CAPPA: 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.
CAPPA
Largest movements
- Current investments +€72,767
up €72,767 (+35.9%), from €202,889 to €275,656
- Cash -€51,587
down €51,587 (-40.2%), from €128,226 to €76,639
mainly Current investments (-€72,767) and Debts after one year (-€31,034)
- Tangible fixed assets -€35,652
down €35,652 (-8.4%), from €426,472 to €390,820
of which Land and buildings: -€28,227
- Receivables within one year +€14,124
up €14,124 (+93.6%), from €15,088 to €29,212
of which Trade receivables: +€11,283
- Debts after one year -€31,034
down €31,034 (-10.8%), from €288,288 to €257,254
- Reserves +€30,642
up €30,642 (+7.7%), from €400,233 to €430,876
of which Distributable reserves: +€30,642
- Tax, wage and social debts -€20,986
down €20,986 (-81.0%), from €25,909 to €4,923
of which Taxes: -€20,234
- Trade debts +€12,441
up €12,441 (+327%), from €3,806 to €16,247
- Financial charges +€19,936
up €19,936 (+97.7%), from €20,404 to €40,340
- Gross operating margin -€17,556
down €17,556 (-8.6%), from €203,172 to €185,615
- Depreciation -€14,901
down €14,901 (-28.2%), from €52,858 to €37,957
- Staff costs -€10,521
down €10,521 (-14.5%), from €72,313 to €61,793
- Taxes -€5,215
down €5,215 (-27.6%), from €18,871 to €13,656
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 | €793,661 | €787,807 | -€5,854 | -0.7% |
| Fixed assets | 21/28 | €426,472 | €390,820 | -€35,652 | -8.4% |
| Tangible fixed assets | 22/27 | €426,472 | €390,820 | -€35,652 | -8.4% |
| Land and buildings | 22 | €416,339 | €388,112 | -€28,227 | -6.8% |
| Plant, machinery and equipment | 23 | €1,251 | €96 | -€1,155 | -92.3% |
| Furniture and vehicles | 24 | €8,883 | €2,613 | -€6,270 | -70.6% |
| Current assets | 29/58 | €367,189 | €396,987 | +€29,798 | +8.1% |
| Stocks and contracts in progress | 3 | €20,199 | €15,079 | -€5,120 | -25.3% |
| Stocks | 30/36 | €20,199 | €15,079 | -€5,120 | -25.3% |
| Amounts receivable within one year | 40/41 | €15,088 | €29,212 | +€14,124 | +93.6% |
| Trade receivables | 40 | €1,419 | €12,703 | +€11,283 | +795% |
| Other amounts receivable | 41 | €13,669 | €16,509 | +€2,841 | +20.8% |
| Current investments | 50/53 | €202,889 | €275,656 | +€72,767 | +35.9% |
| Cash at bank and in hand | 54/58 | €128,226 | €76,639 | -€51,587 | -40.2% |
| Deferred charges and accrued income | 490/1 | €786 | €401 | -€386 | -49.1% |
| Total equity and liabilities | 10/49 | €793,661 | €787,807 | -€5,854 | -0.7% |
| Equity | 10/15 | €415,233 | €445,876 | +€30,642 | +7.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Contributions outside capital | 11 | €15,000 | - | -€15,000 | |
| Other | 1109/19 | €15,000 | - | -€15,000 | |
| Reserves | 13 | €400,233 | €430,876 | +€30,642 | +7.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,476 | €17,476 | = | 0.0% |
| Distributable reserves | 133 | €380,897 | €411,540 | +€30,642 | +8.0% |
| Amounts payable | 17/49 | €378,427 | €341,931 | -€36,496 | -9.6% |
| Amounts payable after more than one year | 17 | €288,288 | €257,254 | -€31,034 | -10.8% |
| Financial debts | 170/4 | €288,288 | €257,254 | -€31,034 | -10.8% |
| Amounts payable within one year | 42/48 | €86,758 | €81,552 | -€5,206 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €38,038 | €37,335 | -€702 | -1.8% |
| Trade debts | 44 | €3,806 | €16,247 | +€12,441 | +327% |
| Suppliers | 440/4 | €3,806 | €16,247 | +€12,441 | +327% |
| Advances received on contracts in progress | 46 | €13,500 | €20,851 | +€7,351 | +54.4% |
| Taxes, remuneration and social security | 45 | €25,909 | €4,923 | -€20,986 | -81.0% |
| Taxes | 450/3 | €20,929 | €695 | -€20,234 | -96.7% |
| Remuneration and social security | 454/9 | €4,980 | €4,228 | -€752 | -15.1% |
| Other amounts payable | 47/48 | €5,506 | €2,196 | -€3,310 | -60.1% |
| Accrued charges and deferred income | 492/3 | €3,382 | €3,125 | -€256 | -7.6% |
| Remuneration, social security and pensions | 62 | €72,313 | €61,793 | -€10,521 | -14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,858 | €37,957 | -€14,901 | -28.2% |
| Other operating charges | 640/8 | €3,241 | €3,565 | +€324 | +10.0% |
| Gross operating margin | 9900 | €203,172 | €185,615 | -€17,556 | -8.6% |
| Operating profit (loss) | 9901 | €74,760 | €82,301 | +€7,542 | +10.1% |
| Financial income | 75/76B | €6,906 | €2,337 | -€4,569 | -66.2% |
| Recurring financial income | 75 | €6,906 | €2,077 | -€4,829 | -69.9% |
| Non-recurring financial income | 76B | - | €260 | +€260 | |
| Financial charges | 65/66B | €20,404 | €40,340 | +€19,936 | +97.7% |
| Recurring financial charges | 65 | €20,404 | €40,340 | +€19,936 | +97.7% |
| Profit (loss) for the period before taxes | 9903 | €61,262 | €44,298 | -€16,964 | -27.7% |
| Income taxes | 67/77 | €18,871 | €13,656 | -€5,215 | -27.6% |
| Profit (loss) for the period | 9904 | €42,391 | €30,642 | -€11,749 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,391 | €30,642 | -€11,749 | -27.7% |
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 19 October 2026 via checked.be.