KuPiCo: 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.
KuPiCo
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+2813.5%), from €112,426 to €3.3m
of which Land and buildings: +€3.1m
- Current investments +€552,086
up €552,086 (+33.6%), from €1.6m to €2.2m
- Cash -€197,133
down €197,133 (-57.9%), from €340,262 to €143,128
mainly Investment in fixed assets (net) (-€3.2m) and Current investments (-€552,086)
- Receivables after one year -€105,000
down €105,000 (-15.6%), from €675,000 to €570,000
- Debts after one year +€3.1m
new in 2025: €3.1m
- Reserves +€692,010
up €692,010 (+26.1%), from €2.6m to €3.3m
- Tax, wage and social debts -€350,600
down €350,600 (-36.1%), from €971,667 to €621,067
of which Taxes: -€350,600
- Other operating charges +€378,874
up €378,874 (+20971.8%), from €1,807 to €380,681
- Gross operating margin -€285,844
down €285,844 (-18.1%), from €1.6m to €1.3m
- Taxes -€173,083
down €173,083 (-43.4%), from €399,218 to €226,135
- Financial income -€20,190
down €20,190 (-49.8%), from €40,574 to €20,384
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 | €3,639,388 | €7,098,056 | +€3.5m | +95.0% |
| Fixed assets | 21/28 | €112,426 | €3,275,488 | +€3.2m | +2813.5% |
| Tangible fixed assets | 22/27 | €112,426 | €3,275,488 | +€3.2m | +2813.5% |
| Land and buildings | 22 | - | €3,145,284 | +€3.1m | |
| Furniture and vehicles | 24 | €112,426 | €130,204 | +€17,777 | +15.8% |
| Current assets | 29/58 | €3,526,962 | €3,822,569 | +€295,607 | +8.4% |
| Amounts receivable after more than one year | 29 | €675,000 | €570,000 | -€105,000 | -15.6% |
| Other amounts receivable | 291 | €675,000 | €570,000 | -€105,000 | -15.6% |
| Amounts receivable within one year | 40/41 | €866,790 | €913,250 | +€46,460 | +5.4% |
| Trade receivables | 40 | €865,389 | €910,645 | +€45,256 | +5.2% |
| Other amounts receivable | 41 | €1,401 | €2,605 | +€1,204 | +85.9% |
| Current investments | 50/53 | €1,641,148 | €2,193,234 | +€552,086 | +33.6% |
| Cash at bank and in hand | 54/58 | €340,262 | €143,128 | -€197,133 | -57.9% |
| Deferred charges and accrued income | 490/1 | €3,762 | €2,956 | -€806 | -21.4% |
| Total equity and liabilities | 10/49 | €3,639,388 | €7,098,056 | +€3.5m | +95.0% |
| Equity | 10/15 | €2,652,687 | €3,344,697 | +€692,010 | +26.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €2,647,687 | €3,339,697 | +€692,010 | +26.1% |
| Distributable reserves | 133 | €2,647,687 | €3,339,697 | +€692,010 | +26.1% |
| Amounts payable | 17/49 | €986,701 | €3,753,359 | +€2.8m | +280.4% |
| Amounts payable after more than one year | 17 | - | €3,072,500 | +€3.1m | |
| Financial debts | 170/4 | - | €3,072,500 | +€3.1m | |
| Amounts payable within one year | 42/48 | €986,701 | €680,859 | -€305,842 | -31.0% |
| Current portion of amounts payable after more than one year | 42 | - | €35,526 | +€35,526 | |
| Trade debts | 44 | €14,397 | €3,941 | -€10,456 | -72.6% |
| Suppliers | 440/4 | €14,397 | €3,941 | -€10,456 | -72.6% |
| Taxes, remuneration and social security | 45 | €971,667 | €621,067 | -€350,600 | -36.1% |
| Taxes | 450/3 | €784,587 | €433,987 | -€350,600 | -44.7% |
| Remuneration and social security | 454/9 | €187,080 | €187,080 | = | 0.0% |
| Other amounts payable | 47/48 | €638 | €20,325 | +€19,687 | +3085.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,772 | €12,206 | +€5,434 | +80.2% |
| Other operating charges | 640/8 | €1,807 | €380,681 | +€378,874 | +20971.8% |
| Gross operating margin | 9900 | €1,578,925 | €1,293,081 | -€285,844 | -18.1% |
| Operating profit (loss) | 9901 | €1,570,347 | €900,195 | -€670,152 | -42.7% |
| Financial income | 75/76B | €40,574 | €20,384 | -€20,190 | -49.8% |
| Recurring financial income | 75 | €40,574 | €20,384 | -€20,190 | -49.8% |
| Financial charges | 65/66B | €239 | €2,434 | +€2,195 | +916.8% |
| Recurring financial charges | 65 | €239 | €2,434 | +€2,195 | +916.8% |
| Profit (loss) for the period before taxes | 9903 | €1,610,682 | €918,145 | -€692,537 | -43.0% |
| Income taxes | 67/77 | €399,218 | €226,135 | -€173,083 | -43.4% |
| Profit (loss) for the period | 9904 | €1,211,464 | €692,010 | -€519,454 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,211,464 | €692,010 | -€519,454 | -42.9% |
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 12 October 2026 via checked.be.