CUM LAUDE PROJECTS: 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.
CUM LAUDE PROJECTS
Largest movements
- Receivables within one year -€545,098
down €545,098 (-63.3%), from €860,696 to €315,598
of which Trade receivables: -€455,735
- Stocks and contracts +€430,508
up €430,508 (+128%), from €335,147 to €765,655
- Cash +€174,444
up €174,444 (+96.6%), from €180,661 to €355,105
mainly Receivables within one year (+€545,098) and Other debts (+€178,882)
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€47,511
down €47,511 (-8.9%), from €535,636 to €488,125
of which Furniture and vehicles: -€36,168
- Other debts +€178,882
up €178,882 (+175%), from €102,458 to €281,340
- Reserves -€109,276
down €109,276 (-11.4%), from €954,704 to €845,428
- Debts after one year -€67,546
down €67,546 (-13.2%), from €511,045 to €443,499
- Trade debts -€48,988
down €48,988 (-85.0%), from €57,605 to €8,617
- Tax, wage and social debts -€35,829
down €35,829 (-45.4%), from €78,992 to €43,163
of which Taxes: -€38,177
- Gross operating margin -€135,045
down €135,045 (-41.8%), from €323,440 to €188,394
- Taxes -€43,447
down €43,447 (-63.5%), from €68,369 to €24,922
- Financial income +€33,065
up €33,065 (+121%), from €27,354 to €60,419
- Financial charges -€12,400
down €12,400 (-40.5%), from €30,622 to €18,222
- Other operating charges +€8,365
up €8,365 (+55.1%), from €15,184 to €23,549
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 | €2,285,152 | €2,199,688 | -€85,464 | -3.7% |
| Fixed assets | 21/28 | €807,236 | €759,725 | -€47,511 | -5.9% |
| Tangible fixed assets | 22/27 | €535,636 | €488,125 | -€47,511 | -8.9% |
| Land and buildings | 22 | €406,686 | €397,270 | -€9,416 | -2.3% |
| Plant, machinery and equipment | 23 | €1,558 | €457 | -€1,101 | -70.6% |
| Furniture and vehicles | 24 | €125,392 | €89,224 | -€36,168 | -28.8% |
| Other tangible fixed assets | 26 | €2,000 | €1,174 | -€826 | -41.3% |
| Financial fixed assets | 28 | €271,600 | €271,600 | = | 0.0% |
| Current assets | 29/58 | €1,477,916 | €1,439,962 | -€37,954 | -2.6% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Trade receivables | 290 | €100,000 | - | -€100,000 | |
| Stocks and contracts in progress | 3 | €335,147 | €765,655 | +€430,508 | +128% |
| Stocks | 30/36 | €335,147 | €765,655 | +€430,508 | +128% |
| Amounts receivable within one year | 40/41 | €860,696 | €315,598 | -€545,098 | -63.3% |
| Trade receivables | 40 | €485,935 | €30,200 | -€455,735 | -93.8% |
| Other amounts receivable | 41 | €374,761 | €285,398 | -€89,363 | -23.8% |
| Cash at bank and in hand | 54/58 | €180,661 | €355,105 | +€174,444 | +96.6% |
| Deferred charges and accrued income | 490/1 | €1,412 | €3,605 | +€2,193 | +155% |
| Total equity and liabilities | 10/49 | €2,285,152 | €2,199,688 | -€85,464 | -3.7% |
| Equity | 10/15 | €1,460,544 | €1,351,267 | -€109,276 | -7.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €954,704 | €845,428 | -€109,276 | -11.4% |
| Distributable reserves | 133 | €954,704 | €845,428 | -€109,276 | -11.4% |
| Profit (loss) carried forward | 14 | €485,379 | €485,379 | = | 0.0% |
| Amounts payable | 17/49 | €824,608 | €848,420 | +€23,812 | +2.9% |
| Amounts payable after more than one year | 17 | €511,045 | €443,499 | -€67,546 | -13.2% |
| Financial debts | 170/4 | €511,045 | €443,499 | -€67,546 | -13.2% |
| Amounts payable within one year | 42/48 | €313,563 | €404,922 | +€91,358 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €69,031 | €67,905 | -€1,125 | -1.6% |
| Financial debts | 43 | €5,477 | €3,896 | -€1,581 | -28.9% |
| Credit institutions | 430/8 | €5,477 | €3,896 | -€1,581 | -28.9% |
| Trade debts | 44 | €57,605 | €8,617 | -€48,988 | -85.0% |
| Suppliers | 440/4 | €57,605 | €8,617 | -€48,988 | -85.0% |
| Taxes, remuneration and social security | 45 | €78,992 | €43,163 | -€35,829 | -45.4% |
| Taxes | 450/3 | €66,447 | €28,270 | -€38,177 | -57.5% |
| Remuneration and social security | 454/9 | €12,545 | €14,893 | +€2,348 | +18.7% |
| Other amounts payable | 47/48 | €102,458 | €281,340 | +€178,882 | +175% |
| Remuneration, social security and pensions | 62 | €43,993 | €47,238 | +€3,245 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,387 | €48,087 | -€1,299 | -2.6% |
| Other operating charges | 640/8 | €15,184 | €23,549 | +€8,365 | +55.1% |
| Gross operating margin | 9900 | €323,440 | €188,394 | -€135,045 | -41.8% |
| Operating profit (loss) | 9901 | €214,876 | €69,520 | -€145,356 | -67.6% |
| Financial income | 75/76B | €27,354 | €60,419 | +€33,065 | +121% |
| Recurring financial income | 75 | €27,354 | €60,419 | +€33,065 | +121% |
| Financial charges | 65/66B | €30,622 | €18,222 | -€12,400 | -40.5% |
| Recurring financial charges | 65 | €30,622 | €18,222 | -€12,400 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €211,608 | €111,718 | -€99,891 | -47.2% |
| Income taxes | 67/77 | €68,369 | €24,922 | -€43,447 | -63.5% |
| Profit (loss) for the period | 9904 | €143,239 | €86,796 | -€56,443 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €143,239 | €86,796 | -€56,443 | -39.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.