CPHARE: 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.
CPHARE
Largest movements
- Cash +€448,889
up €448,889 (+76.9%), from €583,956 to €1.0m
mainly Net result for the year (+€421,467) and Current investments (+€362,000)
- Current investments -€362,000
no longer reported in 2025 (was €362,000)
- Tangible fixed assets -€110,871
down €110,871 (-8.1%), from €1.4m to €1.3m
of which Furniture and vehicles: -€61,985
- Stocks and contracts +€55,890
up €55,890 (+33.2%), from €168,537 to €224,427
- Receivables within one year -€52,799
down €52,799 (-39.1%), from €134,973 to €82,174
of which Trade receivables: -€56,524
- Profit (loss) carried forward +€421,467
up €421,467 (+60.9%), from €692,034 to €1.1m
- Tax, wage and social debts -€167,094
down €167,094 (-69.6%), from €239,923 to €72,829
of which Taxes: -€154,129
- Debts after one year -€125,907
down €125,907 (-13.1%), from €958,684 to €832,777
- Reserves -€112,000
down €112,000 (-25.4%), from €440,500 to €328,500
of which Non-distributable reserves: -€112,000
- Trade debts -€36,195
down €36,195 (-17.9%), from €202,463 to €166,268
- Gross operating margin +€84,688
up €84,688 (+10.8%), from €781,947 to €866,635
- Taxes +€22,450
up €22,450 (+18.3%), from €122,387 to €144,836
- Staff costs -€15,147
down €15,147 (-10.5%), from €144,942 to €129,795
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 | €2,699,968 | €2,683,753 | -€16,215 | -0.6% |
| Fixed assets | 21/28 | €1,450,182 | €1,339,311 | -€110,871 | -7.6% |
| Tangible fixed assets | 22/27 | €1,370,182 | €1,259,311 | -€110,871 | -8.1% |
| Land and buildings | 22 | €1,193,121 | €1,173,165 | -€19,956 | -1.7% |
| Plant, machinery and equipment | 23 | €71,754 | €47,702 | -€24,052 | -33.5% |
| Furniture and vehicles | 24 | €86,191 | €24,206 | -€61,985 | -71.9% |
| Other tangible fixed assets | 26 | €19,116 | €14,238 | -€4,878 | -25.5% |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €1,249,786 | €1,344,442 | +€94,656 | +7.6% |
| Stocks and contracts in progress | 3 | €168,537 | €224,427 | +€55,890 | +33.2% |
| Stocks | 30/36 | €168,537 | €224,427 | +€55,890 | +33.2% |
| Amounts receivable within one year | 40/41 | €134,973 | €82,174 | -€52,799 | -39.1% |
| Trade receivables | 40 | €109,860 | €53,336 | -€56,524 | -51.5% |
| Other amounts receivable | 41 | €25,113 | €28,838 | +€3,725 | +14.8% |
| Current investments | 50/53 | €362,000 | - | -€362,000 | |
| Cash at bank and in hand | 54/58 | €583,956 | €1,032,845 | +€448,889 | +76.9% |
| Deferred charges and accrued income | 490/1 | €320 | €4,996 | +€4,676 | +1462.3% |
| Total equity and liabilities | 10/49 | €2,699,968 | €2,683,753 | -€16,215 | -0.6% |
| Equity | 10/15 | €1,151,134 | €1,460,601 | +€309,467 | +26.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €440,500 | €328,500 | -€112,000 | -25.4% |
| Non-distributable reserves | 130/1 | €342,000 | €230,000 | -€112,000 | -32.7% |
| Reserves not available under the articles | 1311 | €342,000 | - | -€342,000 | |
| Own shares acquired | 1312 | - | €230,000 | +€230,000 | |
| Tax-exempt reserves | 132 | €96,640 | €96,640 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €692,034 | €1,113,501 | +€421,467 | +60.9% |
| Amounts payable | 17/49 | €1,548,834 | €1,223,152 | -€325,682 | -21.0% |
| Amounts payable after more than one year | 17 | €958,684 | €832,777 | -€125,907 | -13.1% |
| Financial debts | 170/4 | €958,684 | €832,777 | -€125,907 | -13.1% |
| Amounts payable within one year | 42/48 | €590,150 | €390,375 | -€199,775 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €122,864 | €125,907 | +€3,043 | +2.5% |
| Trade debts | 44 | €202,463 | €166,268 | -€36,195 | -17.9% |
| Suppliers | 440/4 | €202,463 | €166,268 | -€36,195 | -17.9% |
| Taxes, remuneration and social security | 45 | €239,923 | €72,829 | -€167,094 | -69.6% |
| Taxes | 450/3 | €211,187 | €57,058 | -€154,129 | -73.0% |
| Remuneration and social security | 454/9 | €28,736 | €15,771 | -€12,966 | -45.1% |
| Other amounts payable | 47/48 | €24,900 | €25,371 | +€471 | +1.9% |
| Remuneration, social security and pensions | 62 | €144,942 | €129,795 | -€15,147 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,842 | €131,954 | -€2,888 | -2.1% |
| Other operating charges | 640/8 | €16,954 | €18,351 | +€1,398 | +8.2% |
| Non-recurring operating charges | 66A | €2,350 | €2,490 | +€140 | +6.0% |
| Gross operating margin | 9900 | €781,947 | €866,635 | +€84,688 | +10.8% |
| Operating profit (loss) | 9901 | €482,859 | €584,045 | +€101,186 | +21.0% |
| Financial income | 75/76B | €13,050 | €9,853 | -€3,197 | -24.5% |
| Recurring financial income | 75 | €13,050 | €9,853 | -€3,197 | -24.5% |
| Financial charges | 65/66B | €30,853 | €27,594 | -€3,259 | -10.6% |
| Recurring financial charges | 65 | €30,853 | €27,594 | -€3,259 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €465,056 | €566,303 | +€101,247 | +21.8% |
| Income taxes | 67/77 | €122,387 | €144,836 | +€22,450 | +18.3% |
| Profit (loss) for the period | 9904 | €342,669 | €421,467 | +€78,798 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €342,669 | €421,467 | +€78,798 | +23.0% |
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 5 October 2026 via checked.be.