cApStAn

Active

Public limited companyfounded 2007active for 19 yearsTerhulpsesteenweg 268, 1170 Watermaal-Bosvoorde, BelgiumKBO/BCE: BE 0890.600.946

Summary

cApStAn has been active since 2007 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €724,443 and a net result of €377,370. Equity has been shrinking by about 2.7% per year since 2018. Its solvency ranks better than 65% of 210 sector peers (NACE 74, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).

Risk analysisFollow Report Compare

cApStAnActiveChecked score 97/100

Risk analysis Report Compare

Overview

Official details

Source: KBO

Status: Active since 05-07-2007 Normal situation
Activity: Translation services NACE 74301and 2 others
Joint committee: 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2022
Establishment unit: 2.233.909.406 1170 Watermaal-Bosvoorde, since 18-01-2008
Financial year end: 31 December
Peppol: Reachable since 27-04-2026

Company details

Board and ownership

Board

Henrik von SchlanbuschManaging director
Andrea FerrariDirector · since 23-06-2023
Musab HayatliDirector · since 23-06-2023

and 5 others

Holdings: Shares in 1 company CAPSTAN INC

Board & ownership

Financial position

97 Excellent Checked score 2025

Bankruptcy probabilitywithin 12 months: < 0.1%

Annual accounts 2025

Gross margin: €1.2m; ▲ 154%
Turnover: ≈ €2.1m; estimated
Profit: €377,370
Equity: €724,443; ▲ 109%
Total assets: €1.3m; ▲ 24.4%
Employees on 31-12-2025: 11; ▼ 26.7%

Filed on 22-07-2026, 9 days before the deadline

Financials

Score breakdownlowers riskEquity €724,443 (54.5% of total assets)Liquidity: current ratio 1.56, cash €226,909Profit of €377,370 (financial year 2025)Founded in 2007Show the evidence

Checked score

Score 2025

97 / 100

Excellent

Probability in this band: under 0.55%

Financially stronger than 73% of small companies in other professional activities (NACE 74)

Every signal that counts is listed under Signals.

Financial strength · tick: 2024

Strong

Solvency 79+22

equity 54.5% of total assets

Liquidity 50+16

short-term debt 43.6% · cash 17.1%

Profitability 99+99

return on assets 28.4%

Bankruptcy probability within 12 months

< 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (188 companies, NACE 74, small)

Last 24 months 12-2024: < 0.1%lowest value 01-2025: < 0.1%● unchanged vs 12-2024lowest value 02-2025: < 0.1%● unchanged vs 01-2025 03-2025: < 0.1%● unchanged vs 02-2025 04-2025: < 0.1%● unchanged vs 03-2025 05-2025: < 0.1%● unchanged vs 04-2025 06-2025: 0.1%▲ +0.1 percentage points vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.9%▲ +0.8 percentage points vs 08-2025 10-2025: 0.9%● unchanged vs 09-2025 11-2025: 0.9%● unchanged vs 10-2025 12-2025: 0.9%● unchanged vs 11-2025 01-2026: 0.9%● unchanged vs 12-2025 02-2026: 0.9%● unchanged vs 01-2026 03-2026: 0.9%● unchanged vs 02-2026 04-2026: 1.0%▲ +0.1 percentage points vs 03-2026 05-2026: 1.0%● unchanged vs 04-2026 06-2026: 0.9%▼ -0.1 percentage points vs 05-2026 07-2026: 1.0%▲ +0.1 percentage points vs 06-2026highest value 08-2026: < 0.1%▼ -1.0 percentage point vs 07-2026 09-2026: < 0.1%● unchanged vs 08-2026 10-2026: < 0.1%● unchanged vs 09-2026 11-2026: < 0.1%● unchanged vs 10-2026

Credit of up to €70,000 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 1.56 (1.02 in 2024), above the usual 1.5. Short-term debt is 43.6% and cash 17.1% of total assets. 45.5% of the assets are financed with debt and provisions.

Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 74, small). It does better than 59% of them on solvency, 48% on liquidity, 94% on profitability and 91% on growth.

The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.

lowers riskneutral

Equity €724,443 (54.5% of total assets)

NBB · annual accounts

Liquidity: current ratio 1.56, cash €226,909

NBB · annual accounts

Profit of €377,370 (financial year 2025)

NBB · annual accounts

Founded in 2007

Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.

KBO

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

9 days early

2024

13 days late

2023

28 days early

2022

24 days late

2021

17 days early

2020

8 days early

2019

51 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 11 days before the deadline. In the sector (NACE 74), the median for financial year 2024 was 3 days before the deadline, and 38% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 22 July (4 of the last 5 accounts filed within 30 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

02-11-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Financials

Financials · financial year 2025, full format

Annual accounts 2025 filed on 22-07-2026 at the NBB all 18 filings

Turnover

≈ €2.1m

Estimated: probably between €1.4m and €3.4m

EBIT margin

Not included in this filing

Net result

€377,370

2024 · -€489,970

Working capital

€322,467▲ 27×

2024 · €12,079

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €1.3m

32.2%

67.8%

Fixed assets €427,653 ▼ 1.0%

Current assets €901,943 ▲ 41.7%

Equity and liabilities €1.3m

54.5%

45.5%

Equity €724,443 ▲ 109%

Debt €605,153 ▼ 16.1%

Debt's share of the balance-sheet total falls from 67.5% to 45.5%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€289,664▲

2024 · -€468,405

Cash flow

€384,063▲

2024 · -€483,687

Debt to equity

0.84▼

2024 · 2.08

ROE

52.1%▲

2024 · -141.2%

Interest coverage

5.89▲

2024 · -19.30

Debt ≤ 1 year

€579,475▼

2024 · €624,443

Debt > 1 year

€15,677▼

2024 · €65,558

Income taxes

€660▼

2024 · €9,410

Staff costs

€897,310▼

2024 · €938,423

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet

Item	31-12-2021	31-12-2022	31-12-2023	31-12-2024	31-12-2025
Employees at the balance-sheet date	11	13	15	15	11
full-time	6	7	10	10	8
part-time	5	6	5	5	3
in full-time equivalents	10	11.8	14	14	10.4
Average over the year, in full-time equivalents	10	11	12.6	13.7	11
On a permanent contract	11	13	15	14	11
Joined	1	3	3	2	2
Left	2	1	1	2	6

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired

Item	2021	2022	2023	2024	2025
Tangible fixed assets	€15,362	€1,860	€7,718	€1,239	€2,394
Depreciation and write-downs of the year	€12,852	€4,501	€5,237	€6,284	€6,693

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Subsidies and aid

European Union, budget

2021 to 2025 · 4 entries · €132,109 in total

Year	Entries	Awarded
2025	1	€99,736
2023	1	€0
2021	2	€32,373

Projects

SURVAY QUESTIONNAIRE TRANSLATION

Decentralised Agencies, Joint Undertakings, EU institutions · 01-01-2025 to 31-12-2026 · €99,736

COORDINATE - COHORT COMMUNITY RESEARCH AND DEVELOPMENT INFRASTRUCTURE NETWORK FOR ACCESS THROUGHOUT EUROPE

Horizon Europe · 01-04-2021 to 31-03-2025 · €32,373

SERVICE CONTRACT FOR SURVEY

Erasmus+ · 17-12-2021 to 16-03-2025

European research

1 project · €32,375 EU contribution

Programmes

Horizon 2020

1 entry · €32,375

Projects

COhort cOmmunity Research and Development Infrastructure Network for Access Throughout Europe

Horizon 2020 · participant · 01-04-2021 to 31-03-2025 · €32,375 · COORDINATE

Public contracts

1 award · 2025

Provision of translation services of term lists and application labels in various fields

buyer: Translation Centre for the Bodies of the European UnionBusiness servicesawarded 01-09-2025€112 tendersTED 645042-2025

Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.

Comparable companies

These companies have the same main activity as cApStAn: translation services (NACE 74301). They are comparable in size and age: total assets between €721,000 and €2.2m, founded between 1980 and 2015.

Company	Founded	Total assets	Equity	Gross margin	Turnover	Net result	FTE	Financial year
cApStAn Watermaal-Bosvoorde	2007	€1.3m	€0.7m	€1.2m	-	€0.4m	11	2025
AKIRA TRANSLATIONS Brussel	2007	€0.8m	€0.3m	€0.7m	-	€0.2m	6.7	2025
STOQUART Mons	1991	€1.9m	€0.4m	€1.0m	-	-€0.1m	16.9	2025
Brussel Onthaal Brussel	1980	€1.3m	€0.8m	€0.7m	-	-€0.06m	12.2	2025
Untranslate Kontich	2015	€1.0m	€0.8m	€0.6m	€1.4m	€0.1m	6.9	2025
DICTON Mouscron	1995	€2.2m	€0.6m	€0.5m	-	-€0.009m	6.2	2025
CEYLAN F CONSULTING Mechelen	2009	€0.7m	€0.03m	€0.8m	€0.8m	-€0.04m	-	2025

They were chosen from the 689 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 17,811 companies had the same profile as cApStAn has now. Two years later, 0.3% had gone bankrupt and 96.5% were still going.

Small
10 to 20 years old
solvency 30% or more
a profit of 5% of the balance sheet or more

0.3% went bankrupt

3.1% stopped otherwise

96.5% was still going

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.

The companies in ten equal groups, from the lowest to the highest expected share
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 17,811 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.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 57 lines

Source: Annual accounts 2025 at the NBB, filed on 22-07-2026.

Balance sheet Code20242025

Assets

Total assets20/58€1.1m€1.3m▲

Fixed assets21/28€0.4m€0.4m▼

Tangible fixed assets22/27€0.01m€0.006m▼

Furniture and vehicles24€0.01m€0.006m▼

Financial fixed assets28€0.4m€0.4m=

Current assets29/58€0.6m€0.9m▲

Amounts receivable after more than one year29€0.1m€0.1m▼

Other amounts receivable291€0.1m€0.1m▼

Amounts receivable within one year40/41€0.4m€0.6m▲

Trade receivables40€0.4m€0.5m▲

Other amounts receivable41€0.003m€0.04m▲

Cash at bank and in hand54/58€0.1m€0.2m▲

Deferred charges and accrued income490/1€0.01m€0.01m▲

Equity and liabilities

Total equity and liabilities10/49€1.1m€1.3m▲

Equity10/15€0.3m€0.7m▲

Contributions10/11€0.3m€0.3m=

Capital10€0.09m€0.09m=

Issued capital100€0.09m€0.09m=

Contributions outside capital11€0.2m€0.2m=

Share premium1100/10€0.2m€0.2m=

Revaluation surpluses12€0.4m€0.4m=

Reserves13€0.06m€0.06m=

Non-distributable reserves130/1€0.009m€0.009m=

Legal reserve130€0.009m€0.009m=

Tax-exempt reserves132€0.05m€0.05m=

Profit (loss) carried forward14-€0.5m-€0.1m▲

Amounts payable17/49€0.7m€0.6m▼

Amounts payable after more than one year17€0.07m€0.02m▼

Financial debts170/4€0.07m€0.02m▼

Amounts payable within one year42/48€0.6m€0.6m▼

Current portion of amounts payable after more than one year42€0.03m€0.03m▲

Financial debts43€0.06m€0.07m▲

Credit institutions430/8€0.06m€0.07m▲

Trade debts44€0.2m€0.2m▲

Suppliers440/4€0.2m€0.2m▲

Taxes, remuneration and social security45€0.2m€0.1m▼

Taxes450/3€0.04m€0.04m▲

Remuneration and social security454/9€0.1m€0.1m▼

Other amounts payable47/48€0.1m€0.1m▼

Accrued charges and deferred income492/3€0.03m€0.01m▼

Income statement Code20242025

Remuneration, social security and pensions62€0.9m€0.9m▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.006m€0.007m▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.01m

Other operating charges640/8€0.001m€0.001m▲

Gross operating margin9900€0.5m€1.2m▲

Operating profit (loss)9901-€0.5m€0.3m▲

Financial income75/76B€0.02m€0.1m▲

Recurring financial income75€0.02m€0.1m▲

Financial charges65/66B€0.02m€0.05m▲

Recurring financial charges65€0.02m€0.05m▲

Profit (loss) for the period before taxes9903-€0.5m€0.4m▲

Income taxes67/77€0.009m€0.001m▼

Profit (loss) for the period9904-€0.5m€0.4m▲

Profit (loss) for the period to be appropriated9905-€0.5m€0.4m▲

Appropriation of the result

Profit (loss) to be appropriated9906-€0.5m-€0.1m▲

Profit (loss) brought forward from the previous period14P€0.01m-€0.5m▼

Social balance sheet

Average headcount (FTE)908714.011.0▼

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Remuneration, social security and pensions62	-	-	-	€0.5m	€0.6m	€0.8m	€0.9m	€0.9m	▼ 4.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€0.02m	€0.02m	€0.1m	€0.01m	€0.005m	€0.005m	€0.006m	€0.007m	▲ 6.5%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	-	-	-	-	-	-	-	€0.01m	-
Other operating charges640/8	-	-	-	€0.002m	€0.001m	€0.005m	€0.001m	€0.001m	▲ 2.9%
Gross operating margin9900	€0.02m	€0.06m	€0.4m	€0.7m	€1.0m	€1.0m	€0.5m	€1.2m	▲ 154%
Operating profit (loss)9901	€0.001m	€0.01m	-€0.4m	€0.2m	€0.3m	€0.2m	-€0.5m	€0.3m	-
Financial income75/76B	-	-	-	€0.002m	€0.01m	€0.03m	€0.02m	€0.1m	▲ 684%
Recurring financial income75	€36	-	€0.03m	€0.002m	€0.01m	€0.03m	€0.02m	€0.1m	▲ 684%
Financial charges65/66B	-	-	-	€0.01m	€0.03m	€0.02m	€0.02m	€0.05m	▲ 103%
Recurring financial charges65	€0.001m	€0.001m	€0.02m	€0.01m	€0.03m	€0.02m	€0.02m	€0.05m	▲ 103%
Profit (loss) for the period before taxes9903	-€371	€0.01m	-€0.4m	€0.2m	€0.3m	€0.2m	-€0.5m	€0.4m	-
Income taxes67/77	€0.003m	€0.006m	-€0.01m	€27	€0.06m	€0.05m	€0.009m	€0.001m	▼ 93.0%
Profit (loss) for the period9904	-€0.003m	€0.004m	-€0.4m	€0.2m	€0.3m	€0.1m	-€0.5m	€0.4m	-
Profit (loss) for the period to be appropriated9905	-€0.003m	€0.004m	-€0.4m	€0.2m	€0.3m	€0.1m	-€0.5m	€0.4m	-

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€1.0m	€0.9m	€1.2m	€1.7m	€1.5m	€1.5m	€1.1m	€1.3m	▲ 24.4%
Fixed assets21/28	€0.7m	€0.7m	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	▼ 1.0%
Intangible fixed assets21	€0.008m	-	€0.008m	-	-	-	-	-	-
Tangible fixed assets22/27	€0.03m	€0.02m	€0.01m	€0.02m	€0.01m	€0.02m	€0.01m	€0.006m	▼ 40.0%
Furniture and vehicles24	-	-	-	€0.02m	€0.01m	€0.02m	€0.01m	€0.006m	▼ 40.0%
Financial fixed assets28	€0.7m	€0.7m	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	=
Current assets29/58	€0.3m	€0.3m	€0.7m	€1.3m	€1.0m	€1.1m	€0.6m	€0.9m	▲ 41.7%
Amounts receivable after more than one year29	-	-	-	-	€0.1m	€0.1m	€0.1m	€0.1m	▼ 32.1%
Other amounts receivable291	-	-	-	-	€0.1m	€0.1m	€0.1m	€0.1m	▼ 32.1%
Amounts receivable within one year40/41	€0.2m	€0.2m	€0.6m	€0.5m	€0.5m	€0.7m	€0.4m	€0.6m	▲ 55.5%
Trade receivables40	-	-	-	€0.5m	€0.5m	€0.6m	€0.4m	€0.5m	▲ 46.8%
Other amounts receivable41	-	-	-	€489	€0.003m	€0.08m	€0.003m	€0.04m	▲ 14×
Cash at bank and in hand54/58	€0.02m	€0.03m	€0.2m	€0.7m	€0.4m	€0.3m	€0.1m	€0.2m	▲ 90.0%
Deferred charges and accrued income490/1	-	-	-	€0.01m	€0.004m	€0.004m	€0.01m	€0.01m	▲ 4.3%
Equity and liabilities
Total equity and liabilities10/49	€1.0m	€0.9m	€1.2m	€1.7m	€1.5m	€1.5m	€1.1m	€1.3m	▲ 24.4%
Equity10/15	€0.9m	€0.9m	€0.5m	€0.6m	€0.8m	€0.8m	€0.3m	€0.7m	▲ 109%
Contributions10/11	€0.09m	€0.09m	€0.09m	€0.3m	€0.3m	€0.3m	€0.3m	€0.3m	=
Capital10	-	-	-	€0.09m	€0.09m	€0.09m	€0.09m	€0.09m	=
Issued capital100	-	-	-	€0.09m	€0.09m	€0.09m	€0.09m	€0.09m	=
Contributions outside capital11	-	-	-	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	=
Share premium1100/10	-	-	-	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	=
Revaluation surpluses12	-	-	-	€0.4m	€0.4m	€0.4m	€0.4m	€0.4m	=
Reserves13	€0.05m	€0.05m	€0.05m	€0.05m	€0.06m	€0.06m	€0.06m	€0.06m	=
Non-distributable reserves130/1	-	-	-	€0.004m	€0.008m	€0.009m	€0.009m	€0.009m	=
Legal reserve130	-	-	-	€0.004m	€0.008m	€0.009m	€0.009m	€0.009m	=
Tax-exempt reserves132	-	-	-	€0.05m	€0.05m	€0.05m	€0.05m	€0.05m	=
Profit (loss) carried forward14	€0.04m	€0.04m	-€0.3m	-€0.2m	-€0.02m	€0.01m	-€0.5m	-€0.1m	▲ 79.2%
Amounts payable17/49	€0.1m	€0.08m	€0.7m	€1.0m	€0.7m	€0.7m	€0.7m	€0.6m	▼ 16.1%
Amounts payable after more than one year17	€0.01m	€0.007m	€0.02m	€0.1m	€0.1m	€0.08m	€0.07m	€0.02m	▼ 76.1%
Financial debts170/4	-	-	-	€0.1m	€0.1m	€0.08m	€0.07m	€0.02m	▼ 76.1%
Amounts payable within one year42/48	€0.09m	€0.07m	€0.5m	€0.7m	€0.5m	€0.5m	€0.6m	€0.6m	▼ 7.2%
Current portion of amounts payable after more than one year42	-	-	-	€0.02m	€0.04m	€0.03m	€0.03m	€0.03m	▲ 2.0%
Financial debts43	-	-	-	-	-	-	€0.06m	€0.07m	▲ 8.4%
Credit institutions430/8	-	-	-	-	-	-	€0.06m	€0.07m	▲ 8.4%
Trade debts44	€0.03m	€0.02m	€0.3m	€0.5m	€0.3m	€0.2m	€0.2m	€0.2m	▲ 0.2%
Suppliers440/4	-	-	-	€0.5m	€0.3m	€0.2m	€0.2m	€0.2m	▲ 0.2%
Taxes, remuneration and social security45	-	-	-	€0.2m	€0.1m	€0.2m	€0.2m	€0.1m	▼ 14.1%
Taxes450/3	-	-	-	€0.1m	€0.05m	€0.04m	€0.04m	€0.04m	▲ 2.9%
Remuneration and social security454/9	-	-	-	€0.06m	€0.09m	€0.1m	€0.1m	€0.1m	▼ 18.7%
Other amounts payable47/48	-	-	-	€0.02m	€0.1m	€0.1m	€0.1m	€0.1m	▼ 19.1%
Accrued charges and deferred income492/3	-	-	-	€0.2m	€0.02m	€0.08m	€0.03m	€0.01m	▼ 68.2%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	-€3,227	€3,741	-€379,476	€156,797	€257,773	€138,490	-€489,970	€377,370	-
+ Depreciation and write-downs630	€18,211	€19,131	€122,071	€12,852	€4,501	€5,237	€6,284	€6,693	▲ 6.5%
Operating cash flow (approximation)	€14,984	€22,872	-€257,406	€169,649	€262,275	€143,727	-€483,687	€384,063	-
Investment in fixed assets (approximation)	-	-€4,655	€126,191	-€9,082	-€1,860	-€7,718	-€1,239	-€2,394	▼ 93.2%
Change in cash	-	€15,351	€143,112	€518,822	-€280,595	-€162,893	-€131,182	€107,508	-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Latest 10 of 18 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	22-07-2026	2026-00324259	NBB
31-12-2024	full format	13-08-2025	2025-00377196	PDF
31-12-2023	full format	03-07-2024	2024-00208202	PDF
31-12-2022	full format	24-08-2023	2023-00349225	PDF
31-12-2021	full format	14-07-2022	2022-20184681	PDF
31-12-2020	full format	23-07-2021	2021-39600401	PDF
31-12-2019	micro format	10-06-2020	2020-16000582	PDF
31-12-2018	micro format	05-07-2019	2019-30600509	PDF
31-12-2017	micro format	23-07-2018	2018-36700352	PDF
31-12-2016	full format	03-07-2017	2017-26300213	PDF

Show all 18 filings

Board & ownership

Directors

8 directors, 1 in day-to-day management, last change in 2026

Board 8

Andrea Ferrari

Director · since 23-06-2023 · listed in the 2025 annual accounts, filed on 22-07-2026

Current

Musab Hayatli

Director · since 23-06-2023 · listed in the 2025 annual accounts, filed on 22-07-2026

Current

PELAGUS

Director · since 23-06-2023 · Private limited company · permanent representative: Steve Vantorre · listed in the 2025 annual accounts, filed on 22-07-2026

Current

Stephane Dept

Director · since 23-06-2023 · listed in the 2025 annual accounts, filed on 22-07-2026

Current

Henrik von Schlanbusch

Director · appointed in the act of 30-07-2026

Current

Ingrid Meistad

Director · appointed in the act of 30-07-2026

Current

Maria Meistad

Director · appointed in the act of 30-07-2026

Current

Øyvind Meistad

Director · appointed in the act of 30-07-2026

Current

Day-to-day management 1

Henrik von Schlanbusch

Managing director · appointed in the act of 20-10-2026 · 6-year term from 2026

Current

Permanent representatives 1

Steve Vantorre

Permanent representative · in office according to the act of 12-09-2023 · for PELAGUS

Current

Office holders in the KBO →

Owners and capital

Owners

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Mandate history

9 people, 8 in office

All 9 In office 8 Ended 1

Board
Day-to-day management
began earlier
end not dated

Mandates per person, with start and end dates
Name	Functions and periods
Andrea Ferrari	Board, since before 12-09-2023
Musab Hayatli	Board, since before 12-09-2023
PELAGUS	Board, from before 12-09-2023 to 30-07-2026 Board, since before 12-09-2023
Stephane Dept	Board, since before 12-09-2023
Henrik von Schlanbusch	Director, appointed in the act of 30-07-2026, still in office Managing director, appointed in the act of 20-10-2026, still in office
Ingrid Meistad	Director, appointed in the act of 30-07-2026, still in office
Maria Meistad	Director, appointed in the act of 30-07-2026, still in office
Øyvind Meistad	Director, appointed in the act of 30-07-2026, still in office
Jan Denys	Board, from before 12-09-2023, ended, last mentioned on 12-09-2023 Managing director, appointed in the act of 12-09-2023, until 01-10-2026

See the board, name and registered office on a given date →

Network & group

Holdings and subsidiaries

1 holding

CAPSTAN INCUSsubsidiary
Sourceown accounts 2025
Equity USD 321,689Result -USD 300,052

100%

Companies at the same address

5 other companies

Connections & network

8 current directors

Depth

The network starts from the directors of cApStAn. Every other company they run is a node.

This company Company Director Shareholding +N: links not shown yet

Timeline

Acts, filings and financial milestones

All 20Financial 6Gazette 4Filings 10

Deadline for the 2026 accounts: 31-07-2027

2026

20-10

Gazette deed Resignation: Jan Denys (managing director)

Appointment: Henrik von Schlanbusch (managing director) · Director discharge · Declaration6 points ▸

General meeting, 01-10-2026
Director resignation, Jan Denys (managing director)
Director discharge, Jan Denys
Other provision, Directeur Financier, contrat de travail
Director appointment, Henrik von Schlanbusch (managing director)
Declaration, absence d'interdiction, article 6 de la loi du 04-05-2023

Open the act in the Belgian Official Gazette

30-07

Gazette deed Resignation: PELAGUS SRL (director)

Permanent representative: Steve Vantorre · Appointments: Øyvind Meistad, Henrik von Schlanbusch and 2 others · Director discharge9 points ▸

General meeting, 22-06-2026
Director resignation, PELAGUS SRL (director)
Permanent representative, Steve Vantorre
Director discharge, PELAGUS SRL
Director appointment, Øyvind Meistad (director)
Director appointment, Henrik von Schlanbusch (director)
Director appointment, Maria Meistad (director)
Director appointment, Ingrid Meistad (director)
Other provision, “absence d'interdiction, aucune interdiction” (deed in French), mentioned 4 times in the deed

Open the act in the Belgian Official Gazette

22-07

NBB filing Annual accounts 2025 filedNBB

full format · 9 days before the deadline

2025

31-12

Financial Back to profitnet €377,370

The net result is €377,370, after one loss-making year.

31-12

Financial Equity above €500,000equity €724,443 ▲109%

Equity rises from €347,073 to €724,443.

13-08

NBB filing Annual accounts 2024 filedPDF

full format · 13 days late

2024

31-12

Financial Weakest financial yearnet -€489,970

The net result drops to -€489,970, the lowest from 2018 to 2025. It recovers the following year.

03-07

NBB filing Annual accounts 2023 filedPDF

full format · 28 days before the deadline

2023

12-09

Gazette deed Reappointments: Stephane Dept, Andrea Ferrari and 3 others

Permanent representative: Steve Vantorre · Appointment: Jan Denys (managing director)9 points ▸

General meeting, 23-06-2023
Director reappointment, Stephane Dept
Director reappointment, Andrea Ferrari
Director reappointment, Musab Hayatli
Director reappointment, Jan Denys
Director reappointment, Pelagus SRL
Permanent representative, Steve Vantorre
Director appointment, Jan Denys (managing director)
Board meeting, “conseil d'administration” (deed in French)

Open the act in the Belgian Official Gazette

24-08

NBB filing Annual accounts 2022 filedPDF

full format · 24 days late

2022

14-07

NBB filing Annual accounts 2021 filedPDF

full format · 17 days before the deadline

2021

31-12

Financial Back to profitnet €156,797

The net result is €156,797, after one loss-making year.

Show earlier events

31-12

Financial Equity above €500,000equity €640,780 ▲32%

Equity rises from €485,483 to €640,780.

23-07

NBB filing Annual accounts 2020 filedPDF

full format · 8 days before the deadline

2020

10-06

NBB filing Annual accounts 2019 filedPDF

micro format · 51 days before the deadline

2019

31-12

Financial Back to profitnet €3,741

The net result is €3,741, after one loss-making year.

05-07

NBB filing Annual accounts 2018 filedPDF

micro format · 26 days before the deadline

2018

23-07

NBB filing Annual accounts 2017 filedPDF

micro format · 8 days before the deadline

2017

03-07

NBB filing Annual accounts 2016 filedPDF

full format · 28 days before the deadline

2007

16-07

Gazette deed IncorporationPDF

Show all 18 filings

Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official Gazette Filings with the National Bank

History

On 5 July 2007, cApStAn was incorporated.¹ Total assets went from €960,346 in 2018 to €1.3m in 2025 and headcount from 0.4 full-time equivalents in 2019 to 11 in 2025.²

Company details

Register details

Identity

KBO record

Name cApStAn in French

Enterprise number 0890.600.946

Legal form Public limited company

Status Active, normale toestand

Founded 05-07-2007

Entity type Legal entity

Registered office and establishments

Registered office Terhulpsesteenweg 268, 1170 Watermaal-Bosvoorde, Belgium

Establishment unit cApStAn, Terhulpsesteenweg 268, 1170 Watermaal-Bosvoorde since 18-01-2008 · unit number 2.233.909.406

Website www.capstan.be

E-mail steve.dept@capstan.be

Phone +3226631729

Fax +3227065179

Phone 02/6631729Watermaal-Bosvoorde

Activities

NACEBEL 2025

VAT activities

74301 Translation services main activity

70200 Business and other management consultancy

73300 Public relations and communication consultancy

Social security (RSZ) activities

70200 Business and other management consultancy main activity

Codes under NACEBEL 2008

VAT activities

74300 Other professional, scientific and technical activities main activity

70210 Activities of head offices; management consultancy activities

70220 Business consulting

Social security (RSZ) activities

70220 Business consulting main activity

Codes under NACEBEL 2003

74141

74142

Joint committee 200 Aanvullend Paritair Comité voor de bedienden annual accounts 2022

Invoicing and payment

VAT number BE 0890.600.946

E-invoicing via Peppol

Reachable via Peppol

Peppol ID 0208:0890600946

Registered 27-04-2026

Follow this company and you will hear the next morning if it leaves the Peppol register.

Financial year and general meeting

Accounts at the NBB

Financial year end 31-12

Sites & property

Location

registered office establishment The establishment unit on the map

6 companies at this address See who is registered here

Buildings and parcels at the address

Ground area

406 m²

Building footprint

385 m²

Building volume

2,253 m³

Cadastral parcel	Region	Area	Buildings	Height / floors
21652E0744/00S003	Brussels	406 m²	1 · 385 m²	12.9 m · 2

Overview

Overview

Official details

Board and ownership

Financial position

Checked score

Signals

Financials

Financials · financial year 2025, full format

Staff

Investments

Subsidies and aid

European Union, budget

European research

Public contracts

Comparable companies

Companies with the same profile, two years later

Board & ownership

Directors

Board 8

Day-to-day management 1

Owners and capital

Owners

Mandate history

Network & group

Holdings and subsidiaries

Holdings 1

Companies at the same address

Connections & network

Timeline

Acts, filings and financial milestones

History

Company details

Register details

Identity

Registered office and establishments

Activities

Invoicing and payment

Financial year and general meeting

Sites & property

Buildings and parcels at the address