Cappi: 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.
Cappi
Largest movements
- Receivables within one year -€24,750
down €24,750 (-84.9%), from €29,140 to €4,390
of which Trade receivables: -€22,749
- Tangible fixed assets -€6,612
down €6,612 (-12.8%), from €51,469 to €44,857
- Cash -€4,898
down €4,898 (-27.0%), from €18,129 to €13,231
mainly Trade debts (-€20,377) and Investment in fixed assets (net) (-€10,767)
- Trade debts -€20,377
down €20,377 (-91.9%), from €22,178 to €1,801
- Debts after one year -€10,719
down €10,719 (-29.4%), from €36,520 to €25,801
- Profit (loss) carried forward -€6,595
down €6,595, from €3,887 to -€2,708
- Depreciation +€11,568
up €11,568 (+199.1%), from €5,811 to €17,379
- Gross operating margin -€2,448
down €2,448 (-14.3%), from €17,075 to €14,627
- Other operating charges +€845
up €845 (+71.0%), from €1,191 to €2,036
- Financial charges +€734
up €734 (+68.5%), from €1,073 to €1,807
- Taxes -€457
no longer reported in 2025 (was €457)
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 | €100,145 | €63,540 | -€36,605 | -36.6% |
| Fixed assets | 21/28 | €51,469 | €44,857 | -€6,612 | -12.8% |
| Tangible fixed assets | 22/27 | €51,469 | €44,857 | -€6,612 | -12.8% |
| Furniture and vehicles | 24 | €51,469 | €44,857 | -€6,612 | -12.8% |
| Current assets | 29/58 | €48,675 | €18,683 | -€29,992 | -61.6% |
| Amounts receivable within one year | 40/41 | €29,140 | €4,390 | -€24,750 | -84.9% |
| Trade receivables | 40 | €25,720 | €2,971 | -€22,749 | -88.4% |
| Other amounts receivable | 41 | €3,420 | €1,419 | -€2,001 | -58.5% |
| Cash at bank and in hand | 54/58 | €18,129 | €13,231 | -€4,898 | -27.0% |
| Deferred charges and accrued income | 490/1 | €1,407 | €1,062 | -€345 | -24.5% |
| Total equity and liabilities | 10/49 | €100,145 | €63,540 | -€36,605 | -36.6% |
| Equity | 10/15 | €19,887 | €13,292 | -€6,595 | -33.2% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,887 | -€2,708 | -€6,595 | |
| Amounts payable | 17/49 | €80,257 | €50,248 | -€30,009 | -37.4% |
| Amounts payable after more than one year | 17 | €36,520 | €25,801 | -€10,719 | -29.4% |
| Financial debts | 170/4 | €36,520 | €25,801 | -€10,719 | -29.4% |
| Amounts payable within one year | 42/48 | €43,267 | €24,447 | -€18,820 | -43.5% |
| Current portion of amounts payable after more than one year | 42 | €9,492 | €10,306 | +€814 | +8.6% |
| Trade debts | 44 | €22,178 | €1,801 | -€20,377 | -91.9% |
| Suppliers | 440/4 | €22,178 | €1,801 | -€20,377 | -91.9% |
| Taxes, remuneration and social security | 45 | €457 | €457 | -€0 | 0.0% |
| Taxes | 450/3 | €457 | €457 | -€0 | 0.0% |
| Other amounts payable | 47/48 | €11,140 | €11,883 | +€743 | +6.7% |
| Accrued charges and deferred income | 492/3 | €470 | - | -€470 | |
| Non-recurring operating income | 76A | €631 | - | -€631 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,811 | €17,379 | +€11,568 | +199.1% |
| Other operating charges | 640/8 | €1,191 | €2,036 | +€845 | +71.0% |
| Non-recurring operating charges | 66A | €129 | - | -€129 | |
| Gross operating margin | 9900 | €17,075 | €14,627 | -€2,448 | -14.3% |
| Operating profit (loss) | 9901 | €9,945 | -€4,788 | -€14,733 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,073 | €1,807 | +€734 | +68.5% |
| Recurring financial charges | 65 | €1,073 | €1,807 | +€734 | +68.5% |
| Profit (loss) for the period before taxes | 9903 | €8,873 | -€6,595 | -€15,468 | |
| Income taxes | 67/77 | €457 | - | -€457 | |
| Profit (loss) for the period | 9904 | €8,416 | -€6,595 | -€15,011 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,416 | -€6,595 | -€15,011 |
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.