Cupola: 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.
Cupola
Largest movements
- Receivables within one year +€920,077
up €920,077 (+219%), from €420,136 to €1.3m
of which Other amounts receivable: +€918,821
- Financial fixed assets -€108,276
down €108,276 (-2.6%), from €4.2m to €4.1m
- Tangible fixed assets -€63,585
down €63,585 (-7.7%), from €820,613 to €757,027
of which Other tangible fixed assets: -€63,028
- Debts after one year +€991,009
up €991,009 (+28.2%), from €3.5m to €4.5m
of which Financial debts: +€1.2m
- Other debts -€138,840
down €138,840 (-26.2%), from €529,022 to €390,182
- Reserves -€76,351
down €76,351 (-28.4%), from €269,197 to €192,846
of which Distributable reserves: -€71,369
- Taxes +€30,160
up €30,160, from €0 to €30,160
- Financial charges -€8,123
down €8,123 (-33.1%), from €24,555 to €16,433
- Other operating charges -€5,580
down €5,580 (-28.5%), from €19,575 to €13,995
- Gross operating margin -€2,600
down €2,600 (-1.5%), from €174,486 to €171,886
- Financial income -€1,991
down €1,991 (-5.1%), from €39,093 to €37,102
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 | €5,471,434 | €6,263,444 | +€792,010 | +14.5% |
| Fixed assets | 21/28 | €5,033,684 | €4,861,822 | -€171,862 | -3.4% |
| Tangible fixed assets | 22/27 | €820,613 | €757,027 | -€63,585 | -7.7% |
| Plant, machinery and equipment | 23 | €896 | €691 | -€205 | -22.9% |
| Furniture and vehicles | 24 | €352 | €0 | -€352 | -100% |
| Other tangible fixed assets | 26 | €819,364 | €756,336 | -€63,028 | -7.7% |
| Financial fixed assets | 28 | €4,213,071 | €4,104,794 | -€108,276 | -2.6% |
| Current assets | 29/58 | €437,751 | €1,401,622 | +€963,872 | +220% |
| Amounts receivable within one year | 40/41 | €420,136 | €1,340,212 | +€920,077 | +219% |
| Trade receivables | 40 | €15,515 | €16,770 | +€1,255 | +8.1% |
| Other amounts receivable | 41 | €404,621 | €1,323,442 | +€918,821 | +227% |
| Cash at bank and in hand | 54/58 | €17,615 | €61,410 | +€43,795 | +249% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €5,471,434 | €6,263,444 | +€792,010 | +14.5% |
| Equity | 10/15 | €1,355,621 | €1,279,269 | -€76,351 | -5.6% |
| Contributions | 10/11 | €1,185,311 | €1,185,311 | = | 0.0% |
| Capital | 10 | €1,185,311 | €1,185,311 | = | 0.0% |
| Issued capital | 100 | €1,185,311 | €1,185,311 | = | 0.0% |
| Reserves | 13 | €269,197 | €192,846 | -€76,351 | -28.4% |
| Non-distributable reserves | 130/1 | €21,403 | €16,420 | -€4,983 | -23.3% |
| Legal reserve | 130 | €21,403 | €16,420 | -€4,983 | -23.3% |
| Distributable reserves | 133 | €247,794 | €176,425 | -€71,369 | -28.8% |
| Profit (loss) carried forward | 14 | -€98,888 | -€98,888 | = | 0.0% |
| Amounts payable | 17/49 | €4,115,814 | €4,984,175 | +€868,361 | +21.1% |
| Amounts payable after more than one year | 17 | €3,509,311 | €4,500,321 | +€991,009 | +28.2% |
| Financial debts | 170/4 | €3,307,647 | €4,500,321 | +€1.2m | +36.1% |
| Other amounts payable | 178/9 | €201,664 | €0 | -€201,664 | -100% |
| Amounts payable within one year | 42/48 | €606,503 | €483,854 | -€122,648 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €58,174 | €60,577 | +€2,404 | +4.1% |
| Trade debts | 44 | €14,510 | €14,496 | -€13 | -0.1% |
| Suppliers | 440/4 | €14,510 | €14,496 | -€13 | -0.1% |
| Taxes, remuneration and social security | 45 | €4,797 | €18,599 | +€13,802 | +288% |
| Taxes | 450/3 | €4,797 | €18,599 | +€13,802 | +288% |
| Other amounts payable | 47/48 | €529,022 | €390,182 | -€138,840 | -26.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,595 | €63,585 | -€9 | 0.0% |
| Other operating charges | 640/8 | €19,575 | €13,995 | -€5,580 | -28.5% |
| Gross operating margin | 9900 | €174,486 | €171,886 | -€2,600 | -1.5% |
| Operating profit (loss) | 9901 | €91,316 | €94,306 | +€2,990 | +3.3% |
| Financial income | 75/76B | €39,093 | €37,102 | -€1,991 | -5.1% |
| Recurring financial income | 75 | €39,093 | €37,102 | -€1,991 | -5.1% |
| Financial charges | 65/66B | €24,555 | €16,433 | -€8,123 | -33.1% |
| Recurring financial charges | 65 | €24,555 | €16,433 | -€8,123 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €105,854 | €114,975 | +€9,121 | +8.6% |
| Income taxes | 67/77 | €0 | €30,160 | +€30,160 | |
| Profit (loss) for the period | 9904 | €105,854 | €84,815 | -€21,039 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,854 | €84,815 | -€21,039 | -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 15 October 2026 via checked.be.