BULLETPROOF CUPID: 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.
BULLETPROOF CUPID
Largest movements
- Receivables within one year +€2.6m
up €2.6m (+134.1%), from €2.0m to €4.6m
of which Other amounts receivable: +€2.8m
- Intangible fixed assets +€1.1m
up €1.1m (+67.5%), from €1.7m to €2.8m
- Cash +€145,838
up €145,838 (+752.5%), from €19,381 to €165,219
mainly Contributions, distributions and other (+€3.9m) and Depreciation (+€325,566)
- Investment grants +€3.9m
up €3.9m (+145.6%), from €2.7m to €6.6m
- Advances received +€208,030
up €208,030 (+32.3%), from €643,902 to €851,932
- Trade debts -€176,582
down €176,582 (-82.0%), from €215,335 to €38,753
- Depreciation -€109,852
down €109,852 (-25.2%), from €435,418 to €325,566
- Gross operating margin -€103,195
down €103,195 (-23.3%), from €443,028 to €339,833
- Staff costs +€10,315
new in 2025: €10,315
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 | €3,641,691 | €7,539,802 | +€3.9m | +107.0% |
| Fixed assets | 21/28 | €1,657,616 | €2,776,115 | +€1.1m | +67.5% |
| Intangible fixed assets | 21 | €1,657,616 | €2,776,115 | +€1.1m | +67.5% |
| Current assets | 29/58 | €1,984,075 | €4,763,687 | +€2.8m | +140.1% |
| Amounts receivable within one year | 40/41 | €1,964,694 | €4,598,468 | +€2.6m | +134.1% |
| Trade receivables | 40 | €151,711 | €4,752 | -€146,959 | -96.9% |
| Other amounts receivable | 41 | €1,812,983 | €4,593,716 | +€2.8m | +153.4% |
| Cash at bank and in hand | 54/58 | €19,381 | €165,219 | +€145,838 | +752.5% |
| Total equity and liabilities | 10/49 | €3,641,691 | €7,539,802 | +€3.9m | +107.0% |
| Equity | 10/15 | €2,729,437 | €6,647,686 | +€3.9m | +143.6% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Reserves | 13 | €2,186 | €2,528 | +€342 | +15.6% |
| Distributable reserves | 133 | €2,186 | €2,528 | +€342 | +15.6% |
| Investment grants | 15 | €2,691,251 | €6,609,158 | +€3.9m | +145.6% |
| Amounts payable | 17/49 | €912,254 | €892,116 | -€20,138 | -2.2% |
| Amounts payable within one year | 42/48 | €859,428 | €892,116 | +€32,688 | +3.8% |
| Trade debts | 44 | €215,335 | €38,753 | -€176,582 | -82.0% |
| Suppliers | 440/4 | €215,335 | €38,753 | -€176,582 | -82.0% |
| Advances received on contracts in progress | 46 | €643,902 | €851,932 | +€208,030 | +32.3% |
| Taxes, remuneration and social security | 45 | €191 | €1,431 | +€1,240 | +649.3% |
| Taxes | 450/3 | €191 | €270 | +€79 | +41.5% |
| Remuneration and social security | 454/9 | - | €1,161 | +€1,161 | |
| Accrued charges and deferred income | 492/3 | €52,826 | €0 | -€52,826 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €10,315 | +€10,315 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €435,418 | €325,566 | -€109,852 | -25.2% |
| Other operating charges | 640/8 | €1,469 | €1,705 | +€236 | +16.1% |
| Gross operating margin | 9900 | €443,028 | €339,833 | -€103,195 | -23.3% |
| Operating profit (loss) | 9901 | €6,141 | €2,246 | -€3,895 | -63.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,946 | €1,634 | -€4,312 | -72.5% |
| Recurring financial charges | 65 | €5,946 | €1,634 | -€4,312 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | €195 | €612 | +€417 | +214.1% |
| Income taxes | 67/77 | €191 | €270 | +€79 | +41.5% |
| Profit (loss) for the period | 9904 | €4 | €342 | +€338 | +8453.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4 | €342 | +€338 | +8453.5% |
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 11 October 2026 via checked.be.