CAPRINI
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00475432.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 6 filings
Turnover
≈ €71,000
Estimated: probably between €33,000 and €140,000
Total assets
€77,177▼ 12.4%
2024 · €88,106
Net result
€1,164
2024 · -€4,748
Working capital
€19,816▲ 39.3%
2024 · €14,224
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€1,456
2025
20202025
Net result
€1,164
2025
lowest quarter of the sector
20202025
Equity
€11,545
▲ 11.2%
2025
lowest quarter of the sector
20202025
Total assets
€77,177
▼ 12.4%
2025
middle half of the sector
20202025
Debt
€65,632
▼ 15.6%
2025
20202025
Working capital
€19,816
▲ 39.3%
2025
middle half of the sector
20202025
Solvency
15.0%
▲ 3.2pp
2025
lowest quarter of the sector
20202025
Current ratio
1.74
▲ 0.26
2025
middle half of the sector
20202025
Return on assets (ROA)
1.5%
▲ 6.9pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€11,912-€7,236▼ 39.3%€2,826▼ 60.9%€1,512▼ 46.5%-€4,042€1,456
Net result€7,485within the sector's middle half-€4,114within the sector's middle half▼ 45.0%€2,176below the sector's middle half▼ 47.1%-€1,647below the sector's middle half-€4,748below the sector's middle half▼ 188%€1,164below the sector's middle half
Equity€10,485below the sector's middle half-€14,599below the sector's middle half▲ 39.2%€16,775below the sector's middle half▲ 14.9%€15,128below the sector's middle half▼ 9.8%€10,381below the sector's middle half▼ 31.4%€11,545below the sector's middle half▲ 11.2%
Total assets€33,894below the sector's middle half-€28,849below the sector's middle half▼ 14.9%€50,721below the sector's middle half▲ 75.8%€114,766within the sector's middle half▲ 126%€88,106within the sector's middle half▼ 23.2%€77,177within the sector's middle half▼ 12.4%
Debt€23,409-€14,249▼ 39.1%€33,947▲ 138%€99,638▲ 194%€77,725▼ 22.0%€65,632▼ 15.6%
Working capital€21,409within the sector's middle half-€10,007within the sector's middle half▼ 53.3%€10,247within the sector's middle half▲ 2.4%-€333below the sector's middle half€14,224within the sector's middle half€19,816within the sector's middle half▲ 39.3%
Solvency30.9%within the sector's middle half-50.6%within the sector's middle half▲ 19.7pp33.1%within the sector's middle half▼ 17.5pp13.2%below the sector's middle half▼ 19.9pp11.8%below the sector's middle half▼ 1.4pp15.0%below the sector's middle half▲ 3.2pp
Current ratio3.89within the sector's middle half-1.70within the sector's middle half▼ 2.191.31within the sector's middle half▼ 0.391.00below the sector's middle half▼ 0.311.47within the sector's middle half▲ 0.481.74within the sector's middle half▲ 0.26
Return on assets (ROA)22.1%within the sector's middle half-14.3%within the sector's middle half▼ 7.8pp4.3%within the sector's middle half▼ 10.0pp-1.4%below the sector's middle half▼ 5.7pp-5.4%below the sector's middle half▼ 4.0pp1.5%below the sector's middle half▲ 6.9pp
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 a profit of €1,456, after a loss of €4,042 in 2024.
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 €77,177
Fixed assets
€30,445 ▼ 30.5%
Current assets
€46,732 ▲ 5.4%
Equity and liabilities €77,177
Equity
€11,545 ▲ 11.2%
Debt
€65,632 ▼ 15.6%
Debt's share of the balance-sheet total falls from 88.2% to 85.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,791▲
2024 · €9,783
Cash flow
€14,499▲
2024 · €9,077
Quick ratio
0.96▲
2024 · 0.65
Debt to equity
5.68▼
2024 · 7.49
ROE
10.1%▲
2024 · -45.7%
Interest coverage
56.56▲
2024 · 18.59
Debt ≤ 1 year
€26,917▼
2024 · €30,102
Debt > 1 year
€38,700▼
2024 · €47,624
Income taxes
€226▲
2024 · €180
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 | €1,307 | €4,756 | €47,245 | €754 | - |
| Financial fixed assets | - | - | - | €13,730 | - |
| Depreciation and write-downs of the year | €1,789 | €2,100 | €11,312 | €13,824 | €13,335 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6 | - | €500 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,168 | €1,789 | €2,100 | €11,312 | €13,824 | €13,335 | ▼ 3.5% |
| Other operating charges640/8 | - | €777 | €445 | €714 | €1,605 | €580 | ▼ 63.9% |
| Non-recurring operating charges66A | - | - | - | - | €62 | - | - |
| Gross operating margin9900 | €13,953 | €9,802 | €5,371 | €13,538 | €11,449 | €15,371 | ▲ 34.3% |
| Operating profit (loss)9901 | €11,912 | €7,236 | €2,826 | €1,512 | -€4,042 | €1,456 | - |
| Financial income75/76B | - | €74 | - | - | - | €196 | - |
| Recurring financial income75 | - | €74 | - | - | - | €196 | - |
| Financial charges65/66B | - | €678 | €651 | €632 | €526 | €262 | ▼ 50.3% |
| Recurring financial charges65 | €58 | €678 | €46 | €632 | €526 | €262 | ▼ 50.3% |
| Non-recurring financial charges66B | - | - | €605 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €11,854 | €6,632 | €2,176 | €880 | -€4,568 | €1,391 | - |
| Income taxes67/77 | €4,369 | €2,518 | - | €2,527 | €180 | €226 | ▲ 25.9% |
| Profit (loss) for the period9904 | €7,485 | €4,114 | €2,176 | -€1,647 | -€4,748 | €1,164 | - |
| Profit (loss) for the period to be appropriated9905 | €7,485 | €4,114 | €2,176 | -€1,647 | -€4,748 | €1,164 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €33,894 | €28,849 | €50,721 | €114,766 | €88,106 | €77,177 | ▼ 12.4% |
| Fixed assets21/28 | €5,074 | €4,592 | €7,249 | €43,181 | €43,780 | €30,445 | ▼ 30.5% |
| Tangible fixed assets22/27 | €5,074 | €4,592 | €7,249 | €43,181 | €30,050 | €16,715 | ▼ 44.4% |
| Plant, machinery and equipment23 | - | €2,666 | €4,510 | €3,291 | €2,257 | €942 | ▼ 58.3% |
| Furniture and vehicles24 | - | €1,926 | €2,739 | €39,890 | €27,793 | €15,773 | ▼ 43.2% |
| Financial fixed assets28 | - | - | - | - | €13,730 | €13,730 | = |
| Current assets29/58 | €28,820 | €24,256 | €43,473 | €71,585 | €44,326 | €46,732 | ▲ 5.4% |
| Stocks and contracts in progress3 | - | - | €6,270 | €4,937 | €24,738 | €21,000 | ▼ 15.1% |
| Stocks30/36 | - | - | €6,270 | €4,937 | €7,238 | €6,000 | ▼ 17.1% |
| Contracts in progress37 | - | - | - | - | €17,500 | €15,000 | ▼ 14.3% |
| Amounts receivable within one year40/41 | €8,225 | €24,172 | €36,129 | €65,359 | €14,214 | €21,934 | ▲ 54.3% |
| Trade receivables40 | - | €18,264 | €27,569 | €58,859 | €13,429 | €21,661 | ▲ 61.3% |
| Other amounts receivable41 | - | €5,908 | €8,559 | €6,500 | €786 | €274 | ▼ 65.2% |
| Cash at bank and in hand54/58 | €20,595 | €84 | €1,074 | €1,288 | €3,573 | €3,798 | ▲ 6.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,801 | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €33,894 | €28,849 | €50,721 | €114,766 | €88,106 | €77,177 | ▼ 12.4% |
| Equity10/15 | €10,485 | €14,599 | €16,775 | €15,128 | €10,381 | €11,545 | ▲ 11.2% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €7,485 | €11,599 | €13,775 | €12,128 | €7,381 | €8,545 | ▲ 15.8% |
| Amounts payable17/49 | €23,409 | €14,249 | €33,947 | €99,638 | €77,725 | €65,632 | ▼ 15.6% |
| Amounts payable after more than one year17 | - | - | - | €27,720 | €47,624 | €38,700 | ▼ 18.7% |
| Financial debts170/4 | - | - | - | €27,720 | €47,624 | €38,700 | ▼ 18.7% |
| Amounts payable within one year42/48 | €7,411 | €14,249 | €33,225 | €71,918 | €30,102 | €26,917 | ▼ 10.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €38,110 | €5,096 | €2,624 | ▼ 48.5% |
| Trade debts44 | €3,042 | €1,000 | €2,395 | €7,107 | €7,271 | €6,012 | ▼ 17.3% |
| Suppliers440/4 | - | €1,000 | €2,395 | €7,107 | €7,271 | €6,012 | ▼ 17.3% |
| Taxes, remuneration and social security45 | - | €6,887 | €2,518 | €2,711 | €1,164 | €1,071 | ▼ 8.0% |
| Taxes450/3 | - | €6,887 | €2,518 | €2,711 | €1,164 | €1,071 | ▼ 8.0% |
| Other amounts payable47/48 | - | €6,363 | €28,312 | €23,990 | €16,570 | €17,210 | ▲ 3.9% |
| Accrued charges and deferred income492/3 | - | - | €721 | - | - | €15 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,485 | €4,114 | €2,176 | -€1,647 | -€4,748 | €1,164 | - |
| + Depreciation and write-downs630 | €1,168 | €1,789 | €2,100 | €11,312 | €13,824 | €13,335 | ▼ 3.5% |
| Operating cash flow (approximation) | €8,653 | €5,903 | €4,276 | €9,665 | €9,077 | €14,499 | ▲ 59.7% |
| Investment in fixed assets (approximation) | - | -€1,307 | -€4,756 | -€47,245 | -€14,423 | €0 | - |
| Change in cash | - | -€20,511 | €990 | €214 | €2,285 | €225 | ▼ 90.1% |
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, 3,274 companies had the same profile as CAPRINI has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CAPRINI itself is lower: 0.3% within 12 months. It rests on far more data about CAPRINI 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 3,274 companies, not a prediction for CAPRINI. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00475432 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00464026 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00421550 | |
| 31-12-2022 | micro format | 30-10-2023 | 2023-00496193 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20212352 | |
| 31-12-2020 | micro format | 02-09-2021 | 2021-63800215 |