CAPELEC: 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.
CAPELEC
Largest movements
- Receivables within one year -€43,185
down €43,185 (-62.2%), from €69,475 to €26,290
of which Trade receivables: -€39,773
- Tangible fixed assets -€15,799
down €15,799 (-31.7%), from €49,824 to €34,025
of which Leasing and similar rights: -€8,770
- Cash +€9,786
up €9,786 (+1018.1%), from €961 to €10,747
mainly Receivables within one year (+€43,185) and Other debts (+€20,816)
- Stocks and contracts +€5,988
up €5,988 (+147.4%), from €4,061 to €10,048
of which Contracts in progress: +€5,000
- Deferred charges and accrued income -€2,508
down €2,508 (-18.3%), from €13,736 to €11,227
- Trade debts -€36,306
down €36,306 (-91.1%), from €39,847 to €3,540
- Other debts +€20,816
new in 2025: €20,816
- Reserves -€20,000
down €20,000 (-71.2%), from €28,099 to €8,099
of which Distributable reserves: -€20,000
- Debts after one year -€8,131
down €8,131 (-46.5%), from €17,475 to €9,344
- Short-term financial debts -€5,626
down €5,626 (-39.4%), from €14,272 to €8,646
- Depreciation +€3,516
up €3,516 (+28.6%), from €12,283 to €15,799
- Other operating charges -€2,028
down €2,028 (-46.9%), from €4,324 to €2,295
- Financial charges +€578
up €578 (+81.6%), from €709 to €1,287
- Taxes -€303
down €303 (-19.6%), from €1,547 to €1,244
- Staff costs -€225
no longer reported in 2025 (was €225)
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 | €138,199 | €92,480 | -€45,720 | -33.1% |
| Fixed assets | 21/28 | €49,966 | €34,167 | -€15,799 | -31.6% |
| Tangible fixed assets | 22/27 | €49,824 | €34,025 | -€15,799 | -31.7% |
| Plant, machinery and equipment | 23 | €3,878 | €2,688 | -€1,190 | -30.7% |
| Furniture and vehicles | 24 | €32,610 | €26,771 | -€5,839 | -17.9% |
| Leasing and similar rights | 25 | €13,335 | €4,565 | -€8,770 | -65.8% |
| Financial fixed assets | 28 | €142 | €142 | = | 0.0% |
| Current assets | 29/58 | €88,233 | €58,313 | -€29,920 | -33.9% |
| Stocks and contracts in progress | 3 | €4,061 | €10,048 | +€5,988 | +147.4% |
| Stocks | 30/36 | €4,061 | €5,048 | +€988 | +24.3% |
| Contracts in progress | 37 | - | €5,000 | +€5,000 | |
| Amounts receivable within one year | 40/41 | €69,475 | €26,290 | -€43,185 | -62.2% |
| Trade receivables | 40 | €40,710 | €937 | -€39,773 | -97.7% |
| Other amounts receivable | 41 | €28,766 | €25,353 | -€3,412 | -11.9% |
| Cash at bank and in hand | 54/58 | €961 | €10,747 | +€9,786 | +1018.1% |
| Deferred charges and accrued income | 490/1 | €13,736 | €11,227 | -€2,508 | -18.3% |
| Total equity and liabilities | 10/49 | €138,199 | €92,480 | -€45,720 | -33.1% |
| Equity | 10/15 | €65,941 | €48,995 | -€16,946 | -25.7% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €28,099 | €8,099 | -€20,000 | -71.2% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €23,099 | €3,099 | -€20,000 | -86.6% |
| Profit (loss) carried forward | 14 | €6,855 | €9,910 | +€3,054 | +44.6% |
| Amounts payable | 17/49 | €72,259 | €43,485 | -€28,774 | -39.8% |
| Amounts payable after more than one year | 17 | €17,475 | €9,344 | -€8,131 | -46.5% |
| Financial debts | 170/4 | €17,475 | €9,344 | -€8,131 | -46.5% |
| Amounts payable within one year | 42/48 | €54,783 | €34,141 | -€20,642 | -37.7% |
| Financial debts | 43 | €14,272 | €8,646 | -€5,626 | -39.4% |
| Credit institutions | 430/8 | €14,272 | €8,646 | -€5,626 | -39.4% |
| Trade debts | 44 | €39,847 | €3,540 | -€36,306 | -91.1% |
| Suppliers | 440/4 | €39,847 | €3,540 | -€36,306 | -91.1% |
| Taxes, remuneration and social security | 45 | €665 | €1,139 | +€474 | +71.2% |
| Taxes | 450/3 | €665 | €1,139 | +€474 | +71.2% |
| Other amounts payable | 47/48 | - | €20,816 | +€20,816 | |
| Remuneration, social security and pensions | 62 | €225 | - | -€225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,283 | €15,799 | +€3,516 | +28.6% |
| Other operating charges | 640/8 | €4,324 | €2,295 | -€2,028 | -46.9% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | €22,333 | €22,443 | +€110 | +0.5% |
| Operating profit (loss) | 9901 | €5,502 | €4,249 | -€1,253 | -22.8% |
| Financial income | 75/76B | €1,510 | €1,337 | -€173 | -11.5% |
| Recurring financial income | 75 | €1,510 | €1,337 | -€173 | -11.5% |
| Financial charges | 65/66B | €709 | €1,287 | +€578 | +81.6% |
| Recurring financial charges | 65 | €709 | €1,287 | +€578 | +81.6% |
| Profit (loss) for the period before taxes | 9903 | €6,303 | €4,299 | -€2,005 | -31.8% |
| Income taxes | 67/77 | €1,547 | €1,244 | -€303 | -19.6% |
| Profit (loss) for the period | 9904 | €4,756 | €3,054 | -€1,702 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,756 | €3,054 | -€1,702 | -35.8% |
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 8 October 2026 via checked.be.