CIPAL: 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.
What changed
CIPAL
NACE 63.100, Computing infrastructure, data processing, hosting and related activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€441,362
2024 · €2.0m-€1.5m
Equity
€16.2m
2024 · €15.8m+€447,237
Cash
€5.1m
2024 · €9.9m-€4.8m
Balance sheet total
€52.9m
2024 · €52.9m-€8,231
Largest movements
Assets
- Cash -€4.8m
down €4.8m (-48.8%), from €9.9m to €5.1m
mainly Current investments (-€4.0m) and Receivables within one year (-€1.1m)
- Current investments +€4.0m
up €4.0m (+159.9%), from €2.5m to €6.5m
- Receivables within one year +€1.1m
up €1.1m (+77.1%), from €1.4m to €2.5m
of which Other amounts receivable: +€725,063
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Goods and materials -€2.5m
down €2.5m (-87.2%), from €2.9m to €370,985
- Turnover -€1.2m
down €1.2m (-32.0%), from €3.8m to €2.6m
- Financial income -€905,757
down €905,757 (-25.9%), from €3.5m to €2.6m
of which Non-recurring financial income: -€2.0m
- Provisions +€816,719
up €816,719 (+98.3%), from -€830,956 to -€14,237
- Services and other goods +€807,618
up €807,618 (+114.2%), from €707,022 to €1.5m
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
€2.0m
Turnover
-€1.2m
Other operating income
-€375,493
Goods and materials
+€2.5m
Services and other goods
-€807,618
Staff costs
+€276,339
Depreciation
-€7,076
Write-downs
+€232,324
Provisions
-€816,719
Other operating charges
-€34,975
Other operating items
-€400,741
Financial income
-€905,757
Financial charges
-€22,993
Taxes
+€10
Result 2025
€441,362
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
-€330,658
Investment
-€4.1m
Financing
-€438,659
Cash 2024
€9.9m
From operations (derived)
-€330,658
Net result for the year
+€441,362
Depreciation
+€212,463
Receivables after one year
+€185,000
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€65,062
Provisions
-€14,237
Trade debts
+€229,362
Tax, wage and social debts
+€14,331
Other debts
+€3,375
Accrued charges and deferred income
-€243,765
Investment (derived)
-€4.1m
Investment in fixed assets (net)
-€54,976
Current investments
-€4.0m
Financing
-€438,659
Debts after one year
-€420,160
Current portion of long-term debt
-€24,374
Contributions, distributions and other
+€5,875
Cash 2025
€5.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,915,482 | €52,907,250 | -€8,231 | 0.0% |
| Fixed assets | 21/28 | €38,363,849 | €38,206,362 | -€157,487 | -0.4% |
| Tangible fixed assets | 22/27 | €5,121,956 | €4,955,049 | -€166,907 | -3.3% |
| Land and buildings | 22 | €5,121,956 | €4,912,833 | -€209,123 | -4.1% |
| Plant, machinery and equipment | 23 | - | €40,545 | +€40,545 | |
| Other tangible fixed assets | 26 | - | €1,671 | +€1,671 | |
| Financial fixed assets | 28 | €33,241,892 | €33,251,312 | +€9,420 | 0.0% |
| Affiliated companies | 280/1 | €33,029,087 | €33,029,087 | = | 0.0% |
| Participating interests | 280 | €33,029,087 | €33,029,087 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €181,956 | €181,956 | = | 0.0% |
| Participating interests | 282 | €181,956 | €181,956 | = | 0.0% |
| Other financial fixed assets | 284/8 | €30,850 | €40,270 | +€9,420 | +30.5% |
| Amounts receivable and cash guarantees | 285/8 | €30,850 | €40,270 | +€9,420 | +30.5% |
| Current assets | 29/58 | €14,551,633 | €14,700,888 | +€149,256 | +1.0% |
| Amounts receivable after more than one year | 29 | €740,000 | €555,000 | -€185,000 | -25.0% |
| Other amounts receivable | 291 | €740,000 | €555,000 | -€185,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €1,419,143 | €2,512,629 | +€1.1m | +77.1% |
| Trade receivables | 40 | €671,100 | €1,039,523 | +€368,423 | +54.9% |
| Other amounts receivable | 41 | €748,043 | €1,473,106 | +€725,063 | +96.9% |
| Current investments | 50/53 | €2,500,959 | €6,500,959 | +€4.0m | +159.9% |
| Other investments | 51/53 | €2,500,959 | €6,500,959 | +€4.0m | +159.9% |
| Cash at bank and in hand | 54/58 | €9,887,100 | €5,062,806 | -€4.8m | -48.8% |
| Deferred charges and accrued income | 490/1 | €4,432 | €69,494 | +€65,062 | +1468.1% |
| Total equity and liabilities | 10/49 | €52,915,482 | €52,907,250 | -€8,231 | 0.0% |
| Equity | 10/15 | €15,775,331 | €16,222,568 | +€447,237 | +2.8% |
| Contributions | 10/11 | €1,063,125 | €1,069,000 | +€5,875 | +0.6% |
| Revaluation surpluses | 12 | €19,418,748 | €19,418,748 | = | 0.0% |
| Reserves | 13 | €8,485,968 | €8,486,555 | +€588 | 0.0% |
| Non-distributable reserves | 130/1 | €8,106,313 | €8,106,900 | +€588 | 0.0% |
| Reserves not available under the articles | 1311 | €106,313 | €106,900 | +€588 | +0.6% |
| Other | 1319 | €8,000,000 | €8,000,000 | = | 0.0% |
| Distributable reserves | 133 | €379,655 | €379,655 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,192,510 | -€12,751,736 | +€440,774 | +3.3% |
| Provisions and deferred taxes | 16 | €31,880,594 | €31,866,356 | -€14,237 | 0.0% |
| Provisions for liabilities and charges | 160/5 | €31,880,594 | €31,866,356 | -€14,237 | 0.0% |
| Pensions and similar obligations | 160 | €31,025,072 | €31,461,553 | +€436,481 | +1.4% |
| Other liabilities and charges | 164/5 | €855,522 | €404,803 | -€450,718 | -52.7% |
| Amounts payable | 17/49 | €5,259,557 | €4,818,326 | -€441,231 | -8.4% |
| Amounts payable after more than one year | 17 | €3,249,032 | €2,828,872 | -€420,160 | -12.9% |
| Financial debts | 170/4 | €3,249,032 | €2,828,872 | -€420,160 | -12.9% |
| Credit institutions | 173 | €2,694,032 | €2,458,872 | -€235,160 | -8.7% |
| Other loans | 174 | €555,000 | €370,000 | -€185,000 | -33.3% |
| Amounts payable within one year | 42/48 | €1,211,760 | €1,434,454 | +€222,694 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | €468,010 | €443,637 | -€24,374 | -5.2% |
| Trade debts | 44 | €210,988 | €440,349 | +€229,362 | +108.7% |
| Suppliers | 440/4 | €210,988 | €440,349 | +€229,362 | +108.7% |
| Taxes, remuneration and social security | 45 | €532,762 | €547,093 | +€14,331 | +2.7% |
| Taxes | 450/3 | €136,172 | €184,703 | +€48,532 | +35.6% |
| Remuneration and social security | 454/9 | €396,591 | €362,390 | -€34,201 | -8.6% |
| Other amounts payable | 47/48 | - | €3,375 | +€3,375 | |
| Accrued charges and deferred income | 492/3 | €798,765 | €555,000 | -€243,765 | -30.5% |
| Operating income | 70/76A | €5,768,910 | €3,789,751 | -€2.0m | -34.3% |
| Turnover | 70 | €3,764,587 | €2,561,663 | -€1.2m | -32.0% |
| Other operating income | 74 | €1,603,582 | €1,228,088 | -€375,493 | -23.4% |
| Non-recurring operating income | 76A | €400,741 | - | -€400,741 | |
| Operating charges | 60/66A | €7,226,811 | €5,858,741 | -€1.4m | -18.9% |
| Goods for resale, raw materials and consumables | 60 | €2,896,779 | €370,985 | -€2.5m | -87.2% |
| Purchases | 600/8 | €2,896,779 | €370,985 | -€2.5m | -87.2% |
| Services and other goods | 61 | €707,022 | €1,514,641 | +€807,618 | +114.2% |
| Remuneration, social security and pensions | 62 | €4,083,360 | €3,807,021 | -€276,339 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,387 | €212,463 | +€7,076 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €114,724 | -€117,600 | -€232,324 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€830,956 | -€14,237 | +€816,719 | +98.3% |
| Other operating charges | 640/8 | €50,494 | €85,469 | +€34,975 | +69.3% |
| Operating profit (loss) | 9901 | -€1,457,901 | -€2,068,989 | -€611,088 | -41.9% |
| Financial income | 75/76B | €3,493,059 | €2,587,302 | -€905,757 | -25.9% |
| Recurring financial income | 75 | €1,464,226 | €2,587,302 | +€1.1m | +76.7% |
| Income from financial fixed assets | 750 | €1,201,083 | €2,395,340 | +€1.2m | +99.4% |
| Income from current assets | 751 | €256,236 | €178,215 | -€78,021 | -30.4% |
| Other financial income | 752/9 | €6,908 | €13,748 | +€6,840 | +99.0% |
| Non-recurring financial income | 76B | €2,028,833 | - | -€2.0m | |
| Financial charges | 65/66B | €51,594 | €74,586 | +€22,993 | +44.6% |
| Recurring financial charges | 65 | €51,594 | €74,586 | +€22,993 | +44.6% |
| Debt charges | 650 | €20,423 | €69,747 | +€49,325 | +241.5% |
| Other financial charges | 652/9 | €31,171 | €4,839 | -€26,332 | -84.5% |
| Profit (loss) for the period before taxes | 9903 | €1,983,565 | €443,727 | -€1.5m | -77.6% |
| Income taxes | 67/77 | €2,375 | €2,365 | -€10 | -0.4% |
| Taxes | 670/3 | €2,375 | €2,365 | -€10 | -0.4% |
| Profit (loss) for the period | 9904 | €1,981,190 | €441,362 | -€1.5m | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,981,190 | €441,362 | -€1.5m | -77.7% |
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 11 October 2026 via checked.be.