C.E.A.M.: 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.
C.E.A.M.
Largest movements
- Tangible fixed assets +€220,264
up €220,264 (+4.4%), from €5.0m to €5.2m
of which Land and buildings: +€193,821
- Cash +€193,862
up €193,862 (+173.6%), from €111,689 to €305,550
mainly Net result for the year (+€286,680) and Depreciation (+€223,466)
- Reserves +€286,680
up €286,680 (+12.8%), from €2.2m to €2.5m
of which Distributable reserves: +€289,550
- Debts after one year +€80,220
up €80,220 (+3.0%), from €2.7m to €2.8m
- Gross operating margin +€50,172
up €50,172 (+7.4%), from €680,543 to €730,715
- Taxes +€12,761
up €12,761 (+15.4%), from €82,799 to €95,560
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 | €6,114,985 | €6,539,888 | +€424,902 | +6.9% |
| Fixed assets | 21/28 | €5,019,722 | €5,239,986 | +€220,264 | +4.4% |
| Tangible fixed assets | 22/27 | €5,019,474 | €5,239,738 | +€220,264 | +4.4% |
| Land and buildings | 22 | €4,995,690 | €5,189,511 | +€193,821 | +3.9% |
| Plant, machinery and equipment | 23 | €23,784 | €50,227 | +€26,442 | +111.2% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €1,095,263 | €1,299,902 | +€204,639 | +18.7% |
| Amounts receivable within one year | 40/41 | €231,566 | €242,343 | +€10,777 | +4.7% |
| Trade receivables | 40 | €231,553 | €239,028 | +€7,476 | +3.2% |
| Other amounts receivable | 41 | €14 | €3,315 | +€3,301 | +24435.9% |
| Current investments | 50/53 | €752,009 | €752,009 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €111,689 | €305,550 | +€193,862 | +173.6% |
| Total equity and liabilities | 10/49 | €6,114,985 | €6,539,888 | +€424,902 | +6.9% |
| Equity | 10/15 | €3,360,281 | €3,646,962 | +€286,680 | +8.5% |
| Contributions | 10/11 | €657,500 | €657,500 | = | 0.0% |
| Capital | 10 | €657,500 | €657,500 | = | 0.0% |
| Issued capital | 100 | €657,500 | €657,500 | = | 0.0% |
| Revaluation surpluses | 12 | €457,187 | €457,187 | = | 0.0% |
| Reserves | 13 | €2,245,594 | €2,532,275 | +€286,680 | +12.8% |
| Non-distributable reserves | 130/1 | €68,620 | €65,750 | -€2,870 | -4.2% |
| Legal reserve | 130 | €68,620 | €65,750 | -€2,870 | -4.2% |
| Distributable reserves | 133 | €2,176,975 | €2,466,525 | +€289,550 | +13.3% |
| Amounts payable | 17/49 | €2,754,704 | €2,892,926 | +€138,222 | +5.0% |
| Amounts payable after more than one year | 17 | €2,708,603 | €2,788,823 | +€80,220 | +3.0% |
| Financial debts | 170/4 | €2,708,603 | €2,788,823 | +€80,220 | +3.0% |
| Amounts payable within one year | 42/48 | €46,101 | €104,103 | +€58,002 | +125.8% |
| Trade debts | 44 | €40,306 | €93,543 | +€53,237 | +132.1% |
| Suppliers | 440/4 | €40,306 | €93,543 | +€53,237 | +132.1% |
| Taxes, remuneration and social security | 45 | €5,795 | €10,560 | +€4,765 | +82.2% |
| Taxes | 450/3 | €5,795 | €10,560 | +€4,765 | +82.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,938 | €223,466 | +€1,528 | +0.7% |
| Other operating charges | 640/8 | €42,794 | €44,759 | +€1,965 | +4.6% |
| Gross operating margin | 9900 | €680,543 | €730,715 | +€50,172 | +7.4% |
| Operating profit (loss) | 9901 | €415,812 | €462,490 | +€46,678 | +11.2% |
| Financial income | 75/76B | €15 | €10 | -€4 | -30.0% |
| Recurring financial income | 75 | €15 | €10 | -€4 | -30.0% |
| Financial charges | 65/66B | €84,630 | €80,260 | -€4,370 | -5.2% |
| Recurring financial charges | 65 | €84,630 | €80,260 | -€4,370 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €331,197 | €382,240 | +€51,043 | +15.4% |
| Income taxes | 67/77 | €82,799 | €95,560 | +€12,761 | +15.4% |
| Profit (loss) for the period | 9904 | €248,398 | €286,680 | +€38,283 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €248,398 | €286,680 | +€38,283 | +15.4% |
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 5 October 2026 via checked.be.