CPF: 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.
CPF
Largest movements
- Receivables within one year -€172,894
down €172,894 (-86.2%), from €200,637 to €27,743
of which Trade receivables: -€169,795
- Tangible fixed assets -€71,479
down €71,479 (-4.5%), from €1.6m to €1.5m
of which Land and buildings: -€75,996
- Advances received -€168,000
down €168,000 (-100%), from €168,000 to €0
- Profit (loss) carried forward -€110,563
down €110,563 (-96.2%), from -€114,978 to -€225,540
- Debts after one year +€57,169
up €57,169 (+5.9%), from €974,256 to €1.0m
- Reserves -€26,558
down €26,558 (-5.9%), from €448,855 to €422,296
- Gross operating margin -€151,086
down €151,086, from €95,394 to -€55,692
- Write-downs -€24,074
down €24,074 (-100%), from €24,074 to €0
- Other operating charges -€17,473
down €17,473 (-76.5%), from €22,848 to €5,376
- Depreciation +€3,493
up €3,493 (+4.5%), from €77,484 to €80,976
- Financial charges -€2,940
down €2,940 (-46.9%), from €6,270 to €3,330
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.
Derived cash bridge
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 | €1,804,962 | €1,554,756 | -€250,206 | -13.9% |
| Fixed assets | 21/28 | €1,590,593 | €1,519,114 | -€71,479 | -4.5% |
| Tangible fixed assets | 22/27 | €1,590,593 | €1,519,114 | -€71,479 | -4.5% |
| Land and buildings | 22 | €1,575,373 | €1,499,378 | -€75,996 | -4.8% |
| Furniture and vehicles | 24 | €15,220 | €19,736 | +€4,517 | +29.7% |
| Current assets | 29/58 | €214,369 | €35,642 | -€178,727 | -83.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €200,637 | €27,743 | -€172,894 | -86.2% |
| Trade receivables | 40 | €197,538 | €27,743 | -€169,795 | -86.0% |
| Other amounts receivable | 41 | €3,099 | €0 | -€3,099 | -100% |
| Cash at bank and in hand | 54/58 | €12,221 | €6,351 | -€5,870 | -48.0% |
| Deferred charges and accrued income | 490/1 | €1,511 | €1,548 | +€37 | +2.4% |
| Total equity and liabilities | 10/49 | €1,804,962 | €1,554,756 | -€250,206 | -13.9% |
| Equity | 10/15 | €483,877 | €346,756 | -€137,121 | -28.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €448,855 | €422,296 | -€26,558 | -5.9% |
| Tax-exempt reserves | 132 | €448,855 | €422,296 | -€26,558 | -5.9% |
| Profit (loss) carried forward | 14 | -€114,978 | -€225,540 | -€110,563 | -96.2% |
| Provisions and deferred taxes | 16 | €149,618 | €140,766 | -€8,853 | -5.9% |
| Deferred taxes | 168 | €149,618 | €140,766 | -€8,853 | -5.9% |
| Amounts payable | 17/49 | €1,171,466 | €1,067,234 | -€104,232 | -8.9% |
| Amounts payable after more than one year | 17 | €974,256 | €1,031,425 | +€57,169 | +5.9% |
| Financial debts | 170/4 | €974,256 | €1,031,425 | +€57,169 | +5.9% |
| Amounts payable within one year | 42/48 | €197,210 | €35,809 | -€161,401 | -81.8% |
| Trade debts | 44 | €26,964 | €31,353 | +€4,389 | +16.3% |
| Suppliers | 440/4 | €26,964 | €31,353 | +€4,389 | +16.3% |
| Advances received on contracts in progress | 46 | €168,000 | €0 | -€168,000 | -100% |
| Taxes, remuneration and social security | 45 | €2,246 | €3,202 | +€956 | +42.5% |
| Taxes | 450/3 | €2,246 | €3,202 | +€956 | +42.5% |
| Other amounts payable | 47/48 | - | €1,254 | +€1,254 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,484 | €80,976 | +€3,493 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,074 | €0 | -€24,074 | -100% |
| Other operating charges | 640/8 | €22,848 | €5,376 | -€17,473 | -76.5% |
| Gross operating margin | 9900 | €95,394 | -€55,692 | -€151,086 | |
| Operating profit (loss) | 9901 | -€29,012 | -€142,044 | -€113,032 | -390% |
| Financial income | 75/76B | €15 | €8 | -€8 | -50.2% |
| Recurring financial income | 75 | €15 | €8 | -€8 | -50.2% |
| Financial charges | 65/66B | €6,270 | €3,330 | -€2,940 | -46.9% |
| Recurring financial charges | 65 | €6,270 | €3,330 | -€2,940 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | -€35,267 | -€145,366 | -€110,099 | -312% |
| Transfer from deferred taxes | 780 | €8,853 | €8,853 | = | 0.0% |
| Income taxes | 67/77 | €823 | €608 | -€216 | -26.2% |
| Profit (loss) for the period | 9904 | -€27,237 | -€137,121 | -€109,884 | -403% |
| Transfer from tax-exempt reserves | 789 | €26,558 | €26,558 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€679 | -€110,563 | -€109,884 | -16,185% |
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 19 October 2026 via checked.be.