CUP: 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.
CUP
Largest movements
- Receivables within one year -€434,366
down €434,366 (-14.9%), from €2.9m to €2.5m
of which Other amounts receivable: -€455,705
- Cash -€369,896
down €369,896 (-97.3%), from €380,185 to €10,289
mainly Short-term financial debts (-€438,000) and Tax, wage and social debts (-€383,517)
- Tangible fixed assets +€131,471
up €131,471 (+2.9%), from €4.6m to €4.7m
of which Land and buildings: +€131,471
- Short-term financial debts -€438,000
down €438,000 (-100%), from €438,000 to €0
of which Credit institutions: -€438,000
- Tax, wage and social debts -€383,517
down €383,517 (-95.5%), from €401,602 to €18,084
of which Taxes: -€385,465
- Other debts +€230,292
up €230,292 (+167%), from €138,156 to €368,448
- Debts after one year -€145,714
down €145,714 (-3.9%), from €3.8m to €3.6m
- Gross operating margin +€229,341
up €229,341 (+91.5%), from €250,612 to €479,953
- Depreciation +€72,021
up €72,021 (+70.3%), from €102,470 to €174,492
- Financial charges +€58,304
up €58,304 (+67.4%), from €86,560 to €144,864
- Taxes +€26,348
up €26,348 (+149%), from €17,655 to €44,003
- Staff costs +€9,340
up €9,340 (+43.0%), from €21,731 to €31,071
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 | €9,719,251 | €9,046,461 | -€672,791 | -6.9% |
| Fixed assets | 21/28 | €6,279,603 | €6,411,074 | +€131,471 | +2.1% |
| Tangible fixed assets | 22/27 | €4,581,189 | €4,712,660 | +€131,471 | +2.9% |
| Land and buildings | 22 | €4,502,297 | €4,633,767 | +€131,471 | +2.9% |
| Other tangible fixed assets | 26 | €78,892 | €78,892 | = | 0.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,698,414 | €1,698,414 | = | 0.0% |
| Current assets | 29/58 | €3,439,649 | €2,635,387 | -€804,262 | -23.4% |
| Amounts receivable within one year | 40/41 | €2,909,464 | €2,475,098 | -€434,366 | -14.9% |
| Trade receivables | 40 | €369,104 | €390,443 | +€21,339 | +5.8% |
| Other amounts receivable | 41 | €2,540,360 | €2,084,655 | -€455,705 | -17.9% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €380,185 | €10,289 | -€369,896 | -97.3% |
| Total equity and liabilities | 10/49 | €9,719,251 | €9,046,461 | -€672,791 | -6.9% |
| Equity | 10/15 | €4,601,597 | €4,694,583 | +€92,985 | +2.0% |
| Contributions | 10/11 | €70,426 | €70,426 | = | 0.0% |
| Reserves | 13 | €4,470,857 | €4,563,843 | +€92,985 | +2.1% |
| Tax-exempt reserves | 132 | €594,357 | €603,527 | +€9,170 | +1.5% |
| Distributable reserves | 133 | €3,876,500 | €3,960,316 | +€83,816 | +2.2% |
| Profit (loss) carried forward | 14 | €60,315 | €60,315 | = | 0.0% |
| Provisions and deferred taxes | 16 | €198,119 | €194,159 | -€3,960 | -2.0% |
| Deferred taxes | 168 | €198,119 | €194,159 | -€3,960 | -2.0% |
| Amounts payable | 17/49 | €4,919,535 | €4,157,719 | -€761,816 | -15.5% |
| Amounts payable after more than one year | 17 | €3,752,115 | €3,606,401 | -€145,714 | -3.9% |
| Financial debts | 170/4 | €3,752,115 | €3,606,401 | -€145,714 | -3.9% |
| Amounts payable within one year | 42/48 | €1,158,810 | €545,318 | -€613,492 | -52.9% |
| Current portion of amounts payable after more than one year | 42 | €151,187 | €146,551 | -€4,636 | -3.1% |
| Financial debts | 43 | €438,000 | €0 | -€438,000 | -100% |
| Credit institutions | 430/8 | €438,000 | €0 | -€438,000 | -100% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €29,865 | €12,235 | -€17,630 | -59.0% |
| Suppliers | 440/4 | €29,865 | €12,235 | -€17,630 | -59.0% |
| Taxes, remuneration and social security | 45 | €401,602 | €18,084 | -€383,517 | -95.5% |
| Taxes | 450/3 | €398,578 | €13,113 | -€385,465 | -96.7% |
| Remuneration and social security | 454/9 | €3,023 | €4,971 | +€1,948 | +64.4% |
| Other amounts payable | 47/48 | €138,156 | €368,448 | +€230,292 | +167% |
| Accrued charges and deferred income | 492/3 | €8,610 | €6,000 | -€2,610 | -30.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €21,731 | €31,071 | +€9,340 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,470 | €174,492 | +€72,021 | +70.3% |
| Other operating charges | 640/8 | €1,241 | €195 | -€1,046 | -84.3% |
| Gross operating margin | 9900 | €250,612 | €479,953 | +€229,341 | +91.5% |
| Operating profit (loss) | 9901 | €125,170 | €274,195 | +€149,026 | +119% |
| Financial income | 75/76B | €4,272 | €3,697 | -€575 | -13.4% |
| Recurring financial income | 75 | €4,272 | €3,697 | -€575 | -13.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €86,560 | €144,864 | +€58,304 | +67.4% |
| Recurring financial charges | 65 | €86,560 | €144,864 | +€58,304 | +67.4% |
| Profit (loss) for the period before taxes | 9903 | €42,882 | €133,028 | +€90,147 | +210% |
| Transfer from deferred taxes | 780 | €3,960 | €3,960 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €17,655 | €44,003 | +€26,348 | +149% |
| Profit (loss) for the period | 9904 | €29,187 | €92,985 | +€63,799 | +219% |
| Transfer from tax-exempt reserves | 789 | €11,880 | €11,880 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,067 | €83,816 | +€42,749 | +104% |
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 17 October 2026 via checked.be.