CAP REX RECRUITMENT: 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 REX RECRUITMENT
Largest movements
- Current investments +€270,000
new in 2025: €270,000
- Cash -€205,133
down €205,133 (-56.4%), from €363,751 to €158,617
mainly Current investments (-€270,000) and Receivables within one year (-€31,243)
- Receivables within one year +€31,243
up €31,243 (+521%), from €6,001 to €37,244
of which Trade receivables: +€31,244
- Deferred charges and accrued income +€12,504
up €12,504 (+2,627%), from €476 to €12,980
- Tangible fixed assets -€7,675
down €7,675 (-24.3%), from €31,584 to €23,909
of which Furniture and vehicles: -€7,304
- Reserves +€81,199
up €81,199 (+30.5%), from €266,272 to €347,471
- Tax, wage and social debts +€16,555
up €16,555 (+16.8%), from €98,427 to €114,982
- Trade debts +€13,151
up €13,151 (+860%), from €1,530 to €14,681
- Debts after one year -€6,566
down €6,566 (-30.4%), from €21,567 to €15,002
- Gross operating margin -€244,155
down €244,155 (-69.2%), from €352,859 to €108,704
- Taxes -€60,332
down €60,332 (-73.7%), from €81,899 to €21,566
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 | €401,811 | €502,750 | +€100,938 | +25.1% |
| Fixed assets | 21/28 | €31,584 | €23,909 | -€7,675 | -24.3% |
| Tangible fixed assets | 22/27 | €31,584 | €23,909 | -€7,675 | -24.3% |
| Plant, machinery and equipment | 23 | €1,729 | €1,358 | -€371 | -21.5% |
| Furniture and vehicles | 24 | €29,854 | €22,551 | -€7,304 | -24.5% |
| Current assets | 29/58 | €370,228 | €478,841 | +€108,613 | +29.3% |
| Amounts receivable within one year | 40/41 | €6,001 | €37,244 | +€31,243 | +521% |
| Trade receivables | 40 | €6,000 | €37,244 | +€31,244 | +521% |
| Other amounts receivable | 41 | €1 | €0 | -€1 | -100% |
| Current investments | 50/53 | - | €270,000 | +€270,000 | |
| Cash at bank and in hand | 54/58 | €363,751 | €158,617 | -€205,133 | -56.4% |
| Deferred charges and accrued income | 490/1 | €476 | €12,980 | +€12,504 | +2,627% |
| Total equity and liabilities | 10/49 | €401,811 | €502,750 | +€100,938 | +25.1% |
| Equity | 10/15 | €266,272 | €347,471 | +€81,199 | +30.5% |
| Reserves | 13 | €266,272 | €347,471 | +€81,199 | +30.5% |
| Distributable reserves | 133 | €266,272 | €347,471 | +€81,199 | +30.5% |
| Amounts payable | 17/49 | €135,539 | €155,279 | +€19,739 | +14.6% |
| Amounts payable after more than one year | 17 | €21,567 | €15,002 | -€6,566 | -30.4% |
| Financial debts | 170/4 | €21,567 | €15,002 | -€6,566 | -30.4% |
| Amounts payable within one year | 42/48 | €113,972 | €140,277 | +€26,305 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €6,350 | €6,566 | +€216 | +3.4% |
| Trade debts | 44 | €1,530 | €14,681 | +€13,151 | +860% |
| Suppliers | 440/4 | €1,530 | €14,681 | +€13,151 | +860% |
| Taxes, remuneration and social security | 45 | €98,427 | €114,982 | +€16,555 | +16.8% |
| Taxes | 450/3 | €98,427 | €114,982 | +€16,555 | +16.8% |
| Other amounts payable | 47/48 | €7,664 | €4,048 | -€3,616 | -47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,792 | €7,675 | +€883 | +13.0% |
| Other operating charges | 640/8 | - | €27 | +€27 | |
| Gross operating margin | 9900 | €352,859 | €108,704 | -€244,155 | -69.2% |
| Operating profit (loss) | 9901 | €346,067 | €101,002 | -€245,064 | -70.8% |
| Financial income | 75/76B | €114 | €2,878 | +€2,764 | +2,423% |
| Recurring financial income | 75 | €114 | €2,878 | +€2,764 | +2,423% |
| Financial charges | 65/66B | €1,010 | €1,114 | +€104 | +10.3% |
| Recurring financial charges | 65 | €1,010 | €1,114 | +€104 | +10.3% |
| Profit (loss) for the period before taxes | 9903 | €345,171 | €102,765 | -€242,405 | -70.2% |
| Income taxes | 67/77 | €81,899 | €21,566 | -€60,332 | -73.7% |
| Profit (loss) for the period | 9904 | €263,272 | €81,199 | -€182,073 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €263,272 | €81,199 | -€182,073 | -69.2% |
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 28 October 2026 via checked.be.