Kumulus Partners: 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.
What changed
Kumulus Partners
NACE 64.929, Financial service activities, except insurance and pension funding
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€166,839
31-12-2024 · €1.9m-€1.7m
Equity
€442,068
31-12-2024 · €442,068
Cash
€488,356
31-12-2024 · €478,365+€9,991
Balance sheet total
€1.4m
31-12-2024 · €2.6m-€1.3m
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-67.0%), from €1.9m to €616,472
of which Trade receivables: -€1.3m
Equity and liabilities
- Other debts -€1.7m
down €1.7m (-91.1%), from €1.9m to €166,839
- Trade debts +€351,054
up €351,054 (+3773.6%), from €9,303 to €360,357
- Tax, wage and social debts +€89,791
up €89,791 (+28.8%), from €311,271 to €401,062
of which Remuneration and social security: +€95,422
Income statement
- Gross operating margin -€1.5m
down €1.5m (-52.4%), from €2.9m to €1.4m
- Staff costs +€211,509
up €211,509 (+24.6%), from €861,271 to €1.1m
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€1.9m
Gross operating margin
-€1.5m
Staff costs
-€211,509
Depreciation
+€377
Other operating charges
-€552
Other operating items
+€2,618
Financial income
-€4,350
Financial charges
-€2,700
Taxes
+€6,763
Result 31-12-2025
€166,839
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€200,245
Investment
-€23,415
Financing
-€166,839
Cash 31-12-2024
€478,365
From operations (derived)
+€200,245
Net result for the year
+€166,839
Depreciation
+€46,357
Receivables within one year
+€1.3m
Deferred charges and accrued income
-€2,269
Trade debts
+€351,054
Tax, wage and social debts
+€89,791
Other debts
-€1.7m
Investment (derived)
-€23,415
Investment in fixed assets (net)
-€23,415
Financing
-€166,839
Contributions, distributions and other
-€166,839
Cash 31-12-2025
€488,356
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,634,970 | €1,370,326 | -€1.3m | -48.0% |
| Fixed assets | 21/28 | €218,359 | €195,417 | -€22,942 | -10.5% |
| Tangible fixed assets | 22/27 | €190,464 | €167,522 | -€22,942 | -12.0% |
| Plant, machinery and equipment | 23 | €17,474 | €11,458 | -€6,015 | -34.4% |
| Furniture and vehicles | 24 | €36,898 | €31,380 | -€5,518 | -15.0% |
| Other tangible fixed assets | 26 | €136,092 | €124,684 | -€11,409 | -8.4% |
| Financial fixed assets | 28 | €27,895 | €27,895 | = | 0.0% |
| Current assets | 29/58 | €2,416,611 | €1,174,910 | -€1.2m | -51.4% |
| Amounts receivable within one year | 40/41 | €1,870,433 | €616,472 | -€1.3m | -67.0% |
| Trade receivables | 40 | €1,866,653 | €611,765 | -€1.3m | -67.2% |
| Other amounts receivable | 41 | €3,780 | €4,707 | +€927 | +24.5% |
| Cash at bank and in hand | 54/58 | €478,365 | €488,356 | +€9,991 | +2.1% |
| Deferred charges and accrued income | 490/1 | €67,813 | €70,082 | +€2,269 | +3.3% |
| Total equity and liabilities | 10/49 | €2,634,970 | €1,370,326 | -€1.3m | -48.0% |
| Equity | 10/15 | €442,068 | €442,068 | = | 0.0% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,068 | €2,068 | = | 0.0% |
| Amounts payable | 17/49 | €2,192,902 | €928,258 | -€1.3m | -57.7% |
| Amounts payable within one year | 42/48 | €2,192,902 | €928,258 | -€1.3m | -57.7% |
| Trade debts | 44 | €9,303 | €360,357 | +€351,054 | +3773.6% |
| Suppliers | 440/4 | €9,303 | €360,357 | +€351,054 | +3773.6% |
| Taxes, remuneration and social security | 45 | €311,271 | €401,062 | +€89,791 | +28.8% |
| Taxes | 450/3 | €27,312 | €21,681 | -€5,631 | -20.6% |
| Remuneration and social security | 454/9 | €283,959 | €379,381 | +€95,422 | +33.6% |
| Other amounts payable | 47/48 | €1,872,328 | €166,839 | -€1.7m | -91.1% |
| Remuneration, social security and pensions | 62 | €861,271 | €1,072,780 | +€211,509 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,735 | €46,357 | -€377 | -0.8% |
| Other operating charges | 640/8 | €6,932 | €7,484 | +€552 | +8.0% |
| Non-recurring operating charges | 66A | €2,618 | €0 | -€2,618 | -100.0% |
| Gross operating margin | 9900 | €2,853,528 | €1,357,392 | -€1.5m | -52.4% |
| Operating profit (loss) | 9901 | €1,935,974 | €230,771 | -€1.7m | -88.1% |
| Financial income | 75/76B | €16,526 | €12,176 | -€4,350 | -26.3% |
| Recurring financial income | 75 | €16,526 | €12,176 | -€4,350 | -26.3% |
| Financial charges | 65/66B | €11,674 | €14,374 | +€2,700 | +23.1% |
| Recurring financial charges | 65 | €11,674 | €14,374 | +€2,700 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €1,940,825 | €228,574 | -€1.7m | -88.2% |
| Income taxes | 67/77 | €68,498 | €61,735 | -€6,763 | -9.9% |
| Profit (loss) for the period | 9904 | €1,872,328 | €166,839 | -€1.7m | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,872,328 | €166,839 | -€1.7m | -91.1% |
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 6 October 2026 via checked.be.