CIPO: 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.
CIPO
Largest movements
- Cash +€112,393
up €112,393 (+122.2%), from €91,986 to €204,379
mainly Other debts (+€329,690) and Net result for the year (+€115,423)
- Tangible fixed assets +€14,945
up €14,945 (+9.6%), from €155,137 to €170,082
of which Land and buildings: +€22,164
- Other debts +€329,690
new in 2025: €329,690
- Profit (loss) carried forward -€214,267
no longer reported in 2025 (was €214,267)
- Tax, wage and social debts +€7,711
up €7,711 (+11.4%), from €67,774 to €75,485
- Depreciation +€16,722
up €16,722 (+169.5%), from €9,865 to €26,587
- Other operating charges -€10,963
down €10,963 (-74.7%), from €14,683 to €3,720
- Gross operating margin -€10,923
down €10,923 (-5.6%), from €194,728 to €183,805
- Taxes -€4,192
down €4,192 (-10.9%), from €38,601 to €34,409
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 | €287,600 | €409,757 | +€122,157 | +42.5% |
| Fixed assets | 21/28 | €155,137 | €170,082 | +€14,945 | +9.6% |
| Tangible fixed assets | 22/27 | €155,137 | €170,082 | +€14,945 | +9.6% |
| Land and buildings | 22 | €110,602 | €132,766 | +€22,164 | +20.0% |
| Plant, machinery and equipment | 23 | €7,994 | €4,453 | -€3,541 | -44.3% |
| Furniture and vehicles | 24 | €3,636 | €7,251 | +€3,615 | +99.4% |
| Leasing and similar rights | 25 | €32,905 | €25,612 | -€7,293 | -22.2% |
| Current assets | 29/58 | €132,463 | €239,675 | +€107,212 | +80.9% |
| Amounts receivable within one year | 40/41 | €36,354 | €32,920 | -€3,434 | -9.4% |
| Trade receivables | 40 | €31,650 | €24,750 | -€6,901 | -21.8% |
| Other amounts receivable | 41 | €4,704 | €8,170 | +€3,467 | +73.7% |
| Cash at bank and in hand | 54/58 | €91,986 | €204,379 | +€112,393 | +122.2% |
| Deferred charges and accrued income | 490/1 | €4,123 | €2,377 | -€1,747 | -42.4% |
| Total equity and liabilities | 10/49 | €287,600 | €409,757 | +€122,157 | +42.5% |
| Equity | 10/15 | €216,767 | €2,500 | -€214,267 | -98.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €214,267 | - | -€214,267 | |
| Amounts payable | 17/49 | €70,833 | €407,257 | +€336,424 | +475.0% |
| Amounts payable after more than one year | 17 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,000 | €1,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €69,833 | €406,257 | +€336,424 | +481.8% |
| Trade debts | 44 | €2,059 | €1,083 | -€976 | -47.4% |
| Suppliers | 440/4 | €2,059 | €1,083 | -€976 | -47.4% |
| Taxes, remuneration and social security | 45 | €67,774 | €75,485 | +€7,711 | +11.4% |
| Taxes | 450/3 | €67,774 | €75,485 | +€7,711 | +11.4% |
| Other amounts payable | 47/48 | - | €329,690 | +€329,690 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,865 | €26,587 | +€16,722 | +169.5% |
| Other operating charges | 640/8 | €14,683 | €3,720 | -€10,963 | -74.7% |
| Non-recurring operating charges | 66A | €5,375 | - | -€5,375 | |
| Gross operating margin | 9900 | €194,728 | €183,805 | -€10,923 | -5.6% |
| Operating profit (loss) | 9901 | €164,805 | €153,498 | -€11,307 | -6.9% |
| Financial income | 75/76B | €196 | €351 | +€156 | +79.7% |
| Recurring financial income | 75 | €196 | €351 | +€156 | +79.7% |
| Financial charges | 65/66B | €3,319 | €4,018 | +€699 | +21.1% |
| Recurring financial charges | 65 | €3,319 | €4,018 | +€699 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €161,682 | €149,832 | -€11,851 | -7.3% |
| Income taxes | 67/77 | €38,601 | €34,409 | -€4,192 | -10.9% |
| Profit (loss) for the period | 9904 | €123,081 | €115,423 | -€7,659 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €123,081 | €115,423 | -€7,659 | -6.2% |
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.