CEPAGES PARTICIPATIONS: 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.
CEPAGES PARTICIPATIONS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€287,574
no longer reported in 2025 (was €287,574)
- Financial charges -€285,643
down €285,643 (-100.0%), from €285,724 to €81
- Gross operating margin +€46,152
up €46,152 (+83.8%), from -€55,069 to -€8,917
- Taxes -€34,960
no longer reported in 2025 (was €34,960)
- Other operating charges -€4,970
down €4,970 (-84.6%), from €5,878 to €908
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,277,902 | €23,277,821 | -€81 | 0.0% |
| Fixed assets | 21/28 | €15,500,000 | €15,500,000 | = | 0.0% |
| Financial fixed assets | 28 | €15,500,000 | €15,500,000 | = | 0.0% |
| Current assets | 29/58 | €7,777,902 | €7,777,821 | -€81 | 0.0% |
| Amounts receivable after more than one year | 29 | €7,219,735 | €7,219,735 | = | 0.0% |
| Trade receivables | 290 | €7,219,735 | €7,219,735 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €545,241 | €545,241 | = | 0.0% |
| Other amounts receivable | 41 | €545,241 | €545,241 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,925 | €12,845 | -€81 | -0.6% |
| Total equity and liabilities | 10/49 | €23,277,902 | €23,277,821 | -€81 | 0.0% |
| Equity | 10/15 | €18,897,715 | €18,887,809 | -€9,906 | -0.1% |
| Contributions | 10/11 | €17,975,000 | €17,975,000 | = | 0.0% |
| Capital | 10 | €16,379,000 | €16,379,000 | = | 0.0% |
| Issued capital | 100 | €16,379,000 | €16,379,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,596,000 | €1,596,000 | = | 0.0% |
| Share premium | 1100/10 | €1,596,000 | €1,596,000 | = | 0.0% |
| Reserves | 13 | €167,421 | €167,421 | = | 0.0% |
| Non-distributable reserves | 130/1 | €62,471 | €62,471 | = | 0.0% |
| Legal reserve | 130 | €62,471 | €62,471 | = | 0.0% |
| Distributable reserves | 133 | €104,950 | €104,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €755,294 | €745,388 | -€9,906 | -1.3% |
| Amounts payable | 17/49 | €4,380,187 | €4,390,012 | +€9,825 | +0.2% |
| Amounts payable within one year | 42/48 | €4,380,187 | €4,390,012 | +€9,825 | +0.2% |
| Trade debts | 44 | €17,612 | €21,000 | +€3,388 | +19.2% |
| Suppliers | 440/4 | €17,612 | €21,000 | +€3,388 | +19.2% |
| Taxes, remuneration and social security | 45 | €32,045 | €32,045 | = | 0.0% |
| Taxes | 450/3 | €32,045 | €32,045 | = | 0.0% |
| Other amounts payable | 47/48 | €4,330,530 | €4,336,967 | +€6,437 | +0.1% |
| Other operating charges | 640/8 | €5,878 | €908 | -€4,970 | -84.6% |
| Gross operating margin | 9900 | -€55,069 | -€8,917 | +€46,152 | +83.8% |
| Operating profit (loss) | 9901 | -€60,947 | -€9,825 | +€51,122 | +83.9% |
| Financial income | 75/76B | €287,574 | - | -€287,574 | |
| Recurring financial income | 75 | €287,574 | - | -€287,574 | |
| Financial charges | 65/66B | €285,724 | €81 | -€285,643 | -100.0% |
| Recurring financial charges | 65 | €285,724 | €81 | -€285,643 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€59,097 | -€9,906 | +€49,191 | +83.2% |
| Income taxes | 67/77 | €34,960 | - | -€34,960 | |
| Profit (loss) for the period | 9904 | -€94,057 | -€9,906 | +€84,151 | +89.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€94,057 | -€9,906 | +€84,151 | +89.5% |
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.