CEDRIC POPA: 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.
CEDRIC POPA
Largest movements
- Cash +€56,400
up €56,400 (+158%), from €35,682 to €92,082
mainly Net result for the year (+€193,750) and Short-term financial debts (+€16,901)
- Receivables after one year +€16,000
up €16,000 (+2.2%), from €736,000 to €752,000
- Tangible fixed assets +€15,950
up €15,950 (+60.1%), from €26,559 to €42,509
of which Furniture and vehicles: +€11,255
- Reserves +€54,215
up €54,215 (+8.1%), from €672,600 to €726,815
of which Distributable reserves: +€57,215
- Short-term financial debts +€16,901
new in 2025: €16,901
- Gross operating margin +€31,854
up €31,854 (+13.7%), from €233,294 to €265,148
- Depreciation +€7,271
up €7,271 (+186%), from €3,908 to €11,179
- Taxes +€6,566
up €6,566 (+8.4%), from €78,308 to €84,874
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 | €963,762 | €1,044,074 | +€80,312 | +8.3% |
| Fixed assets | 21/28 | €26,559 | €42,509 | +€15,950 | +60.1% |
| Tangible fixed assets | 22/27 | €26,559 | €42,509 | +€15,950 | +60.1% |
| Furniture and vehicles | 24 | €13,735 | €24,990 | +€11,255 | +81.9% |
| Other tangible fixed assets | 26 | €12,824 | €17,519 | +€4,695 | +36.6% |
| Current assets | 29/58 | €937,203 | €1,001,565 | +€64,362 | +6.9% |
| Amounts receivable after more than one year | 29 | €736,000 | €752,000 | +€16,000 | +2.2% |
| Other amounts receivable | 291 | €736,000 | €752,000 | +€16,000 | +2.2% |
| Amounts receivable within one year | 40/41 | €161,162 | €152,475 | -€8,687 | -5.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €161,162 | €152,475 | -€8,687 | -5.4% |
| Cash at bank and in hand | 54/58 | €35,682 | €92,082 | +€56,400 | +158% |
| Deferred charges and accrued income | 490/1 | €4,358 | €5,008 | +€650 | +14.9% |
| Total equity and liabilities | 10/49 | €963,762 | €1,044,074 | +€80,312 | +8.3% |
| Equity | 10/15 | €699,000 | €753,215 | +€54,215 | +7.8% |
| Contributions | 10/11 | €26,400 | €26,400 | = | 0.0% |
| Reserves | 13 | €672,600 | €726,815 | +€54,215 | +8.1% |
| Non-distributable reserves | 130/1 | €3,000 | €0 | -€3,000 | -100% |
| Reserves not available under the articles | 1311 | €3,000 | €0 | -€3,000 | -100% |
| Distributable reserves | 133 | €669,600 | €726,815 | +€57,215 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €80,000 | €80,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €80,000 | €80,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable | 17/49 | €184,762 | €210,859 | +€26,097 | +14.1% |
| Amounts payable within one year | 42/48 | €183,201 | €210,259 | +€27,057 | +14.8% |
| Financial debts | 43 | - | €16,901 | +€16,901 | |
| Credit institutions | 430/8 | - | €16,901 | +€16,901 | |
| Trade debts | 44 | €2,845 | €5,459 | +€2,614 | +91.9% |
| Suppliers | 440/4 | €2,845 | €5,459 | +€2,614 | +91.9% |
| Taxes, remuneration and social security | 45 | €51,151 | €48,365 | -€2,787 | -5.4% |
| Taxes | 450/3 | €51,151 | €48,365 | -€2,787 | -5.4% |
| Other amounts payable | 47/48 | €129,206 | €139,535 | +€10,329 | +8.0% |
| Accrued charges and deferred income | 492/3 | €1,560 | €600 | -€960 | -61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,908 | €11,179 | +€7,271 | +186% |
| Other operating charges | 640/8 | €1,892 | €2,051 | +€159 | +8.4% |
| Gross operating margin | 9900 | €233,294 | €265,148 | +€31,854 | +13.7% |
| Operating profit (loss) | 9901 | €227,494 | €251,918 | +€24,424 | +10.7% |
| Financial income | 75/76B | €26,805 | €28,761 | +€1,956 | +7.3% |
| Recurring financial income | 75 | €26,805 | €28,761 | +€1,956 | +7.3% |
| Financial charges | 65/66B | €1,294 | €2,055 | +€762 | +58.9% |
| Recurring financial charges | 65 | €1,294 | €2,055 | +€762 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €253,006 | €278,624 | +€25,618 | +10.1% |
| Income taxes | 67/77 | €78,308 | €84,874 | +€6,566 | +8.4% |
| Profit (loss) for the period | 9904 | €174,697 | €193,750 | +€19,053 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €174,697 | €193,750 | +€19,053 | +10.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.