CAPRICORNE MUTSAERT: 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.
CAPRICORNE MUTSAERT
Largest movements
- Cash +€27,979
up €27,979 (+35.3%), from €79,275 to €107,254
mainly Net result for the year (+€27,252) and Tax, wage and social debts (+€13,558)
- Stocks and contracts -€1,867
down €1,867 (-23.8%), from €7,854 to €5,988
- Tangible fixed assets +€1,773
up €1,773 (+50.2%), from €3,532 to €5,305
of which Plant, machinery and equipment: +€2,408
- Reserves +€25,618
up €25,618 (+492%), from €5,208 to €30,826
of which Distributable reserves: +€25,618
- Other debts -€15,425
down €15,425 (-26.3%), from €58,684 to €43,259
- Tax, wage and social debts +€13,558
up €13,558 (+193%), from €7,035 to €20,593
of which Taxes: +€13,725
- Trade debts +€2,163
up €2,163 (+96.4%), from €2,243 to €4,406
- Profit (loss) carried forward +€1,634
no longer reported in 2025 (was -€1,634)
- Taxes +€12,522
new in 2025: €12,522
- Gross operating margin +€5,124
up €5,124 (+7.6%), from €67,338 to €72,462
- Staff costs -€4,702
down €4,702 (-16.3%), from €28,926 to €24,224
- Other operating charges -€1,043
down €1,043 (-20.1%), from €5,182 to €4,139
- Financial charges +€825
up €825 (+47.3%), from €1,743 to €2,567
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 | €95,077 | €122,624 | +€27,547 | +29.0% |
| Fixed assets | 21/28 | €6,913 | €8,686 | +€1,773 | +25.6% |
| Tangible fixed assets | 22/27 | €3,532 | €5,305 | +€1,773 | +50.2% |
| Plant, machinery and equipment | 23 | - | €2,408 | +€2,408 | |
| Other tangible fixed assets | 26 | €3,532 | €2,897 | -€635 | -18.0% |
| Financial fixed assets | 28 | €3,381 | €3,381 | = | 0.0% |
| Current assets | 29/58 | €88,164 | €113,938 | +€25,774 | +29.2% |
| Stocks and contracts in progress | 3 | €7,854 | €5,988 | -€1,867 | -23.8% |
| Stocks | 30/36 | €7,854 | €5,988 | -€1,867 | -23.8% |
| Amounts receivable within one year | 40/41 | €128 | - | -€128 | |
| Trade receivables | 40 | €128 | - | -€128 | |
| Cash at bank and in hand | 54/58 | €79,275 | €107,254 | +€27,979 | +35.3% |
| Deferred charges and accrued income | 490/1 | €907 | €696 | -€211 | -23.3% |
| Total equity and liabilities | 10/49 | €95,077 | €122,624 | +€27,547 | +29.0% |
| Equity | 10/15 | €27,110 | €54,362 | +€27,252 | +101% |
| Contributions | 10/11 | €23,537 | €23,537 | = | 0.0% |
| Reserves | 13 | €5,208 | €30,826 | +€25,618 | +492% |
| Tax-exempt reserves | 132 | €5,208 | €5,208 | = | 0.0% |
| Distributable reserves | 133 | - | €25,618 | +€25,618 | |
| Profit (loss) carried forward | 14 | -€1,634 | - | +€1,634 | |
| Amounts payable | 17/49 | €67,967 | €68,262 | +€295 | +0.4% |
| Amounts payable within one year | 42/48 | €67,962 | €68,257 | +€295 | +0.4% |
| Trade debts | 44 | €2,243 | €4,406 | +€2,163 | +96.4% |
| Suppliers | 440/4 | €2,243 | €4,406 | +€2,163 | +96.4% |
| Taxes, remuneration and social security | 45 | €7,035 | €20,593 | +€13,558 | +193% |
| Taxes | 450/3 | €5,327 | €19,051 | +€13,725 | +258% |
| Remuneration and social security | 454/9 | €1,709 | €1,542 | -€167 | -9.8% |
| Other amounts payable | 47/48 | €58,684 | €43,259 | -€15,425 | -26.3% |
| Accrued charges and deferred income | 492/3 | €5 | €5 | -€0 | -7.4% |
| Remuneration, social security and pensions | 62 | €28,926 | €24,224 | -€4,702 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,162 | €1,759 | +€597 | +51.4% |
| Other operating charges | 640/8 | €5,182 | €4,139 | -€1,043 | -20.1% |
| Gross operating margin | 9900 | €67,338 | €72,462 | +€5,124 | +7.6% |
| Operating profit (loss) | 9901 | €32,068 | €42,340 | +€10,272 | +32.0% |
| Financial income | 75/76B | €0 | €2 | +€1 | +348% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +348% |
| Financial charges | 65/66B | €1,743 | €2,567 | +€825 | +47.3% |
| Recurring financial charges | 65 | €1,743 | €2,567 | +€825 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €30,325 | €39,774 | +€9,449 | +31.2% |
| Income taxes | 67/77 | - | €12,522 | +€12,522 | |
| Profit (loss) for the period | 9904 | €30,325 | €27,252 | -€3,074 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,325 | €27,252 | -€3,074 | -10.1% |
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 23 October 2026 via checked.be.