CAP INVESTMENT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CAP INVESTMENT
Largest movements
- Receivables within one year +€61,825
up €61,825 (+1,889%), from €3,273 to €65,099
- Cash +€17,614
up €17,614 (+18.4%), from €95,743 to €113,358
mainly Advances received (+€56,746) and Tax, wage and social debts (+€27,680)
- Advances received +€56,746
up €56,746 (+266%), from €21,335 to €78,081
- Tax, wage and social debts +€27,680
up €27,680 (+74.6%), from €37,087 to €64,766
of which Taxes: +€30,229
- Debts after one year -€12,358
down €12,358 (-18.6%), from €66,608 to €54,250
- Accrued charges and deferred income +€5,237
up €5,237 (+430%), from €1,217 to €6,455
- Write-downs -€15,922
down €15,922, from €7,697 to -€8,225
- Staff costs +€15,744
up €15,744 (+56.2%), from €28,019 to €43,762
- Gross operating margin -€5,136
down €5,136 (-9.1%), from €56,273 to €51,137
- Other operating charges +€4,192
up €4,192 (+74.8%), from €5,607 to €9,798
- Taxes -€1,620
down €1,620 (-53.3%), from €3,042 to €1,422
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €355,120 | €434,081 | +€78,961 | +22.2% |
| Fixed assets | 21/28 | - | €2,270 | +€2,270 | |
| Tangible fixed assets | 22/27 | - | €2,270 | +€2,270 | |
| Furniture and vehicles | 24 | - | €2,270 | +€2,270 | |
| Current assets | 29/58 | €355,120 | €431,811 | +€76,691 | +21.6% |
| Stocks and contracts in progress | 3 | €121,366 | €117,845 | -€3,521 | -2.9% |
| Stocks | 30/36 | €121,366 | €117,845 | -€3,521 | -2.9% |
| Amounts receivable within one year | 40/41 | €3,273 | €65,099 | +€61,825 | +1,889% |
| Trade receivables | 40 | €3,273 | €65,099 | +€61,825 | +1,889% |
| Current investments | 50/53 | €114,000 | €114,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €95,743 | €113,358 | +€17,614 | +18.4% |
| Deferred charges and accrued income | 490/1 | €20,737 | €21,509 | +€772 | +3.7% |
| Total equity and liabilities | 10/49 | €355,120 | €434,081 | +€78,961 | +22.2% |
| Equity | 10/15 | €153,114 | €153,223 | +€109 | +0.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €114,000 | €114,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €114,000 | €114,000 | = | 0.0% |
| Own shares acquired | 1312 | €114,000 | €114,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,114 | €9,223 | +€109 | +1.2% |
| Amounts payable | 17/49 | €202,006 | €280,858 | +€78,852 | +39.0% |
| Amounts payable after more than one year | 17 | €66,608 | €54,250 | -€12,358 | -18.6% |
| Financial debts | 170/4 | €66,608 | €54,250 | -€12,358 | -18.6% |
| Amounts payable within one year | 42/48 | €134,181 | €220,154 | +€85,973 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €11,911 | €13,368 | +€1,457 | +12.2% |
| Trade debts | 44 | €63,848 | €63,695 | -€153 | -0.2% |
| Suppliers | 440/4 | €63,848 | €63,695 | -€153 | -0.2% |
| Advances received on contracts in progress | 46 | €21,335 | €78,081 | +€56,746 | +266% |
| Taxes, remuneration and social security | 45 | €37,087 | €64,766 | +€27,680 | +74.6% |
| Taxes | 450/3 | €31,417 | €61,646 | +€30,229 | +96.2% |
| Remuneration and social security | 454/9 | €5,670 | €3,121 | -€2,549 | -45.0% |
| Other amounts payable | 47/48 | - | €243 | +€243 | |
| Accrued charges and deferred income | 492/3 | €1,217 | €6,455 | +€5,237 | +430% |
| Remuneration, social security and pensions | 62 | €28,019 | €43,762 | +€15,744 | +56.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €372 | +€372 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,697 | -€8,225 | -€15,922 | |
| Other operating charges | 640/8 | €5,607 | €9,798 | +€4,192 | +74.8% |
| Gross operating margin | 9900 | €56,273 | €51,137 | -€5,136 | -9.1% |
| Operating profit (loss) | 9901 | €14,950 | €5,430 | -€9,520 | -63.7% |
| Financial income | 75/76B | €668 | €1,098 | +€430 | +64.5% |
| Recurring financial income | 75 | €668 | €1,098 | +€430 | +64.5% |
| Financial charges | 65/66B | €5,159 | €4,997 | -€163 | -3.2% |
| Recurring financial charges | 65 | €5,159 | €4,997 | -€163 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €10,459 | €1,531 | -€8,927 | -85.4% |
| Income taxes | 67/77 | €3,042 | €1,422 | -€1,620 | -53.3% |
| Profit (loss) for the period | 9904 | €7,417 | €109 | -€7,307 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,417 | €109 | -€7,307 | -98.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.