CAPTEL: 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.
What changed
CAPTEL
NACE 61.100, Wired, wireless and satellite telecommunications
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€104,503
2024 · €109,825-€5,322
Equity
€698,035
2024 · €718,448-€20,413
Cash
€207,959
2024 · €308,854-€100,895
Balance sheet total
€1.4m
2024 · €1.5m-€112,721
Largest movements
Assets
- Cash -€100,895
down €100,895 (-32.7%), from €308,854 to €207,959
mainly Investment in fixed assets (net) (-€143,568) and Contributions, distributions and other (-€124,916)
- Intangible fixed assets +€54,982
up €54,982 (+49.7%), from €110,572 to €165,554
- Tangible fixed assets -€50,542
down €50,542 (-7.1%), from €710,625 to €660,083
of which Land and buildings: -€30,680
- Receivables within one year -€24,833
down €24,833 (-6.6%), from €376,614 to €351,781
Equity and liabilities
- Debts after one year -€43,715
down €43,715 (-68.0%), from €64,327 to €20,612
- Short-term financial debts -€33,296
down €33,296 (-28.1%), from €118,401 to €85,105
- Profit (loss) carried forward -€15,497
down €15,497 (-7.9%), from €195,166 to €179,669
Income statement
- Depreciation +€36,189
up €36,189 (+35.2%), from €102,939 to €139,128
- Gross operating margin +€20,833
up €20,833 (+1.3%), from €1.7m to €1.7m
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
€109,825
Gross operating margin
+€20,833
Staff costs
-€7,613
Depreciation
-€36,189
Write-downs
+€3,069
Other operating charges
+€13,051
Financial income
-€1,356
Financial charges
+€1,001
Taxes
+€1,883
Result 2025
€104,503
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.
From operations
+€255,795
Investment
-€143,568
Financing
-€213,122
Cash 2024
€308,854
From operations (derived)
+€255,795
Net result for the year
+€104,503
Depreciation
+€139,128
Receivables within one year
+€24,833
Deferred charges and accrued income
-€8,567
Provisions
-€531
Trade debts
+€2,032
Tax, wage and social debts
-€1,937
Other debts
-€2,745
Accrued charges and deferred income
-€921
Investment (derived)
-€143,568
Investment in fixed assets (net)
-€143,568
Financing
-€213,122
Debts after one year
-€43,715
Current portion of long-term debt
-€11,196
Short-term financial debts
-€33,296
Contributions, distributions and other
-€124,916
Cash 2025
€207,959
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,532,481 | €1,419,760 | -€112,721 | -7.4% |
| Fixed assets | 21/28 | €832,957 | €837,396 | +€4,439 | +0.5% |
| Intangible fixed assets | 21 | €110,572 | €165,554 | +€54,982 | +49.7% |
| Tangible fixed assets | 22/27 | €710,625 | €660,083 | -€50,542 | -7.1% |
| Land and buildings | 22 | €401,466 | €370,787 | -€30,680 | -7.6% |
| Plant, machinery and equipment | 23 | €195,166 | €180,608 | -€14,558 | -7.5% |
| Furniture and vehicles | 24 | €53,289 | €27,832 | -€25,456 | -47.8% |
| Assets under construction and advance payments | 27 | €60,705 | €80,856 | +€20,151 | +33.2% |
| Financial fixed assets | 28 | €11,759 | €11,759 | = | 0.0% |
| Current assets | 29/58 | €699,524 | €582,364 | -€117,160 | -16.7% |
| Amounts receivable within one year | 40/41 | €376,614 | €351,781 | -€24,833 | -6.6% |
| Trade receivables | 40 | €376,614 | €351,781 | -€24,833 | -6.6% |
| Cash at bank and in hand | 54/58 | €308,854 | €207,959 | -€100,895 | -32.7% |
| Deferred charges and accrued income | 490/1 | €14,056 | €22,624 | +€8,567 | +60.9% |
| Total equity and liabilities | 10/49 | €1,532,481 | €1,419,760 | -€112,721 | -7.4% |
| Equity | 10/15 | €718,448 | €698,035 | -€20,413 | -2.8% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €44,700 | €44,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,700 | €22,700 | = | 0.0% |
| Legal reserve | 130 | €22,700 | €22,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €195,166 | €179,669 | -€15,497 | -7.9% |
| Investment grants | 15 | €78,582 | €73,666 | -€4,916 | -6.3% |
| Provisions and deferred taxes | 16 | €3,869 | €3,338 | -€531 | -13.7% |
| Deferred taxes | 168 | €3,869 | €3,338 | -€531 | -13.7% |
| Amounts payable | 17/49 | €810,164 | €718,386 | -€91,778 | -11.3% |
| Amounts payable after more than one year | 17 | €64,327 | €20,612 | -€43,715 | -68.0% |
| Financial debts | 170/4 | €64,327 | €20,612 | -€43,715 | -68.0% |
| Amounts payable within one year | 42/48 | €704,792 | €657,650 | -€47,141 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €56,420 | €45,224 | -€11,196 | -19.8% |
| Financial debts | 43 | €118,401 | €85,105 | -€33,296 | -28.1% |
| Credit institutions | 430/8 | €118,401 | €85,105 | -€33,296 | -28.1% |
| Trade debts | 44 | €148,131 | €150,163 | +€2,032 | +1.4% |
| Suppliers | 440/4 | €148,131 | €150,163 | +€2,032 | +1.4% |
| Taxes, remuneration and social security | 45 | €257,125 | €255,188 | -€1,937 | -0.8% |
| Taxes | 450/3 | €33,995 | €41,425 | +€7,430 | +21.9% |
| Remuneration and social security | 454/9 | €223,130 | €213,763 | -€9,368 | -4.2% |
| Other amounts payable | 47/48 | €124,715 | €121,970 | -€2,745 | -2.2% |
| Accrued charges and deferred income | 492/3 | €41,045 | €40,124 | -€921 | -2.2% |
| Non-recurring operating income | 76A | €262 | €275 | +€13 | +5.0% |
| Remuneration, social security and pensions | 62 | €1,362,595 | €1,370,208 | +€7,613 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,939 | €139,128 | +€36,189 | +35.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,069 | €0 | -€3,069 | -100.0% |
| Other operating charges | 640/8 | €29,239 | €16,188 | -€13,051 | -44.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,651,462 | €1,672,294 | +€20,833 | +1.3% |
| Operating profit (loss) | 9901 | €153,620 | €146,770 | -€6,850 | -4.5% |
| Financial income | 75/76B | €6,536 | €5,180 | -€1,356 | -20.7% |
| Recurring financial income | 75 | €6,536 | €5,180 | -€1,356 | -20.7% |
| Financial charges | 65/66B | €7,076 | €6,075 | -€1,001 | -14.1% |
| Recurring financial charges | 65 | €7,076 | €6,075 | -€1,001 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €153,080 | €145,875 | -€7,205 | -4.7% |
| Transfer from deferred taxes | 780 | €531 | €531 | = | 0.0% |
| Income taxes | 67/77 | €43,786 | €41,903 | -€1,883 | -4.3% |
| Profit (loss) for the period | 9904 | €109,825 | €104,503 | -€5,322 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,825 | €104,503 | -€5,322 | -4.8% |
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 4 October 2026 via checked.be.