CAPAN: 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.
CAPAN
Largest movements
- Cash -€71,004
down €71,004 (-71.5%), from €99,284 to €28,280
mainly Stocks and contracts (-€52,176) and Investment in fixed assets (net) (-€33,960)
- Stocks and contracts +€52,176
new in 2025: €52,176
of which Contracts in progress: +€41,000
- Receivables within one year +€33,422
up €33,422 (+161.9%), from €20,650 to €54,072
of which Trade receivables: +€28,056
- Tangible fixed assets +€11,200
up €11,200 (+19.0%), from €59,059 to €70,260
of which Furniture and vehicles: +€22,258
- Tax, wage and social debts -€22,718
down €22,718 (-75.9%), from €29,915 to €7,197
- Reserves +€21,269
up €21,269 (+18.9%), from €112,588 to €133,857
- Debts after one year +€12,323
up €12,323 (+57.5%), from €21,436 to €33,759
- Trade debts +€9,836
up €9,836 (+542.3%), from €1,814 to €11,650
- Current portion of long-term debt +€5,911
up €5,911 (+67.4%), from €8,768 to €14,679
- Gross operating margin -€44,713
down €44,713 (-45.2%), from €98,942 to €54,229
- Taxes -€9,896
down €9,896 (-58.3%), from €16,978 to €7,082
- Depreciation +€7,998
up €7,998 (+54.2%), from €14,762 to €22,760
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 | €179,584 | €205,866 | +€26,282 | +14.6% |
| Fixed assets | 21/28 | €59,059 | €70,260 | +€11,200 | +19.0% |
| Tangible fixed assets | 22/27 | €59,059 | €70,260 | +€11,200 | +19.0% |
| Plant, machinery and equipment | 23 | €610 | €101 | -€510 | -83.5% |
| Furniture and vehicles | 24 | €24,519 | €46,776 | +€22,258 | +90.8% |
| Leasing and similar rights | 25 | €31,408 | €21,650 | -€9,758 | -31.1% |
| Other tangible fixed assets | 26 | €2,522 | €1,732 | -€789 | -31.3% |
| Current assets | 29/58 | €120,524 | €135,606 | +€15,082 | +12.5% |
| Stocks and contracts in progress | 3 | - | €52,176 | +€52,176 | |
| Stocks | 30/36 | - | €11,176 | +€11,176 | |
| Contracts in progress | 37 | - | €41,000 | +€41,000 | |
| Amounts receivable within one year | 40/41 | €20,650 | €54,072 | +€33,422 | +161.9% |
| Trade receivables | 40 | €16,331 | €44,387 | +€28,056 | +171.8% |
| Other amounts receivable | 41 | €4,319 | €9,685 | +€5,366 | +124.2% |
| Cash at bank and in hand | 54/58 | €99,284 | €28,280 | -€71,004 | -71.5% |
| Deferred charges and accrued income | 490/1 | €591 | €1,078 | +€488 | +82.6% |
| Total equity and liabilities | 10/49 | €179,584 | €205,866 | +€26,282 | +14.6% |
| Equity | 10/15 | €115,088 | €136,357 | +€21,269 | +18.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €112,588 | €133,857 | +€21,269 | +18.9% |
| Distributable reserves | 133 | €112,588 | €133,857 | +€21,269 | +18.9% |
| Amounts payable | 17/49 | €64,496 | €69,509 | +€5,013 | +7.8% |
| Amounts payable after more than one year | 17 | €21,436 | €33,759 | +€12,323 | +57.5% |
| Financial debts | 170/4 | €21,436 | €33,759 | +€12,323 | +57.5% |
| Amounts payable within one year | 42/48 | €43,060 | €35,750 | -€7,310 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €8,768 | €14,679 | +€5,911 | +67.4% |
| Trade debts | 44 | €1,814 | €11,650 | +€9,836 | +542.3% |
| Suppliers | 440/4 | €1,814 | €11,650 | +€9,836 | +542.3% |
| Taxes, remuneration and social security | 45 | €29,915 | €7,197 | -€22,718 | -75.9% |
| Taxes | 450/3 | €29,915 | €7,197 | -€22,718 | -75.9% |
| Other amounts payable | 47/48 | €2,563 | €2,224 | -€339 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,762 | €22,760 | +€7,998 | +54.2% |
| Other operating charges | 640/8 | €454 | €1,055 | +€601 | +132.6% |
| Non-recurring operating charges | 66A | - | €75 | +€75 | |
| Gross operating margin | 9900 | €98,942 | €54,229 | -€44,713 | -45.2% |
| Operating profit (loss) | 9901 | €83,726 | €30,339 | -€53,387 | -63.8% |
| Financial income | 75/76B | €149 | €82 | -€67 | -44.9% |
| Recurring financial income | 75 | €149 | €82 | -€67 | -44.9% |
| Financial charges | 65/66B | €2,365 | €2,070 | -€295 | -12.5% |
| Recurring financial charges | 65 | €2,365 | €2,070 | -€295 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €81,510 | €28,351 | -€53,159 | -65.2% |
| Income taxes | 67/77 | €16,978 | €7,082 | -€9,896 | -58.3% |
| Profit (loss) for the period | 9904 | €64,533 | €21,269 | -€43,263 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,533 | €21,269 | -€43,263 | -67.0% |
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 4 October 2026 via checked.be.