Bert Ceunen: 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.
Bert Ceunen
Largest movements
- Current investments +€350,000
up €350,000 (+233%), from €150,000 to €500,000
- Cash -€32,638
down €32,638 (-55.2%), from €59,075 to €26,438
mainly Contributions, distributions and other (-€1.1m) and Current investments (-€350,000)
- Other debts +€898,898
up €898,898 (+131%), from €688,338 to €1.6m
- Reserves -€440,144
down €440,144 (-98.4%), from €447,490 to €7,346
- Debts after one year -€83,752
down €83,752 (-54.3%), from €154,125 to €70,373
- Current portion of long-term debt -€60,141
down €60,141 (-41.8%), from €143,893 to €83,752
- Financial income +€123,967
up €123,967 (+35.3%), from €351,050 to €475,017
- Gross operating margin +€42,479
up €42,479 (+29.1%), from €146,100 to €188,579
- Taxes +€14,041
up €14,041 (+42.6%), from €32,944 to €46,985
- Financial charges -€12,509
down €12,509 (-83.3%), from €15,016 to €2,507
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 | €1,464,620 | €1,782,123 | +€317,503 | +21.7% |
| Fixed assets | 21/28 | €1,255,545 | €1,255,545 | = | 0.0% |
| Financial fixed assets | 28 | €1,255,545 | €1,255,545 | = | 0.0% |
| Current assets | 29/58 | €209,075 | €526,578 | +€317,503 | +152% |
| Amounts receivable within one year | 40/41 | €0 | €141 | +€141 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €141 | +€141 | |
| Current investments | 50/53 | €150,000 | €500,000 | +€350,000 | +233% |
| Cash at bank and in hand | 54/58 | €59,075 | €26,438 | -€32,638 | -55.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,464,620 | €1,782,123 | +€317,503 | +21.7% |
| Equity | 10/15 | €466,090 | €25,946 | -€440,144 | -94.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €447,490 | €7,346 | -€440,144 | -98.4% |
| Distributable reserves | 133 | €447,490 | €7,346 | -€440,144 | -98.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €998,530 | €1,756,177 | +€757,647 | +75.9% |
| Amounts payable after more than one year | 17 | €154,125 | €70,373 | -€83,752 | -54.3% |
| Financial debts | 170/4 | €154,125 | €70,373 | -€83,752 | -54.3% |
| Amounts payable within one year | 42/48 | €844,405 | €1,685,804 | +€841,399 | +99.6% |
| Current portion of amounts payable after more than one year | 42 | €143,893 | €83,752 | -€60,141 | -41.8% |
| Trade debts | 44 | €0 | €785 | +€785 | |
| Suppliers | 440/4 | €0 | €785 | +€785 | |
| Taxes, remuneration and social security | 45 | €12,174 | €14,031 | +€1,857 | +15.3% |
| Taxes | 450/3 | €12,174 | €14,031 | +€1,857 | +15.3% |
| Other amounts payable | 47/48 | €688,338 | €1,587,236 | +€898,898 | +131% |
| Other operating charges | 640/8 | €1,700 | €1,757 | +€58 | +3.4% |
| Gross operating margin | 9900 | €146,100 | €188,579 | +€42,479 | +29.1% |
| Operating profit (loss) | 9901 | €144,401 | €186,822 | +€42,421 | +29.4% |
| Financial income | 75/76B | €351,050 | €475,017 | +€123,967 | +35.3% |
| Recurring financial income | 75 | €351,050 | €475,017 | +€123,967 | +35.3% |
| Financial charges | 65/66B | €15,016 | €2,507 | -€12,509 | -83.3% |
| Recurring financial charges | 65 | €15,016 | €2,507 | -€12,509 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €480,434 | €659,331 | +€178,897 | +37.2% |
| Income taxes | 67/77 | €32,944 | €46,985 | +€14,041 | +42.6% |
| Profit (loss) for the period | 9904 | €447,490 | €612,346 | +€164,856 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €447,490 | €612,346 | +€164,856 | +36.8% |
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 25 October 2026 via checked.be.