CAPAMAR: 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.
What changed
CAPAMAR
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€403
2024 · €176,741-€176,338
Equity
€1.2m
2024 · €1.2m+€403
Cash
€2,539
2024 · €5,498-€2,959
Balance sheet total
€2.6m
2024 · €2.8m-€252,475
Largest movements
Assets
- Receivables after one year -€414,000
down €414,000 (-75.3%), from €550,121 to €136,121
- Receivables within one year +€165,410
up €165,410 (+9.1%), from €1.8m to €2.0m
of which Trade receivables: +€101,604
Equity and liabilities
- Debts after one year -€330,000
down €330,000 (-62.3%), from €530,000 to €200,000
- Other debts +€50,162
up €50,162 (+5.0%), from €995,385 to €1.0m
Income statement
- Financial income -€233,565
down €233,565 (-88.2%), from €264,867 to €31,302
- Gross operating margin +€47,085
up €47,085, from -€43,165 to €3,920
- Financial charges -€9,950
down €9,950 (-23.4%), from €42,535 to €32,584
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.
Result 2024
€176,741
Gross operating margin
+€47,085
Depreciation
+€6
Other operating charges
-€50
Financial income
-€233,565
Financial charges
+€9,950
Taxes
+€236
Result 2025
€403
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.
From operations
+€326,224
Investment
+€817
Financing
-€330,000
Cash 2024
€5,498
From operations (derived)
+€326,224
Net result for the year
+€403
Depreciation
+€109
Receivables after one year
+€414,000
Receivables within one year
-€165,410
Trade debts
+€7,612
Tax, wage and social debts
+€1,555
Other debts
+€50,162
Accrued charges and deferred income
+€17,793
Investment (derived)
+€817
Current investments
+€817
Financing
-€330,000
Debts after one year
-€330,000
Cash 2025
€2,539
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,824,884 | €2,572,408 | -€252,475 | -8.9% |
| Fixed assets | 21/28 | €448,318 | €448,208 | -€109 | 0.0% |
| Tangible fixed assets | 22/27 | €109 | - | -€109 | |
| Plant, machinery and equipment | 23 | €109 | - | -€109 | |
| Financial fixed assets | 28 | €448,208 | €448,208 | = | 0.0% |
| Current assets | 29/58 | €2,376,566 | €2,124,200 | -€252,366 | -10.6% |
| Amounts receivable after more than one year | 29 | €550,121 | €136,121 | -€414,000 | -75.3% |
| Other amounts receivable | 291 | €550,121 | €136,121 | -€414,000 | -75.3% |
| Amounts receivable within one year | 40/41 | €1,818,216 | €1,983,626 | +€165,410 | +9.1% |
| Trade receivables | 40 | €267,513 | €369,117 | +€101,604 | +38.0% |
| Other amounts receivable | 41 | €1,550,703 | €1,614,509 | +€63,807 | +4.1% |
| Current investments | 50/53 | €840 | €23 | -€817 | -97.3% |
| Cash at bank and in hand | 54/58 | €5,498 | €2,539 | -€2,959 | -53.8% |
| Deferred charges and accrued income | 490/1 | €1,892 | €1,892 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,824,884 | €2,572,408 | -€252,475 | -8.9% |
| Equity | 10/15 | €1,195,709 | €1,196,111 | +€403 | 0.0% |
| Contributions | 10/11 | €72,000 | €72,000 | = | 0.0% |
| Capital | 10 | €72,000 | €72,000 | = | 0.0% |
| Issued capital | 100 | €72,000 | €72,000 | = | 0.0% |
| Reserves | 13 | €473,564 | €473,564 | = | 0.0% |
| Non-distributable reserves | 130/1 | €37,200 | €37,200 | = | 0.0% |
| Legal reserve | 130 | €37,200 | €37,200 | = | 0.0% |
| Distributable reserves | 133 | €436,364 | €436,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | €650,145 | €650,548 | +€403 | +0.1% |
| Provisions and deferred taxes | 16 | €85,000 | €85,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €85,000 | €85,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €85,000 | €85,000 | = | 0.0% |
| Amounts payable | 17/49 | €1,544,175 | €1,291,297 | -€252,878 | -16.4% |
| Amounts payable after more than one year | 17 | €530,000 | €200,000 | -€330,000 | -62.3% |
| Financial debts | 170/4 | €530,000 | €200,000 | -€330,000 | -62.3% |
| Amounts payable within one year | 42/48 | €1,001,135 | €1,060,463 | +€59,329 | +5.9% |
| Trade debts | 44 | €2,500 | €10,112 | +€7,612 | +304.4% |
| Suppliers | 440/4 | €2,500 | €10,112 | +€7,612 | +304.4% |
| Taxes, remuneration and social security | 45 | €3,250 | €4,805 | +€1,555 | +47.8% |
| Taxes | 450/3 | €3,250 | €4,805 | +€1,555 | +47.8% |
| Other amounts payable | 47/48 | €995,385 | €1,045,546 | +€50,162 | +5.0% |
| Accrued charges and deferred income | 492/3 | €13,040 | €30,834 | +€17,793 | +136.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115 | €109 | -€6 | -5.3% |
| Other operating charges | 640/8 | €1,687 | €1,737 | +€50 | +3.0% |
| Gross operating margin | 9900 | -€43,165 | €3,920 | +€47,085 | |
| Operating profit (loss) | 9901 | -€44,968 | €2,073 | +€47,041 | |
| Financial income | 75/76B | €264,867 | €31,302 | -€233,565 | -88.2% |
| Recurring financial income | 75 | €264,867 | €31,302 | -€233,565 | -88.2% |
| Financial charges | 65/66B | €42,535 | €32,584 | -€9,950 | -23.4% |
| Recurring financial charges | 65 | €42,535 | €32,584 | -€9,950 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €177,365 | €790 | -€176,574 | -99.6% |
| Income taxes | 67/77 | €624 | €387 | -€236 | -37.9% |
| Profit (loss) for the period | 9904 | €176,741 | €403 | -€176,338 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €176,741 | €403 | -€176,338 | -99.8% |
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.