Cumul: 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.
Cumul
Largest movements
- Cash +€53,086
up €53,086 (+85.4%), from €62,126 to €115,213
mainly Net result for the year (+€161,646) and Trade debts (+€65,288)
- Stocks and contracts +€49,135
up €49,135 (+21.9%), from €224,114 to €273,249
- Receivables within one year +€9,647
up €9,647 (+1,655%), from €583 to €10,230
- Tangible fixed assets -€7,685
down €7,685 (-12.9%), from €59,638 to €51,953
of which Other tangible fixed assets: -€8,860
- Trade debts +€65,288
up €65,288 (+103%), from €63,158 to €128,446
- Reserves +€41,646
up €41,646 (+44.0%), from €94,593 to €136,239
- Other debts -€10,000
down €10,000 (-7.1%), from €140,000 to €130,000
- Gross operating margin +€37,274
up €37,274 (+24.2%), from €154,338 to €191,613
- Taxes +€13,386
up €13,386 (+168%), from €7,960 to €21,346
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 | €351,107 | €454,651 | +€103,543 | +29.5% |
| Fixed assets | 21/28 | €59,842 | €52,059 | -€7,783 | -13.0% |
| Intangible fixed assets | 21 | €204 | €106 | -€98 | -48.0% |
| Tangible fixed assets | 22/27 | €59,638 | €51,953 | -€7,685 | -12.9% |
| Plant, machinery and equipment | 23 | - | €2,435 | +€2,435 | |
| Furniture and vehicles | 24 | €2,017 | €757 | -€1,260 | -62.4% |
| Other tangible fixed assets | 26 | €57,621 | €48,761 | -€8,860 | -15.4% |
| Current assets | 29/58 | €291,265 | €402,591 | +€111,326 | +38.2% |
| Stocks and contracts in progress | 3 | €224,114 | €273,249 | +€49,135 | +21.9% |
| Stocks | 30/36 | €224,114 | €273,249 | +€49,135 | +21.9% |
| Amounts receivable within one year | 40/41 | €583 | €10,230 | +€9,647 | +1,655% |
| Trade receivables | 40 | €583 | €10,230 | +€9,647 | +1,655% |
| Cash at bank and in hand | 54/58 | €62,126 | €115,213 | +€53,086 | +85.4% |
| Deferred charges and accrued income | 490/1 | €4,442 | €3,900 | -€542 | -12.2% |
| Total equity and liabilities | 10/49 | €351,107 | €454,651 | +€103,543 | +29.5% |
| Equity | 10/15 | €99,593 | €141,239 | +€41,646 | +41.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €94,593 | €136,239 | +€41,646 | +44.0% |
| Distributable reserves | 133 | €94,593 | €136,239 | +€41,646 | +44.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €251,515 | €313,412 | +€61,898 | +24.6% |
| Amounts payable within one year | 42/48 | €251,303 | €312,685 | +€61,382 | +24.4% |
| Trade debts | 44 | €63,158 | €128,446 | +€65,288 | +103% |
| Suppliers | 440/4 | €63,158 | €128,446 | +€65,288 | +103% |
| Advances received on contracts in progress | 46 | €6,826 | €10,363 | +€3,537 | +51.8% |
| Taxes, remuneration and social security | 45 | €41,319 | €43,875 | +€2,557 | +6.2% |
| Taxes | 450/3 | €41,319 | €43,875 | +€2,557 | +6.2% |
| Other amounts payable | 47/48 | €140,000 | €130,000 | -€10,000 | -7.1% |
| Accrued charges and deferred income | 492/3 | €212 | €727 | +€516 | +244% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,663 | €11,957 | +€1,294 | +12.1% |
| Other operating charges | 640/8 | €800 | €823 | +€23 | +2.9% |
| Non-recurring operating charges | 66A | €5,333 | €0 | -€5,333 | -100% |
| Gross operating margin | 9900 | €154,338 | €191,613 | +€37,274 | +24.2% |
| Operating profit (loss) | 9901 | €137,543 | €178,832 | +€41,289 | +30.0% |
| Financial income | 75/76B | €11,781 | €11,102 | -€679 | -5.8% |
| Recurring financial income | 75 | €11,781 | €11,102 | -€679 | -5.8% |
| Financial charges | 65/66B | €6,512 | €6,942 | +€431 | +6.6% |
| Recurring financial charges | 65 | €6,512 | €6,942 | +€431 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €142,812 | €182,992 | +€40,179 | +28.1% |
| Income taxes | 67/77 | €7,960 | €21,346 | +€13,386 | +168% |
| Profit (loss) for the period | 9904 | €134,853 | €161,646 | +€26,793 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €134,853 | €161,646 | +€26,793 | +19.9% |
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 14 October 2026 via checked.be.