CUVELIER PHILIPPE: what changed
Two fiscal 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.
CUVELIER PHILIPPE
Largest movements
- Tangible fixed assets +€354,830
up €354,830 (+59.5%), from €595,995 to €950,825
of which Leasing and similar rights: +€242,947
- Stocks and contracts -€260,834
down €260,834 (-50.5%), from €516,527 to €255,693
- Receivables within one year +€181,657
up €181,657 (+36.1%), from €503,090 to €684,746
of which Trade receivables: +€292,345
- Cash +€156,855
up €156,855 (+23.1%), from €678,644 to €835,499
mainly Net result for the year (+€302,608) and Depreciation (+€287,193)
- Profit (loss) carried forward +€302,608
up €302,608 (+85.9%), from €352,140 to €654,748
- Debts after one year +€219,007
up €219,007 (+90.3%), from €242,515 to €461,521
- Other debts -€145,000
down €145,000 (-100.0%), from €145,000 to €0
- Current portion of long-term debt +€58,523
up €58,523 (+41.1%), from €142,313 to €200,836
- Staff costs -€62,000
down €62,000 (-12.2%), from €507,488 to €445,489
- Gross operating margin +€55,774
up €55,774 (+4.9%), from €1.1m to €1.2m
- Depreciation +€40,680
up €40,680 (+16.5%), from €246,513 to €287,193
- Write-downs +€15,907
up €15,907 (+670.6%), from €2,372 to €18,279
- Taxes +€14,510
up €14,510 (+14.9%), from €97,712 to €112,223
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 | €2,323,121 | €2,740,729 | +€417,608 | +18.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €596,367 | €951,197 | +€354,830 | +59.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €595,995 | €950,825 | +€354,830 | +59.5% |
| Plant, machinery and equipment | 23 | €89,396 | €190,436 | +€101,040 | +113.0% |
| Furniture and vehicles | 24 | €73,522 | €87,452 | +€13,930 | +18.9% |
| Leasing and similar rights | 25 | €422,892 | €665,839 | +€242,947 | +57.4% |
| Other tangible fixed assets | 26 | €10,186 | €7,099 | -€3,087 | -30.3% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €1,726,754 | €1,789,532 | +€62,778 | +3.6% |
| Stocks and contracts in progress | 3 | €516,527 | €255,693 | -€260,834 | -50.5% |
| Stocks | 30/36 | €516,527 | €255,693 | -€260,834 | -50.5% |
| Amounts receivable within one year | 40/41 | €503,090 | €684,746 | +€181,657 | +36.1% |
| Trade receivables | 40 | €277,039 | €569,384 | +€292,345 | +105.5% |
| Other amounts receivable | 41 | €226,051 | €115,362 | -€110,688 | -49.0% |
| Cash at bank and in hand | 54/58 | €678,644 | €835,499 | +€156,855 | +23.1% |
| Deferred charges and accrued income | 490/1 | €28,494 | €13,593 | -€14,900 | -52.3% |
| Total equity and liabilities | 10/49 | €2,323,121 | €2,740,729 | +€417,608 | +18.0% |
| Equity | 10/15 | €899,767 | €1,202,376 | +€302,608 | +33.6% |
| Contributions | 10/11 | €497,843 | €497,843 | = | 0.0% |
| Capital | 10 | €497,843 | €497,843 | = | 0.0% |
| Issued capital | 100 | €497,843 | €497,843 | = | 0.0% |
| Reserves | 13 | €49,784 | €49,784 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,784 | €49,784 | = | 0.0% |
| Legal reserve | 130 | €49,784 | €49,784 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | €0 | = | |
| Profit (loss) carried forward | 14 | €352,140 | €654,748 | +€302,608 | +85.9% |
| Investment grants | 15 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,423,353 | €1,538,353 | +€115,000 | +8.1% |
| Amounts payable after more than one year | 17 | €242,515 | €461,521 | +€219,007 | +90.3% |
| Financial debts | 170/4 | €242,515 | €461,521 | +€219,007 | +90.3% |
| Amounts payable within one year | 42/48 | €1,158,042 | €1,076,832 | -€81,210 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €142,313 | €200,836 | +€58,523 | +41.1% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €775,094 | €797,416 | +€22,322 | +2.9% |
| Suppliers | 440/4 | €775,094 | €797,416 | +€22,322 | +2.9% |
| Taxes, remuneration and social security | 45 | €95,634 | €78,580 | -€17,054 | -17.8% |
| Taxes | 450/3 | €36,321 | €12,043 | -€24,278 | -66.8% |
| Remuneration and social security | 454/9 | €59,314 | €66,537 | +€7,223 | +12.2% |
| Other amounts payable | 47/48 | €145,000 | €0 | -€145,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €22,797 | €0 | -€22,797 | -100.0% |
| Remuneration, social security and pensions | 62 | €507,488 | €445,489 | -€62,000 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246,513 | €287,193 | +€40,680 | +16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,372 | €18,279 | +€15,907 | +670.6% |
| Other operating charges | 640/8 | €972 | €424 | -€548 | -56.4% |
| Gross operating margin | 9900 | €1,127,418 | €1,183,192 | +€55,774 | +4.9% |
| Operating profit (loss) | 9901 | €370,072 | €431,808 | +€61,736 | +16.7% |
| Financial income | 75/76B | €5,575 | €2,900 | -€2,676 | -48.0% |
| Recurring financial income | 75 | €5,575 | €2,900 | -€2,676 | -48.0% |
| Financial charges | 65/66B | €28,948 | €19,876 | -€9,072 | -31.3% |
| Recurring financial charges | 65 | €28,948 | €19,876 | -€9,072 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €346,699 | €414,831 | +€68,132 | +19.7% |
| Income taxes | 67/77 | €97,712 | €112,223 | +€14,510 | +14.9% |
| Profit (loss) for the period | 9904 | €248,987 | €302,608 | +€53,622 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €248,987 | €302,608 | +€53,622 | +21.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.