C.P.J.: 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.
C.P.J.
Largest movements
- Cash +€267,158
up €267,158 (+384.9%), from €69,417 to €336,575
mainly Depreciation (+€210,262) and Net result for the year (+€146,998)
- Tangible fixed assets -€210,262
down €210,262 (-5.2%), from €4.1m to €3.9m
of which Land and buildings: -€209,118
- Profit (loss) carried forward +€223,514
up €223,514 (+36.8%), from -€606,613 to -€383,100
- Reserves -€76,515
down €76,515 (-5.1%), from €1.5m to €1.4m
of which Tax-exempt reserves: -€76,515
- Short-term financial debts -€59,627
down €59,627 (-7.5%), from €795,031 to €735,404
- Gross operating margin +€105,127
up €105,127 (+36.6%), from €287,098 to €392,225
- Depreciation +€54,697
up €54,697 (+35.2%), from €155,565 to €210,262
- Financial charges -€30,764
down €30,764 (-54.4%), from €56,506 to €25,742
- Financial income -€8,853
down €8,853 (-74.2%), from €11,934 to €3,082
- Other operating charges +€7,418
up €7,418 (+24.4%), from €30,392 to €37,810
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 | €4,342,931 | €4,408,902 | +€65,971 | +1.5% |
| Fixed assets | 21/28 | €4,081,789 | €3,871,527 | -€210,262 | -5.2% |
| Tangible fixed assets | 22/27 | €4,081,789 | €3,871,527 | -€210,262 | -5.2% |
| Land and buildings | 22 | €4,079,033 | €3,869,915 | -€209,118 | -5.1% |
| Furniture and vehicles | 24 | €2,756 | €1,612 | -€1,144 | -41.5% |
| Current assets | 29/58 | €261,141 | €537,375 | +€276,233 | +105.8% |
| Amounts receivable within one year | 40/41 | €2,013 | €13,852 | +€11,839 | +588.2% |
| Trade receivables | 40 | €2,013 | €1,154 | -€859 | -42.7% |
| Other amounts receivable | 41 | - | €12,698 | +€12,698 | |
| Current investments | 50/53 | €184,293 | €186,450 | +€2,157 | +1.2% |
| Cash at bank and in hand | 54/58 | €69,417 | €336,575 | +€267,158 | +384.9% |
| Deferred charges and accrued income | 490/1 | €5,419 | €498 | -€4,921 | -90.8% |
| Total equity and liabilities | 10/49 | €4,342,931 | €4,408,902 | +€65,971 | +1.5% |
| Equity | 10/15 | €3,060,657 | €3,207,655 | +€146,998 | +4.8% |
| Contributions | 10/11 | €2,160,000 | €2,160,000 | = | 0.0% |
| Capital | 10 | €2,160,000 | €2,160,000 | = | 0.0% |
| Issued capital | 100 | €2,160,000 | €2,160,000 | = | 0.0% |
| Reserves | 13 | €1,507,270 | €1,430,755 | -€76,515 | -5.1% |
| Non-distributable reserves | 130/1 | €79,916 | €79,916 | = | 0.0% |
| Legal reserve | 130 | €79,916 | €79,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,427,355 | €1,350,839 | -€76,515 | -5.4% |
| Profit (loss) carried forward | 14 | -€606,613 | -€383,100 | +€223,514 | +36.8% |
| Provisions and deferred taxes | 16 | €475,785 | €450,280 | -€25,505 | -5.4% |
| Deferred taxes | 168 | €475,785 | €450,280 | -€25,505 | -5.4% |
| Amounts payable | 17/49 | €806,489 | €750,967 | -€55,522 | -6.9% |
| Amounts payable within one year | 42/48 | €806,461 | €750,967 | -€55,494 | -6.9% |
| Financial debts | 43 | €795,031 | €735,404 | -€59,627 | -7.5% |
| Credit institutions | 430/8 | €795,031 | €735,404 | -€59,627 | -7.5% |
| Trade debts | 44 | €11,430 | €15,563 | +€4,133 | +36.2% |
| Suppliers | 440/4 | €11,430 | €15,563 | +€4,133 | +36.2% |
| Accrued charges and deferred income | 492/3 | €27 | - | -€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,565 | €210,262 | +€54,697 | +35.2% |
| Other operating charges | 640/8 | €30,392 | €37,810 | +€7,418 | +24.4% |
| Gross operating margin | 9900 | €287,098 | €392,225 | +€105,127 | +36.6% |
| Operating profit (loss) | 9901 | €101,142 | €144,153 | +€43,012 | +42.5% |
| Financial income | 75/76B | €11,934 | €3,082 | -€8,853 | -74.2% |
| Recurring financial income | 75 | €11,934 | €3,082 | -€8,853 | -74.2% |
| Financial charges | 65/66B | €56,506 | €25,742 | -€30,764 | -54.4% |
| Recurring financial charges | 65 | €56,506 | €25,742 | -€30,764 | -54.4% |
| Profit (loss) for the period before taxes | 9903 | €56,570 | €121,493 | +€64,923 | +114.8% |
| Transfer from deferred taxes | 780 | €25,505 | €25,505 | = | 0.0% |
| Income taxes | 67/77 | €1,689 | - | -€1,689 | |
| Profit (loss) for the period | 9904 | €80,386 | €146,998 | +€66,612 | +82.9% |
| Transfer from tax-exempt reserves | 789 | €76,515 | €76,515 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €156,901 | €223,514 | +€66,612 | +42.5% |
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 9 October 2026 via checked.be.