CAPSTAN: 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.
CAPSTAN
Largest movements
- Tangible fixed assets -€8,630
down €8,630 (-15.1%), from €57,201 to €48,571
- Deferred charges and accrued income +€3,707
up €3,707 (+17.8%), from €20,863 to €24,570
- Cash +€3,477
up €3,477 (+134.2%), from €2,590 to €6,068
mainly Depreciation (+€8,366) and Trade debts (+€3,037)
- Receivables within one year +€3,423
up €3,423 (+59.7%), from €5,732 to €9,155
of which Trade receivables: +€4,380
- Trade debts +€3,037
up €3,037 (+151.3%), from €2,007 to €5,044
- Other debts -€2,196
down €2,196 (-100.0%), from €2,196 to €0
- Reserves +€1,524
up €1,524 (+1.5%), from €102,080 to €103,604
of which Distributable reserves: +€1,524
- Depreciation +€7,079
up €7,079 (+550.4%), from €1,286 to €8,366
- Gross operating margin +€3,354
up €3,354 (+40.5%), from €8,273 to €11,627
- Taxes -€1,062
down €1,062 (-52.8%), from €2,012 to €950
- Other operating charges -€848
down €848 (-67.8%), from €1,251 to €403
- Financial charges +€265
up €265 (+208.5%), from €127 to €393
of which Non-recurring financial charges: +€265
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 | €113,387 | €115,363 | +€1,977 | +1.7% |
| Fixed assets | 21/28 | €57,201 | €48,571 | -€8,630 | -15.1% |
| Tangible fixed assets | 22/27 | €57,201 | €48,571 | -€8,630 | -15.1% |
| Furniture and vehicles | 24 | €57,201 | €48,571 | -€8,630 | -15.1% |
| Current assets | 29/58 | €56,186 | €66,792 | +€10,607 | +18.9% |
| Amounts receivable within one year | 40/41 | €5,732 | €9,155 | +€3,423 | +59.7% |
| Trade receivables | 40 | €2,221 | €6,601 | +€4,380 | +197.3% |
| Other amounts receivable | 41 | €3,512 | €2,554 | -€958 | -27.3% |
| Current investments | 50/53 | €27,000 | €27,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,590 | €6,068 | +€3,477 | +134.2% |
| Deferred charges and accrued income | 490/1 | €20,863 | €24,570 | +€3,707 | +17.8% |
| Total equity and liabilities | 10/49 | €113,387 | €115,363 | +€1,977 | +1.7% |
| Equity | 10/15 | €108,280 | €109,804 | +€1,524 | +1.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €102,080 | €103,604 | +€1,524 | +1.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €100,220 | €101,744 | +€1,524 | +1.5% |
| Amounts payable | 17/49 | €5,107 | €5,560 | +€453 | +8.9% |
| Amounts payable within one year | 42/48 | €5,091 | €5,560 | +€469 | +9.2% |
| Financial debts | 43 | €260 | €0 | -€260 | -100.0% |
| Credit institutions | 430/8 | €260 | €0 | -€260 | -100.0% |
| Trade debts | 44 | €2,007 | €5,044 | +€3,037 | +151.3% |
| Suppliers | 440/4 | €2,007 | €5,044 | +€3,037 | +151.3% |
| Taxes, remuneration and social security | 45 | €627 | €515 | -€112 | -17.8% |
| Taxes | 450/3 | €627 | €515 | -€112 | -17.8% |
| Other amounts payable | 47/48 | €2,196 | €0 | -€2,196 | -100.0% |
| Accrued charges and deferred income | 492/3 | €16 | €0 | -€16 | -100.0% |
| Non-recurring operating income | 76A | - | €4,250 | +€4,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,286 | €8,366 | +€7,079 | +550.4% |
| Other operating charges | 640/8 | €1,251 | €403 | -€848 | -67.8% |
| Gross operating margin | 9900 | €8,273 | €11,627 | +€3,354 | +40.5% |
| Operating profit (loss) | 9901 | €5,736 | €2,859 | -€2,877 | -50.2% |
| Financial income | 75/76B | €32 | €7 | -€25 | -77.8% |
| Recurring financial income | 75 | €32 | €7 | -€25 | -77.8% |
| Financial charges | 65/66B | €127 | €393 | +€265 | +208.5% |
| Recurring financial charges | 65 | €127 | €128 | +€1 | +0.6% |
| Non-recurring financial charges | 66B | - | €265 | +€265 | |
| Profit (loss) for the period before taxes | 9903 | €5,641 | €2,473 | -€3,168 | -56.2% |
| Income taxes | 67/77 | €2,012 | €950 | -€1,062 | -52.8% |
| Profit (loss) for the period | 9904 | €3,629 | €1,524 | -€2,105 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,629 | €1,524 | -€2,105 | -58.0% |
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 29 September 2026 via checked.be.