C.P.S.: 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.S.
Largest movements
- Stocks and contracts +€118,380
up €118,380 (+41.5%), from €285,491 to €403,871
- Tangible fixed assets +€46,441
up €46,441 (+260%), from €17,841 to €64,281
of which Furniture and vehicles: +€25,361
- Receivables within one year +€39,493
up €39,493 (+43.1%), from €91,617 to €131,110
of which Trade receivables: +€39,321
- Cash -€12,819
down €12,819 (-14.0%), from €91,258 to €78,439
mainly Stocks and contracts (-€118,380) and Investment in fixed assets (net) (-€61,180)
- Debts after one year +€95,461
new in 2025: €95,461
- Profit (loss) carried forward +€45,219
up €45,219 (+31.5%), from €143,609 to €188,827
- Tax, wage and social debts +€29,205
up €29,205 (+75.4%), from €38,754 to €67,959
of which Taxes: +€21,904
- Reserves -€20,000
down €20,000 (-26.7%), from €74,814 to €54,814
- Other debts +€19,438
new in 2025: €19,438
- Gross operating margin +€58,916
up €58,916 (+41.6%), from €141,678 to €200,593
- Staff costs +€47,877
up €47,877 (+80.9%), from €59,177 to €107,055
- Depreciation +€11,515
up €11,515 (+307%), from €3,754 to €15,269
- Financial charges +€3,864
up €3,864 (+62.2%), from €6,215 to €10,079
- Other operating charges +€2,819
up €2,819 (+112%), from €2,519 to €5,339
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 | €493,280 | €682,763 | +€189,484 | +38.4% |
| Fixed assets | 21/28 | €22,825 | €68,737 | +€45,912 | +201% |
| Intangible fixed assets | 21 | €1,034 | €505 | -€529 | -51.2% |
| Tangible fixed assets | 22/27 | €17,841 | €64,281 | +€46,441 | +260% |
| Plant, machinery and equipment | 23 | €8,583 | €6,393 | -€2,190 | -25.5% |
| Furniture and vehicles | 24 | €4,320 | €29,681 | +€25,361 | +587% |
| Leasing and similar rights | 25 | - | €19,838 | +€19,838 | |
| Other tangible fixed assets | 26 | €4,937 | €8,369 | +€3,431 | +69.5% |
| Financial fixed assets | 28 | €3,950 | €3,950 | = | 0.0% |
| Current assets | 29/58 | €470,455 | €614,027 | +€143,572 | +30.5% |
| Stocks and contracts in progress | 3 | €285,491 | €403,871 | +€118,380 | +41.5% |
| Stocks | 30/36 | €285,491 | €403,871 | +€118,380 | +41.5% |
| Amounts receivable within one year | 40/41 | €91,617 | €131,110 | +€39,493 | +43.1% |
| Trade receivables | 40 | €91,547 | €130,868 | +€39,321 | +43.0% |
| Other amounts receivable | 41 | €70 | €241 | +€172 | +246% |
| Cash at bank and in hand | 54/58 | €91,258 | €78,439 | -€12,819 | -14.0% |
| Deferred charges and accrued income | 490/1 | €2,089 | €607 | -€1,482 | -70.9% |
| Total equity and liabilities | 10/49 | €493,280 | €682,763 | +€189,484 | +38.4% |
| Equity | 10/15 | €224,422 | €249,641 | +€25,219 | +11.2% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €74,814 | €54,814 | -€20,000 | -26.7% |
| Distributable reserves | 133 | €74,814 | €54,814 | -€20,000 | -26.7% |
| Profit (loss) carried forward | 14 | €143,609 | €188,827 | +€45,219 | +31.5% |
| Amounts payable | 17/49 | €268,857 | €433,122 | +€164,265 | +61.1% |
| Amounts payable after more than one year | 17 | - | €95,461 | +€95,461 | |
| Financial debts | 170/4 | - | €95,461 | +€95,461 | |
| Amounts payable within one year | 42/48 | €268,602 | €337,661 | +€69,059 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | - | €10,738 | +€10,738 | |
| Trade debts | 44 | €153,585 | €163,264 | +€9,678 | +6.3% |
| Suppliers | 440/4 | €153,585 | €163,264 | +€9,678 | +6.3% |
| Advances received on contracts in progress | 46 | €76,263 | €76,263 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €38,754 | €67,959 | +€29,205 | +75.4% |
| Taxes | 450/3 | €32,062 | €53,966 | +€21,904 | +68.3% |
| Remuneration and social security | 454/9 | €6,692 | €13,993 | +€7,301 | +109% |
| Other amounts payable | 47/48 | - | €19,438 | +€19,438 | |
| Accrued charges and deferred income | 492/3 | €255 | - | -€255 | |
| Non-recurring operating income | 76A | €32 | - | -€32 | |
| Remuneration, social security and pensions | 62 | €59,177 | €107,055 | +€47,877 | +80.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,754 | €15,269 | +€11,515 | +307% |
| Other operating charges | 640/8 | €2,519 | €5,339 | +€2,819 | +112% |
| Non-recurring operating charges | 66A | - | €982 | +€982 | |
| Gross operating margin | 9900 | €141,678 | €200,593 | +€58,916 | +41.6% |
| Operating profit (loss) | 9901 | €76,227 | €71,950 | -€4,277 | -5.6% |
| Financial income | 75/76B | €928 | €1,120 | +€192 | +20.7% |
| Recurring financial income | 75 | €928 | €1,120 | +€192 | +20.7% |
| Financial charges | 65/66B | €6,215 | €10,079 | +€3,864 | +62.2% |
| Recurring financial charges | 65 | €6,215 | €10,079 | +€3,864 | +62.2% |
| Profit (loss) for the period before taxes | 9903 | €70,940 | €62,991 | -€7,949 | -11.2% |
| Income taxes | 67/77 | €16,126 | €17,772 | +€1,646 | +10.2% |
| Profit (loss) for the period | 9904 | €54,814 | €45,219 | -€9,595 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,814 | €45,219 | -€9,595 | -17.5% |
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 20 October 2026 via checked.be.