CEPI: 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.
CEPI
Largest movements
- Cash -€165,432
down €165,432 (-45.0%), from €367,322 to €201,890
mainly Contributions, distributions and other (-€171,816) and Other debts (-€54,653)
- Current investments +€50,000
up €50,000 (+347.0%), from €14,408 to €64,408
- Tangible fixed assets -€35,819
down €35,819 (-10.8%), from €330,706 to €294,886
of which Land and buildings: -€30,854
- Reserves -€88,220
down €88,220 (-16.9%), from €523,056 to €434,836
of which Distributable reserves: -€88,220
- Other debts -€54,653
down €54,653 (-100.0%), from €54,653 to €0
- Debts after one year -€14,458
down €14,458 (-38.9%), from €37,145 to €22,687
- Tax, wage and social debts +€7,318
up €7,318 (+48.7%), from €15,034 to €22,352
of which Taxes: +€5,027
- Gross operating margin -€21,068
down €21,068 (-8.4%), from €251,192 to €230,124
- Taxes -€9,379
down €9,379 (-21.1%), from €44,474 to €35,095
- Staff costs +€5,158
up €5,158 (+8.4%), from €61,269 to €66,426
- Other operating charges +€4,029
up €4,029 (+268.3%), from €1,502 to €5,531
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 | €722,335 | €572,906 | -€149,429 | -20.7% |
| Fixed assets | 21/28 | €330,706 | €294,886 | -€35,819 | -10.8% |
| Tangible fixed assets | 22/27 | €330,706 | €294,886 | -€35,819 | -10.8% |
| Land and buildings | 22 | €278,963 | €248,109 | -€30,854 | -11.1% |
| Plant, machinery and equipment | 23 | €20,651 | €17,851 | -€2,800 | -13.6% |
| Furniture and vehicles | 24 | €27,593 | €25,427 | -€2,166 | -7.8% |
| Other tangible fixed assets | 26 | €3,500 | €3,500 | = | 0.0% |
| Current assets | 29/58 | €391,629 | €278,020 | -€113,609 | -29.0% |
| Amounts receivable within one year | 40/41 | €1,131 | €3,876 | +€2,745 | +242.6% |
| Other amounts receivable | 41 | €1,131 | €3,876 | +€2,745 | +242.6% |
| Current investments | 50/53 | €14,408 | €64,408 | +€50,000 | +347.0% |
| Cash at bank and in hand | 54/58 | €367,322 | €201,890 | -€165,432 | -45.0% |
| Deferred charges and accrued income | 490/1 | €8,768 | €7,846 | -€923 | -10.5% |
| Total equity and liabilities | 10/49 | €722,335 | €572,906 | -€149,429 | -20.7% |
| Equity | 10/15 | €595,768 | €507,548 | -€88,220 | -14.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €523,056 | €434,836 | -€88,220 | -16.9% |
| Tax-exempt reserves | 132 | €37,555 | €37,555 | = | 0.0% |
| Distributable reserves | 133 | €485,501 | €397,281 | -€88,220 | -18.2% |
| Profit (loss) carried forward | 14 | €66,512 | €66,512 | = | 0.0% |
| Amounts payable | 17/49 | €126,567 | €65,358 | -€61,209 | -48.4% |
| Amounts payable after more than one year | 17 | €37,145 | €22,687 | -€14,458 | -38.9% |
| Financial debts | 170/4 | €37,145 | €22,687 | -€14,458 | -38.9% |
| Amounts payable within one year | 42/48 | €89,422 | €42,277 | -€47,145 | -52.7% |
| Current portion of amounts payable after more than one year | 42 | €13,946 | €14,458 | +€512 | +3.7% |
| Trade debts | 44 | €5,789 | €5,467 | -€322 | -5.6% |
| Suppliers | 440/4 | €5,789 | €5,467 | -€322 | -5.6% |
| Taxes, remuneration and social security | 45 | €15,034 | €22,352 | +€7,318 | +48.7% |
| Taxes | 450/3 | €9,387 | €14,413 | +€5,027 | +53.6% |
| Remuneration and social security | 454/9 | €5,647 | €7,938 | +€2,291 | +40.6% |
| Other amounts payable | 47/48 | €54,653 | €0 | -€54,653 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €394 | +€394 | |
| Non-recurring operating income | 76A | - | €3,721 | +€3,721 | |
| Remuneration, social security and pensions | 62 | €61,269 | €66,426 | +€5,158 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,087 | €36,788 | +€701 | +1.9% |
| Other operating charges | 640/8 | €1,502 | €5,531 | +€4,029 | +268.3% |
| Gross operating margin | 9900 | €251,192 | €230,124 | -€21,068 | -8.4% |
| Operating profit (loss) | 9901 | €152,334 | €121,378 | -€30,956 | -20.3% |
| Financial income | 75/76B | €335 | €549 | +€214 | +63.8% |
| Recurring financial income | 75 | €335 | €549 | +€214 | +63.8% |
| Financial charges | 65/66B | €3,330 | €3,236 | -€94 | -2.8% |
| Recurring financial charges | 65 | €3,330 | €3,236 | -€94 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €149,339 | €118,692 | -€30,648 | -20.5% |
| Income taxes | 67/77 | €44,474 | €35,095 | -€9,379 | -21.1% |
| Profit (loss) for the period | 9904 | €104,865 | €83,596 | -€21,269 | -20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €104,865 | €83,596 | -€21,269 | -20.3% |
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 29 September 2026 via checked.be.