CUPNATION: 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.
CUPNATION
Largest movements
- Tangible fixed assets +€732,242
up €732,242 (+58.8%), from €1.2m to €2.0m
of which Plant, machinery and equipment: +€580,427
- Receivables within one year +€215,316
up €215,316 (+69.1%), from €311,491 to €526,807
of which Trade receivables: +€168,977
- Deferred charges and accrued income +€143,965
up €143,965 (+3494.2%), from €4,120 to €148,085
- Stocks and contracts -€61,348
down €61,348 (-18.2%), from €337,158 to €275,810
- Cash +€49,411
up €49,411 (+74.8%), from €66,016 to €115,427
mainly Net result for the year (+€571,970) and Trade debts (+€351,480)
- Reserves +€571,970
up €571,970 (+272.9%), from €209,607 to €781,577
- Accrued charges and deferred income -€375,212
down €375,212 (-89.5%), from €419,170 to €43,958
- Trade debts +€351,480
up €351,480 (+89.0%), from €395,092 to €746,572
- Debts after one year +€224,862
up €224,862 (+61.1%), from €368,162 to €593,025
- Current portion of long-term debt +€179,747
up €179,747 (+116.8%), from €153,854 to €333,601
- Gross operating margin +€679,713
up €679,713 (+161.0%), from €422,221 to €1.1m
- Taxes +€166,981
up €166,981 (+301.6%), from €55,367 to €222,348
- Depreciation +€106,331
up €106,331 (+71.5%), from €148,795 to €255,126
- Financial charges +€25,580
up €25,580 (+302.6%), from €8,452 to €34,033
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.
Cash bridge derived
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 | €2,146,372 | €3,250,080 | +€1.1m | +51.4% |
| Fixed assets | 21/28 | €1,427,587 | €2,183,952 | +€756,364 | +53.0% |
| Intangible fixed assets | 21 | €1,523 | €25,645 | +€24,123 | +1584.3% |
| Tangible fixed assets | 22/27 | €1,245,015 | €1,977,257 | +€732,242 | +58.8% |
| Plant, machinery and equipment | 23 | €1,223,140 | €1,803,567 | +€580,427 | +47.5% |
| Furniture and vehicles | 24 | €21,875 | €46,707 | +€24,832 | +113.5% |
| Leasing and similar rights | 25 | - | €126,983 | +€126,983 | |
| Financial fixed assets | 28 | €181,050 | €181,050 | = | 0.0% |
| Current assets | 29/58 | €718,785 | €1,066,129 | +€347,344 | +48.3% |
| Stocks and contracts in progress | 3 | €337,158 | €275,810 | -€61,348 | -18.2% |
| Stocks | 30/36 | €337,158 | €275,810 | -€61,348 | -18.2% |
| Amounts receivable within one year | 40/41 | €311,491 | €526,807 | +€215,316 | +69.1% |
| Trade receivables | 40 | €153,942 | €322,919 | +€168,977 | +109.8% |
| Other amounts receivable | 41 | €157,550 | €203,888 | +€46,338 | +29.4% |
| Cash at bank and in hand | 54/58 | €66,016 | €115,427 | +€49,411 | +74.8% |
| Deferred charges and accrued income | 490/1 | €4,120 | €148,085 | +€143,965 | +3494.2% |
| Total equity and liabilities | 10/49 | €2,146,372 | €3,250,080 | +€1.1m | +51.4% |
| Equity | 10/15 | €809,607 | €1,381,577 | +€571,970 | +70.6% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €209,607 | €781,577 | +€571,970 | +272.9% |
| Distributable reserves | 133 | €209,607 | €781,577 | +€571,970 | +272.9% |
| Amounts payable | 17/49 | €1,336,765 | €1,868,503 | +€531,738 | +39.8% |
| Amounts payable after more than one year | 17 | €368,162 | €593,025 | +€224,862 | +61.1% |
| Financial debts | 170/4 | €368,162 | €593,025 | +€224,862 | +61.1% |
| Amounts payable within one year | 42/48 | €549,433 | €1,231,520 | +€682,088 | +124.1% |
| Current portion of amounts payable after more than one year | 42 | €153,854 | €333,601 | +€179,747 | +116.8% |
| Trade debts | 44 | €395,092 | €746,572 | +€351,480 | +89.0% |
| Suppliers | 440/4 | €395,092 | €746,572 | +€351,480 | +89.0% |
| Advances received on contracts in progress | 46 | €486 | €60,000 | +€59,514 | +12234.5% |
| Taxes, remuneration and social security | 45 | - | €41,348 | +€41,348 | |
| Taxes | 450/3 | - | €41,348 | +€41,348 | |
| Other amounts payable | 47/48 | - | €50,000 | +€50,000 | |
| Accrued charges and deferred income | 492/3 | €419,170 | €43,958 | -€375,212 | -89.5% |
| Non-recurring operating income | 76A | - | €33,402 | +€33,402 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,795 | €255,126 | +€106,331 | +71.5% |
| Non-recurring operating charges | 66A | - | €18,488 | +€18,488 | |
| Gross operating margin | 9900 | €422,221 | €1,101,934 | +€679,713 | +161.0% |
| Operating profit (loss) | 9901 | €273,426 | €828,320 | +€554,893 | +202.9% |
| Financial income | 75/76B | €0 | €31 | +€31 | +13300.0% |
| Recurring financial income | 75 | €0 | €31 | +€31 | +13300.0% |
| Financial charges | 65/66B | €8,452 | €34,033 | +€25,580 | +302.6% |
| Recurring financial charges | 65 | €8,452 | €34,033 | +€25,580 | +302.6% |
| Profit (loss) for the period before taxes | 9903 | €264,974 | €794,318 | +€529,344 | +199.8% |
| Income taxes | 67/77 | €55,367 | €222,348 | +€166,981 | +301.6% |
| Profit (loss) for the period | 9904 | €209,607 | €571,970 | +€362,363 | +172.9% |
| Profit (loss) for the period to be appropriated | 9905 | €209,607 | €571,970 | +€362,363 | +172.9% |
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 11 October 2026 via checked.be.