Capaul: 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.
What changed
Capaul
NACE 25.639, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €996,277+€874,710
Equity
€9.8m
2024 · €7.2m+€2.6m
Cash
€720,360
2024 · €1.5m-€808,973
Balance sheet total
€18.2m
2024 · €16.4m+€1.8m
Largest movements
Assets
- Receivables within one year +€1.2m
up €1.2m (+36.0%), from €3.3m to €4.6m
of which Trade receivables: +€834,567
- Cash -€808,973
down €808,973 (-52.9%), from €1.5m to €720,360
mainly Investment in fixed assets (net) (-€1.6m) and Other debts (-€1.5m)
- Stocks and contracts +€611,155
up €611,155 (+11.4%), from €5.3m to €6.0m
of which Contracts in progress: +€496,866
- Current investments +€350,000
new in 2025: €350,000
- Tangible fixed assets +€323,838
up €323,838 (+5.4%), from €6.0m to €6.4m
of which Plant, machinery and equipment: +€230,587
Equity and liabilities
- Other debts -€1.5m
no longer reported in 2025 (was €1.5m)
- Reserves +€997,770
up €997,770 (+665.2%), from €150,000 to €1.1m
of which Tax-exempt reserves: +€997,770
- Profit (loss) carried forward +€873,217
up €873,217 (+16.9%), from €5.2m to €6.0m
- Investment grants +€711,666
up €711,666 (+177.0%), from €402,082 to €1.1m
- Debts after one year +€471,822
up €471,822 (+11.4%), from €4.1m to €4.6m
Income statement
- Turnover +€3.5m
up €3.5m (+23.5%), from €14.7m to €18.1m
- Goods and materials +€1.1m
up €1.1m (+24.6%), from €4.6m to €5.7m
of which Purchases: +€1.1m
- Staff costs +€1.0m
up €1.0m (+20.6%), from €4.9m to €6.0m
- Other operating income +€514,223
up €514,223 (+257.4%), from €199,757 to €713,980
- Other operating charges +€437,139
up €437,139 (+542.0%), from €80,646 to €517,785
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
€996,277
Turnover
+€3.5m
Other operating income
+€514,223
Goods and materials
-€1.1m
Services and other goods
-€151,872
Staff costs
-€1.0m
Depreciation
-€273,982
Write-downs
-€51,907
Other operating charges
-€437,139
Other operating items
+€338,644
Financial income
+€103,297
Financial charges
-€54,977
Taxes
-€411,987
Result 2025
€1.9m
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
+€39,123
Investment
-€2.0m
Financing
+€1.1m
Cash 2024
€1.5m
From operations (derived)
+€39,123
Net result for the year
+€1.9m
Depreciation
+€1.3m
Stocks and contracts
-€611,155
Receivables within one year
-€1.2m
Deferred charges and accrued income
-€126,918
Trade debts
-€15,594
Tax, wage and social debts
+€355,433
Other debts
-€1.5m
Accrued charges and deferred income
-€5,878
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€1.6m
Current investments
-€350,000
Financing
+€1.1m
Debts after one year
+€471,822
Current portion of long-term debt
-€48,577
Short-term financial debts
-€20,827
Contributions, distributions and other
+€711,666
Cash 2025
€720,360
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,377,592 | €18,182,024 | +€1.8m | +11.0% |
| Fixed assets | 21/28 | €6,047,066 | €6,366,757 | +€319,691 | +5.3% |
| Tangible fixed assets | 22/27 | €6,039,920 | €6,363,757 | +€323,838 | +5.4% |
| Land and buildings | 22 | €695,042 | €645,572 | -€49,470 | -7.1% |
| Plant, machinery and equipment | 23 | €4,178,768 | €4,409,355 | +€230,587 | +5.5% |
| Furniture and vehicles | 24 | €662,710 | €806,298 | +€143,588 | +21.7% |
| Assets under construction and advance payments | 27 | €503,400 | €502,532 | -€868 | -0.2% |
| Financial fixed assets | 28 | €7,146 | €3,000 | -€4,146 | -58.0% |
| Companies linked by participating interests | 282/3 | €1,000 | €1,000 | = | 0.0% |
| Participating interests | 282 | €1,000 | €1,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €6,146 | €2,000 | -€4,146 | -67.5% |
| Amounts receivable and cash guarantees | 285/8 | €6,146 | €2,000 | -€4,146 | -67.5% |
| Current assets | 29/58 | €10,330,525 | €11,815,266 | +€1.5m | +14.4% |
| Stocks and contracts in progress | 3 | €5,348,379 | €5,959,534 | +€611,155 | +11.4% |
| Stocks | 30/36 | €749,169 | €863,458 | +€114,289 | +15.3% |
| Raw materials and consumables | 30/31 | €749,169 | €863,458 | +€114,289 | +15.3% |
| Contracts in progress | 37 | €4,599,210 | €5,096,076 | +€496,866 | +10.8% |
| Amounts receivable within one year | 40/41 | €3,349,357 | €4,554,998 | +€1.2m | +36.0% |
| Trade receivables | 40 | €2,811,945 | €3,646,512 | +€834,567 | +29.7% |
| Other amounts receivable | 41 | €537,412 | €908,486 | +€371,074 | +69.0% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Other investments | 51/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €1,529,333 | €720,360 | -€808,973 | -52.9% |
| Deferred charges and accrued income | 490/1 | €103,456 | €230,374 | +€126,918 | +122.7% |
| Total equity and liabilities | 10/49 | €16,377,592 | €18,182,024 | +€1.8m | +11.0% |
| Equity | 10/15 | €7,226,936 | €9,809,588 | +€2.6m | +35.7% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €150,000 | €1,147,770 | +€997,770 | +665.2% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €997,770 | +€997,770 | |
| Profit (loss) carried forward | 14 | €5,174,853 | €6,048,071 | +€873,217 | +16.9% |
| Investment grants | 15 | €402,082 | €1,113,748 | +€711,666 | +177.0% |
| Provisions and deferred taxes | 16 | €2,934 | €2,934 | = | 0.0% |
| Deferred taxes | 168 | €2,934 | €2,934 | = | 0.0% |
| Amounts payable | 17/49 | €9,147,722 | €8,369,502 | -€778,221 | -8.5% |
| Amounts payable after more than one year | 17 | €4,143,772 | €4,615,595 | +€471,822 | +11.4% |
| Financial debts | 170/4 | €4,143,772 | €4,615,595 | +€471,822 | +11.4% |
| Credit institutions | 173 | €4,143,772 | €4,615,595 | +€471,822 | +11.4% |
| Amounts payable within one year | 42/48 | €4,973,519 | €3,729,354 | -€1.2m | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €1,195,970 | €1,147,393 | -€48,577 | -4.1% |
| Financial debts | 43 | €20,827 | - | -€20,827 | |
| Credit institutions | 430/8 | €20,827 | - | -€20,827 | |
| Trade debts | 44 | €1,267,985 | €1,252,391 | -€15,594 | -1.2% |
| Suppliers | 440/4 | €1,267,985 | €1,252,391 | -€15,594 | -1.2% |
| Taxes, remuneration and social security | 45 | €974,138 | €1,329,570 | +€355,433 | +36.5% |
| Taxes | 450/3 | €91,978 | €283,497 | +€191,519 | +208.2% |
| Remuneration and social security | 454/9 | €882,160 | €1,046,074 | +€163,914 | +18.6% |
| Other amounts payable | 47/48 | €1,514,600 | - | -€1.5m | |
| Accrued charges and deferred income | 492/3 | €30,431 | €24,553 | -€5,878 | -19.3% |
| Operating income | 70/76A | €15,041,811 | €19,360,487 | +€4.3m | +28.7% |
| Turnover | 70 | €14,681,898 | €18,135,188 | +€3.5m | +23.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €156,431 | €496,866 | +€340,435 | +217.6% |
| Other operating income | 74 | €199,757 | €713,980 | +€514,223 | +257.4% |
| Non-recurring operating income | 76A | €3,725 | €14,452 | +€10,727 | +287.9% |
| Operating charges | 60/66A | €13,864,042 | €16,944,341 | +€3.1m | +22.2% |
| Goods for resale, raw materials and consumables | 60 | €4,614,313 | €5,749,362 | +€1.1m | +24.6% |
| Purchases | 600/8 | €4,793,954 | €5,863,651 | +€1.1m | +22.3% |
| Change in stocks: decrease (increase) | 609 | -€179,642 | -€114,289 | +€65,353 | +36.4% |
| Services and other goods | 61 | €3,253,254 | €3,405,125 | +€151,872 | +4.7% |
| Remuneration, social security and pensions | 62 | €4,939,580 | €5,957,411 | +€1.0m | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,018,507 | €1,292,489 | +€273,982 | +26.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€51,907 | - | +€51,907 | |
| Other operating charges | 640/8 | €80,646 | €517,785 | +€437,139 | +542.0% |
| Non-recurring operating charges | 66A | €9,650 | €22,168 | +€12,518 | +129.7% |
| Operating profit (loss) | 9901 | €1,177,769 | €2,416,146 | +€1.2m | +105.1% |
| Financial income | 75/76B | €121,735 | €225,032 | +€103,297 | +84.9% |
| Recurring financial income | 75 | €121,735 | €225,032 | +€103,297 | +84.9% |
| Income from current assets | 751 | €85 | €1,236 | +€1,150 | +1346.8% |
| Other financial income | 752/9 | €121,650 | €223,797 | +€102,147 | +84.0% |
| Financial charges | 65/66B | €114,730 | €169,707 | +€54,977 | +47.9% |
| Recurring financial charges | 65 | €114,730 | €169,707 | +€54,977 | +47.9% |
| Debt charges | 650 | €102,692 | €123,618 | +€20,925 | +20.4% |
| Other financial charges | 652/9 | €12,038 | €46,089 | +€34,051 | +282.9% |
| Profit (loss) for the period before taxes | 9903 | €1,184,774 | €2,471,471 | +€1.3m | +108.6% |
| Income taxes | 67/77 | €188,497 | €600,484 | +€411,987 | +218.6% |
| Taxes | 670/3 | €188,497 | €600,484 | +€411,987 | +218.6% |
| Profit (loss) for the period | 9904 | €996,277 | €1,870,987 | +€874,710 | +87.8% |
| Transfer to tax-exempt reserves | 689 | - | €997,770 | +€997,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €996,277 | €873,217 | -€123,060 | -12.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.