CECOPIM: what changed
Two fiscal 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.
CECOPIM
Largest movements
- Current investments +€700,000
up €700,000 (+89.8%), from €779,903 to €1.5m
- Tangible fixed assets -€416,546
down €416,546 (-11.9%), from €3.5m to €3.1m
of which Land and buildings: -€351,143
- Cash -€52,333
down €52,333 (-31.0%), from €168,853 to €116,520
mainly Current investments (-€700,000) and Debts after one year (-€21,750)
- Reserves +€222,567
up €222,567 (+14.9%), from €1.5m to €1.7m
of which Tax-exempt reserves: +€122,567
- Other operating charges +€80,931
up €80,931 (+884.0%), from €9,155 to €90,086
- Gross operating margin +€65,593
up €65,593 (+21.2%), from €309,566 to €375,158
- Financial income +€48,535
up €48,535 (+26.6%), from €182,520 to €231,056
of which Non-recurring financial income: +€59,140
- Depreciation -€8,318
down €8,318 (-3.9%), from €212,650 to €204,332
- Taxes -€4,248
down €4,248 (-8.4%), from €50,599 to €46,352
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 | €4,558,838 | €4,767,726 | +€208,888 | +4.6% |
| Formation expenses | 20 | €4,689 | €2,886 | -€1,803 | -38.4% |
| Fixed assets | 21/28 | €3,512,810 | €3,096,264 | -€416,546 | -11.9% |
| Tangible fixed assets | 22/27 | €3,512,810 | €3,096,264 | -€416,546 | -11.9% |
| Land and buildings | 22 | €3,020,923 | €2,669,781 | -€351,143 | -11.6% |
| Plant, machinery and equipment | 23 | €1,086 | €922 | -€163 | -15.0% |
| Other tangible fixed assets | 26 | €490,801 | €425,561 | -€65,240 | -13.3% |
| Current assets | 29/58 | €1,041,338 | €1,668,575 | +€627,237 | +60.2% |
| Amounts receivable within one year | 40/41 | €7,000 | €7,244 | +€244 | +3.5% |
| Other amounts receivable | 41 | €7,000 | €7,244 | +€244 | +3.5% |
| Current investments | 50/53 | €779,903 | €1,479,903 | +€700,000 | +89.8% |
| Cash at bank and in hand | 54/58 | €168,853 | €116,520 | -€52,333 | -31.0% |
| Deferred charges and accrued income | 490/1 | €85,582 | €64,908 | -€20,674 | -24.2% |
| Total equity and liabilities | 10/49 | €4,558,838 | €4,767,726 | +€208,888 | +4.6% |
| Equity | 10/15 | €3,602,163 | €3,821,937 | +€219,773 | +6.1% |
| Contributions | 10/11 | €2,100,000 | €2,100,000 | = | 0.0% |
| Capital | 10 | €2,100,000 | €2,100,000 | = | 0.0% |
| Issued capital | 100 | €2,100,000 | €2,100,000 | = | 0.0% |
| Reserves | 13 | €1,489,212 | €1,711,779 | +€222,567 | +14.9% |
| Non-distributable reserves | 130/1 | €120,000 | €126,000 | +€6,000 | +5.0% |
| Legal reserve | 130 | €120,000 | €126,000 | +€6,000 | +5.0% |
| Tax-exempt reserves | 132 | €751,212 | €873,779 | +€122,567 | +16.3% |
| Distributable reserves | 133 | €618,000 | €712,000 | +€94,000 | +15.2% |
| Profit (loss) carried forward | 14 | €3,448 | €3,633 | +€185 | +5.4% |
| Investment grants | 15 | €9,504 | €6,526 | -€2,978 | -31.3% |
| Provisions and deferred taxes | 16 | €463,012 | €494,897 | +€31,885 | +6.9% |
| Deferred taxes | 168 | €463,012 | €494,897 | +€31,885 | +6.9% |
| Amounts payable | 17/49 | €493,663 | €450,892 | -€42,771 | -8.7% |
| Amounts payable after more than one year | 17 | €35,750 | €14,000 | -€21,750 | -60.8% |
| Other amounts payable | 178/9 | €35,750 | €14,000 | -€21,750 | -60.8% |
| Amounts payable within one year | 42/48 | €447,027 | €431,177 | -€15,850 | -3.5% |
| Taxes, remuneration and social security | 45 | €3,605 | €3,027 | -€577 | -16.0% |
| Taxes | 450/3 | €3,605 | €3,027 | -€577 | -16.0% |
| Other amounts payable | 47/48 | €443,422 | €428,149 | -€15,273 | -3.4% |
| Accrued charges and deferred income | 492/3 | €10,886 | €5,716 | -€5,170 | -47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,650 | €204,332 | -€8,318 | -3.9% |
| Other operating charges | 640/8 | €9,155 | €90,086 | +€80,931 | +884.0% |
| Gross operating margin | 9900 | €309,566 | €375,158 | +€65,593 | +21.2% |
| Operating profit (loss) | 9901 | €87,761 | €80,740 | -€7,020 | -8.0% |
| Financial income | 75/76B | €182,520 | €231,056 | +€48,535 | +26.6% |
| Recurring financial income | 75 | €26,782 | €16,178 | -€10,604 | -39.6% |
| Non-recurring financial income | 76B | €155,738 | €214,878 | +€59,140 | +38.0% |
| Financial charges | 65/66B | €11,612 | €10,808 | -€804 | -6.9% |
| Recurring financial charges | 65 | €11,612 | €10,808 | -€804 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €258,669 | €300,988 | +€42,319 | +16.4% |
| Transfer from deferred taxes | 780 | €22,006 | €21,834 | -€172 | -0.8% |
| Transfer to deferred taxes | 680 | €38,935 | €53,719 | +€14,785 | +38.0% |
| Income taxes | 67/77 | €50,599 | €46,352 | -€4,248 | -8.4% |
| Profit (loss) for the period | 9904 | €191,141 | €222,751 | +€31,610 | +16.5% |
| Transfer from tax-exempt reserves | 789 | €34,716 | €38,592 | +€3,876 | +11.2% |
| Transfer to tax-exempt reserves | 689 | €116,804 | €161,158 | +€44,355 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,053 | €100,185 | -€8,869 | -8.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.