Capstone Partners: 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.
What changed
Capstone Partners
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13.3m
2024 · €6.7m+€6.6m
Equity
€61.8m
2024 · €52.5m+€9.3m
Cash
€443,224
2024 · €311,766+€131,457
Balance sheet total
€66.0m
2024 · €56.7m+€9.3m
Largest movements
Assets
- Current investments +€7.4m
up €7.4m (+33.3%), from €22.3m to €29.7m
- Financial fixed assets +€1.9m
up €1.9m (+6.3%), from €30.0m to €31.8m
of which Other financial fixed assets: +€1.9m
Equity and liabilities
- Profit (loss) carried forward +€9.3m
up €9.3m (+18.3%), from €50.9m to €60.2m
Income statement
- Financial charges -€6.5m
down €6.5m (-72.9%), from €9.0m to €2.4m
of which Non-recurring financial charges: -€8.2m
- Financial income +€39,817
up €39,817 (+0.2%), from €16.3m to €16.3m
of which Non-recurring financial income: +€662,737
- Turnover +€17,004
up €17,004 (+3.2%), from €530,563 to €547,567
- Other operating income +€16,507
up €16,507 (+13.3%), from €123,775 to €140,282
- Staff costs +€10,395
up €10,395 (+2.7%), from €378,358 to €388,753
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.
Result 2024
€6.7m
Turnover
+€17,004
Other operating income
+€16,507
Services and other goods
+€3,044
Staff costs
-€10,395
Other operating charges
+€2,455
Financial income
+€39,817
Financial charges
+€6.5m
Taxes
+€439
Result 2025
€13.3m
raises the resultlowers the result
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.
From operations
+€13.6m
Investment
-€9.4m
Financing
-€4.0m
Cash 2024
€311,766
From operations (derived)
+€13.6m
Net result for the year
+€13.3m
Depreciation
+€15,432
Receivables after one year
+€330,000
Receivables within one year
-€97,896
Smaller working-capital items
+€6,987
Investment (derived)
-€9.4m
Investment in fixed assets (net)
-€2.0m
Current investments
-€7.4m
Financing
-€4.0m
Contributions, distributions and other
-€4.0m
Cash 2025
€443,224
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,667,177 | €65,964,537 | +€9.3m | +16.4% |
| Fixed assets | 21/28 | €31,337,594 | €33,339,962 | +€2.0m | +6.4% |
| Tangible fixed assets | 22/27 | €1,382,579 | €1,501,386 | +€118,806 | +8.6% |
| Land and buildings | 22 | €162,555 | €153,488 | -€9,067 | -5.6% |
| Furniture and vehicles | 24 | €933,578 | €1,061,451 | +€127,873 | +13.7% |
| Other tangible fixed assets | 26 | €286,446 | €286,446 | = | 0.0% |
| Financial fixed assets | 28 | €29,955,015 | €31,838,576 | +€1.9m | +6.3% |
| Affiliated companies | 280/1 | €2,354,414 | €2,354,414 | = | 0.0% |
| Participating interests | 280 | €2,354,414 | €2,354,414 | = | 0.0% |
| Other financial fixed assets | 284/8 | €27,600,602 | €29,484,162 | +€1.9m | +6.8% |
| Shares | 284 | €27,597,489 | €29,481,050 | +€1.9m | +6.8% |
| Amounts receivable and cash guarantees | 285/8 | €3,112 | €3,112 | = | 0.0% |
| Current assets | 29/58 | €25,329,582 | €32,624,576 | +€7.3m | +28.8% |
| Amounts receivable after more than one year | 29 | €450,000 | €120,000 | -€330,000 | -73.3% |
| Other amounts receivable | 291 | €450,000 | €120,000 | -€330,000 | -73.3% |
| Amounts receivable within one year | 40/41 | €2,268,723 | €2,366,619 | +€97,896 | +4.3% |
| Trade receivables | 40 | €53,665 | €98,839 | +€45,174 | +84.2% |
| Other amounts receivable | 41 | €2,215,057 | €2,267,780 | +€52,722 | +2.4% |
| Current investments | 50/53 | €22,256,240 | €29,667,671 | +€7.4m | +33.3% |
| Other investments | 51/53 | €22,256,240 | €29,667,671 | +€7.4m | +33.3% |
| Cash at bank and in hand | 54/58 | €311,766 | €443,224 | +€131,457 | +42.2% |
| Deferred charges and accrued income | 490/1 | €42,853 | €27,062 | -€15,791 | -36.8% |
| Total equity and liabilities | 10/49 | €56,667,177 | €65,964,537 | +€9.3m | +16.4% |
| Equity | 10/15 | €52,521,807 | €61,827,972 | +€9.3m | +17.7% |
| Contributions | 10/11 | €1,200,000 | €1,200,000 | = | 0.0% |
| Capital | 10 | €1,200,000 | €1,200,000 | = | 0.0% |
| Issued capital | 100 | €1,200,000 | €1,200,000 | = | 0.0% |
| Reserves | 13 | €415,000 | €415,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €340,000 | €340,000 | = | 0.0% |
| Legal reserve | 130 | €340,000 | €340,000 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,906,807 | €60,212,972 | +€9.3m | +18.3% |
| Amounts payable | 17/49 | €4,145,370 | €4,136,565 | -€8,805 | -0.2% |
| Amounts payable within one year | 42/48 | €4,144,646 | €4,135,826 | -€8,820 | -0.2% |
| Trade debts | 44 | €33,767 | €25,716 | -€8,051 | -23.8% |
| Suppliers | 440/4 | €33,767 | €25,716 | -€8,051 | -23.8% |
| Taxes, remuneration and social security | 45 | €110,879 | €110,110 | -€769 | -0.7% |
| Taxes | 450/3 | €12,940 | €11,391 | -€1,549 | -12.0% |
| Remuneration and social security | 454/9 | €97,939 | €98,719 | +€780 | +0.8% |
| Other amounts payable | 47/48 | €4,000,000 | €4,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €724 | €740 | +€16 | +2.2% |
| Operating income | 70/76A | €654,338 | €687,849 | +€33,511 | +5.1% |
| Turnover | 70 | €530,563 | €547,567 | +€17,004 | +3.2% |
| Other operating income | 74 | €123,775 | €140,282 | +€16,507 | +13.3% |
| Operating charges | 60/66A | €1,273,041 | €1,277,937 | +€4,896 | +0.4% |
| Services and other goods | 61 | €819,154 | €816,110 | -€3,044 | -0.4% |
| Remuneration, social security and pensions | 62 | €378,358 | €388,753 | +€10,395 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,432 | €15,432 | = | 0.0% |
| Other operating charges | 640/8 | €60,098 | €57,642 | -€2,455 | -4.1% |
| Operating profit (loss) | 9901 | -€618,703 | -€590,089 | +€28,615 | +4.6% |
| Financial income | 75/76B | €16,281,190 | €16,321,007 | +€39,817 | +0.2% |
| Recurring financial income | 75 | €6,146,206 | €5,523,286 | -€622,920 | -10.1% |
| Income from financial fixed assets | 750 | €6,041,173 | €5,225,589 | -€815,585 | -13.5% |
| Income from current assets | 751 | €103,531 | €114,334 | +€10,803 | +10.4% |
| Other financial income | 752/9 | €1,501 | €183,364 | +€181,862 | +12,115% |
| Non-recurring financial income | 76B | €10,134,984 | €10,797,721 | +€662,737 | +6.5% |
| Financial charges | 65/66B | €8,951,118 | €2,422,736 | -€6.5m | -72.9% |
| Recurring financial charges | 65 | €397,547 | €2,022,736 | +€1.6m | +409% |
| Debt charges | 650 | €2,815 | €3,973 | +€1,157 | +41.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €356,335 | €2,013,969 | +€1.7m | +465% |
| Other financial charges | 652/9 | €38,396 | €4,794 | -€33,602 | -87.5% |
| Non-recurring financial charges | 66B | €8,553,571 | €400,000 | -€8.2m | -95.3% |
| Profit (loss) for the period before taxes | 9903 | €6,711,369 | €13,308,183 | +€6.6m | +98.3% |
| Income taxes | 67/77 | €2,457 | €2,017 | -€439 | -17.9% |
| Taxes | 670/3 | €2,494 | €2,017 | -€477 | -19.1% |
| Tax adjustments and reversals of tax provisions | 77 | €37 | - | -€37 | |
| Profit (loss) for the period | 9904 | €6,708,912 | €13,306,165 | +€6.6m | +98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,708,912 | €13,306,165 | +€6.6m | +98.3% |
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 14 October 2026 via checked.be.