Capitosus
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 5 filings
Turnover
≈ €110,000
Estimated: probably between €83,000 and €140,000
Total assets
€85,811▼ 34.6%
2024 · €131,122
Net result
€40,970▲ 28.1%
2024 · €31,992
Working capital
€49,950▼ 43.7%
2024 · €88,775
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€53,085
▲ 28.8%
2025
20212025
Net result
€40,970
▲ 28.1%
2025
middle half of the sector
20212025
Equity
€62,245
▼ 29.9%
2025
middle half of the sector
20212025
Total assets
€85,811
▼ 34.6%
2025
middle half of the sector
20212025
Debt
€23,566
▼ 44.3%
2025
20212025
Working capital
€49,950
▼ 43.7%
2025
middle half of the sector
20212025
Solvency
72.5%
▲ 4.8pp
2025
middle half of the sector
20212025
Current ratio
3.12
▲ 0.02
2025
middle half of the sector
20212025
Return on assets (ROA)
47.7%
▲ 23.3pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€26,782-€69,227▲ 158%€37,586▼ 45.7%€41,204▲ 9.6%€53,085▲ 28.8%
Net result€20,844within the sector's middle half-€53,933within the sector's middle half▲ 159%€28,807within the sector's middle half▼ 46.6%€31,992within the sector's middle half▲ 11.1%€40,970within the sector's middle half▲ 28.1%
Equity€23,844below the sector's middle half-€77,777within the sector's middle half▲ 226%€106,584within the sector's middle half▲ 37.0%€88,775within the sector's middle half▼ 16.7%€62,245within the sector's middle half▼ 29.9%
Total assets€29,431below the sector's middle half-€86,413within the sector's middle half▲ 194%€115,034within the sector's middle half▲ 33.1%€131,122within the sector's middle half▲ 14.0%€85,811within the sector's middle half▼ 34.6%
Debt€5,588-€8,636▲ 54.6%€8,451▼ 2.1%€42,346▲ 401%€23,566▼ 44.3%
Working capital€23,256within the sector's middle half-€77,429within the sector's middle half▲ 233%€106,477within the sector's middle half▲ 37.5%€88,775within the sector's middle half▼ 16.6%€49,950within the sector's middle half▼ 43.7%
Solvency81.0%above the sector's middle half-90.0%above the sector's middle half▲ 9.0pp92.7%above the sector's middle half▲ 2.6pp67.7%within the sector's middle half▼ 24.9pp72.5%within the sector's middle half▲ 4.8pp
Current ratio5.16above the sector's middle half-9.97above the sector's middle half▲ 4.8013.60above the sector's middle half▲ 3.633.10within the sector's middle half▼ 10.503.12within the sector's middle half▲ 0.02
Return on assets (ROA)70.8%above the sector's middle half-62.4%above the sector's middle half▼ 8.4pp25.0%within the sector's middle half▼ 37.4pp24.4%within the sector's middle half▼ 0.6pp47.7%above the sector's middle half▲ 23.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 29% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €85,811
Fixed assets
€12,296
Current assets
€73,516
Equity and liabilities €85,811
Equity
€62,245 ▼ 29.9%
Debt
€23,566 ▼ 44.3%
Debt's share of the balance-sheet total falls from 32.3% to 27.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€53,736▲
2024 · €41,311
Cash flow
€41,620▲
2024 · €32,099
Debt to equity
0.38▼
2024 · 0.48
ROE
65.8%▲
2024 · 36.0%
Interest coverage
over 100▲
2024 · 55.87
Debt ≤ 1 year
€23,566▼
2024 · €42,346
Income taxes
€12,440▲
2024 · €9,587
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €721 | - | - | - | €12,946 |
| Depreciation and write-downs of the year | €134 | €240 | €240 | €107 | €650 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €134 | €240 | €240 | €107 | €650 | ▲ 509% |
| Other operating charges640/8 | - | - | €54 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €26,916 | €69,467 | €37,880 | €41,698 | €54,136 | ▲ 29.8% |
| Operating profit (loss)9901 | €26,782 | €69,227 | €37,586 | €41,204 | €53,085 | ▲ 28.8% |
| Financial income75/76B | - | €87 | €490 | €1,115 | €556 | ▼ 50.1% |
| Recurring financial income75 | - | €87 | €490 | €1,115 | €556 | ▼ 50.1% |
| Financial charges65/66B | €379 | €776 | €584 | €739 | €231 | ▼ 68.7% |
| Recurring financial charges65 | €379 | €776 | €584 | €739 | €231 | ▼ 68.7% |
| Profit (loss) for the period before taxes9903 | €26,403 | €68,538 | €37,492 | €41,579 | €53,410 | ▲ 28.5% |
| Income taxes67/77 | €5,559 | €14,606 | €8,685 | €9,587 | €12,440 | ▲ 29.8% |
| Profit (loss) for the period9904 | €20,844 | €53,933 | €28,807 | €31,992 | €40,970 | ▲ 28.1% |
| Profit (loss) for the period to be appropriated9905 | €20,844 | €53,933 | €28,807 | €31,992 | €40,970 | ▲ 28.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €29,431 | €86,413 | €115,034 | €131,122 | €85,811 | ▼ 34.6% |
| Fixed assets21/28 | €588 | €347 | €107 | - | €12,296 | - |
| Tangible fixed assets22/27 | €588 | €347 | €107 | - | €12,296 | - |
| Furniture and vehicles24 | €588 | €347 | €107 | - | €12,296 | - |
| Current assets29/58 | €28,844 | €86,065 | €114,927 | €131,122 | €73,516 | ▼ 43.9% |
| Amounts receivable after more than one year29 | - | €28,000 | €28,000 | €28,000 | €28,000 | = |
| Other amounts receivable291 | - | €28,000 | €28,000 | €28,000 | €28,000 | = |
| Amounts receivable within one year40/41 | €441 | - | €21,970 | €27,755 | €42,618 | ▲ 53.6% |
| Trade receivables40 | - | - | €10,655 | €22,342 | €34,645 | ▲ 55.1% |
| Other amounts receivable41 | €441 | - | €11,315 | €5,413 | €7,972 | ▲ 47.3% |
| Cash at bank and in hand54/58 | €27,564 | €57,311 | €63,656 | €74,580 | €1,414 | ▼ 98.1% |
| Deferred charges and accrued income490/1 | €839 | €754 | €1,301 | €787 | €1,484 | ▲ 88.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €29,431 | €86,413 | €115,034 | €131,122 | €85,811 | ▼ 34.6% |
| Equity10/15 | €23,844 | €77,777 | €106,584 | €88,775 | €62,245 | ▼ 29.9% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €20,844 | €74,777 | €103,584 | €85,775 | €59,245 | ▼ 30.9% |
| Amounts payable17/49 | €5,588 | €8,636 | €8,451 | €42,346 | €23,566 | ▼ 44.3% |
| Amounts payable within one year42/48 | €5,588 | €8,636 | €8,451 | €42,346 | €23,566 | ▼ 44.3% |
| Trade debts44 | €890 | €55 | €1,584 | €254 | €2,221 | ▲ 774% |
| Suppliers440/4 | €890 | €55 | €1,584 | €254 | €2,221 | ▲ 774% |
| Taxes, remuneration and social security45 | €4,357 | €8,456 | €5,646 | €5,465 | €14,032 | ▲ 157% |
| Taxes450/3 | €4,357 | €8,456 | €5,646 | €5,465 | €14,032 | ▲ 157% |
| Other amounts payable47/48 | €341 | €124 | €1,220 | €36,627 | €7,312 | ▼ 80.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,844 | €53,933 | €28,807 | €31,992 | €40,970 | ▲ 28.1% |
| + Depreciation and write-downs630 | €134 | €240 | €240 | €107 | €650 | ▲ 509% |
| Operating cash flow (approximation) | €20,978 | €54,173 | €29,047 | €32,099 | €41,620 | ▲ 29.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | - |
| Change in cash | - | €29,747 | €6,345 | €10,924 | -€73,166 | - |
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, 26,972 companies had the same profile as Capitosus has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Capitosus itself is lower: 0.3% within 12 months. It rests on far more data about Capitosus than the profile alone.
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 26,972 companies, not a prediction for Capitosus. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00322404 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00326299 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00329614 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00130726 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20088457 |