CAPSTAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 23 filings
Turnover
≈ €89,000
Estimated: probably between €41,000 and €210,000
Total assets
€115,363▲ 1.7%
2024 · €113,387
Net result
€1,524▼ 58.0%
2024 · €3,629
Working capital
€61,233▲ 19.8%
2024 · €51,095
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,859
▼ 50.2%
2025
20182025
Net result
€1,524
▼ 58.0%
2025
20182025
Equity
€109,804
▲ 1.4%
2025
20182025
Total assets
€115,363
▲ 1.7%
2025
20182025
Debt
€5,560
▲ 8.9%
2025
20182025
Working capital
€61,233
▲ 19.8%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,651-€10,886▲ 2.2%€16,714▲ 53.5%€18,223▲ 9.0%€7,576▼ 58.4%€169▼ 97.8%€5,736▲ 34×€2,859▼ 50.2%
Net result€6,635-€7,800▲ 17.6%€13,390▲ 71.6%€11,183▼ 16.5%€1,989▼ 82.2%€2,640▲ 32.7%€3,629▲ 37.5%€1,524▼ 58.0%
Equity€67,649-€75,449▲ 11.5%€88,839▲ 17.7%€100,022▲ 12.6%€102,011▲ 2.0%€104,651▲ 2.6%€108,280▲ 3.5%€109,804▲ 1.4%
Total assets€70,088-€76,893▲ 9.7%€90,981▲ 18.3%€104,008▲ 14.3%€103,328▼ 0.7%€105,469▲ 2.1%€113,387▲ 7.5%€115,363▲ 1.7%
Debt€2,439-€1,444▼ 40.8%€2,142▲ 48.4%€3,986▲ 86.1%€1,317▼ 67.0%€818▼ 37.9%€5,107▲ 524%€5,560▲ 8.9%
Working capital€66,512-€74,708▲ 12.3%€86,701▲ 16.1%€95,962▲ 10.7%€99,211▲ 3.4%€102,863▲ 3.7%€51,095▼ 50.3%€61,233▲ 19.8%
The operating result for 2025 is 50% lower than 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 €115,363
Fixed assets
€48,571 ▼ 15.1%
Current assets
€66,792 ▲ 18.9%
Equity and liabilities €115,363
Equity
€109,804 ▲ 1.4%
Debt
€5,560 ▲ 8.9%
Debt's share of the balance-sheet total rises from 4.5% to 4.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€11,225▲
2024 · €7,022
Cash flow
€9,889▲
2024 · €4,915
Current ratio
12.01▲
2024 · 11.04
Debt to equity
0.05▲
2024 · 0.05
ROE
1.4%▼
2024 · 3.4%
ROA
1.3%▼
2024 · 3.2%
Interest coverage
87.64▲
2024 · 55.17
Debt ≤ 1 year
€5,560▲
2024 · €5,091
Income taxes
€950▼
2024 · €2,012
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 | €3,076 | - | - | €56,700 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,153 | €1,260 | €1,013 | €1,286 | €8,366 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €4,250 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €959 | €395 | €689 | €1,153 | €1,260 | €1,013 | €1,286 | €8,366 | ▲ 550% |
| Other operating charges640/8 | - | - | - | €903 | €1,001 | €1,014 | €1,251 | €403 | ▼ 67.8% |
| Gross operating margin9900 | €12,529 | €12,250 | €18,340 | €20,280 | €9,837 | €2,196 | €8,273 | €11,627 | ▲ 40.5% |
| Operating profit (loss)9901 | €10,651 | €10,886 | €16,714 | €18,223 | €7,576 | €169 | €5,736 | €2,859 | ▼ 50.2% |
| Financial income75/76B | - | - | - | - | - | - | €32 | €7 | ▼ 77.8% |
| Recurring financial income75 | €66 | €170 | €1,932 | - | - | - | €32 | €7 | ▼ 77.8% |
| Financial charges65/66B | - | - | - | €92 | €3,298 | -€3,074 | €127 | €393 | ▲ 208% |
| Recurring financial charges65 | €74 | €76 | €74 | €92 | €3,298 | -€3,074 | €127 | €128 | ▲ 0.6% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €265 | - |
| Profit (loss) for the period before taxes9903 | €10,643 | €10,980 | €18,572 | €18,131 | €4,278 | €3,243 | €5,641 | €2,473 | ▼ 56.2% |
| Income taxes67/77 | €4,008 | €3,179 | €5,183 | €6,948 | €2,289 | €604 | €2,012 | €950 | ▼ 52.8% |
| Profit (loss) for the period9904 | €6,635 | €7,800 | €13,390 | €11,183 | €1,989 | €2,640 | €3,629 | €1,524 | ▼ 58.0% |
| Profit (loss) for the period to be appropriated9905 | €6,635 | €7,800 | €13,390 | €11,183 | €1,989 | €2,640 | €3,629 | €1,524 | ▼ 58.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €70,088 | €76,893 | €90,981 | €104,008 | €103,328 | €105,469 | €113,387 | €115,363 | ▲ 1.7% |
| Fixed assets21/28 | €1,136 | €741 | €2,137 | €4,060 | €2,800 | €1,787 | €57,201 | €48,571 | ▼ 15.1% |
| Tangible fixed assets22/27 | €1,136 | €741 | €2,137 | €4,060 | €2,800 | €1,787 | €57,201 | €48,571 | ▼ 15.1% |
| Furniture and vehicles24 | - | - | - | €4,060 | €2,800 | €1,787 | €57,201 | €48,571 | ▼ 15.1% |
| Current assets29/58 | €68,952 | €76,152 | €88,844 | €99,949 | €100,528 | €103,682 | €56,186 | €66,792 | ▲ 18.9% |
| Amounts receivable within one year40/41 | €5,992 | €6,239 | €5,908 | €3,988 | €2,980 | €2,815 | €5,732 | €9,155 | ▲ 59.7% |
| Trade receivables40 | - | - | - | €2,577 | €1,815 | €245 | €2,221 | €6,601 | ▲ 197% |
| Other amounts receivable41 | - | - | - | €1,411 | €1,164 | €2,570 | €3,512 | €2,554 | ▼ 27.3% |
| Current investments50/53 | €32,613 | €32,779 | €35,000 | €35,000 | €30,307 | €33,500 | €27,000 | €27,000 | = |
| Cash at bank and in hand54/58 | €23,240 | €28,286 | €37,520 | €48,868 | €52,053 | €50,037 | €2,590 | €6,068 | ▲ 134% |
| Deferred charges and accrued income490/1 | - | - | - | €12,093 | €15,188 | €17,329 | €20,863 | €24,570 | ▲ 17.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €70,088 | €76,893 | €90,981 | €104,008 | €103,328 | €105,469 | €113,387 | €115,363 | ▲ 1.7% |
| Equity10/15 | €67,649 | €75,449 | €88,839 | €100,022 | €102,011 | €104,651 | €108,280 | €109,804 | ▲ 1.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €61,449 | €69,249 | €82,639 | €93,822 | €95,811 | €98,451 | €102,080 | €103,604 | ▲ 1.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €91,962 | €93,951 | €96,591 | €100,220 | €101,744 | ▲ 1.5% |
| Amounts payable17/49 | €2,439 | €1,444 | €2,142 | €3,986 | €1,317 | €818 | €5,107 | €5,560 | ▲ 8.9% |
| Amounts payable within one year42/48 | €2,439 | €1,444 | €2,142 | €3,986 | €1,317 | €818 | €5,091 | €5,560 | ▲ 9.2% |
| Financial debts43 | - | - | - | - | - | - | €260 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €260 | €0 | ▼ 100% |
| Trade debts44 | €1,298 | - | €15 | €1,482 | - | €355 | €2,007 | €5,044 | ▲ 151% |
| Suppliers440/4 | - | - | - | €1,482 | - | €355 | €2,007 | €5,044 | ▲ 151% |
| Taxes, remuneration and social security45 | - | - | - | €2,457 | €1,317 | €463 | €627 | €515 | ▼ 17.8% |
| Taxes450/3 | - | - | - | €2,457 | €1,317 | €463 | €627 | €515 | ▼ 17.8% |
| Other amounts payable47/48 | - | - | - | €47 | - | - | €2,196 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €16 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,635 | €7,800 | €13,390 | €11,183 | €1,989 | €2,640 | €3,629 | €1,524 | ▼ 58.0% |
| + Depreciation and write-downs630 | €959 | €395 | €689 | €1,153 | €1,260 | €1,013 | €1,286 | €8,366 | ▲ 550% |
| Operating cash flow (approximation) | €7,595 | €8,196 | €14,078 | €12,337 | €3,249 | €3,652 | €4,915 | €9,889 | ▲ 101% |
| Investment in fixed assets (approximation) | - | €0 | -€2,085 | -€3,076 | €0 | €0 | -€56,700 | €265 | - |
| Change in cash | - | €5,047 | €9,234 | €11,348 | €3,185 | -€2,016 | -€47,447 | €3,477 | - |
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, 17,041 companies had the same profile as CAPSTAN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAPSTAN 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 17,041 companies, not a prediction for CAPSTAN. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00387053 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00363343 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00302456 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00277177 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20229306 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-33600452 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-33800361 | |
| 31-12-2018 | micro format | 21-06-2019 | 2019-19900399 | |
| 31-12-2017 | micro format | 19-06-2018 | 2018-19500105 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-22800248 |