CIPAC: 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.
What changed
CIPAC
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €730,150+€742,372
Equity
€3.9m
2024 · €2.6m+€1.2m
Cash
€110,663
2024 · €214,516-€103,853
Balance sheet total
€11.7m
2024 · €11.8m-€144,676
Largest movements
Assets
- Tangible fixed assets -€327,595
down €327,595 (-16.9%), from €1.9m to €1.6m
of which Other tangible fixed assets: -€223,545
- Receivables within one year +€301,356
up €301,356 (+10.7%), from €2.8m to €3.1m
of which Other amounts receivable: +€501,470
Equity and liabilities
- Reserves +€1.3m
up €1.3m (+52.5%), from €2.4m to €3.7m
of which Tax-exempt reserves: +€1.1m
- Other debts -€965,273
down €965,273 (-78.1%), from €1.2m to €270,819
- Debts after one year -€871,039
down €871,039 (-32.0%), from €2.7m to €1.9m
- Trade debts +€470,672
up €470,672 (+35.0%), from €1.3m to €1.8m
of which Suppliers: +€470,672
- Provisions +€463,658
new in 2025: €463,658
of which Deferred taxes: +€381,432
Income statement
- Goods and materials +€426,642
up €426,642 (+2.2%), from €19.5m to €19.9m
of which Purchases: +€771,357
- Write-downs +€322,205
up €322,205, from -€274,302 to €47,903
- Turnover +€310,723
up €310,723 (+1.1%), from €28.1m to €28.4m
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.
Result 2024
€730,150
Turnover
+€310,723
Other operating income
+€40,482
Goods and materials
-€426,642
Services and other goods
+€13,166
Staff costs
-€102,747
Depreciation
+€7,506
Write-downs
-€322,205
Provisions
-€82,226
Other operating charges
-€18,957
Other operating items
+€1.5m
Financial income
-€4,013
Financial charges
+€33,548
Taxes
+€149,442
Deferred taxes and other
-€381,432
Result 2025
€1.5m
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.
From operations
+€1.5m
Investment
+€13,529
Financing
-€1.6m
Cash 2024
€214,516
From operations (derived)
+€1.5m
Net result for the year
+€1.5m
Depreciation
+€301,735
Stocks and contracts
+€56,930
Receivables within one year
-€301,356
Deferred charges and accrued income
-€30,016
Provisions
+€463,658
Trade debts
+€470,672
Tax, wage and social debts
+€2,339
Other debts
-€965,273
Investment (derived)
+€13,529
Investment in fixed assets (net)
+€13,529
Financing
-€1.6m
Debts after one year
-€871,039
Current portion of long-term debt
-€175,695
Short-term financial debts
-€316,926
Contributions, distributions and other
-€224,934
Cash 2025
€110,663
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,834,571 | €11,689,895 | -€144,676 | -1.2% |
| Fixed assets | 21/28 | €2,053,219 | €1,737,955 | -€315,264 | -15.4% |
| Tangible fixed assets | 22/27 | €1,935,551 | €1,607,956 | -€327,595 | -16.9% |
| Land and buildings | 22 | €91,593 | €0 | -€91,593 | -100.0% |
| Plant, machinery and equipment | 23 | €51,376 | €34,684 | -€16,692 | -32.5% |
| Furniture and vehicles | 24 | €114,051 | €119,893 | +€5,842 | +5.1% |
| Other tangible fixed assets | 26 | €1,676,924 | €1,453,379 | -€223,545 | -13.3% |
| Assets under construction and advance payments | 27 | €1,607 | €0 | -€1,607 | -100.0% |
| Financial fixed assets | 28 | €117,669 | €129,999 | +€12,330 | +10.5% |
| Other financial fixed assets | 284/8 | €117,669 | €129,999 | +€12,330 | +10.5% |
| Amounts receivable and cash guarantees | 285/8 | €117,669 | €129,999 | +€12,330 | +10.5% |
| Current assets | 29/58 | €9,781,351 | €9,951,940 | +€170,589 | +1.7% |
| Stocks and contracts in progress | 3 | €6,755,699 | €6,698,769 | -€56,930 | -0.8% |
| Stocks | 30/36 | €6,755,699 | €6,698,769 | -€56,930 | -0.8% |
| Goods purchased for resale | 34 | €6,755,699 | €6,698,769 | -€56,930 | -0.8% |
| Amounts receivable within one year | 40/41 | €2,804,168 | €3,105,524 | +€301,356 | +10.7% |
| Trade receivables | 40 | €2,760,917 | €2,560,803 | -€200,114 | -7.2% |
| Other amounts receivable | 41 | €43,251 | €544,721 | +€501,470 | +1159.4% |
| Cash at bank and in hand | 54/58 | €214,516 | €110,663 | -€103,853 | -48.4% |
| Deferred charges and accrued income | 490/1 | €6,968 | €36,984 | +€30,016 | +430.8% |
| Total equity and liabilities | 10/49 | €11,834,571 | €11,689,895 | -€144,676 | -1.2% |
| Equity | 10/15 | €2,610,173 | €3,857,761 | +€1.2m | +47.8% |
| Contributions | 10/11 | €99,200 | €99,200 | = | 0.0% |
| Capital | 10 | €99,200 | €99,200 | = | 0.0% |
| Issued capital | 100 | €99,200 | €99,200 | = | 0.0% |
| Reserves | 13 | €2,424,838 | €3,697,359 | +€1.3m | +52.5% |
| Non-distributable reserves | 130/1 | €9,920 | €9,920 | = | 0.0% |
| Legal reserve | 130 | €9,920 | €9,920 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,144,295 | +€1.1m | |
| Distributable reserves | 133 | €2,414,918 | €2,543,144 | +€128,226 | +5.3% |
| Investment grants | 15 | €86,136 | €61,202 | -€24,934 | -28.9% |
| Provisions and deferred taxes | 16 | - | €463,658 | +€463,658 | |
| Provisions for liabilities and charges | 160/5 | - | €82,226 | +€82,226 | |
| Other liabilities and charges | 164/5 | - | €82,226 | +€82,226 | |
| Deferred taxes | 168 | - | €381,432 | +€381,432 | |
| Amounts payable | 17/49 | €9,224,397 | €7,368,476 | -€1.9m | -20.1% |
| Amounts payable after more than one year | 17 | €2,722,075 | €1,851,036 | -€871,039 | -32.0% |
| Financial debts | 170/4 | €2,722,075 | €1,851,036 | -€871,039 | -32.0% |
| Credit institutions | 173 | €2,722,075 | €1,851,036 | -€871,039 | -32.0% |
| Amounts payable within one year | 42/48 | €6,502,323 | €5,517,440 | -€984,883 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €1,046,809 | €871,114 | -€175,695 | -16.8% |
| Financial debts | 43 | €1,853,599 | €1,536,673 | -€316,926 | -17.1% |
| Credit institutions | 430/8 | €1,853,599 | €1,536,673 | -€316,926 | -17.1% |
| Trade debts | 44 | €1,346,334 | €1,817,006 | +€470,672 | +35.0% |
| Suppliers | 440/4 | €1,346,334 | €1,817,006 | +€470,672 | +35.0% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,019,489 | €1,021,828 | +€2,339 | +0.2% |
| Taxes | 450/3 | €541,376 | €512,620 | -€28,756 | -5.3% |
| Remuneration and social security | 454/9 | €478,113 | €509,208 | +€31,095 | +6.5% |
| Other amounts payable | 47/48 | €1,236,092 | €270,819 | -€965,273 | -78.1% |
| Operating income | 70/76A | €29,005,459 | €30,882,391 | +€1.9m | +6.5% |
| Turnover | 70 | €28,074,215 | €28,384,938 | +€310,723 | +1.1% |
| Other operating income | 74 | €931,244 | €971,726 | +€40,482 | +4.3% |
| Non-recurring operating income | 76A | - | €1,525,727 | +€1.5m | |
| Operating charges | 60/66A | €28,049,927 | €28,982,032 | +€932,105 | +3.3% |
| Goods for resale, raw materials and consumables | 60 | €19,512,691 | €19,939,333 | +€426,642 | +2.2% |
| Purchases | 600/8 | €19,158,949 | €19,930,306 | +€771,357 | +4.0% |
| Change in stocks: decrease (increase) | 609 | €353,742 | €9,027 | -€344,715 | -97.4% |
| Services and other goods | 61 | €4,928,521 | €4,915,355 | -€13,166 | -0.3% |
| Remuneration, social security and pensions | 62 | €3,178,825 | €3,281,572 | +€102,747 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €309,241 | €301,735 | -€7,506 | -2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€274,302 | €47,903 | +€322,205 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €82,226 | +€82,226 | |
| Other operating charges | 640/8 | €394,951 | €413,908 | +€18,957 | +4.8% |
| Operating profit (loss) | 9901 | €955,532 | €1,900,359 | +€944,827 | +98.9% |
| Financial income | 75/76B | €367,694 | €363,681 | -€4,013 | -1.1% |
| Recurring financial income | 75 | €367,694 | €363,681 | -€4,013 | -1.1% |
| Income from current assets | 751 | - | €80 | +€80 | |
| Other financial income | 752/9 | €367,694 | €363,601 | -€4,093 | -1.1% |
| Financial charges | 65/66B | €333,428 | €299,880 | -€33,548 | -10.1% |
| Recurring financial charges | 65 | €333,428 | €299,880 | -€33,548 | -10.1% |
| Debt charges | 650 | €286,086 | €244,114 | -€41,972 | -14.7% |
| Other financial charges | 652/9 | €47,342 | €55,766 | +€8,424 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €989,798 | €1,964,160 | +€974,362 | +98.4% |
| Transfer to deferred taxes | 680 | - | €381,432 | +€381,432 | |
| Income taxes | 67/77 | €259,648 | €110,206 | -€149,442 | -57.6% |
| Taxes | 670/3 | €261,875 | €116,228 | -€145,647 | -55.6% |
| Tax adjustments and reversals of tax provisions | 77 | €2,227 | €6,022 | +€3,795 | +170.4% |
| Profit (loss) for the period | 9904 | €730,150 | €1,472,522 | +€742,372 | +101.7% |
| Transfer to tax-exempt reserves | 689 | - | €1,144,295 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €730,150 | €328,227 | -€401,923 | -55.0% |
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 8 October 2026 via checked.be.