Capmarin: 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.
Capmarin
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+287%), from €799,325 to €3.1m
of which Land and buildings: +€1.9m
- Cash +€609,869
up €609,869 (+198%), from €308,510 to €918,380
mainly Debts after one year (+€1.9m) and Depreciation (+€430,390)
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Stocks and contracts +€225,884
up €225,884 (+143%), from €157,630 to €383,514
- Receivables within one year +€209,181
up €209,181 (+13.2%), from €1.6m to €1.8m
of which Trade receivables: +€167,159
- Debts after one year +€1.9m
up €1.9m (+534%), from €350,000 to €2.2m
- Trade debts +€392,875
up €392,875 (+25.4%), from €1.5m to €1.9m
- Profit (loss) carried forward +€375,490
up €375,490 (+136%), from €275,694 to €651,184
- Short-term financial debts +€251,269
new in 2025: €251,269
- Current portion of long-term debt +€116,480
up €116,480 (+8,745%), from €1,332 to €117,812
- Gross operating margin +€594,390
up €594,390 (+50.0%), from €1.2m to €1.8m
- Depreciation +€252,770
up €252,770 (+142%), from €177,620 to €430,390
- Staff costs +€172,638
up €172,638 (+27.4%), from €629,346 to €801,984
- Financial charges +€32,266
up €32,266 (+87.9%), from €36,697 to €68,964
- Write-downs +€30,869
new in 2025: €30,869
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 | €3,392,493 | €6,339,115 | +€2.9m | +86.9% |
| Fixed assets | 21/28 | €938,427 | €3,238,183 | +€2.3m | +245% |
| Intangible fixed assets | 21 | €113,877 | €110,612 | -€3,265 | -2.9% |
| Tangible fixed assets | 22/27 | €799,325 | €3,095,478 | +€2.3m | +287% |
| Land and buildings | 22 | €151,203 | €2,094,891 | +€1.9m | +1,285% |
| Plant, machinery and equipment | 23 | €20,576 | €152,364 | +€131,788 | +640% |
| Furniture and vehicles | 24 | €626,303 | €640,257 | +€13,954 | +2.2% |
| Leasing and similar rights | 25 | €1,243 | €207,966 | +€206,723 | +16,625% |
| Financial fixed assets | 28 | €25,225 | €32,094 | +€6,869 | +27.2% |
| Current assets | 29/58 | €2,454,066 | €3,100,932 | +€646,866 | +26.4% |
| Stocks and contracts in progress | 3 | €157,630 | €383,514 | +€225,884 | +143% |
| Stocks | 30/36 | €157,630 | €383,514 | +€225,884 | +143% |
| Amounts receivable within one year | 40/41 | €1,586,930 | €1,796,110 | +€209,181 | +13.2% |
| Trade receivables | 40 | €1,575,538 | €1,742,696 | +€167,159 | +10.6% |
| Other amounts receivable | 41 | €11,392 | €53,414 | +€42,022 | +369% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €308,510 | €918,380 | +€609,869 | +198% |
| Deferred charges and accrued income | 490/1 | €996 | €2,928 | +€1,932 | +194% |
| Total equity and liabilities | 10/49 | €3,392,493 | €6,339,115 | +€2.9m | +86.9% |
| Equity | 10/15 | €1,139,563 | €1,513,049 | +€373,486 | +32.8% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275,694 | €651,184 | +€375,490 | +136% |
| Investment grants | 15 | €63,868 | €61,865 | -€2,003 | -3.1% |
| Amounts payable | 17/49 | €2,252,930 | €4,826,066 | +€2.6m | +114% |
| Amounts payable after more than one year | 17 | €350,000 | €2,220,057 | +€1.9m | +534% |
| Financial debts | 170/4 | €350,000 | €2,220,057 | +€1.9m | +534% |
| Amounts payable within one year | 42/48 | €1,902,918 | €2,606,009 | +€703,091 | +36.9% |
| Current portion of amounts payable after more than one year | 42 | €1,332 | €117,812 | +€116,480 | +8,745% |
| Financial debts | 43 | - | €251,269 | +€251,269 | |
| Credit institutions | 430/8 | - | €251,269 | +€251,269 | |
| Trade debts | 44 | €1,547,647 | €1,940,521 | +€392,875 | +25.4% |
| Suppliers | 440/4 | €1,547,647 | €1,940,521 | +€392,875 | +25.4% |
| Taxes, remuneration and social security | 45 | €343,992 | €286,677 | -€57,315 | -16.7% |
| Taxes | 450/3 | €299,653 | €236,210 | -€63,443 | -21.2% |
| Remuneration and social security | 454/9 | €44,339 | €50,467 | +€6,128 | +13.8% |
| Other amounts payable | 47/48 | €9,947 | €9,729 | -€218 | -2.2% |
| Accrued charges and deferred income | 492/3 | €12 | - | -€12 | |
| Remuneration, social security and pensions | 62 | €629,346 | €801,984 | +€172,638 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,620 | €430,390 | +€252,770 | +142% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €30,869 | +€30,869 | |
| Other operating charges | 640/8 | €16,284 | €22,642 | +€6,358 | +39.0% |
| Gross operating margin | 9900 | €1,189,587 | €1,783,978 | +€594,390 | +50.0% |
| Operating profit (loss) | 9901 | €366,336 | €498,092 | +€131,756 | +36.0% |
| Financial income | 75/76B | €29,552 | €48,914 | +€19,362 | +65.5% |
| Recurring financial income | 75 | €29,552 | €48,914 | +€19,362 | +65.5% |
| Financial charges | 65/66B | €36,697 | €68,964 | +€32,266 | +87.9% |
| Recurring financial charges | 65 | €36,697 | €68,964 | +€32,266 | +87.9% |
| Profit (loss) for the period before taxes | 9903 | €359,191 | €478,042 | +€118,852 | +33.1% |
| Income taxes | 67/77 | €132,146 | €102,553 | -€29,594 | -22.4% |
| Profit (loss) for the period | 9904 | €227,044 | €375,490 | +€148,445 | +65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €227,044 | €375,490 | +€148,445 | +65.4% |
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 19 October 2026 via checked.be.