CAPELCO: 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.
CAPELCO
Largest movements
- Cash -€136,722
down €136,722 (-72.3%), from €189,100 to €52,378
mainly Other debts (-€117,424) and Contributions, distributions and other (-€91,896)
- Receivables within one year +€16,016
up €16,016 (+30.8%), from €51,941 to €67,957
of which Trade receivables: +€14,090
- Tangible fixed assets +€2,774
new in 2025: €2,774
- Other debts -€117,424
down €117,424 (-55.6%), from €211,194 to €93,770
- Tax, wage and social debts -€3,401
down €3,401 (-34.1%), from €9,970 to €6,570
- Accrued charges and deferred income +€3,058
up €3,058 (+374.9%), from €816 to €3,874
- Gross operating margin -€7,943
down €7,943 (-6.0%), from €132,101 to €124,158
- Taxes -€2,494
down €2,494 (-7.4%), from €33,670 to €31,176
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 | €241,200 | €123,370 | -€117,830 | -48.9% |
| Fixed assets | 21/28 | - | €2,774 | +€2,774 | |
| Tangible fixed assets | 22/27 | - | €2,774 | +€2,774 | |
| Furniture and vehicles | 24 | - | €2,774 | +€2,774 | |
| Current assets | 29/58 | €241,200 | €120,596 | -€120,604 | -50.0% |
| Amounts receivable within one year | 40/41 | €51,941 | €67,957 | +€16,016 | +30.8% |
| Trade receivables | 40 | €43 | €14,133 | +€14,090 | +32767.0% |
| Other amounts receivable | 41 | €51,898 | €53,824 | +€1,926 | +3.7% |
| Cash at bank and in hand | 54/58 | €189,100 | €52,378 | -€136,722 | -72.3% |
| Deferred charges and accrued income | 490/1 | €159 | €261 | +€102 | +64.2% |
| Total equity and liabilities | 10/49 | €241,200 | €123,370 | -€117,830 | -48.9% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €222,600 | €104,770 | -€117,830 | -52.9% |
| Amounts payable within one year | 42/48 | €221,784 | €100,896 | -€120,888 | -54.5% |
| Trade debts | 44 | €620 | €556 | -€64 | -10.3% |
| Suppliers | 440/4 | €620 | €556 | -€64 | -10.3% |
| Taxes, remuneration and social security | 45 | €9,970 | €6,570 | -€3,401 | -34.1% |
| Taxes | 450/3 | €9,970 | €6,570 | -€3,401 | -34.1% |
| Other amounts payable | 47/48 | €211,194 | €93,770 | -€117,424 | -55.6% |
| Accrued charges and deferred income | 492/3 | €816 | €3,874 | +€3,058 | +374.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €357 | +€357 | |
| Other operating charges | 640/8 | €453 | €687 | +€234 | +51.5% |
| Gross operating margin | 9900 | €132,101 | €124,158 | -€7,943 | -6.0% |
| Operating profit (loss) | 9901 | €131,648 | €123,114 | -€8,534 | -6.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €85 | €42 | -€42 | -50.2% |
| Recurring financial charges | 65 | €85 | €42 | -€42 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €131,563 | €123,072 | -€8,491 | -6.5% |
| Income taxes | 67/77 | €33,670 | €31,176 | -€2,494 | -7.4% |
| Profit (loss) for the period | 9904 | €97,894 | €91,896 | -€5,998 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €97,894 | €91,896 | -€5,998 | -6.1% |
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 7 October 2026 via checked.be.