POPEYE CAPITAL: what changed
What changed
POPEYE CAPITAL
NACE 73.300, Public relations and communication consultancy
filed annual accounts (NBB)
Net result for the year
€76,980
2024 · €85,425-€8,445
Equity
€2.4m
2024 · €2.3m+€50,664
Cash
€157,186
2024 · €254,397-€97,211
Balance sheet total
€2.7m
2024 · €2.6m+€61,802
Largest movements
Assets
- Financial fixed assets +€222,524
up €222,524 (+20.4%), from €1.1m to €1.3m
- Cash -€97,211
down €97,211 (-38.2%), from €254,397 to €157,186
mainly Investment in fixed assets (net) (-€229,650) and Other debts (-€26,316)
- Tangible fixed assets -€30,656
down €30,656 (-4.0%), from €771,244 to €740,588
of which Land and buildings: -€34,796
Equity and liabilities
- Reserves +€305,064
up €305,064 (+14.7%), from €2.1m to €2.4m
of which Distributable reserves: +€410,314
- Profit (loss) carried forward -€254,399
no longer reported in 2025 (was €254,399)
Income statement
- Financial income -€8,439
down €8,439 (-61.5%), from €13,713 to €5,274
- Gross operating margin -€3,673
down €3,673 (-2.4%), from €152,143 to €148,471
- Taxes -€2,780
down €2,780 (-9.1%), from €30,391 to €27,612
- Depreciation -€2,278
down €2,278 (-5.7%), from €40,060 to €37,782
- Financial charges +€1,890
up €1,890 (+32.0%), from €5,902 to €7,792
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.
Result 2024
€85,425
Gross operating margin
-€3,673
Depreciation
+€2,278
Other operating charges
-€100
Other operating items
+€598
Financial income
-€8,439
Financial charges
-€1,890
Taxes
+€2,780
Result 2025
€76,980
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€122,331
Investment
-€228,454
Financing
+€8,913
Cash 2024
€254,397
From operations (derived)
+€122,331
Net result for the year
+€76,980
Depreciation
+€37,782
Receivables after one year
+€25,000
Receivables within one year
-€656
Deferred charges and accrued income
+€7,316
Trade debts
+€216
Tax, wage and social debts
+€3,843
Other debts
-€26,316
Accrued charges and deferred income
-€1,834
Investment (derived)
-€228,454
Investment in fixed assets (net)
-€229,650
Current investments
+€1,196
Financing
+€8,913
Debts after one year
+€22,821
Current portion of long-term debt
+€12,408
Contributions, distributions and other
-€26,316
Cash 2025
€157,186
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,598,697 | €2,660,498 | +€61,802 | +2.4% |
| Fixed assets | 21/28 | €1,860,413 | €2,052,281 | +€191,868 | +10.3% |
| Tangible fixed assets | 22/27 | €771,244 | €740,588 | -€30,656 | -4.0% |
| Land and buildings | 22 | €731,706 | €696,910 | -€34,796 | -4.8% |
| Plant, machinery and equipment | 23 | €952 | €637 | -€315 | -33.1% |
| Furniture and vehicles | 24 | €38,586 | €43,041 | +€4,455 | +11.5% |
| Financial fixed assets | 28 | €1,089,169 | €1,311,693 | +€222,524 | +20.4% |
| Current assets | 29/58 | €738,284 | €608,217 | -€130,067 | -17.6% |
| Amounts receivable after more than one year | 29 | €125,000 | €100,000 | -€25,000 | -20.0% |
| Other amounts receivable | 291 | €125,000 | €100,000 | -€25,000 | -20.0% |
| Amounts receivable within one year | 40/41 | €48,791 | €49,447 | +€656 | +1.3% |
| Trade receivables | 40 | - | €1,756 | +€1,756 | |
| Other amounts receivable | 41 | €48,791 | €47,690 | -€1,100 | -2.3% |
| Current investments | 50/53 | €297,219 | €296,023 | -€1,196 | -0.4% |
| Cash at bank and in hand | 54/58 | €254,397 | €157,186 | -€97,211 | -38.2% |
| Deferred charges and accrued income | 490/1 | €12,878 | €5,562 | -€7,316 | -56.8% |
| Total equity and liabilities | 10/49 | €2,598,697 | €2,660,498 | +€61,802 | +2.4% |
| Equity | 10/15 | €2,335,160 | €2,385,825 | +€50,664 | +2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,074,561 | €2,379,625 | +€305,064 | +14.7% |
| Tax-exempt reserves | 132 | €231,550 | €126,300 | -€105,250 | -45.5% |
| Distributable reserves | 133 | €1,843,011 | €2,253,325 | +€410,314 | +22.3% |
| Profit (loss) carried forward | 14 | €254,399 | - | -€254,399 | |
| Amounts payable | 17/49 | €263,536 | €274,674 | +€11,137 | +4.2% |
| Amounts payable after more than one year | 17 | €132,752 | €155,573 | +€22,821 | +17.2% |
| Financial debts | 170/4 | €132,752 | €105,573 | -€27,179 | -20.5% |
| Other amounts payable | 178/9 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €126,644 | €116,795 | -€9,849 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €55,871 | €68,279 | +€12,408 | +22.2% |
| Trade debts | 44 | €4,614 | €4,830 | +€216 | +4.7% |
| Suppliers | 440/4 | €4,614 | €4,830 | +€216 | +4.7% |
| Taxes, remuneration and social security | 45 | €13,527 | €17,370 | +€3,843 | +28.4% |
| Taxes | 450/3 | €13,527 | €17,370 | +€3,843 | +28.4% |
| Other amounts payable | 47/48 | €52,632 | €26,316 | -€26,316 | -50.0% |
| Accrued charges and deferred income | 492/3 | €4,140 | €2,305 | -€1,834 | -44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,060 | €37,782 | -€2,278 | -5.7% |
| Other operating charges | 640/8 | €3,480 | €3,580 | +€100 | +2.9% |
| Non-recurring operating charges | 66A | €598 | - | -€598 | |
| Gross operating margin | 9900 | €152,143 | €148,471 | -€3,673 | -2.4% |
| Operating profit (loss) | 9901 | €108,006 | €107,109 | -€897 | -0.8% |
| Financial income | 75/76B | €13,713 | €5,274 | -€8,439 | -61.5% |
| Recurring financial income | 75 | €13,713 | €5,274 | -€8,439 | -61.5% |
| Financial charges | 65/66B | €5,902 | €7,792 | +€1,890 | +32.0% |
| Recurring financial charges | 65 | €5,902 | €7,792 | +€1,890 | +32.0% |
| Profit (loss) for the period before taxes | 9903 | €115,817 | €104,592 | -€11,225 | -9.7% |
| Income taxes | 67/77 | €30,391 | €27,612 | -€2,780 | -9.1% |
| Profit (loss) for the period | 9904 | €85,425 | €76,980 | -€8,445 | -9.9% |
| Transfer from tax-exempt reserves | 789 | - | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,425 | €182,230 | +€96,805 | +113% |
Next steps
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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 4 November 2026 via checked.be.