CEPAGE: 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.
CEPAGE
Largest movements
- Cash +€87,750
up €87,750 (+165.7%), from €52,958 to €140,708
mainly Net result for the year (+€101,676) and Trade debts (+€41,982)
- Reserves +€101,676
up €101,676 (+67.2%), from €151,378 to €253,054
- Trade debts +€41,982
up €41,982 (+1026.4%), from €4,090 to €46,072
- Gross operating margin -€22,448
down €22,448 (-14.1%), from €159,183 to €136,735
- Taxes -€5,703
down €5,703 (-14.0%), from €40,603 to €34,900
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 | €3,725,104 | €3,854,373 | +€129,269 | +3.5% |
| Fixed assets | 21/28 | €3,500,000 | €3,521,592 | +€21,592 | +0.6% |
| Tangible fixed assets | 22/27 | - | €21,592 | +€21,592 | |
| Furniture and vehicles | 24 | - | €21,592 | +€21,592 | |
| Financial fixed assets | 28 | €3,500,000 | €3,500,000 | = | 0.0% |
| Current assets | 29/58 | €225,104 | €332,782 | +€107,678 | +47.8% |
| Amounts receivable within one year | 40/41 | €2,146 | €21,399 | +€19,253 | +897.1% |
| Other amounts receivable | 41 | €2,146 | €21,399 | +€19,253 | +897.1% |
| Current investments | 50/53 | €170,000 | €170,675 | +€675 | +0.4% |
| Cash at bank and in hand | 54/58 | €52,958 | €140,708 | +€87,750 | +165.7% |
| Total equity and liabilities | 10/49 | €3,725,104 | €3,854,373 | +€129,269 | +3.5% |
| Equity | 10/15 | €161,378 | €263,054 | +€101,676 | +63.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €151,378 | €253,054 | +€101,676 | +67.2% |
| Distributable reserves | 133 | €151,378 | €253,054 | +€101,676 | +67.2% |
| Amounts payable | 17/49 | €3,563,726 | €3,591,319 | +€27,593 | +0.8% |
| Amounts payable after more than one year | 17 | €3,500,000 | €3,500,000 | = | 0.0% |
| Financial debts | 170/4 | €3,500,000 | €3,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €63,726 | €91,319 | +€27,593 | +43.3% |
| Trade debts | 44 | €4,090 | €46,072 | +€41,982 | +1026.4% |
| Suppliers | 440/4 | €4,090 | €46,072 | +€41,982 | +1026.4% |
| Taxes, remuneration and social security | 45 | €59,636 | €45,247 | -€14,389 | -24.1% |
| Taxes | 450/3 | €59,636 | €45,247 | -€14,389 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,343 | +€1,343 | |
| Other operating charges | 640/8 | €118 | €670 | +€552 | +467.8% |
| Gross operating margin | 9900 | €159,183 | €136,735 | -€22,448 | -14.1% |
| Operating profit (loss) | 9901 | €159,065 | €134,722 | -€24,343 | -15.3% |
| Financial income | 75/76B | €1,980 | €2,458 | +€479 | +24.2% |
| Recurring financial income | 75 | €1,980 | €2,458 | +€479 | +24.2% |
| Financial charges | 65/66B | €75 | €605 | +€529 | +701.4% |
| Recurring financial charges | 65 | €75 | €605 | +€529 | +701.4% |
| Profit (loss) for the period before taxes | 9903 | €160,970 | €136,576 | -€24,394 | -15.2% |
| Income taxes | 67/77 | €40,603 | €34,900 | -€5,703 | -14.0% |
| Profit (loss) for the period | 9904 | €120,367 | €101,676 | -€18,691 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €120,367 | €101,676 | -€18,691 | -15.5% |
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 30 September 2026 via checked.be.