CUMULIS: 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.
CUMULIS
Largest movements
- Financial fixed assets +€68,200
up €68,200 (+26.5%), from €257,079 to €325,279
- Receivables within one year +€30,608
up €30,608 (+7.2%), from €424,410 to €455,018
of which Other amounts receivable: +€30,150
- Cash -€25,843
down €25,843 (-83.0%), from €31,150 to €5,307
mainly Investment in fixed assets (net) (-€69,776) and Receivables within one year (-€30,608)
- Accrued charges and deferred income +€36,806
up €36,806 (+15.4%), from €238,971 to €275,777
- Debts after one year +€29,287
up €29,287 (+141%), from €20,713 to €50,000
- Financial charges +€9,413
up €9,413 (+29.8%), from €31,554 to €40,967
- Other operating charges -€6,586
down €6,586 (-93.2%), from €7,063 to €477
- Depreciation -€5,954
down €5,954 (-70.5%), from €8,442 to €2,488
- Gross operating margin -€4,624
down €4,624 (-6.2%), from €75,145 to €70,521
- Write-downs +€4,498
up €4,498 (+32.0%), from €14,067 to €18,565
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 | €715,505 | €787,558 | +€72,053 | +10.1% |
| Fixed assets | 21/28 | €259,945 | €327,233 | +€67,288 | +25.9% |
| Tangible fixed assets | 22/27 | €2,866 | €1,954 | -€912 | -31.8% |
| Land and buildings | 22 | €2,866 | €835 | -€2,031 | -70.9% |
| Plant, machinery and equipment | 23 | - | €1,119 | +€1,119 | |
| Financial fixed assets | 28 | €257,079 | €325,279 | +€68,200 | +26.5% |
| Current assets | 29/58 | €455,560 | €460,325 | +€4,765 | +1.0% |
| Amounts receivable within one year | 40/41 | €424,410 | €455,018 | +€30,608 | +7.2% |
| Trade receivables | 40 | €389 | €847 | +€458 | +118% |
| Other amounts receivable | 41 | €424,021 | €454,171 | +€30,150 | +7.1% |
| Cash at bank and in hand | 54/58 | €31,150 | €5,307 | -€25,843 | -83.0% |
| Total equity and liabilities | 10/49 | €715,505 | €787,558 | +€72,053 | +10.1% |
| Equity | 10/15 | €115,131 | €120,442 | +€5,311 | +4.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €30,084 | €30,084 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,416 | €2,416 | = | 0.0% |
| Distributable reserves | 133 | €25,809 | €25,809 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,455 | €71,766 | +€5,311 | +8.0% |
| Amounts payable | 17/49 | €600,374 | €667,116 | +€66,742 | +11.1% |
| Amounts payable after more than one year | 17 | €20,713 | €50,000 | +€29,287 | +141% |
| Financial debts | 170/4 | €20,713 | €50,000 | +€29,287 | +141% |
| Amounts payable within one year | 42/48 | €340,690 | €341,339 | +€649 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €304,177 | €298,176 | -€6,001 | -2.0% |
| Financial debts | 43 | €16,447 | €22,447 | +€6,000 | +36.5% |
| Credit institutions | 430/8 | €16,447 | €22,447 | +€6,000 | +36.5% |
| Trade debts | 44 | €2,643 | €2,655 | +€12 | +0.5% |
| Suppliers | 440/4 | €2,643 | €2,655 | +€12 | +0.5% |
| Advances received on contracts in progress | 46 | €4,361 | €2,407 | -€1,954 | -44.8% |
| Taxes, remuneration and social security | 45 | €13,062 | €15,654 | +€2,592 | +19.8% |
| Taxes | 450/3 | €13,062 | €15,654 | +€2,592 | +19.8% |
| Accrued charges and deferred income | 492/3 | €238,971 | €275,777 | +€36,806 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,442 | €2,488 | -€5,954 | -70.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,067 | €18,565 | +€4,498 | +32.0% |
| Other operating charges | 640/8 | €7,063 | €477 | -€6,586 | -93.2% |
| Gross operating margin | 9900 | €75,145 | €70,521 | -€4,624 | -6.2% |
| Operating profit (loss) | 9901 | €45,573 | €48,991 | +€3,418 | +7.5% |
| Financial income | 75/76B | €121 | - | -€121 | |
| Recurring financial income | 75 | €121 | - | -€121 | |
| Financial charges | 65/66B | €31,554 | €40,967 | +€9,413 | +29.8% |
| Recurring financial charges | 65 | €31,554 | €40,967 | +€9,413 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €14,140 | €8,024 | -€6,116 | -43.3% |
| Income taxes | 67/77 | €3,721 | €2,713 | -€1,008 | -27.1% |
| Profit (loss) for the period | 9904 | €10,419 | €5,311 | -€5,108 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,419 | €5,311 | -€5,108 | -49.0% |
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 15 October 2026 via checked.be.