CAPANDER: 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.
CAPANDER
Largest movements
- Cash -€474,253
down €474,253 (-32.4%), from €1.5m to €991,124
mainly Debts after one year (-€312,387) and Short-term financial debts (-€218,423)
- Tangible fixed assets -€314,897
down €314,897 (-18.1%), from €1.7m to €1.4m
of which Plant, machinery and equipment: -€189,402
- Deferred charges and accrued income -€72,685
down €72,685 (-40.8%), from €177,974 to €105,289
- Receivables within one year +€58,293
up €58,293 (+5.4%), from €1.1m to €1.1m
of which Other amounts receivable: +€299,397
- Debts after one year -€312,387
down €312,387 (-39.7%), from €786,863 to €474,476
of which Financial debts: -€312,387
- Short-term financial debts -€218,423
down €218,423 (-76.4%), from €286,036 to €67,613
- Trade debts -€172,487
down €172,487 (-10.0%), from €1.7m to €1.5m
- Accrued charges and deferred income -€104,986
down €104,986 (-99.2%), from €105,788 to €802
- Gross operating margin -€465,791
down €465,791 (-16.6%), from €2.8m to €2.3m
- Taxes -€289,287
down €289,287 (-87.0%), from €332,700 to €43,413
- Financial charges -€110,391
down €110,391 (-58.9%), from €187,376 to €76,985
of which Non-recurring financial charges: -€81,491
- Staff costs +€81,321
up €81,321 (+5.3%), from €1.5m to €1.6m
- Other operating charges -€79,087
down €79,087 (-59.7%), from €132,369 to €53,282
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 | €5,375,363 | €4,581,917 | -€793,446 | -14.8% |
| Formation expenses | 20 | - | €1,438 | +€1,438 | |
| Fixed assets | 21/28 | €1,810,694 | €1,460,145 | -€350,549 | -19.4% |
| Intangible fixed assets | 21 | €37,781 | - | -€37,781 | |
| Tangible fixed assets | 22/27 | €1,742,535 | €1,427,637 | -€314,897 | -18.1% |
| Plant, machinery and equipment | 23 | €1,173,422 | €984,020 | -€189,402 | -16.1% |
| Furniture and vehicles | 24 | €184,463 | €116,942 | -€67,521 | -36.6% |
| Leasing and similar rights | 25 | €4,262 | - | -€4,262 | |
| Other tangible fixed assets | 26 | €380,387 | €326,675 | -€53,712 | -14.1% |
| Financial fixed assets | 28 | €30,377 | €32,508 | +€2,130 | +7.0% |
| Current assets | 29/58 | €3,564,670 | €3,120,334 | -€444,336 | -12.5% |
| Stocks and contracts in progress | 3 | €831,791 | €876,099 | +€44,308 | +5.3% |
| Stocks | 30/36 | €831,791 | €876,099 | +€44,308 | +5.3% |
| Amounts receivable within one year | 40/41 | €1,089,528 | €1,147,821 | +€58,293 | +5.4% |
| Trade receivables | 40 | €703,118 | €462,014 | -€241,104 | -34.3% |
| Other amounts receivable | 41 | €386,410 | €685,808 | +€299,397 | +77.5% |
| Cash at bank and in hand | 54/58 | €1,465,377 | €991,124 | -€474,253 | -32.4% |
| Deferred charges and accrued income | 490/1 | €177,974 | €105,289 | -€72,685 | -40.8% |
| Total equity and liabilities | 10/49 | €5,375,363 | €4,581,917 | -€793,446 | -14.8% |
| Equity | 10/15 | €1,790,554 | €1,804,926 | +€14,372 | +0.8% |
| Contributions | 10/11 | €84,025 | €84,025 | = | 0.0% |
| Capital | 10 | €84,025 | €84,025 | = | 0.0% |
| Issued capital | 100 | €84,025 | €84,025 | = | 0.0% |
| Reserves | 13 | €309,823 | €309,823 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,403 | €8,403 | = | 0.0% |
| Legal reserve | 130 | €8,403 | €8,403 | = | 0.0% |
| Distributable reserves | 133 | €301,420 | €301,420 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,396,707 | €1,411,078 | +€14,372 | +1.0% |
| Amounts payable | 17/49 | €3,584,809 | €2,776,992 | -€807,818 | -22.5% |
| Amounts payable after more than one year | 17 | €786,863 | €474,476 | -€312,387 | -39.7% |
| Financial debts | 170/4 | €783,063 | €470,676 | -€312,387 | -39.9% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,692,158 | €2,301,714 | -€390,444 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €280,329 | €312,387 | +€32,058 | +11.4% |
| Financial debts | 43 | €286,036 | €67,613 | -€218,423 | -76.4% |
| Credit institutions | 430/8 | €286,036 | €67,613 | -€218,423 | -76.4% |
| Trade debts | 44 | €1,716,667 | €1,544,180 | -€172,487 | -10.0% |
| Suppliers | 440/4 | €1,716,667 | €1,544,180 | -€172,487 | -10.0% |
| Taxes, remuneration and social security | 45 | €204,723 | €152,511 | -€52,212 | -25.5% |
| Taxes | 450/3 | €67,943 | €45 | -€67,897 | -99.9% |
| Remuneration and social security | 454/9 | €136,780 | €152,466 | +€15,685 | +11.5% |
| Other amounts payable | 47/48 | €204,402 | €225,023 | +€20,621 | +10.1% |
| Accrued charges and deferred income | 492/3 | €105,788 | €802 | -€104,986 | -99.2% |
| Non-recurring operating income | 76A | €27,031 | €231,546 | +€204,514 | +756.6% |
| Remuneration, social security and pensions | 62 | €1,544,516 | €1,625,837 | +€81,321 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €408,110 | €410,874 | +€2,764 | +0.7% |
| Other operating charges | 640/8 | €132,369 | €53,282 | -€79,087 | -59.7% |
| Non-recurring operating charges | 66A | €2,400 | €562 | -€1,838 | -76.6% |
| Gross operating margin | 9900 | €2,812,604 | €2,346,814 | -€465,791 | -16.6% |
| Operating profit (loss) | 9901 | €725,210 | €256,258 | -€468,951 | -64.7% |
| Financial income | 75/76B | €75,472 | €78,631 | +€3,158 | +4.2% |
| Recurring financial income | 75 | €70,972 | €78,631 | +€7,658 | +10.8% |
| Non-recurring financial income | 76B | €4,500 | - | -€4,500 | |
| Financial charges | 65/66B | €187,376 | €76,985 | -€110,391 | -58.9% |
| Recurring financial charges | 65 | €105,844 | €76,943 | -€28,901 | -27.3% |
| Non-recurring financial charges | 66B | €81,533 | €42 | -€81,491 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | €613,306 | €257,904 | -€355,402 | -57.9% |
| Income taxes | 67/77 | €332,700 | €43,413 | -€289,287 | -87.0% |
| Profit (loss) for the period | 9904 | €280,605 | €214,491 | -€66,115 | -23.6% |
| Transfer from tax-exempt reserves | 789 | €176,820 | - | -€176,820 | |
| Profit (loss) for the period to be appropriated | 9905 | €457,425 | €214,491 | -€242,935 | -53.1% |
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 30 September 2026 via checked.be.