C.P.R.: 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.R.
Largest movements
- Receivables within one year -€96,082
down €96,082 (-26.8%), from €359,051 to €262,969
of which Trade receivables: -€108,080
- Cash +€79,820
up €79,820 (+26.2%), from €304,899 to €384,718
mainly Net result for the year (+€144,917) and Receivables within one year (+€96,082)
- Tangible fixed assets -€14,700
down €14,700 (-8.8%), from €167,095 to €152,395
of which Assets under construction and advance payments: -€119,998
- Trade debts -€170,771
down €170,771 (-86.8%), from €196,827 to €26,056
- Reserves +€144,917
up €144,917 (+26.7%), from €543,201 to €688,118
of which Distributable reserves: +€144,917
- Gross operating margin +€46,875
up €46,875 (+13.5%), from €348,246 to €395,121
- Depreciation +€12,914
up €12,914 (+158%), from €8,198 to €21,112
- Staff costs +€9,116
up €9,116 (+6.5%), from €140,601 to €149,718
- Write-downs -€7,329
no longer reported in 2025 (was €7,329)
- Taxes +€5,065
up €5,065 (+7.7%), from €66,166 to €71,232
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 | €835,016 | €804,054 | -€30,962 | -3.7% |
| Fixed assets | 21/28 | €171,067 | €156,367 | -€14,700 | -8.6% |
| Tangible fixed assets | 22/27 | €167,095 | €152,395 | -€14,700 | -8.8% |
| Land and buildings | 22 | - | €122,647 | +€122,647 | |
| Furniture and vehicles | 24 | €24,697 | €14,328 | -€10,369 | -42.0% |
| Leasing and similar rights | 25 | €22,400 | €15,419 | -€6,981 | -31.2% |
| Assets under construction and advance payments | 27 | €119,998 | - | -€119,998 | |
| Financial fixed assets | 28 | €3,972 | €3,972 | = | 0.0% |
| Current assets | 29/58 | €663,950 | €647,687 | -€16,262 | -2.4% |
| Amounts receivable within one year | 40/41 | €359,051 | €262,969 | -€96,082 | -26.8% |
| Trade receivables | 40 | €287,903 | €179,823 | -€108,080 | -37.5% |
| Other amounts receivable | 41 | €71,148 | €83,146 | +€11,998 | +16.9% |
| Cash at bank and in hand | 54/58 | €304,899 | €384,718 | +€79,820 | +26.2% |
| Total equity and liabilities | 10/49 | €835,016 | €804,054 | -€30,962 | -3.7% |
| Equity | 10/15 | €549,399 | €694,315 | +€144,917 | +26.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €543,201 | €688,118 | +€144,917 | +26.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,500 | €47,500 | = | 0.0% |
| Distributable reserves | 133 | €493,842 | €638,759 | +€144,917 | +29.3% |
| Amounts payable | 17/49 | €285,618 | €109,739 | -€175,879 | -61.6% |
| Amounts payable within one year | 42/48 | €285,618 | €109,739 | -€175,879 | -61.6% |
| Current portion of amounts payable after more than one year | 42 | €12,390 | €12,307 | -€84 | -0.7% |
| Trade debts | 44 | €196,827 | €26,056 | -€170,771 | -86.8% |
| Suppliers | 440/4 | €196,827 | €26,056 | -€170,771 | -86.8% |
| Taxes, remuneration and social security | 45 | €76,401 | €71,376 | -€5,025 | -6.6% |
| Taxes | 450/3 | €76,401 | €65,820 | -€10,581 | -13.8% |
| Remuneration and social security | 454/9 | - | €5,556 | +€5,556 | |
| Remuneration, social security and pensions | 62 | €140,601 | €149,718 | +€9,116 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,198 | €21,112 | +€12,914 | +158% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,329 | - | -€7,329 | |
| Other operating charges | 640/8 | €3,875 | €1,627 | -€2,249 | -58.0% |
| Gross operating margin | 9900 | €348,246 | €395,121 | +€46,875 | +13.5% |
| Operating profit (loss) | 9901 | €188,243 | €222,664 | +€34,421 | +18.3% |
| Financial income | 75/76B | €3,973 | €37 | -€3,936 | -99.1% |
| Recurring financial income | 75 | €3,973 | €37 | -€3,936 | -99.1% |
| Financial charges | 65/66B | €4,924 | €6,553 | +€1,629 | +33.1% |
| Recurring financial charges | 65 | €4,924 | €5,966 | +€1,042 | +21.2% |
| Non-recurring financial charges | 66B | - | €587 | +€587 | |
| Profit (loss) for the period before taxes | 9903 | €187,292 | €216,148 | +€28,856 | +15.4% |
| Income taxes | 67/77 | €66,166 | €71,232 | +€5,065 | +7.7% |
| Profit (loss) for the period | 9904 | €121,126 | €144,917 | +€23,791 | +19.6% |
| Profit (loss) for the period to be appropriated | 9905 | €121,126 | €144,917 | +€23,791 | +19.6% |
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 18 October 2026 via checked.be.