CUPELLI ASSET 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.
CUPELLI ASSET MANAGEMENT
Largest movements
- Cash +€22,859
up €22,859 (+35.6%), from €64,168 to €87,027
mainly Net result for the year (+€94,874) and Depreciation (+€14,661)
- Tangible fixed assets -€15,010
down €15,010 (-4.8%), from €311,291 to €296,281
of which Land and buildings: -€10,061
- Current investments +€13,167
up €13,167 (+8.0%), from €164,602 to €177,769
- Receivables within one year -€8,982
down €8,982 (-100%), from €8,982 to €0
of which Other amounts receivable: -€8,865
- Deferred charges and accrued income -€6,796
down €6,796 (-72.3%), from €9,399 to €2,603
- Reserves +€94,874
up €94,874 (+43.8%), from €216,768 to €311,642
of which Distributable reserves: +€94,874
- Debts after one year -€61,648
down €61,648 (-25.5%), from €242,000 to €180,352
- Other debts -€16,381
down €16,381 (-63.9%), from €25,648 to €9,267
- Current portion of long-term debt -€11,421
down €11,421 (-50.4%), from €22,647 to €11,227
- Tax, wage and social debts +€6,935
up €6,935 (+32.0%), from €21,695 to €28,630
of which Taxes: +€6,007
- Taxes +€15,571
up €15,571 (+70.0%), from €22,243 to €37,814
- Gross operating margin +€10,684
up €10,684 (+7.6%), from €140,731 to €151,415
- Depreciation -€8,757
down €8,757 (-37.4%), from €23,418 to €14,661
- Financial income +€7,458
up €7,458 (+227%), from €3,281 to €10,738
- Financial charges +€3,950
up €3,950 (+44.2%), from €8,926 to €12,876
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 | €558,442 | €563,680 | +€5,238 | +0.9% |
| Fixed assets | 21/28 | €311,291 | €296,281 | -€15,010 | -4.8% |
| Tangible fixed assets | 22/27 | €311,291 | €296,281 | -€15,010 | -4.8% |
| Land and buildings | 22 | €305,510 | €295,449 | -€10,061 | -3.3% |
| Furniture and vehicles | 24 | €4,184 | €832 | -€3,353 | -80.1% |
| Other tangible fixed assets | 26 | €1,597 | €0 | -€1,597 | -100% |
| Current assets | 29/58 | €247,151 | €267,399 | +€20,248 | +8.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €8,982 | €0 | -€8,982 | -100% |
| Trade receivables | 40 | €117 | €0 | -€117 | -100% |
| Other amounts receivable | 41 | €8,865 | €0 | -€8,865 | -100% |
| Current investments | 50/53 | €164,602 | €177,769 | +€13,167 | +8.0% |
| Cash at bank and in hand | 54/58 | €64,168 | €87,027 | +€22,859 | +35.6% |
| Deferred charges and accrued income | 490/1 | €9,399 | €2,603 | -€6,796 | -72.3% |
| Total equity and liabilities | 10/49 | €558,442 | €563,680 | +€5,238 | +0.9% |
| Equity | 10/15 | €235,368 | €330,242 | +€94,874 | +40.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €216,768 | €311,642 | +€94,874 | +43.8% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Distributable reserves | 133 | €153,618 | €248,492 | +€94,874 | +61.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €323,074 | €233,439 | -€89,635 | -27.7% |
| Amounts payable after more than one year | 17 | €242,000 | €180,352 | -€61,648 | -25.5% |
| Financial debts | 170/4 | €242,000 | €180,352 | -€61,648 | -25.5% |
| Amounts payable within one year | 42/48 | €77,816 | €53,087 | -€24,729 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €22,647 | €11,227 | -€11,421 | -50.4% |
| Trade debts | 44 | €7,825 | €3,963 | -€3,863 | -49.4% |
| Suppliers | 440/4 | €7,825 | €3,963 | -€3,863 | -49.4% |
| Taxes, remuneration and social security | 45 | €21,695 | €28,630 | +€6,935 | +32.0% |
| Taxes | 450/3 | €21,695 | €27,702 | +€6,007 | +27.7% |
| Remuneration and social security | 454/9 | - | €928 | +€928 | |
| Other amounts payable | 47/48 | €25,648 | €9,267 | -€16,381 | -63.9% |
| Accrued charges and deferred income | 492/3 | €3,258 | €0 | -€3,258 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,418 | €14,661 | -€8,757 | -37.4% |
| Other operating charges | 640/8 | €5,571 | €1,929 | -€3,643 | -65.4% |
| Gross operating margin | 9900 | €140,731 | €151,415 | +€10,684 | +7.6% |
| Operating profit (loss) | 9901 | €111,742 | €134,825 | +€23,084 | +20.7% |
| Financial income | 75/76B | €3,281 | €10,738 | +€7,458 | +227% |
| Recurring financial income | 75 | €3,281 | €10,738 | +€7,458 | +227% |
| Financial charges | 65/66B | €8,926 | €12,876 | +€3,950 | +44.2% |
| Recurring financial charges | 65 | €8,926 | €12,876 | +€3,950 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €106,096 | €132,688 | +€26,592 | +25.1% |
| Income taxes | 67/77 | €22,243 | €37,814 | +€15,571 | +70.0% |
| Profit (loss) for the period | 9904 | €83,853 | €94,874 | +€11,021 | +13.1% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €20,702 | €94,874 | +€74,171 | +358% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.