CUMUDOR: 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.
What changed
CUMUDOR
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€109,968
2024 · €587,820-€477,852
Equity
€977,591
2024 · €917,623+€59,968
Cash
€54,407
2024 · €199,002-€144,595
Balance sheet total
€15.7m
2024 · €14.0m+€1.7m
Largest movements
Assets
- Stocks and contracts +€1.8m
up €1.8m (+13.4%), from €13.8m to €15.6m
Equity and liabilities
- Debts after one year +€2.4m
up €2.4m (+25.4%), from €9.4m to €11.7m
of which Financial debts: +€2.2m
- Short-term financial debts -€644,000
down €644,000 (-26.9%), from €2.4m to €1.8m
- Current portion of long-term debt +€500,000
up €500,000 (+83.3%), from €600,000 to €1.1m
- Trade debts -€411,536
down €411,536 (-85.7%), from €480,274 to €68,738
Income statement
- Gross operating margin -€423,799
down €423,799 (-54.0%), from €784,880 to €361,081
- Taxes -€108,561
down €108,561 (-83.9%), from €129,373 to €20,813
- Write-downs +€89,002
new in 2025: €89,002
- Financial charges +€73,091
up €73,091 (+109%), from €67,226 to €140,318
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.
Result 2024
€587,820
Gross operating margin
-€423,799
Write-downs
-€89,002
Other operating charges
-€586
Financial income
+€65
Financial charges
-€73,091
Taxes
+€108,561
Result 2025
€109,968
raises the resultlowers the result
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.
From operations
-€2.3m
Investment
+€400
Financing
+€2.2m
Cash 2024
€199,002
From operations (derived)
-€2.3m
Net result for the year
+€109,968
Stocks and contracts
-€1.8m
Receivables within one year
+€27,307
Trade debts
-€411,536
Tax, wage and social debts
-€18,561
Other debts
-€150,000
Accrued charges and deferred income
-€37,111
Investment (derived)
+€400
Investment in fixed assets (net)
+€400
Financing
+€2.2m
Debts after one year
+€2.4m
Current portion of long-term debt
+€500,000
Short-term financial debts
-€644,000
Contributions, distributions and other
-€50,000
Cash 2025
€54,407
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,009,280 | €15,682,372 | +€1.7m | +11.9% |
| Fixed assets | 21/28 | €400 | €0 | -€400 | -100% |
| Financial fixed assets | 28 | €400 | €0 | -€400 | -100% |
| Current assets | 29/58 | €14,008,880 | €15,682,372 | +€1.7m | +11.9% |
| Stocks and contracts in progress | 3 | €13,774,738 | €15,620,132 | +€1.8m | +13.4% |
| Stocks | 30/36 | €13,774,738 | €15,620,132 | +€1.8m | +13.4% |
| Amounts receivable within one year | 40/41 | €35,140 | €7,833 | -€27,307 | -77.7% |
| Trade receivables | 40 | €3,506 | €0 | -€3,506 | -100% |
| Other amounts receivable | 41 | €31,634 | €7,833 | -€23,802 | -75.2% |
| Cash at bank and in hand | 54/58 | €199,002 | €54,407 | -€144,595 | -72.7% |
| Total equity and liabilities | 10/49 | €14,009,280 | €15,682,372 | +€1.7m | +11.9% |
| Equity | 10/15 | €917,623 | €977,591 | +€59,968 | +6.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €417,623 | €477,591 | +€59,968 | +14.4% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €367,623 | €427,591 | +€59,968 | +16.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,091,657 | €14,704,781 | +€1.6m | +12.3% |
| Amounts payable after more than one year | 17 | €9,350,149 | €11,724,480 | +€2.4m | +25.4% |
| Financial debts | 170/4 | €9,350,149 | €11,574,480 | +€2.2m | +23.8% |
| Other amounts payable | 178/9 | - | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €3,703,647 | €2,979,551 | -€724,097 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €600,000 | €1,100,000 | +€500,000 | +83.3% |
| Financial debts | 43 | €2,394,000 | €1,750,000 | -€644,000 | -26.9% |
| Credit institutions | 430/8 | €2,394,000 | €1,750,000 | -€644,000 | -26.9% |
| Trade debts | 44 | €480,274 | €68,738 | -€411,536 | -85.7% |
| Suppliers | 440/4 | €480,274 | €68,738 | -€411,536 | -85.7% |
| Taxes, remuneration and social security | 45 | €29,373 | €10,813 | -€18,561 | -63.2% |
| Taxes | 450/3 | €29,373 | €10,813 | -€18,561 | -63.2% |
| Other amounts payable | 47/48 | €200,000 | €50,000 | -€150,000 | -75.0% |
| Accrued charges and deferred income | 492/3 | €37,861 | €750 | -€37,111 | -98.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €89,002 | +€89,002 | |
| Other operating charges | 640/8 | €470 | €1,055 | +€586 | +125% |
| Gross operating margin | 9900 | €784,880 | €361,081 | -€423,799 | -54.0% |
| Operating profit (loss) | 9901 | €784,410 | €271,023 | -€513,387 | -65.4% |
| Financial income | 75/76B | €10 | €75 | +€65 | +650% |
| Recurring financial income | 75 | €10 | €75 | +€65 | +650% |
| Financial charges | 65/66B | €67,226 | €140,318 | +€73,091 | +109% |
| Recurring financial charges | 65 | €67,226 | €140,318 | +€73,091 | +109% |
| Profit (loss) for the period before taxes | 9903 | €717,194 | €130,781 | -€586,413 | -81.8% |
| Income taxes | 67/77 | €129,373 | €20,813 | -€108,561 | -83.9% |
| Profit (loss) for the period | 9904 | €587,820 | €109,968 | -€477,852 | -81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €587,820 | €109,968 | -€477,852 | -81.3% |
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 14 October 2026 via checked.be.