CapitalM: what changed
Two financial 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.
CapitalM
Largest movements
- Receivables within one year -€25,258
down €25,258 (-67.0%), from €37,678 to €12,420
of which Trade receivables: -€24,266
- Deferred charges and accrued income +€13,157
up €13,157 (+3,757%), from €350 to €13,508
- Tangible fixed assets -€11,158
down €11,158 (-7.3%), from €153,860 to €142,702
of which Land and buildings: -€6,646
- Cash -€10,572
down €10,572 (-64.3%), from €16,431 to €5,859
mainly Net result for the year (-€21,078) and Deferred charges and accrued income (-€13,157)
- Current investments -€5,879
down €5,879 (-4.3%), from €137,431 to €131,553
- Profit (loss) carried forward -€21,078
new in 2025: -€21,078
- Other debts -€11,029
down €11,029 (-78.8%), from €14,000 to €2,971
- Trade debts -€5,104
down €5,104 (-83.3%), from €6,128 to €1,024
- Gross operating margin -€69,513
down €69,513, from €64,915 to -€4,597
- Taxes -€13,726
down €13,726 (-97.7%), from €14,043 to €317
- Depreciation -€10,969
down €10,969 (-55.1%), from €19,917 to €8,949
- Staff costs -€2,040
down €2,040 (-75.3%), from €2,710 to €671
- Financial charges +€1,424
up €1,424 (+317%), from €449 to €1,873
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.
Derived cash bridge
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 | €346,304 | €306,595 | -€39,709 | -11.5% |
| Fixed assets | 21/28 | €154,413 | €143,255 | -€11,158 | -7.2% |
| Tangible fixed assets | 22/27 | €153,860 | €142,702 | -€11,158 | -7.3% |
| Land and buildings | 22 | €146,765 | €140,119 | -€6,646 | -4.5% |
| Plant, machinery and equipment | 23 | - | €1,741 | +€1,741 | |
| Furniture and vehicles | 24 | €7,095 | €842 | -€6,253 | -88.1% |
| Financial fixed assets | 28 | €553 | €553 | = | 0.0% |
| Current assets | 29/58 | €191,890 | €163,340 | -€28,550 | -14.9% |
| Amounts receivable within one year | 40/41 | €37,678 | €12,420 | -€25,258 | -67.0% |
| Trade receivables | 40 | €29,311 | €5,045 | -€24,266 | -82.8% |
| Other amounts receivable | 41 | €8,367 | €7,375 | -€992 | -11.9% |
| Current investments | 50/53 | €137,431 | €131,553 | -€5,879 | -4.3% |
| Cash at bank and in hand | 54/58 | €16,431 | €5,859 | -€10,572 | -64.3% |
| Deferred charges and accrued income | 490/1 | €350 | €13,508 | +€13,157 | +3,757% |
| Total equity and liabilities | 10/49 | €346,304 | €306,595 | -€39,709 | -11.5% |
| Equity | 10/15 | €321,112 | €300,034 | -€21,078 | -6.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €308,712 | €308,712 | = | 0.0% |
| Distributable reserves | 133 | €308,712 | €308,712 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,078 | -€21,078 | |
| Amounts payable | 17/49 | €25,191 | €6,560 | -€18,631 | -74.0% |
| Amounts payable within one year | 42/48 | €25,191 | €6,560 | -€18,631 | -74.0% |
| Current portion of amounts payable after more than one year | 42 | €757 | - | -€757 | |
| Trade debts | 44 | €6,128 | €1,024 | -€5,104 | -83.3% |
| Suppliers | 440/4 | €6,128 | €1,024 | -€5,104 | -83.3% |
| Taxes, remuneration and social security | 45 | €4,306 | €2,565 | -€1,741 | -40.4% |
| Taxes | 450/3 | €4,306 | €2,565 | -€1,741 | -40.4% |
| Other amounts payable | 47/48 | €14,000 | €2,971 | -€11,029 | -78.8% |
| Remuneration, social security and pensions | 62 | €2,710 | €671 | -€2,040 | -75.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,917 | €8,949 | -€10,969 | -55.1% |
| Other operating charges | 640/8 | €6,382 | €6,369 | -€13 | -0.2% |
| Non-recurring operating charges | 66A | - | €660 | +€660 | |
| Gross operating margin | 9900 | €64,915 | -€4,597 | -€69,513 | |
| Operating profit (loss) | 9901 | €35,906 | -€21,245 | -€57,151 | |
| Financial income | 75/76B | €3,396 | €2,357 | -€1,040 | -30.6% |
| Recurring financial income | 75 | €3,396 | €2,357 | -€1,040 | -30.6% |
| Financial charges | 65/66B | €449 | €1,873 | +€1,424 | +317% |
| Recurring financial charges | 65 | €449 | €1,873 | +€1,424 | +317% |
| Profit (loss) for the period before taxes | 9903 | €38,853 | -€20,761 | -€59,614 | |
| Income taxes | 67/77 | €14,043 | €317 | -€13,726 | -97.7% |
| Profit (loss) for the period | 9904 | €24,811 | -€21,078 | -€45,888 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,811 | -€21,078 | -€45,888 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.