CIPAT: 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.
CIPAT
Largest movements
- Financial fixed assets +€4.3m
new in 2025: €4.3m
- Cash -€723,403
down €723,403 (-86.8%), from €833,742 to €110,339
mainly Investment in fixed assets (net) (-€4.3m) and Receivables within one year (-€65,994)
- Tangible fixed assets -€89,357
down €89,357 (-10.4%), from €856,344 to €766,987
of which Plant, machinery and equipment: -€47,176
- Receivables within one year +€65,994
up €65,994 (+769.9%), from €8,572 to €74,566
of which Other amounts receivable: +€65,994
- Debts after one year +€2.9m
new in 2025: €2.9m
- Reserves +€759,876
up €759,876 (+107.2%), from €708,822 to €1.5m
- Profit (loss) carried forward -€641,216
no longer reported in 2025 (was €641,216)
- Short-term financial debts +€305,090
new in 2025: €305,090
- Other debts +€155,029
up €155,029 (+130.3%), from €119,009 to €274,039
- Turnover -€368,093
no longer reported in 2025 (was €368,093)
- Gross operating margin +€308,739
new in 2025: €308,739
- Services and other goods -€33,951
no longer reported in 2025 (was €33,951)
- Financial charges +€32,996
up €32,996 (+5240.8%), from €630 to €33,625
- Taxes -€17,804
down €17,804 (-29.9%), from €59,518 to €41,714
of which Taxes: -€59,518
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 | €1,698,722 | €5,253,124 | +€3.6m | +209.2% |
| Fixed assets | 21/28 | €856,344 | €5,068,219 | +€4.2m | +491.8% |
| Tangible fixed assets | 22/27 | €856,344 | €766,987 | -€89,357 | -10.4% |
| Land and buildings | 22 | €419,759 | €377,578 | -€42,181 | -10.0% |
| Plant, machinery and equipment | 23 | €436,585 | €389,409 | -€47,176 | -10.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | - | €4,301,232 | +€4.3m | |
| Current assets | 29/58 | €842,378 | €184,905 | -€657,473 | -78.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €8,572 | €74,566 | +€65,994 | +769.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €8,572 | €74,566 | +€65,994 | +769.9% |
| Cash at bank and in hand | 54/58 | €833,742 | €110,339 | -€723,403 | -86.8% |
| Deferred charges and accrued income | 490/1 | €65 | - | -€65 | |
| Total equity and liabilities | 10/49 | €1,698,722 | €5,253,124 | +€3.6m | +209.2% |
| Equity | 10/15 | €1,568,195 | €1,686,854 | +€118,660 | +7.6% |
| Contributions | 10/11 | €218,157 | €218,157 | = | 0.0% |
| Reserves | 13 | €708,822 | €1,468,697 | +€759,876 | +107.2% |
| Distributable reserves | 133 | €708,822 | €1,468,697 | +€759,876 | +107.2% |
| Profit (loss) carried forward | 14 | €641,216 | - | -€641,216 | |
| Amounts payable | 17/49 | €130,527 | €3,566,270 | +€3.4m | +2632.2% |
| Amounts payable after more than one year | 17 | - | €2,871,429 | +€2.9m | |
| Financial debts | 170/4 | - | €2,871,429 | +€2.9m | |
| Amounts payable within one year | 42/48 | €130,527 | €694,841 | +€564,314 | +432.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €85,714 | +€85,714 | |
| Financial debts | 43 | - | €305,090 | +€305,090 | |
| Other loans | 439 | - | €305,090 | +€305,090 | |
| Trade debts | 44 | €0 | €18,480 | +€18,480 | |
| Suppliers | 440/4 | €0 | €18,480 | +€18,480 | |
| Taxes, remuneration and social security | 45 | €11,518 | €11,518 | = | 0.0% |
| Taxes | 450/3 | €11,518 | €11,518 | = | 0.0% |
| Other amounts payable | 47/48 | €119,009 | €274,039 | +€155,029 | +130.3% |
| Operating income | 70/76A | €369,347 | - | -€369,347 | |
| Turnover | 70 | €368,093 | - | -€368,093 | |
| Other operating income | 74 | €1,254 | - | -€1,254 | |
| Operating charges | 60/66A | €142,341 | - | -€142,341 | |
| Services and other goods | 61 | €33,951 | - | -€33,951 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,357 | €89,357 | = | 0.0% |
| Other operating charges | 640/8 | €19,034 | €27,764 | +€8,730 | +45.9% |
| Gross operating margin | 9900 | - | €308,739 | +€308,739 | |
| Operating profit (loss) | 9901 | €227,006 | €191,618 | -€35,388 | -15.6% |
| Financial income | 75/76B | €540 | €2,381 | +€1,841 | +341.0% |
| Recurring financial income | 75 | €540 | €2,381 | +€1,841 | +341.0% |
| Income from current assets | 751 | €540 | - | -€540 | |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €630 | €33,625 | +€32,996 | +5240.8% |
| Recurring financial charges | 65 | €630 | €33,625 | +€32,996 | +5240.8% |
| Debt charges | 650 | €125 | - | -€125 | |
| Other financial charges | 652/9 | €504 | - | -€504 | |
| Profit (loss) for the period before taxes | 9903 | €226,916 | €160,374 | -€66,542 | -29.3% |
| Income taxes | 67/77 | €59,518 | €41,714 | -€17,804 | -29.9% |
| Taxes | 670/3 | €59,518 | - | -€59,518 | |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €167,398 | €118,660 | -€48,738 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €167,398 | €118,660 | -€48,738 | -29.1% |
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 5 October 2026 via checked.be.