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
- Receivables within one year +€202,395
up €202,395 (+55.5%), from €364,942 to €567,337
of which Trade receivables: +€169,758
- Cash +€107,508
up €107,508 (+90.0%), from €119,401 to €226,909
mainly Net result for the year (+€377,370) and Receivables after one year (+€45,000)
- Receivables after one year -€45,000
down €45,000 (-32.1%), from €140,000 to €95,000
- Profit (loss) carried forward +€377,370
up €377,370 (+79.2%), from -€476,571 to -€99,201
- Debts after one year -€49,881
down €49,881 (-76.1%), from €65,558 to €15,677
- Other debts -€27,535
down €27,535 (-19.1%), from €144,002 to €116,468
- Tax, wage and social debts -€23,627
down €23,627 (-14.1%), from €167,400 to €143,773
of which Remuneration and social security: -€24,646
- Accrued charges and deferred income -€21,400
down €21,400 (-68.2%), from €31,400 to €10,000
- Gross operating margin +€727,720
up €727,720 (+154.5%), from €471,074 to €1.2m
- Financial income +€125,865
up €125,865 (+684.1%), from €18,398 to €144,262
- Staff costs -€41,114
down €41,114 (-4.4%), from €938,423 to €897,310
- Financial charges +€24,933
up €24,933 (+102.7%), from €24,270 to €49,203
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 | €1,068,473 | €1,329,595 | +€261,122 | +24.4% |
| Fixed assets | 21/28 | €431,951 | €427,653 | -€4,299 | -1.0% |
| Tangible fixed assets | 22/27 | €10,755 | €6,457 | -€4,299 | -40.0% |
| Furniture and vehicles | 24 | €10,755 | €6,457 | -€4,299 | -40.0% |
| Financial fixed assets | 28 | €421,196 | €421,196 | = | 0.0% |
| Current assets | 29/58 | €636,522 | €901,943 | +€265,421 | +41.7% |
| Amounts receivable after more than one year | 29 | €140,000 | €95,000 | -€45,000 | -32.1% |
| Other amounts receivable | 291 | €140,000 | €95,000 | -€45,000 | -32.1% |
| Amounts receivable within one year | 40/41 | €364,942 | €567,337 | +€202,395 | +55.5% |
| Trade receivables | 40 | €362,420 | €532,177 | +€169,758 | +46.8% |
| Other amounts receivable | 41 | €2,523 | €35,160 | +€32,638 | +1293.9% |
| Cash at bank and in hand | 54/58 | €119,401 | €226,909 | +€107,508 | +90.0% |
| Deferred charges and accrued income | 490/1 | €12,178 | €12,696 | +€518 | +4.3% |
| Total equity and liabilities | 10/49 | €1,068,473 | €1,329,595 | +€261,122 | +24.4% |
| Equity | 10/15 | €347,073 | €724,443 | +€377,370 | +108.7% |
| Contributions | 10/11 | €322,342 | €322,342 | = | 0.0% |
| Capital | 10 | €87,933 | €87,933 | = | 0.0% |
| Issued capital | 100 | €87,933 | €87,933 | = | 0.0% |
| Outside capital | 11 | €234,409 | €234,409 | = | 0.0% |
| Share premium | 1100/10 | €234,409 | €234,409 | = | 0.0% |
| Revaluation surpluses | 12 | €442,959 | €442,959 | = | 0.0% |
| Reserves | 13 | €58,343 | €58,343 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,793 | €8,793 | = | 0.0% |
| Legal reserve | 130 | €8,793 | €8,793 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,550 | €49,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€476,571 | -€99,201 | +€377,370 | +79.2% |
| Amounts payable | 17/49 | €721,401 | €605,153 | -€116,248 | -16.1% |
| Amounts payable after more than one year | 17 | €65,558 | €15,677 | -€49,881 | -76.1% |
| Financial debts | 170/4 | €65,558 | €15,677 | -€49,881 | -76.1% |
| Amounts payable within one year | 42/48 | €624,443 | €579,475 | -€44,968 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €30,287 | €30,892 | +€606 | +2.0% |
| Financial debts | 43 | €60,000 | €65,050 | +€5,050 | +8.4% |
| Credit institutions | 430/8 | €60,000 | €65,050 | +€5,050 | +8.4% |
| Trade debts | 44 | €222,754 | €223,293 | +€539 | +0.2% |
| Suppliers | 440/4 | €222,754 | €223,293 | +€539 | +0.2% |
| Taxes, remuneration and social security | 45 | €167,400 | €143,773 | -€23,627 | -14.1% |
| Taxes | 450/3 | €35,662 | €36,680 | +€1,018 | +2.9% |
| Remuneration and social security | 454/9 | €131,738 | €107,092 | -€24,646 | -18.7% |
| Other amounts payable | 47/48 | €144,002 | €116,468 | -€27,535 | -19.1% |
| Accrued charges and deferred income | 492/3 | €31,400 | €10,000 | -€21,400 | -68.2% |
| Remuneration, social security and pensions | 62 | €938,423 | €897,310 | -€41,114 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,284 | €6,693 | +€409 | +6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,735 | +€10,735 | |
| Other operating charges | 640/8 | €1,055 | €1,086 | +€31 | +2.9% |
| Gross operating margin | 9900 | €471,074 | €1,198,794 | +€727,720 | +154.5% |
| Operating profit (loss) | 9901 | -€474,688 | €282,971 | +€757,659 | |
| Financial income | 75/76B | €18,398 | €144,262 | +€125,865 | +684.1% |
| Recurring financial income | 75 | €18,398 | €144,262 | +€125,865 | +684.1% |
| Financial charges | 65/66B | €24,270 | €49,203 | +€24,933 | +102.7% |
| Recurring financial charges | 65 | €24,270 | €49,203 | +€24,933 | +102.7% |
| Profit (loss) for the period before taxes | 9903 | -€480,561 | €378,030 | +€858,591 | |
| Income taxes | 67/77 | €9,410 | €660 | -€8,750 | -93.0% |
| Profit (loss) for the period | 9904 | -€489,970 | €377,370 | +€867,341 | |
| Profit (loss) for the period to be appropriated | 9905 | -€489,970 | €377,370 | +€867,341 |
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.