CAPSA: 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.
CAPSA
Largest movements
- Receivables within one year +€120,345
up €120,345 (+127%), from €94,740 to €215,085
of which Trade receivables: +€88,057
- Stocks and contracts -€90,672
down €90,672 (-14.8%), from €613,796 to €523,124
- Tangible fixed assets -€88,911
down €88,911 (-13.2%), from €671,901 to €582,990
of which Land and buildings: -€53,442
- Current investments +€60,000
up €60,000 (+12.0%), from €500,000 to €560,000
- Reserves +€229,901
up €229,901 (+18.2%), from €1.3m to €1.5m
of which Distributable reserves: +€124,651
- Other debts -€111,233
down €111,233 (-38.5%), from €289,061 to €177,827
- Trade debts -€80,779
down €80,779 (-69.4%), from €116,472 to €35,693
- Debts after one year -€50,166
down €50,166 (-8.0%), from €627,073 to €576,907
- Gross operating margin -€185,965
down €185,965 (-26.8%), from €693,216 to €507,251
- Taxes -€54,689
down €54,689 (-39.1%), from €139,896 to €85,207
- Staff costs -€42,183
down €42,183 (-40.0%), from €105,474 to €63,292
- Financial charges -€9,533
down €9,533 (-22.4%), from €42,541 to €33,008
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 | €2,417,808 | €2,404,579 | -€13,229 | -0.5% |
| Fixed assets | 21/28 | €674,491 | €585,580 | -€88,911 | -13.2% |
| Tangible fixed assets | 22/27 | €671,901 | €582,990 | -€88,911 | -13.2% |
| Land and buildings | 22 | €571,188 | €517,745 | -€53,442 | -9.4% |
| Plant, machinery and equipment | 23 | €81,216 | €40,522 | -€40,694 | -50.1% |
| Furniture and vehicles | 24 | €19,497 | €24,723 | +€5,226 | +26.8% |
| Financial fixed assets | 28 | €2,590 | €2,590 | = | 0.0% |
| Current assets | 29/58 | €1,743,317 | €1,818,999 | +€75,682 | +4.3% |
| Stocks and contracts in progress | 3 | €613,796 | €523,124 | -€90,672 | -14.8% |
| Stocks | 30/36 | €613,796 | €523,124 | -€90,672 | -14.8% |
| Amounts receivable within one year | 40/41 | €94,740 | €215,085 | +€120,345 | +127% |
| Trade receivables | 40 | €81,160 | €169,217 | +€88,057 | +108% |
| Other amounts receivable | 41 | €13,580 | €45,868 | +€32,288 | +238% |
| Current investments | 50/53 | €500,000 | €560,000 | +€60,000 | +12.0% |
| Cash at bank and in hand | 54/58 | €529,351 | €515,324 | -€14,027 | -2.6% |
| Deferred charges and accrued income | 490/1 | €5,430 | €5,465 | +€35 | +0.6% |
| Total equity and liabilities | 10/49 | €2,417,808 | €2,404,579 | -€13,229 | -0.5% |
| Equity | 10/15 | €1,290,133 | €1,520,034 | +€229,901 | +17.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,265,133 | €1,495,034 | +€229,901 | +18.2% |
| Tax-exempt reserves | 132 | - | €105,250 | +€105,250 | |
| Distributable reserves | 133 | €1,265,133 | €1,389,784 | +€124,651 | +9.9% |
| Amounts payable | 17/49 | €1,127,675 | €884,545 | -€243,130 | -21.6% |
| Amounts payable after more than one year | 17 | €627,073 | €576,907 | -€50,166 | -8.0% |
| Financial debts | 170/4 | €627,073 | €576,907 | -€50,166 | -8.0% |
| Amounts payable within one year | 42/48 | €500,602 | €307,638 | -€192,964 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €49,998 | €50,166 | +€168 | +0.3% |
| Trade debts | 44 | €116,472 | €35,693 | -€80,779 | -69.4% |
| Suppliers | 440/4 | €116,472 | €35,693 | -€80,779 | -69.4% |
| Advances received on contracts in progress | 46 | €10,252 | €10,189 | -€64 | -0.6% |
| Taxes, remuneration and social security | 45 | €34,818 | €33,763 | -€1,055 | -3.0% |
| Taxes | 450/3 | €26,872 | €29,198 | +€2,326 | +8.7% |
| Remuneration and social security | 454/9 | €7,947 | €4,565 | -€3,382 | -42.6% |
| Other amounts payable | 47/48 | €289,061 | €177,827 | -€111,233 | -38.5% |
| Remuneration, social security and pensions | 62 | €105,474 | €63,292 | -€42,183 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,790 | €88,911 | -€2,880 | -3.1% |
| Other operating charges | 640/8 | €11,583 | €13,663 | +€2,080 | +18.0% |
| Gross operating margin | 9900 | €693,216 | €507,251 | -€185,965 | -26.8% |
| Operating profit (loss) | 9901 | €484,368 | €341,386 | -€142,983 | -29.5% |
| Financial income | 75/76B | €11,862 | €6,730 | -€5,132 | -43.3% |
| Recurring financial income | 75 | €11,862 | €6,730 | -€5,132 | -43.3% |
| Financial charges | 65/66B | €42,541 | €33,008 | -€9,533 | -22.4% |
| Recurring financial charges | 65 | €42,541 | €33,008 | -€9,533 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €453,690 | €315,108 | -€138,581 | -30.5% |
| Income taxes | 67/77 | €139,896 | €85,207 | -€54,689 | -39.1% |
| Profit (loss) for the period | 9904 | €313,794 | €229,901 | -€83,893 | -26.7% |
| Transfer to tax-exempt reserves | 689 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €313,794 | €124,651 | -€189,143 | -60.3% |
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 18 October 2026 via checked.be.