CEPAPHILE: 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.
CEPAPHILE
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+144.3%), from €852,577 to €2.1m
of which Land and buildings: +€1.3m
- Cash -€502,930
down €502,930 (-95.9%), from €524,538 to €21,607
mainly Investment in fixed assets (net) (-€1.4m) and Net result for the year (-€160,556)
- Receivables within one year -€322,316
down €322,316 (-46.8%), from €688,910 to €366,595
of which Other amounts receivable: -€322,269
- Debts after one year +€672,061
up €672,061 (+546.9%), from €122,889 to €794,950
- Profit (loss) carried forward -€119,098
new in 2025: -€119,098
- Other debts -€106,521
down €106,521 (-24.4%), from €436,521 to €330,000
- Reserves -€41,459
down €41,459 (-5.7%), from €727,000 to €685,541
of which Tax-exempt reserves: -€34,509
- Current portion of long-term debt +€38,243
up €38,243 (+281.9%), from €13,567 to €51,811
- Gross operating margin -€373,542
down €373,542 (-85.7%), from €435,837 to €62,295
- Depreciation +€152,596
up €152,596 (+308.5%), from €49,469 to €202,065
- Taxes -€35,622
down €35,622 (-85.0%), from €41,902 to €6,279
- Financial charges -€31,504
down €31,504 (-70.9%), from €44,405 to €12,900
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 | €2,067,243 | €2,473,377 | +€406,135 | +19.6% |
| Fixed assets | 21/28 | €852,577 | €2,083,187 | +€1.2m | +144.3% |
| Tangible fixed assets | 22/27 | €852,577 | €2,083,187 | +€1.2m | +144.3% |
| Land and buildings | 22 | €697,069 | €1,949,403 | +€1.3m | +179.7% |
| Plant, machinery and equipment | 23 | €155,508 | €133,785 | -€21,723 | -14.0% |
| Current assets | 29/58 | €1,214,666 | €390,190 | -€824,476 | -67.9% |
| Amounts receivable within one year | 40/41 | €688,910 | €366,595 | -€322,316 | -46.8% |
| Trade receivables | 40 | €47 | - | -€47 | |
| Other amounts receivable | 41 | €688,863 | €366,595 | -€322,269 | -46.8% |
| Cash at bank and in hand | 54/58 | €524,538 | €21,607 | -€502,930 | -95.9% |
| Deferred charges and accrued income | 490/1 | €1,218 | €1,988 | +€770 | +63.2% |
| Total equity and liabilities | 10/49 | €2,067,243 | €2,473,377 | +€406,135 | +19.6% |
| Equity | 10/15 | €1,297,000 | €1,136,444 | -€160,556 | -12.4% |
| Contributions | 10/11 | €570,000 | €570,000 | = | 0.0% |
| Reserves | 13 | €727,000 | €685,541 | -€41,459 | -5.7% |
| Tax-exempt reserves | 132 | €440,923 | €406,414 | -€34,509 | -7.8% |
| Distributable reserves | 133 | €286,077 | €279,127 | -€6,950 | -2.4% |
| Profit (loss) carried forward | 14 | - | -€119,098 | -€119,098 | |
| Provisions and deferred taxes | 16 | €146,974 | €135,471 | -€11,503 | -7.8% |
| Deferred taxes | 168 | €146,974 | €135,471 | -€11,503 | -7.8% |
| Amounts payable | 17/49 | €623,269 | €1,201,462 | +€578,193 | +92.8% |
| Amounts payable after more than one year | 17 | €122,889 | €794,950 | +€672,061 | +546.9% |
| Financial debts | 170/4 | €122,889 | €794,950 | +€672,061 | +546.9% |
| Amounts payable within one year | 42/48 | €500,186 | €405,662 | -€94,523 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €13,567 | €51,811 | +€38,243 | +281.9% |
| Trade debts | 44 | €3,870 | €3,340 | -€530 | -13.7% |
| Suppliers | 440/4 | €3,870 | €3,340 | -€530 | -13.7% |
| Taxes, remuneration and social security | 45 | €46,228 | €20,512 | -€25,716 | -55.6% |
| Taxes | 450/3 | €46,228 | €20,512 | -€25,716 | -55.6% |
| Other amounts payable | 47/48 | €436,521 | €330,000 | -€106,521 | -24.4% |
| Accrued charges and deferred income | 492/3 | €194 | €850 | +€656 | +337.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,469 | €202,065 | +€152,596 | +308.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €500 | - | -€500 | |
| Other operating charges | 640/8 | €14,059 | €10,134 | -€3,925 | -27.9% |
| Non-recurring operating charges | 66A | €58,450 | €7,474 | -€50,977 | -87.2% |
| Gross operating margin | 9900 | €435,837 | €62,295 | -€373,542 | -85.7% |
| Operating profit (loss) | 9901 | €313,359 | -€157,378 | -€470,737 | |
| Financial income | 75/76B | €649 | €4,499 | +€3,850 | +593.2% |
| Recurring financial income | 75 | €649 | €4,499 | +€3,850 | +593.2% |
| Financial charges | 65/66B | €44,405 | €12,900 | -€31,504 | -70.9% |
| Recurring financial charges | 65 | €44,405 | €12,900 | -€31,504 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | €269,603 | -€165,780 | -€435,383 | |
| Transfer from deferred taxes | 780 | €112,822 | €11,503 | -€101,319 | -89.8% |
| Transfer to deferred taxes | 680 | €84,608 | - | -€84,608 | |
| Income taxes | 67/77 | €41,902 | €6,279 | -€35,622 | -85.0% |
| Profit (loss) for the period | 9904 | €255,915 | -€160,556 | -€416,471 | |
| Transfer from tax-exempt reserves | 789 | €338,465 | €34,509 | -€303,956 | -89.8% |
| Transfer to tax-exempt reserves | 689 | €253,825 | - | -€253,825 | |
| Profit (loss) for the period to be appropriated | 9905 | €340,554 | -€126,048 | -€466,602 |
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 6 October 2026 via checked.be.