CAP3: 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.
CAP3
Largest movements
- Intangible fixed assets -€61,625
down €61,625 (-32.9%), from €187,401 to €125,776
- Receivables within one year -€22,478
down €22,478 (-40.6%), from €55,362 to €32,884
of which Trade receivables: -€23,415
- Tangible fixed assets +€17,841
up €17,841 (+19.2%), from €93,075 to €110,915
of which Plant, machinery and equipment: +€26,307
- Cash -€8,079
down €8,079 (-46.4%), from €17,407 to €9,327
mainly Debts after one year (-€77,593) and Investment in fixed assets (net) (-€42,413)
- Debts after one year -€77,593
down €77,593 (-27.1%), from €286,093 to €208,501
- Trade debts +€16,345
up €16,345 (+13.4%), from €122,140 to €138,486
- Profit (loss) carried forward -€15,201
down €15,201, from €14,862 to -€339
- Gross operating margin -€13,215
down €13,215 (-6.6%), from €201,533 to €188,319
- Depreciation +€10,286
up €10,286 (+13.1%), from €78,498 to €88,785
- Staff costs -€2,767
down €2,767 (-2.6%), from €107,299 to €104,532
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.
Cash bridge derived
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 | €553,482 | €474,948 | -€78,535 | -14.2% |
| Fixed assets | 21/28 | €287,011 | €240,640 | -€46,371 | -16.2% |
| Intangible fixed assets | 21 | €187,401 | €125,776 | -€61,625 | -32.9% |
| Tangible fixed assets | 22/27 | €93,075 | €110,915 | +€17,841 | +19.2% |
| Plant, machinery and equipment | 23 | €61,531 | €87,838 | +€26,307 | +42.8% |
| Furniture and vehicles | 24 | €31,544 | €23,077 | -€8,467 | -26.8% |
| Financial fixed assets | 28 | €6,536 | €3,949 | -€2,587 | -39.6% |
| Current assets | 29/58 | €266,471 | €234,308 | -€32,163 | -12.1% |
| Stocks and contracts in progress | 3 | €193,514 | €190,729 | -€2,784 | -1.4% |
| Stocks | 30/36 | €193,514 | €190,729 | -€2,784 | -1.4% |
| Amounts receivable within one year | 40/41 | €55,362 | €32,884 | -€22,478 | -40.6% |
| Trade receivables | 40 | €38,735 | €15,320 | -€23,415 | -60.5% |
| Other amounts receivable | 41 | €16,628 | €17,565 | +€937 | +5.6% |
| Cash at bank and in hand | 54/58 | €17,407 | €9,327 | -€8,079 | -46.4% |
| Deferred charges and accrued income | 490/1 | €189 | €1,367 | +€1,178 | +623.3% |
| Total equity and liabilities | 10/49 | €553,482 | €474,948 | -€78,535 | -14.2% |
| Equity | 10/15 | €23,862 | €8,661 | -€15,201 | -63.7% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,862 | -€339 | -€15,201 | |
| Amounts payable | 17/49 | €529,620 | €466,287 | -€63,333 | -12.0% |
| Amounts payable after more than one year | 17 | €286,093 | €208,501 | -€77,593 | -27.1% |
| Financial debts | 170/4 | €286,093 | €208,501 | -€77,593 | -27.1% |
| Amounts payable within one year | 42/48 | €242,987 | €257,405 | +€14,419 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €88,814 | €91,330 | +€2,516 | +2.8% |
| Trade debts | 44 | €122,140 | €138,486 | +€16,345 | +13.4% |
| Suppliers | 440/4 | €122,140 | €138,486 | +€16,345 | +13.4% |
| Taxes, remuneration and social security | 45 | €30,804 | €26,361 | -€4,443 | -14.4% |
| Taxes | 450/3 | €15,248 | €11,672 | -€3,576 | -23.5% |
| Remuneration and social security | 454/9 | €15,556 | €14,689 | -€867 | -5.6% |
| Other amounts payable | 47/48 | €1,229 | €1,229 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €540 | €381 | -€159 | -29.5% |
| Remuneration, social security and pensions | 62 | €107,299 | €104,532 | -€2,767 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,498 | €88,785 | +€10,286 | +13.1% |
| Other operating charges | 640/8 | €4,397 | €3,177 | -€1,220 | -27.7% |
| Gross operating margin | 9900 | €201,533 | €188,319 | -€13,215 | -6.6% |
| Operating profit (loss) | 9901 | €11,339 | -€8,174 | -€19,514 | |
| Financial income | 75/76B | €5,050 | €4,142 | -€908 | -18.0% |
| Recurring financial income | 75 | €5,050 | €4,142 | -€908 | -18.0% |
| Financial charges | 65/66B | €12,061 | €10,733 | -€1,328 | -11.0% |
| Recurring financial charges | 65 | €12,061 | €10,733 | -€1,328 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €4,329 | -€14,766 | -€19,094 | |
| Income taxes | 67/77 | €1,894 | €436 | -€1,458 | -77.0% |
| Profit (loss) for the period | 9904 | €2,434 | -€15,201 | -€17,636 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,434 | -€15,201 | -€17,636 |
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 9 October 2026 via checked.be.