CUVEA: 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.
CUVEA
Largest movements
- Receivables within one year +€3.1m
up €3.1m (+401%), from €768,447 to €3.9m
of which Trade receivables: +€3.0m
- Financial fixed assets -€605,000
down €605,000 (-96.8%), from €625,000 to €20,000
- Reserves +€2.1m
up €2.1m (+135%), from €1.5m to €3.6m
of which Distributable reserves: +€2.2m
- Other debts +€218,275
up €218,275 (+76.4%), from €285,714 to €503,989
- Tax, wage and social debts +€149,632
up €149,632 (+3,085%), from €4,850 to €154,482
- Financial income +€2.3m
up €2.3m (+22,370%), from €10,158 to €2.3m
- Taxes +€160,967
up €160,967 (+294%), from €54,678 to €215,644
- Gross operating margin -€134,502
down €134,502 (-72.7%), from €184,955 to €50,453
- Depreciation +€9,381
up €9,381 (+58.9%), from €15,923 to €25,304
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 | €1,818,904 | €4,304,835 | +€2.5m | +137% |
| Fixed assets | 21/28 | €1,009,279 | €380,751 | -€628,528 | -62.3% |
| Tangible fixed assets | 22/27 | €384,279 | €360,751 | -€23,528 | -6.1% |
| Land and buildings | 22 | €299,741 | €299,741 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €1,774 | +€1,774 | |
| Furniture and vehicles | 24 | €84,538 | €59,236 | -€25,303 | -29.9% |
| Financial fixed assets | 28 | €625,000 | €20,000 | -€605,000 | -96.8% |
| Current assets | 29/58 | €809,626 | €3,924,084 | +€3.1m | +385% |
| Amounts receivable within one year | 40/41 | €768,447 | €3,851,031 | +€3.1m | +401% |
| Trade receivables | 40 | €84,507 | €3,112,747 | +€3.0m | +3,583% |
| Other amounts receivable | 41 | €683,941 | €738,285 | +€54,344 | +7.9% |
| Cash at bank and in hand | 54/58 | €37,539 | €69,349 | +€31,810 | +84.7% |
| Deferred charges and accrued income | 490/1 | €3,639 | €3,704 | +€65 | +1.8% |
| Total equity and liabilities | 10/49 | €1,818,904 | €4,304,835 | +€2.5m | +137% |
| Equity | 10/15 | €1,526,652 | €3,612,566 | +€2.1m | +137% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,529,095 | €3,594,016 | +€2.1m | +135% |
| Tax-exempt reserves | 132 | €330,900 | €202,650 | -€128,250 | -38.8% |
| Distributable reserves | 133 | €1,198,195 | €3,391,366 | +€2.2m | +183% |
| Profit (loss) carried forward | 14 | -€20,993 | - | +€20,993 | |
| Amounts payable | 17/49 | €292,252 | €692,269 | +€400,016 | +137% |
| Amounts payable within one year | 42/48 | €292,252 | €692,269 | +€400,016 | +137% |
| Current portion of amounts payable after more than one year | 42 | - | €10,822 | +€10,822 | |
| Trade debts | 44 | €1,688 | €22,976 | +€21,288 | +1,261% |
| Suppliers | 440/4 | €1,688 | €22,976 | +€21,288 | +1,261% |
| Taxes, remuneration and social security | 45 | €4,850 | €154,482 | +€149,632 | +3,085% |
| Taxes | 450/3 | €4,850 | €154,482 | +€149,632 | +3,085% |
| Other amounts payable | 47/48 | €285,714 | €503,989 | +€218,275 | +76.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,923 | €25,304 | +€9,381 | +58.9% |
| Other operating charges | 640/8 | €5,365 | €4,566 | -€799 | -14.9% |
| Gross operating margin | 9900 | €184,955 | €50,453 | -€134,502 | -72.7% |
| Operating profit (loss) | 9901 | €163,667 | €20,583 | -€143,084 | -87.4% |
| Financial income | 75/76B | €10,158 | €2,282,452 | +€2.3m | +22,370% |
| Recurring financial income | 75 | €10,158 | €2,282,452 | +€2.3m | +22,370% |
| Financial charges | 65/66B | €640 | €1,476 | +€836 | +131% |
| Recurring financial charges | 65 | €640 | €1,476 | +€836 | +131% |
| Profit (loss) for the period before taxes | 9903 | €173,185 | €2,301,559 | +€2.1m | +1,229% |
| Income taxes | 67/77 | €54,678 | €215,644 | +€160,967 | +294% |
| Profit (loss) for the period | 9904 | €118,507 | €2,085,914 | +€2.0m | +1,660% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €191,400 | +€65,100 | +51.5% |
| Transfer to tax-exempt reserves | 689 | €139,500 | €63,150 | -€76,350 | -54.7% |
| Profit (loss) for the period to be appropriated | 9905 | €105,307 | €2,214,164 | +€2.1m | +2,003% |
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 28 October 2026 via checked.be.