CAPSTONE: 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.
CAPSTONE
Largest movements
- Receivables within one year +€68,622
up €68,622 (+51.4%), from €133,497 to €202,119
of which Trade receivables: +€82,400
- Cash +€30,446
up €30,446 (+602.2%), from €5,056 to €35,502
mainly Short-term financial debts (+€92,575) and Trade debts (+€26,663)
- Financial fixed assets +€8,938
up €8,938 (+8.8%), from €101,000 to €109,938
- Tangible fixed assets -€4,634
down €4,634 (-18.2%), from €25,472 to €20,838
of which Plant, machinery and equipment: -€4,238
- Short-term financial debts +€92,575
up €92,575 (+285.5%), from €32,425 to €125,000
of which Other loans: +€125,000
- Trade debts +€26,663
up €26,663 (+62.2%), from €42,870 to €69,533
- Debts after one year -€12,502
down €12,502 (-39.8%), from €31,388 to €18,886
- Current portion of long-term debt -€9,797
down €9,797 (-38.7%), from €25,298 to €15,501
- Tax, wage and social debts +€5,343
up €5,343 (+39.2%), from €13,622 to €18,965
of which Taxes: +€7,609
- Staff costs -€102,242
down €102,242 (-63.1%), from €161,983 to €59,741
- Gross operating margin -€47,835
down €47,835 (-34.1%), from €140,084 to €92,249
- Depreciation -€19,108
down €19,108 (-71.2%), from €26,826 to €7,718
- Financial charges +€5,814
up €5,814 (+67.0%), from €8,677 to €14,491
From the 31-12-2023 result to the 31-12-2024 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 31-12-2023 and 31-12-2024 balance sheets and the 31-12-2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2023 | 31-12-2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €267,133 | €372,874 | +€105,741 | +39.6% |
| Fixed assets | 21/28 | €126,472 | €130,776 | +€4,304 | +3.4% |
| Tangible fixed assets | 22/27 | €25,472 | €20,838 | -€4,634 | -18.2% |
| Plant, machinery and equipment | 23 | €23,182 | €18,944 | -€4,238 | -18.3% |
| Furniture and vehicles | 24 | €2,290 | €1,894 | -€396 | -17.3% |
| Financial fixed assets | 28 | €101,000 | €109,938 | +€8,938 | +8.8% |
| Current assets | 29/58 | €140,661 | €242,098 | +€101,437 | +72.1% |
| Amounts receivable within one year | 40/41 | €133,497 | €202,119 | +€68,622 | +51.4% |
| Trade receivables | 40 | €114,907 | €197,307 | +€82,400 | +71.7% |
| Other amounts receivable | 41 | €18,590 | €4,812 | -€13,778 | -74.1% |
| Cash at bank and in hand | 54/58 | €5,056 | €35,502 | +€30,446 | +602.2% |
| Deferred charges and accrued income | 490/1 | €2,108 | €4,477 | +€2,369 | +112.4% |
| Total equity and liabilities | 10/49 | €267,133 | €372,874 | +€105,741 | +39.6% |
| Equity | 10/15 | €121,347 | €124,921 | +€3,574 | +2.9% |
| Contributions | 10/11 | €15,828 | €15,828 | = | 0.0% |
| Reserves | 13 | €224,190 | €224,190 | = | 0.0% |
| Distributable reserves | 133 | €224,190 | €224,190 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,641 | -€118,804 | +€3,837 | +3.1% |
| Investment grants | 15 | €3,970 | €3,707 | -€263 | -6.6% |
| Amounts payable | 17/49 | €145,786 | €247,953 | +€102,167 | +70.1% |
| Amounts payable after more than one year | 17 | €31,388 | €18,886 | -€12,502 | -39.8% |
| Financial debts | 170/4 | €31,388 | €18,886 | -€12,502 | -39.8% |
| Amounts payable within one year | 42/48 | €114,398 | €229,067 | +€114,669 | +100.2% |
| Current portion of amounts payable after more than one year | 42 | €25,298 | €15,501 | -€9,797 | -38.7% |
| Financial debts | 43 | €32,425 | €125,000 | +€92,575 | +285.5% |
| Credit institutions | 430/8 | €32,425 | - | -€32,425 | |
| Other loans | 439 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €42,870 | €69,533 | +€26,663 | +62.2% |
| Suppliers | 440/4 | €42,870 | €69,533 | +€26,663 | +62.2% |
| Taxes, remuneration and social security | 45 | €13,622 | €18,965 | +€5,343 | +39.2% |
| Taxes | 450/3 | €9,048 | €16,657 | +€7,609 | +84.1% |
| Remuneration and social security | 454/9 | €4,574 | €2,308 | -€2,266 | -49.5% |
| Other amounts payable | 47/48 | €183 | €68 | -€115 | -62.8% |
| Remuneration, social security and pensions | 62 | €161,983 | €59,741 | -€102,242 | -63.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,826 | €7,718 | -€19,108 | -71.2% |
| Other operating charges | 640/8 | €6,850 | €5,818 | -€1,032 | -15.1% |
| Gross operating margin | 9900 | €140,084 | €92,249 | -€47,835 | -34.1% |
| Operating profit (loss) | 9901 | -€55,575 | €18,972 | +€74,547 | |
| Financial income | 75/76B | €273 | €793 | +€520 | +190.5% |
| Recurring financial income | 75 | €273 | €793 | +€520 | +190.5% |
| Financial charges | 65/66B | €8,677 | €14,491 | +€5,814 | +67.0% |
| Recurring financial charges | 65 | €8,677 | €14,491 | +€5,814 | +67.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,979 | €5,274 | +€69,253 | |
| Income taxes | 67/77 | €1,480 | €1,437 | -€43 | -2.9% |
| Profit (loss) for the period | 9904 | -€65,459 | €3,837 | +€69,296 | |
| Profit (loss) for the period to be appropriated | 9905 | -€65,459 | €3,837 | +€69,296 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.