CIPAL: 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
CIPAL
NACE 62.100, Computer programming
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€101.4m
2024 · €239,404+€101.2m
Equity
€62.7m
2024 · €17.7m+€44.9m
Cash
€416,715
2024 · €4.8m-€4.4m
Balance sheet total
€123.0m
2024 · €19.4m+€103.6m
Largest movements
Assets
- Current investments +€92.7m
up €92.7m (+2467.4%), from €3.8m to €96.5m
- Receivables after one year +€20.5m
new in 2025: €20.5m
- Financial fixed assets -€5.7m
down €5.7m (-66.8%), from €8.5m to €2.8m
of which Companies linked by participating interests: -€5.7m
- Cash -€4.4m
down €4.4m (-91.3%), from €4.8m to €416,715
mainly Current investments (-€92.7m) and Contributions, distributions and other (-€56.5m)
Equity and liabilities
- Other debts +€55.5m
up €55.5m (+5303.0%), from €1.0m to €56.5m
- Reserves +€44.9m
up €44.9m (+1642.3%), from €2.7m to €47.7m
of which Distributable reserves: +€43.8m
- Provisions +€3.5m
new in 2025: €3.5m
Income statement
- Financial income +€106.7m
up €106.7m (+86879.7%), from €122,756 to €106.8m
of which Non-recurring financial income: +€105.4m
- Provisions +€3.5m
new in 2025: €3.5m
- Goods and materials -€2.8m
down €2.8m (-99.9%), from €2.8m to €1,573
- Turnover -€2.1m
down €2.1m (-68.0%), from €3.1m to €1.0m
- Services and other goods +€1.4m
up €1.4m (+70.7%), from €1.9m to €3.3m
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
€239,404
Turnover
-€2.1m
Other operating income
-€1.2m
Goods and materials
+€2.8m
Services and other goods
-€1.4m
Staff costs
-€62,104
Depreciation
+€22,597
Provisions
-€3.5m
Other operating charges
-€45,215
Financial income
+€106.7m
Financial charges
-€3,706
Taxes
+€122,199
Result 2025
€101.4m
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
+€139.3m
Investment
-€87.2m
Financing
-€56.5m
Cash 2024
€4.8m
From operations (derived)
+€139.3m
Net result for the year
+€101.4m
Depreciation
+€178,504
Receivables after one year
-€20.5m
Receivables within one year
-€296,629
Smaller working-capital items
-€479,705
Provisions
+€3.5m
Other debts
+€55.5m
Investment (derived)
-€87.2m
Investment in fixed assets (net)
+€5.5m
Current investments
-€92.7m
Financing
-€56.5m
Contributions, distributions and other
-€56.5m
Cash 2025
€416,715
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,351,600 | €122,984,335 | +€103.6m | +535.5% |
| Fixed assets | 21/28 | €10,372,745 | €4,663,644 | -€5.7m | -55.0% |
| Tangible fixed assets | 22/27 | €1,823,828 | €1,828,781 | +€4,953 | +0.3% |
| Land and buildings | 22 | €339,213 | €297,165 | -€42,047 | -12.4% |
| Plant, machinery and equipment | 23 | €5,815 | €3,961 | -€1,855 | -31.9% |
| Furniture and vehicles | 24 | €17,088 | €13,265 | -€3,823 | -22.4% |
| Other tangible fixed assets | 26 | €924,201 | €813,348 | -€110,853 | -12.0% |
| Assets under construction and advance payments | 27 | €537,511 | €701,042 | +€163,531 | +30.4% |
| Financial fixed assets | 28 | €8,548,917 | €2,834,863 | -€5.7m | -66.8% |
| Companies linked by participating interests | 282/3 | €6,980,862 | €1,249,500 | -€5.7m | -82.1% |
| Participating interests | 282 | €6,980,862 | €1,249,500 | -€5.7m | -82.1% |
| Other financial fixed assets | 284/8 | €1,568,055 | €1,585,363 | +€17,309 | +1.1% |
| Shares | 284 | €1,408,055 | €1,585,363 | +€177,309 | +12.6% |
| Amounts receivable and cash guarantees | 285/8 | €160,000 | - | -€160,000 | |
| Current assets | 29/58 | €8,978,855 | €118,320,691 | +€109.3m | +1217.8% |
| Amounts receivable after more than one year | 29 | - | €20,536,619 | +€20.5m | |
| Trade receivables | 290 | - | €20,536,619 | +€20.5m | |
| Amounts receivable within one year | 40/41 | €427,324 | €723,953 | +€296,629 | +69.4% |
| Trade receivables | 40 | €370,699 | €413,215 | +€42,516 | +11.5% |
| Other amounts receivable | 41 | €56,624 | €310,737 | +€254,113 | +448.8% |
| Current investments | 50/53 | €3,758,089 | €96,486,414 | +€92.7m | +2467.4% |
| Other investments | 51/53 | €3,758,089 | €96,486,414 | +€92.7m | +2467.4% |
| Cash at bank and in hand | 54/58 | €4,784,021 | €416,715 | -€4.4m | -91.3% |
| Deferred charges and accrued income | 490/1 | €9,421 | €156,990 | +€147,569 | +1566.4% |
| Total equity and liabilities | 10/49 | €19,351,600 | €122,984,335 | +€103.6m | +535.5% |
| Equity | 10/15 | €17,740,013 | €62,689,280 | +€44.9m | +253.4% |
| Contributions | 10/11 | €15,003,000 | €15,003,000 | = | 0.0% |
| Capital | 10 | €15,003,000 | €15,003,000 | = | 0.0% |
| Issued capital | 100 | €15,003,000 | €15,003,000 | = | 0.0% |
| Reserves | 13 | €2,737,013 | €47,686,280 | +€44.9m | +1642.3% |
| Non-distributable reserves | 130/1 | €306,180 | €1,500,300 | +€1.2m | +390.0% |
| Legal reserve | 130 | €306,180 | €1,500,300 | +€1.2m | +390.0% |
| Distributable reserves | 133 | €2,430,833 | €46,185,980 | +€43.8m | +1800.0% |
| Provisions and deferred taxes | 16 | - | €3,533,072 | +€3.5m | |
| Provisions for liabilities and charges | 160/5 | - | €3,533,072 | +€3.5m | |
| Other liabilities and charges | 164/5 | - | €3,533,072 | +€3.5m | |
| Amounts payable | 17/49 | €1,611,586 | €56,761,984 | +€55.2m | +3422.1% |
| Amounts payable within one year | 42/48 | €1,611,586 | €56,717,772 | +€55.1m | +3419.4% |
| Trade debts | 44 | €326,258 | €181,450 | -€144,808 | -44.4% |
| Suppliers | 440/4 | €326,258 | €181,450 | -€144,808 | -44.4% |
| Taxes, remuneration and social security | 45 | €239,079 | €7,538 | -€231,540 | -96.8% |
| Taxes | 450/3 | €239,079 | - | -€239,079 | |
| Remuneration and social security | 454/9 | - | €7,538 | +€7,538 | |
| Other amounts payable | 47/48 | €1,046,250 | €56,528,783 | +€55.5m | +5303.0% |
| Accrued charges and deferred income | 492/3 | - | €44,213 | +€44,213 | |
| Operating income | 70/76A | €5,132,408 | €1,758,349 | -€3.4m | -65.7% |
| Turnover | 70 | €3,134,749 | €1,004,249 | -€2.1m | -68.0% |
| Other operating income | 74 | €1,997,659 | €754,100 | -€1.2m | -62.3% |
| Operating charges | 60/66A | €4,920,973 | €7,105,677 | +€2.2m | +44.4% |
| Goods for resale, raw materials and consumables | 60 | €2,795,157 | €1,573 | -€2.8m | -99.9% |
| Purchases | 600/8 | €2,795,157 | €1,573 | -€2.8m | -99.9% |
| Services and other goods | 61 | €1,923,636 | €3,284,131 | +€1.4m | +70.7% |
| Remuneration, social security and pensions | 62 | - | €62,104 | +€62,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201,101 | €178,504 | -€22,597 | -11.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €3,533,072 | +€3.5m | |
| Other operating charges | 640/8 | €1,078 | €46,293 | +€45,215 | +4193.3% |
| Operating profit (loss) | 9901 | €211,434 | -€5,347,327 | -€5.6m | |
| Financial income | 75/76B | €122,756 | €106,772,887 | +€106.7m | +86879.7% |
| Recurring financial income | 75 | €122,756 | €1,417,013 | +€1.3m | +1054.3% |
| Income from current assets | 751 | €122,756 | €1,414,296 | +€1.3m | +1052.1% |
| Other financial income | 752/9 | - | €2,717 | +€2,717 | |
| Non-recurring financial income | 76B | - | €105,355,874 | +€105.4m | |
| Financial charges | 65/66B | €11,437 | €15,144 | +€3,706 | +32.4% |
| Recurring financial charges | 65 | €11,437 | €15,144 | +€3,706 | +32.4% |
| Other financial charges | 652/9 | €11,437 | €15,144 | +€3,706 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | €322,753 | €101,410,416 | +€101.1m | +31320.4% |
| Income taxes | 67/77 | €83,349 | -€38,850 | -€122,199 | |
| Taxes | 670/3 | €83,349 | €30 | -€83,319 | -100.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €38,880 | +€38,880 | |
| Profit (loss) for the period | 9904 | €239,404 | €101,449,266 | +€101.2m | +42275.7% |
| Transfer from tax-exempt reserves | 789 | €252,600 | - | -€252,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €492,004 | €101,449,266 | +€101.0m | +20519.6% |
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 1 October 2026 via checked.be.