0.2m | €3.2m | €5.0m | €5.3m | €6.0m | ▲ 11.4% |
| Stocks30/36 | - | - | - | €0.2m | €0.6m | €0.7m | €0.9m | ▲ 15.3% |
| Raw materials and consumables30/31 | - | - | - | €0.2m | €0.6m | €0.7m | €0.9m | ▲ 15.3% |
| Contracts in progress37 | - | - | - | €2.9m | €4.4m | €4.6m | €5.1m | ▲ 10.8% |
| Amounts receivable within one year40/41 | €3.5m | €2.3m | €2.9m | €3.2m | €3.0m | €3.3m | €4.6m | ▲ 36.0% |
| Trade receivables40 | - | - | - | €2.2m | €2.0m | €2.8m | €3.6m | ▲ 29.7% |
| Other amounts receivable41 | - | - | - | €1.1m | €1.0m | €0.5m | €0.9m | ▲ 69.0% |
| Current investments50/53 | €2.1m | - | - | - | - | - | €0.4m | - |
| Other investments51/53 | - | - | - | - | - | - | €0.4m | - |
| Cash at bank and in hand54/58 | €0.9m | €3.2m | €2.7m | €2.2m | €0.6m | €1.5m | €0.7m | ▼ 52.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.07m | €0.08m | €0.1m | €0.2m | ▲ 123% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €15.5m | €15.6m | €12.1m | €12.0m | €14.3m | €16.4m | €18.2m | ▲ 11.0% |
| Equity10/15 | €6.1m | €6.2m | €5.6m | €5.6m | €6.3m | €7.2m | €9.8m | ▲ 35.7% |
| Contributions10/11 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Capital10 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Issued capital100 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €1.1m | ▲ 665% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | - | - | - | €1.0m | - |
| Profit (loss) carried forward14 | €3.9m | €4.3m | €3.2m | €3.3m | €4.2m | €5.2m | €6.0m | ▲ 16.9% |
| Investment grants15 | - | - | - | €0.6m | €0.5m | €0.4m | €1.1m | ▲ 177% |
| Provisions and deferred taxes16 | €0.004m | €0.03m | €0.02m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Deferred taxes168 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Amounts payable17/49 | €9.4m | €9.4m | €6.5m | €6.4m | €8.0m | €9.1m | €8.4m | ▼ 8.5% |
| Amounts payable after more than one year17 | €6.3m | €5.2m | €4.1m | €4.0m | €4.1m | €4.1m | €4.6m | ▲ 11.4% |
| Financial debts170/4 | - | - | - | €4.0m | €4.1m | €4.1m | €4.6m | ▲ 11.4% |
| Credit institutions173 | - | - | - | €4.0m | €4.1m | €4.1m | €4.6m | ▲ 11.4% |
| Amounts payable within one year42/48 | €3.1m | €4.2m | €2.4m | €2.4m | €3.9m | €5.0m | €3.7m | ▼ 25.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.1m | €1.3m | €1.2m | €1.1m | ▼ 4.1% |
| Financial debts43 | - | - | - | - | €0.01m | €0.02m | - | - |
| Credit institutions430/8 | - | - | - | - | €0.01m | €0.02m | - | - |
| Trade debts44 | €1.2m | €0.5m | €0.7m | €0.7m | €1.5m | €1.3m | €1.3m | ▼ 1.2% |
| Suppliers440/4 | - | - | - | €0.7m | €1.5m | €1.3m | €1.3m | ▼ 1.2% |
| Advances received on contracts in progress46 | - | - | - | - | €0.07m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.6m | €0.8m | €1.0m | €1.3m | ▲ 36.5% |
| Taxes450/3 | - | - | - | €0.05m | €0.05m | €0.09m | €0.3m | ▲ 208% |
| Remuneration and social security454/9 | - | - | - | €0.5m | €0.7m | €0.9m | €1.0m | ▲ 18.6% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.3m | €1.5m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 19.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €2.4m | -€1.0m | €0.09m | €0.8m | €1.0m | €1.9m | ▲ 87.8% |
| + Depreciation and write-downs630 | €1.7m | €1.9m | €1.3m | €0.8m | €0.8m | €1.0m | €1.3m | ▲ 26.9% |
| Operating cash flow (approximation) | €1.9m | €4.3m | €0.3m | €0.9m | €1.6m | €2.0m | €3.2m | ▲ 57.0% |
| Investment in fixed assets (approximation) | - | €0.4m | -€0.7m | -€1.4m | -€3.2m | -€1.4m | -€1.6m | ▼ 17.5% |
| Change in cash | - | €2.3m | -€0.6m | -€0.4m | -€1.6m | €0.9m | -€0.8m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,579 companies had the same profile as Capaul has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of Capaul itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,579 companies, not a prediction for Capaul. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 15-01-2026 | 2026-00007964 | |
| 30-06-2024 | full format | 20-01-2025 | 2025-00006580 | |
| 30-06-2023 | full format | 24-01-2024 | 2024-00005991 | |
| 30-06-2022 | full format | 30-01-2023 | 2023-00008756 | |
| 30-06-2021 | full format | 08-12-2021 | 2021-79600111 | |
| 30-06-2020 | full format | 09-12-2020 | 2020-75000256 | |
| 30-06-2019 | full format | 20-12-2019 | 2019-76900044 | |
| 30-06-2018 | full format | 20-12-2018 | 2018-74900199 | |
| 30-06-2017 | full format | 19-12-2017 | 2017-72100250 | |
| 30-06-2016 | full format | 14-12-2016 | 2016-69800499 |