Cuma Denolf: 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.
Cuma Denolf
Largest movements
- Tangible fixed assets -€55,729
down €55,729 (-8.7%), from €643,033 to €587,304
of which Plant, machinery and equipment: -€53,966
- Receivables within one year +€20,525
up €20,525 (+23.7%), from €86,605 to €107,130
of which Trade receivables: +€20,413
- Cash +€10,356
up €10,356 (+302.2%), from €3,427 to €13,783
mainly Depreciation (+€55,729) and Other debts (+€3,989)
- Debts after one year -€28,800
down €28,800 (-10.0%), from €287,400 to €258,600
- Gross operating margin -€2,726
down €2,726 (-4.3%), from €63,215 to €60,489
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 | €737,578 | €710,048 | -€27,530 | -3.7% |
| Fixed assets | 21/28 | €643,033 | €587,304 | -€55,729 | -8.7% |
| Tangible fixed assets | 22/27 | €643,033 | €587,304 | -€55,729 | -8.7% |
| Plant, machinery and equipment | 23 | €630,119 | €576,153 | -€53,966 | -8.6% |
| Furniture and vehicles | 24 | €12,914 | €11,151 | -€1,763 | -13.6% |
| Current assets | 29/58 | €94,545 | €122,744 | +€28,199 | +29.8% |
| Stocks and contracts in progress | 3 | €4,513 | €1,831 | -€2,682 | -59.4% |
| Stocks | 30/36 | €4,513 | €1,831 | -€2,682 | -59.4% |
| Amounts receivable within one year | 40/41 | €86,605 | €107,130 | +€20,525 | +23.7% |
| Trade receivables | 40 | €86,605 | €107,018 | +€20,413 | +23.6% |
| Other amounts receivable | 41 | - | €112 | +€112 | |
| Cash at bank and in hand | 54/58 | €3,427 | €13,783 | +€10,356 | +302.2% |
| Total equity and liabilities | 10/49 | €737,578 | €710,048 | -€27,530 | -3.7% |
| Equity | 10/15 | €42,094 | €42,079 | -€15 | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,094 | €37,079 | -€15 | 0.0% |
| Amounts payable | 17/49 | €695,484 | €667,969 | -€27,515 | -4.0% |
| Amounts payable after more than one year | 17 | €287,400 | €258,600 | -€28,800 | -10.0% |
| Financial debts | 170/4 | €287,400 | €258,600 | -€28,800 | -10.0% |
| Amounts payable within one year | 42/48 | €408,084 | €409,369 | +€1,285 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €28,800 | €28,800 | = | 0.0% |
| Trade debts | 44 | €626 | €853 | +€228 | +36.4% |
| Suppliers | 440/4 | €626 | €853 | +€228 | +36.4% |
| Taxes, remuneration and social security | 45 | €9,600 | €6,669 | -€2,931 | -30.5% |
| Taxes | 450/3 | €5,100 | €2,169 | -€2,931 | -57.5% |
| Remuneration and social security | 454/9 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 47/48 | €369,058 | €373,047 | +€3,989 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,312 | €55,729 | +€417 | +0.8% |
| Other operating charges | 640/8 | €586 | €589 | +€3 | +0.5% |
| Gross operating margin | 9900 | €63,215 | €60,489 | -€2,726 | -4.3% |
| Operating profit (loss) | 9901 | €7,317 | €4,171 | -€3,145 | -43.0% |
| Financial charges | 65/66B | €4,561 | €4,187 | -€374 | -8.2% |
| Recurring financial charges | 65 | €4,561 | €4,187 | -€374 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €2,756 | -€15 | -€2,771 | |
| Income taxes | 67/77 | -€79 | - | +€79 | |
| Profit (loss) for the period | 9904 | €2,835 | -€15 | -€2,850 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,835 | -€15 | -€2,850 |
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.