CUMFIDES MANAGEMENT: 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.
CUMFIDES MANAGEMENT
Largest movements
- Tangible fixed assets -€198,390
down €198,390 (-8.2%), from €2.4m to €2.2m
of which Land and buildings: -€197,569
- Cash +€47,516
up €47,516 (+42.1%), from €112,763 to €160,279
mainly Depreciation (+€205,730) and Other debts (+€75,957)
- Intangible fixed assets +€44,105
new in 2025: €44,105
- Debts after one year -€153,336
down €153,336 (-34.3%), from €447,190 to €293,854
- Other debts +€75,957
up €75,957 (+2.2%), from €3.5m to €3.5m
- Gross operating margin +€68,014
up €68,014 (+29.9%), from €227,427 to €295,441
- Other operating charges +€8,908
up €8,908 (+82.5%), from €10,800 to €19,708
- Depreciation +€6,007
up €6,007 (+3.0%), from €199,722 to €205,730
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 | €2,709,335 | €2,630,207 | -€79,128 | -2.9% |
| Fixed assets | 21/28 | €2,595,716 | €2,461,432 | -€134,285 | -5.2% |
| Intangible fixed assets | 21 | - | €44,105 | +€44,105 | |
| Tangible fixed assets | 22/27 | €2,406,986 | €2,208,596 | -€198,390 | -8.2% |
| Land and buildings | 22 | €2,396,526 | €2,198,957 | -€197,569 | -8.2% |
| Plant, machinery and equipment | 23 | €8,674 | €7,710 | -€964 | -11.1% |
| Furniture and vehicles | 24 | €1,786 | €1,929 | +€143 | +8.0% |
| Financial fixed assets | 28 | €188,730 | €208,730 | +€20,000 | +10.6% |
| Current assets | 29/58 | €113,619 | €168,775 | +€55,156 | +48.5% |
| Amounts receivable within one year | 40/41 | €163 | €7,733 | +€7,569 | +4,638% |
| Trade receivables | 40 | €163 | €6,038 | +€5,874 | +3,599% |
| Other amounts receivable | 41 | - | €1,695 | +€1,695 | |
| Cash at bank and in hand | 54/58 | €112,763 | €160,279 | +€47,516 | +42.1% |
| Deferred charges and accrued income | 490/1 | €693 | €764 | +€71 | +10.2% |
| Total equity and liabilities | 10/49 | €2,709,335 | €2,630,207 | -€79,128 | -2.9% |
| Equity | 10/15 | -€1,387,421 | -€1,394,979 | -€7,558 | -0.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,409,421 | -€1,416,979 | -€7,558 | -0.5% |
| Amounts payable | 17/49 | €4,096,756 | €4,025,186 | -€71,570 | -1.7% |
| Amounts payable after more than one year | 17 | €447,190 | €293,854 | -€153,336 | -34.3% |
| Financial debts | 170/4 | €447,190 | €293,854 | -€153,336 | -34.3% |
| Amounts payable within one year | 42/48 | €3,626,691 | €3,700,700 | +€74,008 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €153,336 | €153,336 | = | 0.0% |
| Trade debts | 44 | €5,400 | €5,151 | -€249 | -4.6% |
| Suppliers | 440/4 | €5,400 | €5,151 | -€249 | -4.6% |
| Taxes, remuneration and social security | 45 | €9,170 | €7,470 | -€1,700 | -18.5% |
| Taxes | 450/3 | €9,170 | €7,470 | -€1,700 | -18.5% |
| Other amounts payable | 47/48 | €3,458,786 | €3,534,743 | +€75,957 | +2.2% |
| Accrued charges and deferred income | 492/3 | €22,875 | €30,632 | +€7,757 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199,722 | €205,730 | +€6,007 | +3.0% |
| Other operating charges | 640/8 | €10,800 | €19,708 | +€8,908 | +82.5% |
| Gross operating margin | 9900 | €227,427 | €295,441 | +€68,014 | +29.9% |
| Operating profit (loss) | 9901 | €16,904 | €70,003 | +€53,099 | +314% |
| Financial income | 75/76B | €5,036 | €5,205 | +€169 | +3.4% |
| Recurring financial income | 75 | €5,036 | €5,205 | +€169 | +3.4% |
| Financial charges | 65/66B | €80,640 | €82,766 | +€2,126 | +2.6% |
| Recurring financial charges | 65 | €80,640 | €82,766 | +€2,126 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€58,699 | -€7,558 | +€51,141 | +87.1% |
| Profit (loss) for the period | 9904 | -€58,699 | -€7,558 | +€51,141 | +87.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,699 | -€7,558 | +€51,141 | +87.1% |
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 28 October 2026 via checked.be.