Kumulus: 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.
Kumulus
Largest movements
- Current investments -€200,000
down €200,000 (-66.7%), from €300,000 to €100,000
- Cash +€92,055
up €92,055 (+44.5%), from €206,642 to €298,697
mainly Current investments (+€200,000) and Depreciation (+€89,357)
- Receivables within one year +€20,043
up €20,043 (+130.3%), from €15,381 to €35,425
of which Other amounts receivable: +€20,043
- Tangible fixed assets -€15,743
down €15,743 (-2.7%), from €583,139 to €567,396
of which Other tangible fixed assets: -€11,554
- Reserves -€74,828
down €74,828 (-11.1%), from €675,574 to €600,746
- Debts after one year -€40,296
down €40,296 (-21.2%), from €190,296 to €150,000
- Advances received +€32,978
up €32,978 (+54.9%), from €60,036 to €93,014
- Tax, wage and social debts -€14,361
down €14,361 (-14.2%), from €101,060 to €86,698
of which Taxes: -€8,669
- Staff costs +€44,094
up €44,094 (+9.6%), from €459,534 to €503,629
- Gross operating margin -€24,044
down €24,044 (-3.3%), from €733,103 to €709,059
- Taxes -€22,726
down €22,726 (-38.7%), from €58,741 to €36,015
- Financial income -€8,222
down €8,222 (-41.9%), from €19,634 to €11,412
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 | €1,122,746 | €1,028,668 | -€94,078 | -8.4% |
| Fixed assets | 21/28 | €583,139 | €567,396 | -€15,743 | -2.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €583,139 | €567,396 | -€15,743 | -2.7% |
| Plant, machinery and equipment | 23 | €26,468 | €18,035 | -€8,433 | -31.9% |
| Furniture and vehicles | 24 | €116,390 | €120,635 | +€4,245 | +3.6% |
| Other tangible fixed assets | 26 | €440,281 | €428,726 | -€11,554 | -2.6% |
| Current assets | 29/58 | €539,607 | €461,272 | -€78,336 | -14.5% |
| Stocks and contracts in progress | 3 | €745 | €745 | = | 0.0% |
| Stocks | 30/36 | €745 | €745 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,381 | €35,425 | +€20,043 | +130.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €15,381 | €35,425 | +€20,043 | +130.3% |
| Current investments | 50/53 | €300,000 | €100,000 | -€200,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €206,642 | €298,697 | +€92,055 | +44.5% |
| Deferred charges and accrued income | 490/1 | €16,839 | €26,405 | +€9,566 | +56.8% |
| Total equity and liabilities | 10/49 | €1,122,746 | €1,028,668 | -€94,078 | -8.4% |
| Equity | 10/15 | €710,470 | €627,872 | -€82,598 | -11.6% |
| Reserves | 13 | €675,574 | €600,746 | -€74,828 | -11.1% |
| Distributable reserves | 133 | €675,574 | €600,746 | -€74,828 | -11.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Investment grants | 15 | €34,896 | €27,126 | -€7,770 | -22.3% |
| Amounts payable | 17/49 | €412,276 | €400,796 | -€11,481 | -2.8% |
| Amounts payable after more than one year | 17 | €190,296 | €150,000 | -€40,296 | -21.2% |
| Financial debts | 170/4 | €190,296 | €150,000 | -€40,296 | -21.2% |
| Amounts payable within one year | 42/48 | €221,980 | €250,796 | +€28,815 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €32,669 | €40,296 | +€7,627 | +23.3% |
| Trade debts | 44 | €27,627 | €29,643 | +€2,016 | +7.3% |
| Suppliers | 440/4 | €27,627 | €29,643 | +€2,016 | +7.3% |
| Advances received on contracts in progress | 46 | €60,036 | €93,014 | +€32,978 | +54.9% |
| Taxes, remuneration and social security | 45 | €101,060 | €86,698 | -€14,361 | -14.2% |
| Taxes | 450/3 | €23,658 | €14,989 | -€8,669 | -36.6% |
| Remuneration and social security | 454/9 | €77,402 | €71,710 | -€5,692 | -7.4% |
| Other amounts payable | 47/48 | €589 | €1,145 | +€556 | +94.4% |
| Remuneration, social security and pensions | 62 | €459,534 | €503,629 | +€44,094 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,112 | €89,357 | -€4,755 | -5.1% |
| Other operating charges | 640/8 | €2,413 | €2,793 | +€380 | +15.8% |
| Gross operating margin | 9900 | €733,103 | €709,059 | -€24,044 | -3.3% |
| Operating profit (loss) | 9901 | €177,045 | €113,281 | -€63,764 | -36.0% |
| Financial income | 75/76B | €19,634 | €11,412 | -€8,222 | -41.9% |
| Recurring financial income | 75 | €19,634 | €11,412 | -€8,222 | -41.9% |
| Financial charges | 65/66B | €3,412 | €3,450 | +€38 | +1.1% |
| Recurring financial charges | 65 | €3,412 | €3,450 | +€38 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €193,267 | €121,242 | -€72,024 | -37.3% |
| Income taxes | 67/77 | €58,741 | €36,015 | -€22,726 | -38.7% |
| Profit (loss) for the period | 9904 | €134,526 | €85,228 | -€49,298 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €134,526 | €85,228 | -€49,298 | -36.6% |
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 10 October 2026 via checked.be.