CAPTAIN BLUE: 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.
CAPTAIN BLUE
Largest movements
- Receivables within one year +€61,173
up €61,173 (+240.8%), from €25,409 to €86,582
of which Other amounts receivable: +€56,429
- Tangible fixed assets -€23,722
down €23,722 (-24.8%), from €95,568 to €71,846
of which Plant, machinery and equipment: -€20,591
- Deferred charges and accrued income -€19,715
down €19,715 (-89.7%), from €21,978 to €2,262
- Cash +€8,799
up €8,799 (+11.3%), from €77,549 to €86,348
mainly Accrued charges and deferred income (+€46,900) and Depreciation (+€23,722)
- Stocks and contracts +€2,613
up €2,613 (+49.3%), from €5,303 to €7,916
- Accrued charges and deferred income +€46,900
up €46,900 (+188.3%), from €24,901 to €71,801
- Debts after one year -€24,882
down €24,882 (-44.2%), from €56,345 to €31,463
- Current portion of long-term debt -€10,491
down €10,491 (-29.7%), from €35,373 to €24,882
- Trade debts +€9,976
up €9,976 (+17.3%), from €57,779 to €67,755
- Profit (loss) carried forward +€6,819
up €6,819 (+643.1%), from €1,060 to €7,880
- Gross operating margin +€9,237
up €9,237 (+10.3%), from €90,097 to €99,335
- Depreciation -€8,070
down €8,070 (-25.4%), from €31,792 to €23,722
- Other operating charges +€5,638
up €5,638 (+107.1%), from €5,263 to €10,901
- Staff costs +€4,775
up €4,775 (+9.9%), from €48,392 to €53,167
- Financial income -€1,367
down €1,367 (-69.8%), from €1,960 to €593
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 | €231,368 | €260,516 | +€29,148 | +12.6% |
| Fixed assets | 21/28 | €101,130 | €77,408 | -€23,722 | -23.5% |
| Tangible fixed assets | 22/27 | €95,568 | €71,846 | -€23,722 | -24.8% |
| Plant, machinery and equipment | 23 | €81,661 | €61,070 | -€20,591 | -25.2% |
| Furniture and vehicles | 24 | €9,821 | €7,778 | -€2,042 | -20.8% |
| Other tangible fixed assets | 26 | €4,086 | €2,998 | -€1,088 | -26.6% |
| Financial fixed assets | 28 | €5,562 | €5,562 | = | 0.0% |
| Current assets | 29/58 | €130,238 | €183,108 | +€52,870 | +40.6% |
| Stocks and contracts in progress | 3 | €5,303 | €7,916 | +€2,613 | +49.3% |
| Stocks | 30/36 | €5,303 | €7,916 | +€2,613 | +49.3% |
| Amounts receivable within one year | 40/41 | €25,409 | €86,582 | +€61,173 | +240.8% |
| Trade receivables | 40 | €5,845 | €10,590 | +€4,744 | +81.2% |
| Other amounts receivable | 41 | €19,563 | €75,992 | +€56,429 | +288.4% |
| Cash at bank and in hand | 54/58 | €77,549 | €86,348 | +€8,799 | +11.3% |
| Deferred charges and accrued income | 490/1 | €21,978 | €2,262 | -€19,715 | -89.7% |
| Total equity and liabilities | 10/49 | €231,368 | €260,516 | +€29,148 | +12.6% |
| Equity | 10/15 | €50,260 | €57,080 | +€6,819 | +13.6% |
| Reserves | 13 | €49,200 | €49,200 | = | 0.0% |
| Distributable reserves | 133 | €49,200 | €49,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,060 | €7,880 | +€6,819 | +643.1% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €181,107 | €203,436 | +€22,329 | +12.3% |
| Amounts payable after more than one year | 17 | €56,345 | €31,463 | -€24,882 | -44.2% |
| Financial debts | 170/4 | €56,345 | €31,463 | -€24,882 | -44.2% |
| Amounts payable within one year | 42/48 | €99,862 | €100,173 | +€311 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €35,373 | €24,882 | -€10,491 | -29.7% |
| Trade debts | 44 | €57,779 | €67,755 | +€9,976 | +17.3% |
| Suppliers | 440/4 | €57,779 | €67,755 | +€9,976 | +17.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,711 | €7,536 | +€825 | +12.3% |
| Taxes | 450/3 | €1,167 | €807 | -€361 | -30.9% |
| Remuneration and social security | 454/9 | €5,543 | €6,729 | +€1,186 | +21.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €24,901 | €71,801 | +€46,900 | +188.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €48,392 | €53,167 | +€4,775 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,792 | €23,722 | -€8,070 | -25.4% |
| Other operating charges | 640/8 | €5,263 | €10,901 | +€5,638 | +107.1% |
| Non-recurring operating charges | 66A | €225 | - | -€225 | |
| Gross operating margin | 9900 | €90,097 | €99,335 | +€9,237 | +10.3% |
| Operating profit (loss) | 9901 | €4,426 | €11,546 | +€7,119 | +160.8% |
| Financial income | 75/76B | €1,960 | €593 | -€1,367 | -69.8% |
| Recurring financial income | 75 | €1,960 | €593 | -€1,367 | -69.8% |
| Financial charges | 65/66B | €4,150 | €3,434 | -€716 | -17.2% |
| Recurring financial charges | 65 | €4,150 | €3,434 | -€716 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €2,237 | €8,704 | +€6,468 | +289.1% |
| Income taxes | 67/77 | €1,380 | €1,885 | +€505 | +36.6% |
| Profit (loss) for the period | 9904 | €857 | €6,819 | +€5,962 | +695.9% |
| Profit (loss) for the period to be appropriated | 9905 | €857 | €6,819 | +€5,962 | +695.9% |
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 8 October 2026 via checked.be.