CUMAVAUX: 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.
CUMAVAUX
Largest movements
- Tangible fixed assets +€186,857
up €186,857 (+62.6%), from €298,578 to €485,435
of which Plant, machinery and equipment: +€186,857
- Receivables within one year +€81,006
up €81,006 (+437%), from €18,541 to €99,547
of which Trade receivables: +€81,880
- Cash -€47,492
down €47,492 (-91.0%), from €52,170 to €4,678
mainly Investment in fixed assets (net) (-€279,000) and Receivables within one year (-€81,006)
- Deferred charges and accrued income -€11,652
down €11,652 (-100%), from €11,652 to €0
- Debts after one year +€154,857
up €154,857 (+119%), from €130,000 to €284,857
- Current portion of long-term debt +€32,143
up €32,143 (+84.6%), from €38,000 to €70,143
- Profit (loss) carried forward +€15,715
up €15,715 (+10.9%), from €144,672 to €160,387
- Trade debts +€7,128
up €7,128 (+46.9%), from €15,206 to €22,334
- Gross operating margin +€61,805
up €61,805 (+129%), from €47,849 to €109,653
- Depreciation +€28,731
up €28,731 (+45.3%), from €63,412 to €92,143
- Financial income -€10,473
down €10,473 (-100%), from €10,473 to €0
- Financial charges +€2,805
up €2,805 (+45.9%), from €6,112 to €8,917
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 | €393,818 | €601,649 | +€207,831 | +52.8% |
| Fixed assets | 21/28 | €298,764 | €485,621 | +€186,857 | +62.5% |
| Tangible fixed assets | 22/27 | €298,578 | €485,435 | +€186,857 | +62.6% |
| Plant, machinery and equipment | 23 | €298,578 | €485,435 | +€186,857 | +62.6% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €95,054 | €116,028 | +€20,974 | +22.1% |
| Stocks and contracts in progress | 3 | €12,690 | €11,803 | -€887 | -7.0% |
| Stocks | 30/36 | €12,690 | €11,803 | -€887 | -7.0% |
| Amounts receivable within one year | 40/41 | €18,541 | €99,547 | +€81,006 | +437% |
| Trade receivables | 40 | €17,434 | €99,314 | +€81,880 | +470% |
| Other amounts receivable | 41 | €1,107 | €233 | -€874 | -79.0% |
| Cash at bank and in hand | 54/58 | €52,170 | €4,678 | -€47,492 | -91.0% |
| Deferred charges and accrued income | 490/1 | €11,652 | €0 | -€11,652 | -100% |
| Total equity and liabilities | 10/49 | €393,818 | €601,649 | +€207,831 | +52.8% |
| Equity | 10/15 | €203,874 | €213,948 | +€10,074 | +4.9% |
| Contributions | 10/11 | €41,125 | €41,125 | = | 0.0% |
| Reserves | 13 | €18,077 | €12,436 | -€5,641 | -31.2% |
| Tax-exempt reserves | 132 | €18,077 | €12,436 | -€5,641 | -31.2% |
| Profit (loss) carried forward | 14 | €144,672 | €160,387 | +€15,715 | +10.9% |
| Investment grants | 15 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €6,026 | €4,145 | -€1,880 | -31.2% |
| Deferred taxes | 168 | €6,026 | €4,145 | -€1,880 | -31.2% |
| Amounts payable | 17/49 | €183,919 | €383,556 | +€199,637 | +109% |
| Amounts payable after more than one year | 17 | €130,000 | €284,857 | +€154,857 | +119% |
| Financial debts | 170/4 | €130,000 | €284,857 | +€154,857 | +119% |
| Amounts payable within one year | 42/48 | €53,919 | €98,699 | +€44,780 | +83.1% |
| Current portion of amounts payable after more than one year | 42 | €38,000 | €70,143 | +€32,143 | +84.6% |
| Trade debts | 44 | €15,206 | €22,334 | +€7,128 | +46.9% |
| Suppliers | 440/4 | €15,206 | €22,334 | +€7,128 | +46.9% |
| Taxes, remuneration and social security | 45 | €0 | €5,653 | +€5,653 | |
| Taxes | 450/3 | €0 | €5,653 | +€5,653 | |
| Other amounts payable | 47/48 | €712 | €568 | -€144 | -20.2% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,412 | €92,143 | +€28,731 | +45.3% |
| Other operating charges | 640/8 | €770 | €400 | -€371 | -48.1% |
| Gross operating margin | 9900 | €47,849 | €109,653 | +€61,805 | +129% |
| Operating profit (loss) | 9901 | -€16,334 | €17,111 | +€33,444 | |
| Financial income | 75/76B | €10,473 | €0 | -€10,473 | -100% |
| Recurring financial income | 75 | €10,473 | €0 | -€10,473 | -100% |
| Financial charges | 65/66B | €6,112 | €8,917 | +€2,805 | +45.9% |
| Recurring financial charges | 65 | €6,112 | €8,917 | +€2,805 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,973 | €8,194 | +€20,167 | |
| Transfer from deferred taxes | 780 | €1,880 | €1,880 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€10,093 | €10,074 | +€20,167 | |
| Transfer from tax-exempt reserves | 789 | €5,641 | €5,641 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,452 | €15,715 | +€20,167 |
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 30 October 2026 via checked.be.