CAPGOZÉE: 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.
CAPGOZÉE
Largest movements
- Cash -€552,868
down €552,868 (-70.2%), from €787,523 to €234,655
mainly Trade debts (-€929,034) and Net result for the year (-€303,778)
- Receivables within one year -€130,709
down €130,709 (-40.4%), from €323,197 to €192,487
of which Trade receivables: -€173,203
- Stocks and contracts +€104,269
up €104,269 (+17.9%), from €581,216 to €685,485
- Intangible fixed assets -€66,626
down €66,626 (-11.3%), from €588,080 to €521,453
- Tangible fixed assets +€31,066
up €31,066 (+752.1%), from €4,131 to €35,197
- Trade debts -€929,034
down €929,034 (-40.8%), from €2.3m to €1.3m
- Debts after one year +€513,566
up €513,566 (+13514.9%), from €3,800 to €517,366
of which Financial debts: +€513,566
- Profit (loss) carried forward -€303,778
down €303,778 (-71.9%), from -€422,355 to -€726,133
- Current portion of long-term debt +€133,589
new in 2025: €133,589
- Tax, wage and social debts -€95,728
down €95,728 (-29.1%), from €329,245 to €233,517
of which Remuneration and social security: -€60,330
- Staff costs -€500,253
down €500,253 (-27.5%), from €1.8m to €1.3m
- Gross operating margin -€312,951
down €312,951 (-20.2%), from €1.5m to €1.2m
- Financial charges +€55,362
up €55,362 (+139.4%), from €39,715 to €95,077
of which Financial charges: +€54,084
- Other operating charges +€26,809
up €26,809 (+75.1%), from €35,714 to €62,523
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 | €2,287,797 | €1,684,727 | -€603,070 | -26.4% |
| Formation expenses | 20 | €1,044 | €771 | -€272 | -26.1% |
| Fixed assets | 21/28 | €592,210 | €556,650 | -€35,560 | -6.0% |
| Intangible fixed assets | 21 | €588,080 | €521,453 | -€66,626 | -11.3% |
| Tangible fixed assets | 22/27 | €4,131 | €35,197 | +€31,066 | +752.1% |
| Plant, machinery and equipment | 23 | €4,131 | €17,031 | +€12,900 | +312.3% |
| Furniture and vehicles | 24 | - | €4,977 | +€4,977 | |
| Other tangible fixed assets | 26 | - | €13,189 | +€13,189 | |
| Current assets | 29/58 | €1,694,543 | €1,127,306 | -€567,238 | -33.5% |
| Stocks and contracts in progress | 3 | €581,216 | €685,485 | +€104,269 | +17.9% |
| Stocks | 30/36 | €581,216 | €685,485 | +€104,269 | +17.9% |
| Amounts receivable within one year | 40/41 | €323,197 | €192,487 | -€130,709 | -40.4% |
| Trade receivables | 40 | €301,817 | €128,614 | -€173,203 | -57.4% |
| Other amounts receivable | 41 | €21,380 | €63,873 | +€42,493 | +198.8% |
| Cash at bank and in hand | 54/58 | €787,523 | €234,655 | -€552,868 | -70.2% |
| Deferred charges and accrued income | 490/1 | €2,608 | €14,678 | +€12,070 | +462.8% |
| Total equity and liabilities | 10/49 | €2,287,797 | €1,684,727 | -€603,070 | -26.4% |
| Equity | 10/15 | -€322,355 | -€626,133 | -€303,778 | -94.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€422,355 | -€726,133 | -€303,778 | -71.9% |
| Amounts payable | 17/49 | €2,610,152 | €2,310,860 | -€299,292 | -11.5% |
| Amounts payable after more than one year | 17 | €3,800 | €517,366 | +€513,566 | +13514.9% |
| Financial debts | 170/4 | - | €513,566 | +€513,566 | |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,606,352 | €1,793,494 | -€812,858 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | - | €133,589 | +€133,589 | |
| Financial debts | 43 | - | €78,500 | +€78,500 | |
| Credit institutions | 430/8 | - | €78,500 | +€78,500 | |
| Trade debts | 44 | €2,276,922 | €1,347,888 | -€929,034 | -40.8% |
| Suppliers | 440/4 | €2,276,922 | €1,347,888 | -€929,034 | -40.8% |
| Taxes, remuneration and social security | 45 | €329,245 | €233,517 | -€95,728 | -29.1% |
| Taxes | 450/3 | €63,144 | €27,747 | -€35,397 | -56.1% |
| Remuneration and social security | 454/9 | €266,101 | €205,770 | -€60,330 | -22.7% |
| Other amounts payable | 47/48 | €185 | - | -€185 | |
| Non-recurring operating income | 76A | €384,353 | €401,688 | +€17,335 | +4.5% |
| Remuneration, social security and pensions | 62 | €1,816,727 | €1,316,473 | -€500,253 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,462 | €70,917 | -€2,545 | -3.5% |
| Other operating charges | 640/8 | €35,714 | €62,523 | +€26,809 | +75.1% |
| Non-recurring operating charges | 66A | €2,466 | €103 | -€2,363 | -95.8% |
| Gross operating margin | 9900 | €1,545,909 | €1,232,959 | -€312,951 | -20.2% |
| Operating profit (loss) | 9901 | -€382,459 | -€217,057 | +€165,402 | +43.2% |
| Financial income | 75/76B | €28 | €8,356 | +€8,328 | +29883.1% |
| Recurring financial income | 75 | €28 | €8,356 | +€8,328 | +29883.1% |
| Financial charges | 65/66B | €39,715 | €95,077 | +€55,362 | +139.4% |
| Recurring financial charges | 65 | €39,715 | €93,799 | +€54,084 | +136.2% |
| Non-recurring financial charges | 66B | - | €1,278 | +€1,278 | |
| Profit (loss) for the period before taxes | 9903 | -€422,147 | -€303,778 | +€118,369 | +28.0% |
| Income taxes | 67/77 | €208 | - | -€208 | |
| Profit (loss) for the period | 9904 | -€422,355 | -€303,778 | +€118,577 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€422,355 | -€303,778 | +€118,577 | +28.1% |
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 6 October 2026 via checked.be.