CAPITANI: 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.
CAPITANI
Largest movements
- Tangible fixed assets -€57,650
down €57,650 (-19.4%), from €297,414 to €239,764
of which Other tangible fixed assets: -€49,623
- Receivables within one year +€25,808
up €25,808 (+13.6%), from €189,780 to €215,588
of which Trade receivables: +€25,283
- Intangible fixed assets -€15,374
down €15,374 (-48.9%), from €31,432 to €16,058
- Debts after one year -€53,436
down €53,436 (-19.5%), from €274,282 to €220,846
of which Financial debts: -€34,992
- Other debts -€29,349
down €29,349 (-20.3%), from €144,357 to €115,008
- Profit (loss) carried forward -€23,727
down €23,727 (-244.3%), from -€9,711 to -€33,438
- Current portion of long-term debt +€23,065
up €23,065 (+72.0%), from €32,031 to €55,096
- Tax, wage and social debts +€21,467
up €21,467 (+29.7%), from €72,245 to €93,712
of which Taxes: +€16,675
- Staff costs -€56,525
down €56,525 (-23.1%), from €244,529 to €188,004
- Depreciation +€20,742
up €20,742 (+81.1%), from €25,571 to €46,313
- Financial charges +€16,045
up €16,045 (+180.9%), from €8,870 to €24,915
- Gross operating margin +€13,514
up €13,514 (+5.6%), from €240,786 to €254,300
- Write-downs +€12,733
new in 2025: €12,733
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 | €973,600 | €926,759 | -€46,841 | -4.8% |
| Fixed assets | 21/28 | €329,046 | €264,996 | -€64,050 | -19.5% |
| Intangible fixed assets | 21 | €31,432 | €16,058 | -€15,374 | -48.9% |
| Tangible fixed assets | 22/27 | €297,414 | €239,764 | -€57,650 | -19.4% |
| Plant, machinery and equipment | 23 | €21,308 | €18,568 | -€2,740 | -12.9% |
| Furniture and vehicles | 24 | €17,962 | €12,676 | -€5,286 | -29.4% |
| Other tangible fixed assets | 26 | €258,144 | €208,521 | -€49,623 | -19.2% |
| Financial fixed assets | 28 | €200 | €9,173 | +€8,973 | +4486.7% |
| Current assets | 29/58 | €644,554 | €661,764 | +€17,210 | +2.7% |
| Stocks and contracts in progress | 3 | €414,993 | €418,823 | +€3,830 | +0.9% |
| Stocks | 30/36 | €414,993 | €418,823 | +€3,830 | +0.9% |
| Amounts receivable within one year | 40/41 | €189,780 | €215,588 | +€25,808 | +13.6% |
| Trade receivables | 40 | €189,780 | €215,063 | +€25,283 | +13.3% |
| Other amounts receivable | 41 | - | €524 | +€524 | |
| Cash at bank and in hand | 54/58 | €33,951 | €24,396 | -€9,555 | -28.1% |
| Deferred charges and accrued income | 490/1 | €5,830 | €2,957 | -€2,873 | -49.3% |
| Total equity and liabilities | 10/49 | €973,600 | €926,759 | -€46,841 | -4.8% |
| Equity | 10/15 | €279,101 | €254,609 | -€24,492 | -8.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €220,353 | €220,353 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €19,700 | €19,700 | = | 0.0% |
| Legal reserve | 130 | €19,700 | €19,700 | = | 0.0% |
| Distributable reserves | 133 | €200,653 | €200,653 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€9,711 | -€33,438 | -€23,727 | -244.3% |
| Investment grants | 15 | €6,459 | €5,695 | -€764 | -11.8% |
| Amounts payable | 17/49 | €694,499 | €672,150 | -€22,349 | -3.2% |
| Amounts payable after more than one year | 17 | €274,282 | €220,846 | -€53,436 | -19.5% |
| Financial debts | 170/4 | €255,838 | €220,846 | -€34,992 | -13.7% |
| Other amounts payable | 178/9 | €18,444 | - | -€18,444 | |
| Amounts payable within one year | 42/48 | €420,217 | €451,304 | +€31,087 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €32,031 | €55,096 | +€23,065 | +72.0% |
| Trade debts | 44 | €171,584 | €187,489 | +€15,905 | +9.3% |
| Suppliers | 440/4 | €171,584 | €187,489 | +€15,905 | +9.3% |
| Taxes, remuneration and social security | 45 | €72,245 | €93,712 | +€21,467 | +29.7% |
| Taxes | 450/3 | €34,558 | €51,233 | +€16,675 | +48.3% |
| Remuneration and social security | 454/9 | €37,687 | €42,479 | +€4,792 | +12.7% |
| Other amounts payable | 47/48 | €144,357 | €115,008 | -€29,349 | -20.3% |
| Remuneration, social security and pensions | 62 | €244,529 | €188,004 | -€56,525 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,571 | €46,313 | +€20,742 | +81.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,733 | +€12,733 | |
| Other operating charges | 640/8 | €10,093 | €1,450 | -€8,643 | -85.6% |
| Non-recurring operating charges | 66A | €6,791 | €6,012 | -€779 | -11.5% |
| Gross operating margin | 9900 | €240,786 | €254,300 | +€13,514 | +5.6% |
| Operating profit (loss) | 9901 | -€46,198 | -€210 | +€45,988 | +99.5% |
| Financial income | 75/76B | €2,662 | €1,397 | -€1,265 | -47.5% |
| Recurring financial income | 75 | €2,662 | €1,397 | -€1,265 | -47.5% |
| Financial charges | 65/66B | €8,870 | €24,915 | +€16,045 | +180.9% |
| Recurring financial charges | 65 | €8,870 | €24,915 | +€16,045 | +180.9% |
| Profit (loss) for the period before taxes | 9903 | -€52,406 | -€23,728 | +€28,678 | +54.7% |
| Profit (loss) for the period | 9904 | -€52,406 | -€23,728 | +€28,678 | +54.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,406 | -€23,728 | +€28,678 | +54.7% |
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 1 October 2026 via checked.be.