CPF EUROPE: 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.
What changed
CPF EUROPE
NACE 46.323, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17.0m
2024 · -€1.1m+€18.0m
Equity
€98.9m
2024 · €82.0m+€17.0m
Cash
€7.7m
2024 · €5.5m+€2.2m
Balance sheet total
€107.5m
2024 · €100.3m+€7.2m
Largest movements
Assets
- Receivables within one year +€3.6m
up €3.6m (+37.7%), from €9.6m to €13.2m
of which Trade receivables: +€3.5m
- Cash +€2.2m
up €2.2m (+40.6%), from €5.5m to €7.7m
mainly Net result for the year (+€17.0m) and Trade debts (+€3.0m)
- Stocks and contracts +€1.4m
up €1.4m (+30.2%), from €4.5m to €5.9m
Equity and liabilities
- Profit (loss) carried forward +€16.8m
up €16.8m, from -€14.2m to €2.6m
- Short-term financial debts -€12.5m
no longer reported in 2025 (was €12.5m)
- Trade debts +€3.0m
up €3.0m (+79.8%), from €3.8m to €6.8m
Income statement
- Financial income +€16.9m
up €16.9m (+815%), from €2.1m to €19.0m
- Turnover +€6.6m
up €6.6m (+21.5%), from €30.6m to €37.2m
- Goods and materials +€6.4m
up €6.4m (+22.7%), from €28.0m to €34.4m
of which Purchases: +€10.4m
- Other operating charges -€822,573
down €822,573 (-91.6%), from €897,894 to €75,321
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
-€1.1m
Turnover
+€6.6m
Other operating income
+€23,176
Goods and materials
-€6.4m
Services and other goods
+€15,701
Staff costs
-€87,414
Depreciation
-€9,090
Write-downs
+€26,605
Other operating charges
+€822,573
Other operating items
+€488
Financial income
+€16.9m
Financial charges
+€158,054
Taxes
-€52,489
Result 2025
€17.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€14.8m
Investment
-€60,011
Financing
-€12.5m
Cash 2024
€5.5m
From operations (derived)
+€14.8m
Net result for the year
+€17.0m
Depreciation
+€76,992
Stocks and contracts
-€1.4m
Receivables within one year
-€3.6m
Smaller working-capital items
+€16,877
Trade debts
+€3.0m
Accrued charges and deferred income
-€249,099
Investment (derived)
-€60,011
Investment in fixed assets (net)
-€60,011
Financing
-€12.5m
Short-term financial debts
-€12.5m
Cash 2025
€7.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,274,951 | €107,479,554 | +€7.2m | +7.2% |
| Fixed assets | 21/28 | €80,632,523 | €80,615,542 | -€16,981 | 0.0% |
| Tangible fixed assets | 22/27 | €342,278 | €325,297 | -€16,981 | -5.0% |
| Plant, machinery and equipment | 23 | €614 | €189 | -€425 | -69.2% |
| Furniture and vehicles | 24 | €134,242 | €86,873 | -€47,369 | -35.3% |
| Other tangible fixed assets | 26 | €58,914 | €45,531 | -€13,383 | -22.7% |
| Assets under construction and advance payments | 27 | €148,508 | €192,704 | +€44,196 | +29.8% |
| Financial fixed assets | 28 | €80,290,245 | €80,290,245 | = | 0.0% |
| Affiliated companies | 280/1 | €80,167,703 | €80,167,703 | = | 0.0% |
| Participating interests | 280 | €80,167,703 | €80,167,703 | = | 0.0% |
| Other financial fixed assets | 284/8 | €122,542 | €122,542 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €122,542 | €122,542 | = | 0.0% |
| Current assets | 29/58 | €19,642,428 | €26,864,012 | +€7.2m | +36.8% |
| Stocks and contracts in progress | 3 | €4,548,002 | €5,921,354 | +€1.4m | +30.2% |
| Stocks | 30/36 | €4,548,002 | €5,921,354 | +€1.4m | +30.2% |
| Goods purchased for resale | 34 | €4,548,002 | €5,921,354 | +€1.4m | +30.2% |
| Amounts receivable within one year | 40/41 | €9,595,335 | €13,211,737 | +€3.6m | +37.7% |
| Trade receivables | 40 | €5,380,321 | €8,915,033 | +€3.5m | +65.7% |
| Other amounts receivable | 41 | €4,215,014 | €4,296,704 | +€81,690 | +1.9% |
| Cash at bank and in hand | 54/58 | €5,497,902 | €7,730,921 | +€2.2m | +40.6% |
| Deferred charges and accrued income | 490/1 | €1,189 | - | -€1,189 | |
| Total equity and liabilities | 10/49 | €100,274,951 | €107,479,554 | +€7.2m | +7.2% |
| Equity | 10/15 | €81,978,441 | €98,928,894 | +€17.0m | +20.7% |
| Contributions | 10/11 | €95,595,000 | €95,595,000 | = | 0.0% |
| Capital | 10 | €95,595,000 | €95,595,000 | = | 0.0% |
| Issued capital | 100 | €95,595,000 | €95,595,000 | = | 0.0% |
| Reserves | 13 | €620,000 | €760,000 | +€140,000 | +22.6% |
| Non-distributable reserves | 130/1 | €620,000 | €760,000 | +€140,000 | +22.6% |
| Legal reserve | 130 | €620,000 | €760,000 | +€140,000 | +22.6% |
| Profit (loss) carried forward | 14 | -€14,236,559 | €2,573,894 | +€16.8m | |
| Provisions and deferred taxes | 16 | €113,533 | €91,927 | -€21,606 | -19.0% |
| Provisions for liabilities and charges | 160/5 | €113,533 | €91,927 | -€21,606 | -19.0% |
| Pensions and similar obligations | 160 | €113,533 | €91,927 | -€21,606 | -19.0% |
| Amounts payable | 17/49 | €18,182,977 | €8,458,733 | -€9.7m | -53.5% |
| Amounts payable within one year | 42/48 | €17,933,878 | €8,458,733 | -€9.5m | -52.8% |
| Financial debts | 43 | €12,534,597 | - | -€12.5m | |
| Credit institutions | 430/8 | €12,534,597 | - | -€12.5m | |
| Trade debts | 44 | €3,788,913 | €6,811,071 | +€3.0m | +79.8% |
| Suppliers | 440/4 | €3,788,913 | €6,811,071 | +€3.0m | +79.8% |
| Taxes, remuneration and social security | 45 | €1,610,368 | €1,647,662 | +€37,294 | +2.3% |
| Taxes | 450/3 | €1,434,859 | €1,404,298 | -€30,561 | -2.1% |
| Remuneration and social security | 454/9 | €175,509 | €243,364 | +€67,855 | +38.7% |
| Accrued charges and deferred income | 492/3 | €249,099 | - | -€249,099 | |
| Operating income | 70/76A | €30,774,540 | €37,396,275 | +€6.6m | +21.5% |
| Turnover | 70 | €30,649,731 | €37,248,290 | +€6.6m | +21.5% |
| Other operating income | 74 | €124,809 | €147,985 | +€23,176 | +18.6% |
| Operating charges | 60/66A | €32,915,851 | €38,527,424 | +€5.6m | +17.0% |
| Goods for resale, raw materials and consumables | 60 | €28,046,863 | €34,427,299 | +€6.4m | +22.7% |
| Purchases | 600/8 | €25,429,970 | €35,800,651 | +€10.4m | +40.8% |
| Change in stocks: decrease (increase) | 609 | €2,616,893 | -€1,373,352 | -€4.0m | |
| Services and other goods | 61 | €2,688,840 | €2,673,139 | -€15,701 | -0.6% |
| Remuneration, social security and pensions | 62 | €1,006,009 | €1,093,423 | +€87,414 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,902 | €76,992 | +€9,090 | +13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €207,855 | €181,250 | -€26,605 | -12.8% |
| Other operating charges | 640/8 | €897,894 | €75,321 | -€822,573 | -91.6% |
| Non-recurring operating charges | 66A | €488 | - | -€488 | |
| Operating profit (loss) | 9901 | -€2,141,311 | -€1,131,149 | +€1.0m | +47.2% |
| Financial income | 75/76B | €2,077,392 | €19,005,695 | +€16.9m | +815% |
| Recurring financial income | 75 | €2,077,392 | €19,005,695 | +€16.9m | +815% |
| Income from financial fixed assets | 750 | €1,838,874 | €18,732,204 | +€16.9m | +919% |
| Other financial income | 752/9 | €238,518 | €273,491 | +€34,973 | +14.7% |
| Financial charges | 65/66B | €1,027,837 | €869,783 | -€158,054 | -15.4% |
| Recurring financial charges | 65 | €1,027,837 | €869,783 | -€158,054 | -15.4% |
| Debt charges | 650 | €880,601 | €552,922 | -€327,679 | -37.2% |
| Other financial charges | 652/9 | €147,236 | €316,861 | +€169,625 | +115% |
| Profit (loss) for the period before taxes | 9903 | -€1,091,756 | €17,004,763 | +€18.1m | |
| Income taxes | 67/77 | €1,821 | €54,310 | +€52,489 | +2,882% |
| Taxes | 670/3 | €1,821 | €54,310 | +€52,489 | +2,882% |
| Profit (loss) for the period | 9904 | -€1,093,577 | €16,950,453 | +€18.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,093,577 | €16,950,453 | +€18.0m |
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 25 October 2026 via checked.be.