CNOPAT: 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.
CNOPAT
Largest movements
- Tangible fixed assets -€18,626
down €18,626 (-2.6%), from €712,424 to €693,799
of which Land and buildings: -€16,379
- Deferred charges and accrued income +€12,387
up €12,387 (+252.0%), from €4,916 to €17,303
- Receivables within one year -€10,611
down €10,611 (-8.0%), from €132,242 to €121,632
- Debts after one year -€10,874
down €10,874 (-5.5%), from €197,022 to €186,148
- Financial charges +€1,467
up €1,467 (+18.9%), from €7,768 to €9,235
- Other operating charges +€976
up €976 (+13.8%), from €7,066 to €8,042
- Gross operating margin +€391
up €391 (+1.2%), from €32,904 to €33,295
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 | €893,928 | €871,683 | -€22,245 | -2.5% |
| Fixed assets | 21/28 | €712,424 | €693,799 | -€18,626 | -2.6% |
| Tangible fixed assets | 22/27 | €712,424 | €693,799 | -€18,626 | -2.6% |
| Land and buildings | 22 | €474,436 | €458,057 | -€16,379 | -3.5% |
| Plant, machinery and equipment | 23 | €14,056 | €11,810 | -€2,247 | -16.0% |
| Other tangible fixed assets | 26 | €223,932 | €223,932 | = | 0.0% |
| Current assets | 29/58 | €181,504 | €177,885 | -€3,619 | -2.0% |
| Amounts receivable within one year | 40/41 | €132,242 | €121,632 | -€10,611 | -8.0% |
| Other amounts receivable | 41 | €132,242 | €121,632 | -€10,611 | -8.0% |
| Cash at bank and in hand | 54/58 | €44,346 | €38,950 | -€5,396 | -12.2% |
| Deferred charges and accrued income | 490/1 | €4,916 | €17,303 | +€12,387 | +252.0% |
| Total equity and liabilities | 10/49 | €893,928 | €871,683 | -€22,245 | -2.5% |
| Equity | 10/15 | €622,118 | €619,521 | -€2,597 | -0.4% |
| Contributions | 10/11 | €530,000 | €530,000 | = | 0.0% |
| Capital | 10 | €530,000 | €530,000 | = | 0.0% |
| Issued capital | 100 | €530,000 | €530,000 | = | 0.0% |
| Reserves | 13 | €85,300 | €85,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €386 | €386 | = | 0.0% |
| Legal reserve | 130 | €386 | €386 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,914 | €84,914 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,818 | €4,221 | -€2,597 | -38.1% |
| Provisions and deferred taxes | 16 | €28,305 | €28,305 | = | 0.0% |
| Deferred taxes | 168 | €28,305 | €28,305 | = | 0.0% |
| Amounts payable | 17/49 | €243,505 | €223,858 | -€19,647 | -8.1% |
| Amounts payable after more than one year | 17 | €197,022 | €186,148 | -€10,874 | -5.5% |
| Financial debts | 170/4 | €197,022 | €186,148 | -€10,874 | -5.5% |
| Amounts payable within one year | 42/48 | €28,333 | €24,103 | -€4,230 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €10,435 | €10,874 | +€439 | +4.2% |
| Trade debts | 44 | €17,574 | €13,213 | -€4,361 | -24.8% |
| Suppliers | 440/4 | €17,574 | €13,213 | -€4,361 | -24.8% |
| Other amounts payable | 47/48 | €323 | €15 | -€308 | -95.4% |
| Accrued charges and deferred income | 492/3 | €18,151 | €13,608 | -€4,543 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,588 | €18,626 | +€38 | +0.2% |
| Other operating charges | 640/8 | €7,066 | €8,042 | +€976 | +13.8% |
| Gross operating margin | 9900 | €32,904 | €33,295 | +€391 | +1.2% |
| Operating profit (loss) | 9901 | €7,250 | €6,628 | -€622 | -8.6% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €7,768 | €9,235 | +€1,467 | +18.9% |
| Recurring financial charges | 65 | €7,768 | €9,235 | +€1,467 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | -€517 | -€2,597 | -€2,080 | -402.0% |
| Profit (loss) for the period | 9904 | -€517 | -€2,597 | -€2,080 | -402.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€517 | -€2,597 | -€2,080 | -402.0% |
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 6 October 2026 via checked.be.