CAPOELEC: 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.
CAPOELEC
Largest movements
- Receivables within one year -€170,942
down €170,942 (-66.5%), from €257,040 to €86,098
of which Trade receivables: -€167,811
- Cash +€147,617
up €147,617 (+128.4%), from €114,946 to €262,563
mainly Receivables within one year (+€170,942) and Depreciation (+€31,167)
- Stocks and contracts -€19,352
down €19,352 (-81.3%), from €23,804 to €4,452
- Trade debts -€58,622
down €58,622 (-67.7%), from €86,552 to €27,930
- Tax, wage and social debts -€27,422
down €27,422 (-33.7%), from €81,457 to €54,035
of which Taxes: -€14,407
- Reserves +€20,000
up €20,000 (+6.0%), from €331,355 to €351,355
- Investment grants +€12,960
new in 2025: €12,960
- Gross operating margin -€91,831
down €91,831 (-56.2%), from €163,446 to €71,615
- Staff costs -€51,767
down €51,767 (-98.9%), from €52,361 to €594
- Taxes -€11,059
down €11,059 (-49.8%), from €22,212 to €11,153
- Depreciation +€5,354
up €5,354 (+20.7%), from €25,812 to €31,167
- Other operating charges -€4,316
down €4,316 (-42.2%), from €10,224 to €5,908
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 | €753,817 | €707,845 | -€45,971 | -6.1% |
| Fixed assets | 21/28 | €354,917 | €353,695 | -€1,222 | -0.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €354,917 | €353,695 | -€1,222 | -0.3% |
| Land and buildings | 22 | €338,373 | €322,003 | -€16,370 | -4.8% |
| Plant, machinery and equipment | 23 | €8,834 | €5,970 | -€2,864 | -32.4% |
| Furniture and vehicles | 24 | €7,711 | €25,722 | +€18,011 | +233.6% |
| Current assets | 29/58 | €398,899 | €354,150 | -€44,749 | -11.2% |
| Stocks and contracts in progress | 3 | €23,804 | €4,452 | -€19,352 | -81.3% |
| Stocks | 30/36 | €23,804 | €4,452 | -€19,352 | -81.3% |
| Amounts receivable within one year | 40/41 | €257,040 | €86,098 | -€170,942 | -66.5% |
| Trade receivables | 40 | €244,542 | €76,731 | -€167,811 | -68.6% |
| Other amounts receivable | 41 | €12,499 | €9,367 | -€3,132 | -25.1% |
| Cash at bank and in hand | 54/58 | €114,946 | €262,563 | +€147,617 | +128.4% |
| Deferred charges and accrued income | 490/1 | €3,109 | €1,037 | -€2,072 | -66.7% |
| Total equity and liabilities | 10/49 | €753,817 | €707,845 | -€45,971 | -6.1% |
| Equity | 10/15 | €577,385 | €616,208 | +€38,824 | +6.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €331,355 | €351,355 | +€20,000 | +6.0% |
| Distributable reserves | 133 | €331,355 | €351,355 | +€20,000 | +6.0% |
| Profit (loss) carried forward | 14 | €227,480 | €233,343 | +€5,864 | +2.6% |
| Investment grants | 15 | - | €12,960 | +€12,960 | |
| Amounts payable | 17/49 | €176,432 | €91,637 | -€84,795 | -48.1% |
| Amounts payable within one year | 42/48 | €176,432 | €91,637 | -€84,795 | -48.1% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €86,552 | €27,930 | -€58,622 | -67.7% |
| Suppliers | 440/4 | €86,552 | €27,930 | -€58,622 | -67.7% |
| Taxes, remuneration and social security | 45 | €81,457 | €54,035 | -€27,422 | -33.7% |
| Taxes | 450/3 | €55,411 | €41,004 | -€14,407 | -26.0% |
| Remuneration and social security | 454/9 | €26,046 | €13,031 | -€13,016 | -50.0% |
| Other amounts payable | 47/48 | €8,423 | €9,672 | +€1,250 | +14.8% |
| Remuneration, social security and pensions | 62 | €52,361 | €594 | -€51,767 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,812 | €31,167 | +€5,354 | +20.7% |
| Other operating charges | 640/8 | €10,224 | €5,908 | -€4,316 | -42.2% |
| Gross operating margin | 9900 | €163,446 | €71,615 | -€91,831 | -56.2% |
| Operating profit (loss) | 9901 | €75,048 | €33,945 | -€41,103 | -54.8% |
| Financial income | 75/76B | €0 | €3,610 | +€3,610 | +2578642.9% |
| Recurring financial income | 75 | €0 | €3,610 | +€3,610 | +2578642.9% |
| Financial charges | 65/66B | €834 | €539 | -€295 | -35.4% |
| Recurring financial charges | 65 | €834 | €539 | -€295 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €74,215 | €37,017 | -€37,198 | -50.1% |
| Income taxes | 67/77 | €22,212 | €11,153 | -€11,059 | -49.8% |
| Profit (loss) for the period | 9904 | €52,002 | €25,864 | -€26,139 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,002 | €25,864 | -€26,139 | -50.3% |
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 2 October 2026 via checked.be.