ERWIN CUPPENS: 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.
ERWIN CUPPENS
Largest movements
- Cash +€50,827
up €50,827 (+131%), from €38,771 to €89,598
mainly Net result for the year (+€34,266) and Depreciation (+€30,222)
- Tangible fixed assets -€24,105
down €24,105 (-8.0%), from €301,446 to €277,341
of which Furniture and vehicles: -€17,973
- Reserves +€34,266
up €34,266 (+6.8%), from €504,818 to €539,084
- Debts after one year -€10,420
down €10,420 (-5.1%), from €203,793 to €193,373
of which Financial debts: -€13,022
- Tax, wage and social debts +€8,306
up €8,306 (+66.6%), from €12,473 to €20,780
of which Taxes: +€10,806
- Gross operating margin +€27,712
up €27,712 (+37.5%), from €73,895 to €101,607
- Taxes +€9,108
up €9,108 (+77.6%), from €11,738 to €20,846
- Financial charges -€4,339
down €4,339 (-19.6%), from €22,102 to €17,764
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 | €744,554 | €776,191 | +€31,637 | +4.2% |
| Fixed assets | 21/28 | €301,446 | €277,341 | -€24,105 | -8.0% |
| Tangible fixed assets | 22/27 | €301,446 | €277,341 | -€24,105 | -8.0% |
| Land and buildings | 22 | €223,204 | €217,072 | -€6,133 | -2.7% |
| Furniture and vehicles | 24 | €78,242 | €60,269 | -€17,973 | -23.0% |
| Current assets | 29/58 | €443,108 | €498,850 | +€55,742 | +12.6% |
| Amounts receivable after more than one year | 29 | €46,059 | €48,823 | +€2,764 | +6.0% |
| Other amounts receivable | 291 | €46,059 | €48,823 | +€2,764 | +6.0% |
| Amounts receivable within one year | 40/41 | €13,927 | €15,926 | +€1,999 | +14.4% |
| Trade receivables | 40 | €13,927 | €14,332 | +€405 | +2.9% |
| Other amounts receivable | 41 | €0 | €1,594 | +€1,594 | |
| Current investments | 50/53 | €341,997 | €341,997 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €38,771 | €89,598 | +€50,827 | +131% |
| Deferred charges and accrued income | 490/1 | €2,353 | €2,505 | +€152 | +6.5% |
| Total equity and liabilities | 10/49 | €744,554 | €776,191 | +€31,637 | +4.2% |
| Equity | 10/15 | €511,018 | €545,284 | +€34,266 | +6.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €504,818 | €539,084 | +€34,266 | +6.8% |
| Distributable reserves | 133 | €504,818 | €539,084 | +€34,266 | +6.8% |
| Amounts payable | 17/49 | €233,536 | €230,907 | -€2,630 | -1.1% |
| Amounts payable after more than one year | 17 | €203,793 | €193,373 | -€10,420 | -5.1% |
| Financial debts | 170/4 | €152,492 | €139,470 | -€13,022 | -8.5% |
| Other amounts payable | 178/9 | €51,301 | €53,902 | +€2,602 | +5.1% |
| Amounts payable within one year | 42/48 | €29,743 | €37,534 | +€7,791 | +26.2% |
| Current portion of amounts payable after more than one year | 42 | €12,862 | €13,022 | +€160 | +1.2% |
| Trade debts | 44 | €4,408 | €3,732 | -€675 | -15.3% |
| Suppliers | 440/4 | €4,408 | €3,732 | -€675 | -15.3% |
| Taxes, remuneration and social security | 45 | €12,473 | €20,780 | +€8,306 | +66.6% |
| Taxes | 450/3 | €9,973 | €20,780 | +€10,806 | +108% |
| Remuneration and social security | 454/9 | €2,500 | €0 | -€2,500 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,052 | €30,222 | +€170 | +0.6% |
| Other operating charges | 640/8 | €1,390 | €1,490 | +€100 | +7.2% |
| Gross operating margin | 9900 | €73,895 | €101,607 | +€27,712 | +37.5% |
| Operating profit (loss) | 9901 | €42,454 | €69,895 | +€27,441 | +64.6% |
| Financial income | 75/76B | €2,621 | €2,981 | +€360 | +13.7% |
| Recurring financial income | 75 | €2,621 | €2,981 | +€360 | +13.7% |
| Financial charges | 65/66B | €22,102 | €17,764 | -€4,339 | -19.6% |
| Recurring financial charges | 65 | €22,102 | €17,764 | -€4,339 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €22,973 | €55,112 | +€32,140 | +140% |
| Income taxes | 67/77 | €11,738 | €20,846 | +€9,108 | +77.6% |
| Profit (loss) for the period | 9904 | €11,234 | €34,266 | +€23,032 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | €11,234 | €34,266 | +€23,032 | +205% |
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.