CAPYX: 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.
CAPYX
Largest movements
- Intangible fixed assets +€436,407
new in 2025: €436,407
- Receivables within one year +€317,664
up €317,664 (+20.9%), from €1.5m to €1.8m
of which Trade receivables: +€340,937
- Cash +€45,687
up €45,687 (+23.4%), from €195,367 to €241,054
mainly Trade debts (+€340,614) and Tax, wage and social debts (+€188,075)
- Deferred charges and accrued income -€30,175
down €30,175 (-13.3%), from €226,821 to €196,647
- Trade debts +€340,614
up €340,614 (+40.4%), from €843,988 to €1.2m
- Tax, wage and social debts +€188,075
up €188,075 (+41.0%), from €459,201 to €647,276
of which Taxes: +€146,396
- Short-term financial debts +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Current portion of long-term debt +€64,929
up €64,929 (+27.5%), from €235,959 to €300,888
- Other debts +€57,900
up €57,900 (+277.2%), from €20,886 to €78,786
- Gross operating margin +€242,544
up €242,544 (+5.3%), from €4.6m to €4.9m
- Staff costs +€103,152
up €103,152 (+2.3%), from €4.5m to €4.6m
- Depreciation +€53,336
up €53,336 (+272.5%), from €19,576 to €72,913
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 | €2,036,335 | €2,829,019 | +€792,685 | +38.9% |
| Fixed assets | 21/28 | €96,609 | €556,118 | +€459,508 | +475.6% |
| Intangible fixed assets | 21 | - | €436,407 | +€436,407 | |
| Tangible fixed assets | 22/27 | €53,642 | €66,235 | +€12,593 | +23.5% |
| Plant, machinery and equipment | 23 | €6,821 | €5,122 | -€1,699 | -24.9% |
| Furniture and vehicles | 24 | €30,813 | €48,463 | +€17,651 | +57.3% |
| Other tangible fixed assets | 26 | €16,008 | €12,649 | -€3,359 | -21.0% |
| Financial fixed assets | 28 | €42,968 | €53,476 | +€10,508 | +24.5% |
| Current assets | 29/58 | €1,939,725 | €2,272,902 | +€333,176 | +17.2% |
| Amounts receivable within one year | 40/41 | €1,517,537 | €1,835,201 | +€317,664 | +20.9% |
| Trade receivables | 40 | €1,414,965 | €1,755,902 | +€340,937 | +24.1% |
| Other amounts receivable | 41 | €102,572 | €79,299 | -€23,273 | -22.7% |
| Cash at bank and in hand | 54/58 | €195,367 | €241,054 | +€45,687 | +23.4% |
| Deferred charges and accrued income | 490/1 | €226,821 | €196,647 | -€30,175 | -13.3% |
| Total equity and liabilities | 10/49 | €2,036,335 | €2,829,019 | +€792,685 | +38.9% |
| Equity | 10/15 | €276,301 | €317,467 | +€41,166 | +14.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €214,301 | €255,467 | +€41,166 | +19.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €189,351 | €230,517 | +€41,166 | +21.7% |
| Amounts payable | 17/49 | €1,760,034 | €2,511,552 | +€751,519 | +42.7% |
| Amounts payable within one year | 42/48 | €1,760,034 | €2,511,552 | +€751,519 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | €235,959 | €300,888 | +€64,929 | +27.5% |
| Financial debts | 43 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Other loans | 439 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Trade debts | 44 | €843,988 | €1,184,602 | +€340,614 | +40.4% |
| Suppliers | 440/4 | €843,988 | €1,184,602 | +€340,614 | +40.4% |
| Taxes, remuneration and social security | 45 | €459,201 | €647,276 | +€188,075 | +41.0% |
| Taxes | 450/3 | €265,518 | €411,914 | +€146,396 | +55.1% |
| Remuneration and social security | 454/9 | €193,683 | €235,362 | +€41,679 | +21.5% |
| Other amounts payable | 47/48 | €20,886 | €78,786 | +€57,900 | +277.2% |
| Remuneration, social security and pensions | 62 | €4,507,871 | €4,611,023 | +€103,152 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,576 | €72,913 | +€53,336 | +272.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,113 | €3,133 | -€18,980 | -85.8% |
| Other operating charges | 640/8 | €16,939 | €18,584 | +€1,645 | +9.7% |
| Gross operating margin | 9900 | €4,611,791 | €4,854,335 | +€242,544 | +5.3% |
| Operating profit (loss) | 9901 | €45,293 | €148,683 | +€103,390 | +228.3% |
| Financial income | 75/76B | €1,003 | €14,165 | +€13,162 | +1312.9% |
| Recurring financial income | 75 | €1,003 | €14,165 | +€13,162 | +1312.9% |
| Financial charges | 65/66B | €31,274 | €33,548 | +€2,274 | +7.3% |
| Recurring financial charges | 65 | €31,274 | €33,548 | +€2,274 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €15,021 | €129,300 | +€114,278 | +760.8% |
| Income taxes | 67/77 | €41,700 | €88,134 | +€46,434 | +111.4% |
| Profit (loss) for the period | 9904 | -€26,679 | €41,166 | +€67,845 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,679 | €41,166 | +€67,845 |
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 1 October 2026 via checked.be.