Capricorn SCF: 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.
Capricorn SCF
Largest movements
- Financial fixed assets -€26.2m
down €26.2m (-53.7%), from €48.7m to €22.6m
- Receivables within one year -€906,000
no longer reported in 2025 (was €906,000)
- Profit (loss) carried forward -€20.6m
down €20.6m (-65.5%), from -€31.4m to -€52.0m
- Revaluation surpluses -€9.6m
down €9.6m (-77.0%), from €12.4m to €2.9m
- Contributions +€2.6m
up €2.6m (+3.7%), from €70.1m to €72.7m
- Financial charges +€14.1m
up €14.1m (+230%), from €6.1m to €20.2m
of which Non-recurring financial charges: +€13.8m
- Gross operating margin -€175,366
down €175,366 (-19.5%), from -€898,776 to -€1.1m
- Financial income -€117,455
down €117,455 (-13.9%), from €844,303 to €726,848
of which Non-recurring financial income: -€203,026
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 | €51,082,929 | €23,555,994 | -€27.5m | -53.9% |
| Fixed assets | 21/28 | €48,733,354 | €22,581,876 | -€26.2m | -53.7% |
| Financial fixed assets | 28 | €48,733,354 | €22,581,876 | -€26.2m | -53.7% |
| Current assets | 29/58 | €2,349,575 | €974,118 | -€1.4m | -58.5% |
| Amounts receivable within one year | 40/41 | €906,000 | - | -€906,000 | |
| Other amounts receivable | 41 | €906,000 | - | -€906,000 | |
| Cash at bank and in hand | 54/58 | €763,600 | €396,373 | -€367,227 | -48.1% |
| Deferred charges and accrued income | 490/1 | €679,975 | €577,745 | -€102,230 | -15.0% |
| Total equity and liabilities | 10/49 | €51,082,929 | €23,555,994 | -€27.5m | -53.9% |
| Equity | 10/15 | €51,061,472 | €23,497,938 | -€27.6m | -54.0% |
| Contributions | 10/11 | €70,065,000 | €72,660,000 | +€2.6m | +3.7% |
| Capital | 10 | €70,065,000 | €72,660,000 | +€2.6m | +3.7% |
| Issued capital | 100 | €77,850,000 | €77,850,000 | = | 0.0% |
| Uncalled capital | 101 | €7,785,000 | €5,190,000 | -€2.6m | -33.3% |
| Revaluation surpluses | 12 | €12,439,099 | €2,864,680 | -€9.6m | -77.0% |
| Profit (loss) carried forward | 14 | -€31,442,626 | -€52,026,742 | -€20.6m | -65.5% |
| Provisions and deferred taxes | 16 | - | €50,000 | +€50,000 | |
| Provisions for liabilities and charges | 160/5 | - | €50,000 | +€50,000 | |
| Other liabilities and charges | 164/5 | - | €50,000 | +€50,000 | |
| Amounts payable | 17/49 | €21,457 | €8,057 | -€13,400 | -62.5% |
| Amounts payable within one year | 42/48 | €713 | €1,708 | +€995 | +140% |
| Trade debts | 44 | €713 | - | -€713 | |
| Suppliers | 440/4 | €713 | - | -€713 | |
| Taxes, remuneration and social security | 45 | - | €1,708 | +€1,708 | |
| Taxes | 450/3 | - | €1,708 | +€1,708 | |
| Accrued charges and deferred income | 492/3 | €20,745 | €6,349 | -€14,396 | -69.4% |
| Other operating charges | 640/8 | €968 | €1,998 | +€1,031 | +107% |
| Gross operating margin | 9900 | -€898,776 | -€1,074,141 | -€175,366 | -19.5% |
| Operating profit (loss) | 9901 | -€899,743 | -€1,076,140 | -€176,396 | -19.6% |
| Financial income | 75/76B | €844,303 | €726,848 | -€117,455 | -13.9% |
| Recurring financial income | 75 | €641,277 | €726,848 | +€85,571 | +13.3% |
| Non-recurring financial income | 76B | €203,026 | - | -€203,026 | |
| Financial charges | 65/66B | €6,139,678 | €20,234,825 | +€14.1m | +230% |
| Recurring financial charges | 65 | €200,087 | €454,167 | +€254,080 | +127% |
| Non-recurring financial charges | 66B | €5,939,591 | €19,780,657 | +€13.8m | +233% |
| Profit (loss) for the period before taxes | 9903 | -€6,195,118 | -€20,584,116 | -€14.4m | -232% |
| Profit (loss) for the period | 9904 | -€6,195,118 | -€20,584,116 | -€14.4m | -232% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,195,118 | -€20,584,116 | -€14.4m | -232% |
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 20 October 2026 via checked.be.