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 +€88,448
up €88,448 (+128%), from €69,155 to €157,603
of which Trade receivables: +€91,012
- Cash -€25,126
down €25,126 (-26.7%), from €94,273 to €69,147
mainly Receivables within one year (-€88,448) and Contributions, distributions and other (-€43,618)
- Stocks and contracts +€14,646
up €14,646 (+22.2%), from €65,937 to €80,583
- Reserves +€44,479
up €44,479 (+29.6%), from €150,330 to €194,809
- Other debts +€41,251
up €41,251 (+668%), from €6,175 to €47,426
- Trade debts -€18,544
down €18,544 (-47.5%), from €39,043 to €20,499
- Tax, wage and social debts +€8,882
up €8,882 (+26.2%), from €33,870 to €42,752
of which Taxes: +€7,567
- Gross operating margin +€134,252
up €134,252 (+260%), from €51,582 to €185,834
- Staff costs +€39,742
up €39,742 (+416%), from €9,558 to €49,299
- Taxes +€28,904
up €28,904 (+210%), from €13,732 to €42,636
- Financial income -€3,026
down €3,026 (-91.6%), from €3,304 to €278
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 | €236,113 | €312,181 | +€76,069 | +32.2% |
| Fixed assets | 21/28 | €6,601 | €4,693 | -€1,908 | -28.9% |
| Intangible fixed assets | 21 | €1,244 | €411 | -€833 | -67.0% |
| Tangible fixed assets | 22/27 | €5,357 | €4,282 | -€1,075 | -20.1% |
| Plant, machinery and equipment | 23 | €5,357 | €4,282 | -€1,075 | -20.1% |
| Current assets | 29/58 | €229,512 | €307,488 | +€77,976 | +34.0% |
| Stocks and contracts in progress | 3 | €65,937 | €80,583 | +€14,646 | +22.2% |
| Stocks | 30/36 | €65,937 | €80,583 | +€14,646 | +22.2% |
| Amounts receivable within one year | 40/41 | €69,155 | €157,603 | +€88,448 | +128% |
| Trade receivables | 40 | €62,035 | €153,047 | +€91,012 | +147% |
| Other amounts receivable | 41 | €7,120 | €4,556 | -€2,563 | -36.0% |
| Cash at bank and in hand | 54/58 | €94,273 | €69,147 | -€25,126 | -26.7% |
| Deferred charges and accrued income | 490/1 | €148 | €155 | +€8 | +5.2% |
| Total equity and liabilities | 10/49 | €236,113 | €312,181 | +€76,069 | +32.2% |
| Equity | 10/15 | €157,025 | €201,504 | +€44,479 | +28.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €150,330 | €194,809 | +€44,479 | +29.6% |
| Distributable reserves | 133 | €150,330 | €194,809 | +€44,479 | +29.6% |
| Profit (loss) carried forward | 14 | €495 | €495 | = | 0.0% |
| Amounts payable | 17/49 | €79,088 | €110,677 | +€31,589 | +39.9% |
| Amounts payable within one year | 42/48 | €79,088 | €110,677 | +€31,589 | +39.9% |
| Trade debts | 44 | €39,043 | €20,499 | -€18,544 | -47.5% |
| Suppliers | 440/4 | €39,043 | €20,499 | -€18,544 | -47.5% |
| Taxes, remuneration and social security | 45 | €33,870 | €42,752 | +€8,882 | +26.2% |
| Taxes | 450/3 | €31,695 | €39,263 | +€7,567 | +23.9% |
| Remuneration and social security | 454/9 | €2,174 | €3,489 | +€1,315 | +60.5% |
| Other amounts payable | 47/48 | €6,175 | €47,426 | +€41,251 | +668% |
| Remuneration, social security and pensions | 62 | €9,558 | €49,299 | +€39,742 | +416% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,686 | €3,064 | +€378 | +14.1% |
| Other operating charges | 640/8 | €2,461 | €2,232 | -€229 | -9.3% |
| Gross operating margin | 9900 | €51,582 | €185,834 | +€134,252 | +260% |
| Operating profit (loss) | 9901 | €36,877 | €131,238 | +€94,361 | +256% |
| Financial income | 75/76B | €3,304 | €278 | -€3,026 | -91.6% |
| Recurring financial income | 75 | €3,304 | €278 | -€3,026 | -91.6% |
| Financial charges | 65/66B | €833 | €783 | -€50 | -6.0% |
| Recurring financial charges | 65 | €833 | €783 | -€50 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €39,349 | €130,733 | +€91,384 | +232% |
| Income taxes | 67/77 | €13,732 | €42,636 | +€28,904 | +210% |
| Profit (loss) for the period | 9904 | €25,617 | €88,097 | +€62,480 | +244% |
| Profit (loss) for the period to be appropriated | 9905 | €25,617 | €88,097 | +€62,480 | +244% |
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 19 October 2026 via checked.be.