El Capitan: 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.
El Capitan
Largest movements
- Cash +€17,145
up €17,145 (+28.0%), from €61,140 to €78,285
mainly Net result for the year (+€62,942) and Other debts (+€51,700)
- Receivables within one year +€7,779
up €7,779 (+30.4%), from €25,618 to €33,397
of which Trade receivables: +€7,851
- Other debts +€51,700
up €51,700 (+221%), from €23,342 to €75,042
- Debts after one year -€14,000
down €14,000 (-8.5%), from €164,000 to €150,000
- Trade debts -€11,575
down €11,575 (-73.1%), from €15,843 to €4,268
- Gross operating margin +€36,161
up €36,161 (+50.6%), from €71,455 to €107,616
- Taxes +€6,572
up €6,572 (+53.9%), from €12,201 to €18,774
- Depreciation -€6,457
down €6,457 (-32.4%), from €19,933 to €13,476
- Financial charges +€1,570
up €1,570 (+16.7%), from €9,391 to €10,962
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €290,141 | €319,677 | +€29,536 | +10.2% |
| Fixed assets | 21/28 | €176,369 | €177,751 | +€1,382 | +0.8% |
| Tangible fixed assets | 22/27 | €176,369 | €177,751 | +€1,382 | +0.8% |
| Furniture and vehicles | 24 | €1,586 | €1,641 | +€56 | +3.5% |
| Other tangible fixed assets | 26 | €174,783 | €176,110 | +€1,327 | +0.8% |
| Current assets | 29/58 | €113,772 | €141,926 | +€28,154 | +24.7% |
| Amounts receivable within one year | 40/41 | €25,618 | €33,397 | +€7,779 | +30.4% |
| Trade receivables | 40 | €25,545 | €33,396 | +€7,851 | +30.7% |
| Other amounts receivable | 41 | €73 | €1 | -€72 | -99.1% |
| Current investments | 50/53 | €25,000 | €28,150 | +€3,150 | +12.6% |
| Cash at bank and in hand | 54/58 | €61,140 | €78,285 | +€17,145 | +28.0% |
| Deferred charges and accrued income | 490/1 | €2,014 | €2,095 | +€80 | +4.0% |
| Total equity and liabilities | 10/49 | €290,141 | €319,677 | +€29,536 | +10.2% |
| Equity | 10/15 | €64,024 | €66,967 | +€2,942 | +4.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €51,444 | €54,386 | +€2,942 | +5.7% |
| Distributable reserves | 133 | €51,444 | €54,386 | +€2,942 | +5.7% |
| Profit (loss) carried forward | 14 | -€7,419 | -€7,419 | = | 0.0% |
| Amounts payable | 17/49 | €226,117 | €252,711 | +€26,594 | +11.8% |
| Amounts payable after more than one year | 17 | €164,000 | €150,000 | -€14,000 | -8.5% |
| Financial debts | 170/4 | €164,000 | €150,000 | -€14,000 | -8.5% |
| Amounts payable within one year | 42/48 | €55,627 | €96,224 | +€40,597 | +73.0% |
| Trade debts | 44 | €15,843 | €4,268 | -€11,575 | -73.1% |
| Suppliers | 440/4 | €15,843 | €4,268 | -€11,575 | -73.1% |
| Taxes, remuneration and social security | 45 | €16,442 | €16,915 | +€473 | +2.9% |
| Taxes | 450/3 | €11,311 | €15,082 | +€3,772 | +33.3% |
| Remuneration and social security | 454/9 | €5,131 | €1,833 | -€3,299 | -64.3% |
| Other amounts payable | 47/48 | €23,342 | €75,042 | +€51,700 | +221% |
| Accrued charges and deferred income | 492/3 | €6,490 | €6,486 | -€3 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,933 | €13,476 | -€6,457 | -32.4% |
| Other operating charges | 640/8 | €1,960 | €1,782 | -€178 | -9.1% |
| Gross operating margin | 9900 | €71,455 | €107,616 | +€36,161 | +50.6% |
| Operating profit (loss) | 9901 | €49,563 | €92,358 | +€42,795 | +86.3% |
| Financial income | 75/76B | €86 | €320 | +€234 | +274% |
| Recurring financial income | 75 | €86 | €320 | +€234 | +274% |
| Financial charges | 65/66B | €9,391 | €10,962 | +€1,570 | +16.7% |
| Recurring financial charges | 65 | €9,391 | €10,962 | +€1,570 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €40,257 | €81,716 | +€41,460 | +103% |
| Income taxes | 67/77 | €12,201 | €18,774 | +€6,572 | +53.9% |
| Profit (loss) for the period | 9904 | €28,055 | €62,942 | +€34,887 | +124% |
| Profit (loss) for the period to be appropriated | 9905 | €28,055 | €62,942 | +€34,887 | +124% |
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 17 October 2026 via checked.be.