ETS M CAPELLE: what changed
ETS M CAPELLE
Largest movements
- Cash +€17,131
up €17,131 (+279%), from €6,135 to €23,266
mainly Receivables within one year (+€15,173) and Tax, wage and social debts (+€2,911)
- Receivables within one year -€15,173
down €15,173 (-66.5%), from €22,807 to €7,634
of which Trade receivables: -€14,429
- Tangible fixed assets +€1,273
up €1,273 (+1,474%), from €86 to €1,359
of which Furniture and vehicles: +€1,359
- Tax, wage and social debts +€2,911
up €2,911 (+184%), from €1,586 to €4,498
of which Taxes: +€1,742
- Other debts -€2,865
down €2,865 (-19.7%), from €14,521 to €11,656
- Profit (loss) carried forward +€2,341
up €2,341 (+7.9%), from -€29,716 to -€27,375
- Trade debts +€945
up €945 (+3.9%), from €24,062 to €25,007
- Staff costs +€28,169
up €28,169 (+193%), from €14,623 to €42,792
- Gross operating margin +€26,597
up €26,597 (+147%), from €18,061 to €44,658
- Taxes -€7,489
down €7,489, from €4,374 to -€3,115
- Financial charges -€1,825
down €1,825 (-51.6%), from €3,536 to €1,711
- Other operating charges -€1,068
down €1,068 (-61.3%), from €1,741 to €673
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,091 | €34,424 | +€3,332 | +10.7% |
| Fixed assets | 21/28 | €536 | €1,809 | +€1,273 | +237% |
| Tangible fixed assets | 22/27 | €86 | €1,359 | +€1,273 | +1,474% |
| Plant, machinery and equipment | 23 | €86 | - | -€86 | |
| Furniture and vehicles | 24 | - | €1,359 | +€1,359 | |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €30,555 | €32,614 | +€2,059 | +6.7% |
| Amounts receivable within one year | 40/41 | €22,807 | €7,634 | -€15,173 | -66.5% |
| Trade receivables | 40 | €19,667 | €5,238 | -€14,429 | -73.4% |
| Other amounts receivable | 41 | €3,140 | €2,396 | -€744 | -23.7% |
| Cash at bank and in hand | 54/58 | €6,135 | €23,266 | +€17,131 | +279% |
| Deferred charges and accrued income | 490/1 | €1,613 | €1,714 | +€101 | +6.3% |
| Total equity and liabilities | 10/49 | €31,091 | €34,424 | +€3,332 | +10.7% |
| Equity | 10/15 | -€16,811 | -€14,470 | +€2,341 | +13.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €504 | €504 | = | 0.0% |
| Non-distributable reserves | 130/1 | €504 | €504 | = | 0.0% |
| Reserves not available under the articles | 1311 | €504 | €504 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,716 | -€27,375 | +€2,341 | +7.9% |
| Amounts payable | 17/49 | €47,903 | €48,894 | +€991 | +2.1% |
| Amounts payable within one year | 42/48 | €47,903 | €48,894 | +€991 | +2.1% |
| Financial debts | 43 | €7,734 | €7,734 | = | 0.0% |
| Credit institutions | 430/8 | €7,734 | €7,734 | = | 0.0% |
| Trade debts | 44 | €24,062 | €25,007 | +€945 | +3.9% |
| Suppliers | 440/4 | €24,062 | €25,007 | +€945 | +3.9% |
| Taxes, remuneration and social security | 45 | €1,586 | €4,498 | +€2,911 | +184% |
| Taxes | 450/3 | €237 | €1,979 | +€1,742 | +735% |
| Remuneration and social security | 454/9 | €1,349 | €2,519 | +€1,170 | +86.7% |
| Other amounts payable | 47/48 | €14,521 | €11,656 | -€2,865 | -19.7% |
| Non-recurring operating income | 76A | €9,131 | €4,773 | -€4,358 | -47.7% |
| Remuneration, social security and pensions | 62 | €14,623 | €42,792 | +€28,169 | +193% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86 | €370 | +€284 | +328% |
| Other operating charges | 640/8 | €1,741 | €673 | -€1,068 | -61.3% |
| Gross operating margin | 9900 | €18,061 | €44,658 | +€26,597 | +147% |
| Operating profit (loss) | 9901 | €1,611 | €823 | -€787 | -48.9% |
| Financial income | 75/76B | €530 | €114 | -€416 | -78.5% |
| Recurring financial income | 75 | €530 | €114 | -€416 | -78.5% |
| Financial charges | 65/66B | €3,536 | €1,711 | -€1,825 | -51.6% |
| Recurring financial charges | 65 | €3,536 | €1,711 | -€1,825 | -51.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,395 | -€774 | +€621 | +44.5% |
| Income taxes | 67/77 | €4,374 | -€3,115 | -€7,489 | |
| Profit (loss) for the period | 9904 | -€5,769 | €2,341 | +€8,110 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,769 | €2,341 | +€8,110 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.