CAPO PROJECTS: 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.
CAPO PROJECTS
Largest movements
- Tangible fixed assets +€19,864
up €19,864 (+4763.5%), from €417 to €20,281
of which Furniture and vehicles: +€18,814
- Cash +€4,984
up €4,984 (+18459.3%), from €27 to €5,011
mainly Net result for the year (+€6,944) and Tax, wage and social debts (+€6,627)
- Receivables within one year +€4,034
up €4,034 (+625.4%), from €645 to €4,679
of which Trade receivables: +€3,689
- Deferred charges and accrued income +€351
new in 2025: €351
- Formation expenses -€345
down €345 (-25.5%), from €1,353 to €1,008
- Profit (loss) carried forward +€6,944
up €6,944 (+6.4%), from -€108,568 to -€101,624
- Tax, wage and social debts +€6,627
new in 2025: €6,627
of which Remuneration and social security: +€4,800
- Current portion of long-term debt +€4,165
up €4,165 (+36.0%), from €11,557 to €15,722
- Debts after one year +€4,071
up €4,071 (+13.4%), from €30,469 to €34,540
- Other debts +€3,799
up €3,799 (+6.7%), from €56,440 to €60,239
- Gross operating margin +€19,174
up €19,174, from -€3,191 to €15,983
- Depreciation +€3,483
up €3,483 (+813.8%), from €428 to €3,911
- Other operating charges +€1,522
up €1,522 (+393.3%), from €387 to €1,909
- Financial charges -€904
down €904 (-23.6%), from €3,824 to €2,920
of which Financial charges: -€772
- Staff costs +€300
new in 2025: €300
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 | €2,442 | €31,330 | +€28,888 | +1183.0% |
| Formation expenses | 20 | €1,353 | €1,008 | -€345 | -25.5% |
| Fixed assets | 21/28 | €417 | €20,281 | +€19,864 | +4763.5% |
| Tangible fixed assets | 22/27 | €417 | €20,281 | +€19,864 | +4763.5% |
| Plant, machinery and equipment | 23 | - | €1,050 | +€1,050 | |
| Furniture and vehicles | 24 | €417 | €19,231 | +€18,814 | +4511.8% |
| Current assets | 29/58 | €672 | €10,041 | +€9,369 | +1394.2% |
| Amounts receivable within one year | 40/41 | €645 | €4,679 | +€4,034 | +625.4% |
| Trade receivables | 40 | - | €3,689 | +€3,689 | |
| Other amounts receivable | 41 | €645 | €990 | +€345 | +53.5% |
| Cash at bank and in hand | 54/58 | €27 | €5,011 | +€4,984 | +18459.3% |
| Deferred charges and accrued income | 490/1 | - | €351 | +€351 | |
| Total equity and liabilities | 10/49 | €2,442 | €31,330 | +€28,888 | +1183.0% |
| Equity | 10/15 | -€98,568 | -€91,624 | +€6,944 | +7.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,568 | -€101,624 | +€6,944 | +6.4% |
| Amounts payable | 17/49 | €101,010 | €122,954 | +€21,944 | +21.7% |
| Amounts payable after more than one year | 17 | €30,469 | €34,540 | +€4,071 | +13.4% |
| Financial debts | 170/4 | €30,469 | €34,540 | +€4,071 | +13.4% |
| Amounts payable within one year | 42/48 | €70,541 | €88,414 | +€17,873 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €11,557 | €15,722 | +€4,165 | +36.0% |
| Trade debts | 44 | €2,544 | €5,826 | +€3,282 | +129.0% |
| Suppliers | 440/4 | €2,544 | €5,826 | +€3,282 | +129.0% |
| Taxes, remuneration and social security | 45 | - | €6,627 | +€6,627 | |
| Taxes | 450/3 | - | €1,827 | +€1,827 | |
| Remuneration and social security | 454/9 | - | €4,800 | +€4,800 | |
| Other amounts payable | 47/48 | €56,440 | €60,239 | +€3,799 | +6.7% |
| Remuneration, social security and pensions | 62 | - | €300 | +€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €428 | €3,911 | +€3,483 | +813.8% |
| Other operating charges | 640/8 | €387 | €1,909 | +€1,522 | +393.3% |
| Gross operating margin | 9900 | -€3,191 | €15,983 | +€19,174 | |
| Operating profit (loss) | 9901 | -€4,006 | €9,863 | +€13,869 | |
| Financial income | 75/76B | €39 | €2 | -€37 | -94.9% |
| Recurring financial income | 75 | €39 | €2 | -€37 | -94.9% |
| Financial charges | 65/66B | €3,824 | €2,920 | -€904 | -23.6% |
| Recurring financial charges | 65 | €3,524 | €2,752 | -€772 | -21.9% |
| Non-recurring financial charges | 66B | €300 | €168 | -€132 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,791 | €6,945 | +€14,736 | |
| Income taxes | 67/77 | €12 | €1 | -€11 | -91.7% |
| Profit (loss) for the period | 9904 | -€7,803 | €6,944 | +€14,747 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,803 | €6,944 | +€14,747 |
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 10 October 2026 via checked.be.