CAPA: what changed
Two fiscal 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.
CAPA
Largest movements
- Cash -€336,441
down €336,441 (-35.7%), from €942,277 to €605,836
mainly Trade debts (-€827,442) and Other debts (-€21,003)
- Stocks and contracts -€336,404
no longer reported in 2025 (was €336,404)
- Receivables within one year -€138,007
down €138,007 (-30.0%), from €460,623 to €322,616
of which Trade receivables: -€136,738
- Tangible fixed assets -€21,720
down €21,720 (-28.5%), from €76,316 to €54,596
of which Plant, machinery and equipment: -€18,846
- Trade debts -€827,442
down €827,442 (-56.4%), from €1.5m to €638,780
- Other debts -€21,003
down €21,003 (-42.6%), from €49,335 to €28,332
- Gross operating margin -€17,440
down €17,440 (-20.3%), from €86,052 to €68,613
- Depreciation -€14,999
down €14,999 (-68.6%), from €21,862 to €6,863
- Staff costs +€2,083
up €2,083 (+3.7%), from €56,539 to €58,622
- Other operating charges -€1,937
down €1,937 (-91.6%), from €2,116 to €178
- Financial income +€1,039
up €1,039 (+4899.1%), from €21 to €1,060
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 | €1,820,247 | €988,143 | -€832,104 | -45.7% |
| Fixed assets | 21/28 | €76,316 | €54,596 | -€21,720 | -28.5% |
| Tangible fixed assets | 22/27 | €76,316 | €54,596 | -€21,720 | -28.5% |
| Land and buildings | 22 | €51,997 | €49,123 | -€2,875 | -5.5% |
| Plant, machinery and equipment | 23 | €24,319 | €5,473 | -€18,846 | -77.5% |
| Current assets | 29/58 | €1,743,931 | €933,547 | -€810,384 | -46.5% |
| Stocks and contracts in progress | 3 | €336,404 | - | -€336,404 | |
| Stocks | 30/36 | €336,404 | - | -€336,404 | |
| Amounts receivable within one year | 40/41 | €460,623 | €322,616 | -€138,007 | -30.0% |
| Trade receivables | 40 | €455,038 | €318,300 | -€136,738 | -30.0% |
| Other amounts receivable | 41 | €5,585 | €4,315 | -€1,269 | -22.7% |
| Current investments | 50/53 | €4,627 | €4,627 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €942,277 | €605,836 | -€336,441 | -35.7% |
| Deferred charges and accrued income | 490/1 | - | €469 | +€469 | |
| Total equity and liabilities | 10/49 | €1,820,247 | €988,143 | -€832,104 | -45.7% |
| Equity | 10/15 | €284,758 | €288,603 | +€3,845 | +1.4% |
| Contributions | 10/11 | €247,800 | €247,800 | = | 0.0% |
| Capital | 10 | €247,800 | €247,800 | = | 0.0% |
| Issued capital | 100 | €247,800 | €247,800 | = | 0.0% |
| Reserves | 13 | €55,561 | €55,561 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,290 | €3,290 | = | 0.0% |
| Legal reserve | 130 | €3,290 | €3,290 | = | 0.0% |
| Distributable reserves | 133 | €52,271 | €52,271 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,603 | -€14,758 | +€3,845 | +20.7% |
| Amounts payable | 17/49 | €1,535,489 | €699,540 | -€835,949 | -54.4% |
| Amounts payable within one year | 42/48 | €1,535,489 | €699,344 | -€836,145 | -54.5% |
| Trade debts | 44 | €1,466,222 | €638,780 | -€827,442 | -56.4% |
| Suppliers | 440/4 | €1,466,222 | €638,780 | -€827,442 | -56.4% |
| Taxes, remuneration and social security | 45 | €19,932 | €32,232 | +€12,300 | +61.7% |
| Taxes | 450/3 | €10,191 | €23,302 | +€13,111 | +128.7% |
| Remuneration and social security | 454/9 | €9,741 | €8,930 | -€811 | -8.3% |
| Other amounts payable | 47/48 | €49,335 | €28,332 | -€21,003 | -42.6% |
| Accrued charges and deferred income | 492/3 | - | €196 | +€196 | |
| Non-recurring operating income | 76A | - | €45,143 | +€45,143 | |
| Remuneration, social security and pensions | 62 | €56,539 | €58,622 | +€2,083 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,862 | €6,863 | -€14,999 | -68.6% |
| Other operating charges | 640/8 | €2,116 | €178 | -€1,937 | -91.6% |
| Gross operating margin | 9900 | €86,052 | €68,613 | -€17,440 | -20.3% |
| Operating profit (loss) | 9901 | €5,535 | €2,949 | -€2,586 | -46.7% |
| Financial income | 75/76B | €21 | €1,060 | +€1,039 | +4899.1% |
| Recurring financial income | 75 | €21 | €1,060 | +€1,039 | +4899.1% |
| Financial charges | 65/66B | €254 | €165 | -€89 | -35.1% |
| Recurring financial charges | 65 | €254 | €165 | -€89 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €5,302 | €3,845 | -€1,458 | -27.5% |
| Profit (loss) for the period | 9904 | €5,302 | €3,845 | -€1,458 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,302 | €3,845 | -€1,458 | -27.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.