CAPIRO: 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.
CAPIRO
Largest movements
- Cash +€303,316
up €303,316 (+164.9%), from €183,898 to €487,214
mainly Stocks and contracts (+€111,110) and Trade debts (+€88,021)
- Stocks and contracts -€111,110
down €111,110 (-49.0%), from €226,577 to €115,467
- Receivables within one year -€66,415
down €66,415 (-12.6%), from €526,535 to €460,120
of which Trade receivables: -€75,774
- Tangible fixed assets +€20,373
up €20,373 (+9.1%), from €222,713 to €243,087
of which Furniture and vehicles: +€30,101
- Trade debts +€88,021
up €88,021 (+76.4%), from €115,149 to €203,170
- Other debts +€52,173
up €52,173 (+71.6%), from €72,903 to €125,076
- Gross operating margin +€102,274
up €102,274 (+661.8%), from €15,454 to €117,728
- Other operating charges +€55,494
up €55,494 (+269.1%), from €20,620 to €76,114
- Write-downs +€36,376
new in 2025: €36,376
- Depreciation +€12,768
up €12,768 (+32.8%), from €38,917 to €51,684
- Financial income -€6,272
down €6,272 (-10.1%), from €61,908 to €55,636
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 | €1,161,949 | €1,311,835 | +€149,886 | +12.9% |
| Fixed assets | 21/28 | €222,713 | €245,502 | +€22,789 | +10.2% |
| Intangible fixed assets | 21 | - | €2,415 | +€2,415 | |
| Tangible fixed assets | 22/27 | €222,713 | €243,087 | +€20,373 | +9.1% |
| Land and buildings | 22 | €167,758 | €167,159 | -€598 | -0.4% |
| Plant, machinery and equipment | 23 | €29,802 | €20,672 | -€9,130 | -30.6% |
| Furniture and vehicles | 24 | €25,154 | €55,255 | +€30,101 | +119.7% |
| Current assets | 29/58 | €939,235 | €1,066,333 | +€127,098 | +13.5% |
| Stocks and contracts in progress | 3 | €226,577 | €115,467 | -€111,110 | -49.0% |
| Stocks | 30/36 | €226,577 | €115,467 | -€111,110 | -49.0% |
| Amounts receivable within one year | 40/41 | €526,535 | €460,120 | -€66,415 | -12.6% |
| Trade receivables | 40 | €428,348 | €352,574 | -€75,774 | -17.7% |
| Other amounts receivable | 41 | €98,187 | €107,546 | +€9,359 | +9.5% |
| Cash at bank and in hand | 54/58 | €183,898 | €487,214 | +€303,316 | +164.9% |
| Deferred charges and accrued income | 490/1 | €2,226 | €3,533 | +€1,307 | +58.7% |
| Total equity and liabilities | 10/49 | €1,161,949 | €1,311,835 | +€149,886 | +12.9% |
| Equity | 10/15 | €972,005 | €972,344 | +€339 | 0.0% |
| Contributions | 10/11 | €547,231 | €547,231 | = | 0.0% |
| Reserves | 13 | €354,749 | €354,749 | = | 0.0% |
| Distributable reserves | 133 | €354,749 | €354,749 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,024 | €70,363 | +€339 | +0.5% |
| Amounts payable | 17/49 | €189,944 | €339,491 | +€149,547 | +78.7% |
| Amounts payable within one year | 42/48 | €188,052 | €339,243 | +€151,191 | +80.4% |
| Trade debts | 44 | €115,149 | €203,170 | +€88,021 | +76.4% |
| Suppliers | 440/4 | €115,149 | €203,170 | +€88,021 | +76.4% |
| Taxes, remuneration and social security | 45 | - | €10,998 | +€10,998 | |
| Taxes | 450/3 | - | €10,998 | +€10,998 | |
| Other amounts payable | 47/48 | €72,903 | €125,076 | +€52,173 | +71.6% |
| Accrued charges and deferred income | 492/3 | €1,892 | €248 | -€1,644 | -86.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,917 | €51,684 | +€12,768 | +32.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €36,376 | +€36,376 | |
| Other operating charges | 640/8 | €20,620 | €76,114 | +€55,494 | +269.1% |
| Gross operating margin | 9900 | €15,454 | €117,728 | +€102,274 | +661.8% |
| Operating profit (loss) | 9901 | -€44,083 | -€46,446 | -€2,363 | -5.4% |
| Financial income | 75/76B | €61,908 | €55,636 | -€6,272 | -10.1% |
| Recurring financial income | 75 | €61,908 | €55,636 | -€6,272 | -10.1% |
| Financial charges | 65/66B | €7,817 | €4,743 | -€3,074 | -39.3% |
| Recurring financial charges | 65 | €7,817 | €4,743 | -€3,074 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €10,008 | €4,447 | -€5,562 | -55.6% |
| Income taxes | 67/77 | €5,196 | €4,107 | -€1,089 | -21.0% |
| Profit (loss) for the period | 9904 | €4,812 | €339 | -€4,473 | -93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,812 | €339 | -€4,473 | -93.0% |
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 4 October 2026 via checked.be.