Culmar: 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.
Culmar
Largest movements
- Receivables within one year -€146,293
down €146,293 (-80.7%), from €181,233 to €34,940
- Cash +€103,302
up €103,302 (+615.8%), from €16,775 to €120,077
mainly Receivables within one year (+€146,293) and Deferred charges and accrued income (+€4,153)
- Trade debts -€24,671
down €24,671 (-89.1%), from €27,692 to €3,021
- Other debts -€20,000
down €20,000 (-23.5%), from €85,278 to €65,278
- Gross operating margin -€142,479
down €142,479 (-93.6%), from €152,218 to €9,739
- Other operating charges -€6,057
down €6,057 (-33.2%), from €18,225 to €12,168
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 | €1,147,156 | €1,098,651 | -€48,505 | -4.2% |
| Fixed assets | 21/28 | €944,995 | €943,634 | -€1,362 | -0.1% |
| Tangible fixed assets | 22/27 | €944,995 | €943,634 | -€1,362 | -0.1% |
| Land and buildings | 22 | €944,269 | €943,089 | -€1,180 | -0.1% |
| Plant, machinery and equipment | 23 | €727 | €545 | -€182 | -25.0% |
| Current assets | 29/58 | €202,161 | €155,018 | -€47,144 | -23.3% |
| Amounts receivable within one year | 40/41 | €181,233 | €34,940 | -€146,293 | -80.7% |
| Other amounts receivable | 41 | €181,233 | €34,940 | -€146,293 | -80.7% |
| Cash at bank and in hand | 54/58 | €16,775 | €120,077 | +€103,302 | +615.8% |
| Deferred charges and accrued income | 490/1 | €4,153 | €0 | -€4,153 | -100.0% |
| Total equity and liabilities | 10/49 | €1,147,156 | €1,098,651 | -€48,505 | -4.2% |
| Equity | 10/15 | €960,627 | €953,964 | -€6,664 | -0.7% |
| Contributions | 10/11 | €1,281,090 | €1,281,090 | = | 0.0% |
| Capital | 10 | €1,281,090 | €1,281,090 | = | 0.0% |
| Issued capital | 100 | €1,281,090 | €1,281,090 | = | 0.0% |
| Reserves | 13 | €24,940 | €24,940 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,579 | €22,579 | = | 0.0% |
| Legal reserve | 130 | €22,579 | €22,579 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,361 | €2,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€345,403 | -€352,066 | -€6,664 | -1.9% |
| Amounts payable | 17/49 | €186,529 | €144,688 | -€41,841 | -22.4% |
| Amounts payable after more than one year | 17 | €70,738 | €70,738 | = | 0.0% |
| Financial debts | 170/4 | €70,738 | €70,738 | = | 0.0% |
| Amounts payable within one year | 42/48 | €112,969 | €68,298 | -€44,671 | -39.5% |
| Trade debts | 44 | €27,692 | €3,021 | -€24,671 | -89.1% |
| Suppliers | 440/4 | €27,692 | €3,021 | -€24,671 | -89.1% |
| Other amounts payable | 47/48 | €85,278 | €65,278 | -€20,000 | -23.5% |
| Accrued charges and deferred income | 492/3 | €2,822 | €5,651 | +€2,830 | +100.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,460 | €1,362 | -€98 | -6.7% |
| Other operating charges | 640/8 | €18,225 | €12,168 | -€6,057 | -33.2% |
| Gross operating margin | 9900 | €152,218 | €9,739 | -€142,479 | -93.6% |
| Operating profit (loss) | 9901 | €132,534 | -€3,790 | -€136,324 | |
| Financial income | 75/76B | €0 | €6 | +€6 | |
| Recurring financial income | 75 | €0 | €6 | +€6 | |
| Financial charges | 65/66B | €2,936 | €2,880 | -€57 | -1.9% |
| Recurring financial charges | 65 | €2,936 | €2,880 | -€57 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €129,597 | -€6,664 | -€136,261 | |
| Profit (loss) for the period | 9904 | €129,597 | -€6,664 | -€136,261 | |
| Profit (loss) for the period to be appropriated | 9905 | €129,597 | -€6,664 | -€136,261 |
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 1 October 2026 via checked.be.