C.E.G.E.S.: 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.
What changed
C.E.G.E.S.
NACE 46.391, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €666,280+€1.7m
Equity
€4.9m
2024 · €4.4m+€534,162
Cash
€3.5m
2024 · €1.0m+€2.5m
Balance sheet total
€14.1m
2024 · €11.5m+€2.7m
Largest movements
Assets
- Cash +€2.5m
up €2.5m (+238.3%), from €1.0m to €3.5m
mainly Net result for the year (+€2.4m) and Trade debts (+€2.1m)
- Financial fixed assets -€1.4m
down €1.4m (-96.1%), from €1.5m to €56,549
of which Affiliated companies: -€1.4m
- Receivables within one year +€897,830
up €897,830 (+31.3%), from €2.9m to €3.8m
of which Trade receivables: +€636,519
- Stocks and contracts +€427,466
up €427,466 (+21.8%), from €2.0m to €2.4m
- Intangible fixed assets +€337,972
up €337,972 (+70.2%), from €481,243 to €819,215
Equity and liabilities
- Profit (loss) carried forward +€2.4m
up €2.4m (+352.9%), from €666,280 to €3.0m
- Trade debts +€2.1m
up €2.1m (+85.2%), from €2.5m to €4.7m
- Reserves -€1.8m
down €1.8m (-64.5%), from €2.8m to €978,005
of which Distributable reserves: -€1.8m
- Debts after one year -€478,475
down €478,475 (-15.1%), from €3.2m to €2.7m
- Short-term financial debts +€246,890
up €246,890 (+105.4%), from €234,203 to €481,094
Income statement
- Turnover +€18.5m
up €18.5m (+78.2%), from €23.7m to €42.2m
- Goods and materials +€11.7m
up €11.7m (+71.6%), from €16.3m to €28.0m
of which Purchases: +€11.7m
- Services and other goods +€5.5m
up €5.5m (+124.9%), from €4.4m to €9.8m
- Other operating income +€904,053
up €904,053 (+52.9%), from €1.7m to €2.6m
- Taxes +€568,941
up €568,941 (+221.9%), from €256,355 to €825,296
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.
Result 2024
€666,280
Turnover
+€18.5m
Other operating income
+€904,053
Goods and materials
-€11.7m
Services and other goods
-€5.5m
Staff costs
-€120,089
Depreciation
-€32,380
Write-downs
+€209,869
Other operating charges
-€114,927
Other operating items
+€8,715
Financial income
-€28,130
Financial charges
+€33,239
Taxes
-€568,941
Result 2025
€2.4m
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.
From operations
+€3.7m
Investment
+€877,948
Financing
-€2.1m
Cash 2024
€1.0m
From operations (derived)
+€3.7m
Net result for the year
+€2.4m
Depreciation
+€414,134
Stocks and contracts
-€427,466
Receivables within one year
-€897,830
Deferred charges and accrued income
-€145,648
Trade debts
+€2.1m
Tax, wage and social debts
+€233,109
Accrued charges and deferred income
+€2,134
Investment (derived)
+€877,948
Investment in fixed assets (net)
+€877,948
Financing
-€2.1m
Debts after one year
-€478,475
Current portion of long-term debt
-€11,327
Short-term financial debts
+€246,890
Contributions, distributions and other
-€1.8m
Cash 2025
€3.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,472,550 | €14,144,372 | +€2.7m | +23.3% |
| Fixed assets | 21/28 | €5,523,702 | €4,231,620 | -€1.3m | -23.4% |
| Intangible fixed assets | 21 | €481,243 | €819,215 | +€337,972 | +70.2% |
| Tangible fixed assets | 22/27 | €3,583,847 | €3,355,855 | -€227,992 | -6.4% |
| Land and buildings | 22 | €3,059,408 | €2,878,480 | -€180,927 | -5.9% |
| Plant, machinery and equipment | 23 | €337,540 | €342,996 | +€5,456 | +1.6% |
| Furniture and vehicles | 24 | €44,452 | €39,963 | -€4,489 | -10.1% |
| Leasing and similar rights | 25 | €30,697 | €19,809 | -€10,889 | -35.5% |
| Other tangible fixed assets | 26 | €111,749 | €74,607 | -€37,143 | -33.2% |
| Financial fixed assets | 28 | €1,458,612 | €56,549 | -€1.4m | -96.1% |
| Affiliated companies | 280/1 | €1,413,871 | - | -€1.4m | |
| Amounts receivable | 281 | €1,413,871 | - | -€1.4m | |
| Other financial fixed assets | 284/8 | €44,741 | €56,549 | +€11,808 | +26.4% |
| Amounts receivable and cash guarantees | 285/8 | €44,741 | €56,549 | +€11,808 | +26.4% |
| Current assets | 29/58 | €5,948,848 | €9,912,752 | +€4.0m | +66.6% |
| Stocks and contracts in progress | 3 | €1,958,747 | €2,386,213 | +€427,466 | +21.8% |
| Stocks | 30/36 | €1,958,747 | €2,386,213 | +€427,466 | +21.8% |
| Goods purchased for resale | 34 | €1,958,747 | €2,386,213 | +€427,466 | +21.8% |
| Amounts receivable within one year | 40/41 | €2,871,396 | €3,769,226 | +€897,830 | +31.3% |
| Trade receivables | 40 | €2,743,716 | €3,380,235 | +€636,519 | +23.2% |
| Other amounts receivable | 41 | €127,680 | €388,991 | +€261,311 | +204.7% |
| Cash at bank and in hand | 54/58 | €1,046,133 | €3,539,092 | +€2.5m | +238.3% |
| Deferred charges and accrued income | 490/1 | €72,572 | €218,220 | +€145,648 | +200.7% |
| Total equity and liabilities | 10/49 | €11,472,550 | €14,144,372 | +€2.7m | +23.3% |
| Equity | 10/15 | €4,378,280 | €4,912,442 | +€534,162 | +12.2% |
| Contributions | 10/11 | €316,250 | €316,250 | = | 0.0% |
| Capital | 10 | €316,250 | €316,250 | = | 0.0% |
| Issued capital | 100 | €316,250 | €316,250 | = | 0.0% |
| Reserves | 13 | €2,754,769 | €978,005 | -€1.8m | -64.5% |
| Non-distributable reserves | 130/1 | €31,625 | €31,625 | = | 0.0% |
| Legal reserve | 130 | €31,625 | €31,625 | = | 0.0% |
| Tax-exempt reserves | 132 | €946,380 | €946,380 | = | 0.0% |
| Distributable reserves | 133 | €1,776,763 | - | -€1.8m | |
| Profit (loss) carried forward | 14 | €666,280 | €3,017,267 | +€2.4m | +352.9% |
| Investment grants | 15 | €640,981 | €600,920 | -€40,061 | -6.2% |
| Amounts payable | 17/49 | €7,094,270 | €9,231,930 | +€2.1m | +30.1% |
| Amounts payable after more than one year | 17 | €3,168,425 | €2,689,950 | -€478,475 | -15.1% |
| Financial debts | 170/4 | €3,168,425 | €2,689,950 | -€478,475 | -15.1% |
| Leasing and similar obligations | 172 | €17,684 | €7,734 | -€9,950 | -56.3% |
| Credit institutions | 173 | €3,150,741 | €2,682,216 | -€468,525 | -14.9% |
| Amounts payable within one year | 42/48 | €3,925,846 | €6,539,846 | +€2.6m | +66.6% |
| Current portion of amounts payable after more than one year | 42 | €489,802 | €478,475 | -€11,327 | -2.3% |
| Financial debts | 43 | €234,203 | €481,094 | +€246,890 | +105.4% |
| Credit institutions | 430/8 | €234,203 | €481,094 | +€246,890 | +105.4% |
| Trade debts | 44 | €2,517,468 | €4,662,796 | +€2.1m | +85.2% |
| Suppliers | 440/4 | €2,517,468 | €4,662,796 | +€2.1m | +85.2% |
| Taxes, remuneration and social security | 45 | €684,373 | €917,481 | +€233,109 | +34.1% |
| Taxes | 450/3 | €295,817 | €323,534 | +€27,717 | +9.4% |
| Remuneration and social security | 454/9 | €388,555 | €593,947 | +€205,392 | +52.9% |
| Accrued charges and deferred income | 492/3 | - | €2,134 | +€2,134 | |
| Operating income | 70/76A | €25,481,395 | €44,908,964 | +€19.4m | +76.2% |
| Turnover | 70 | €23,682,310 | €42,213,366 | +€18.5m | +78.2% |
| Other operating income | 74 | €1,707,545 | €2,611,598 | +€904,053 | +52.9% |
| Non-recurring operating income | 76A | €91,540 | €84,000 | -€7,540 | -8.2% |
| Operating charges | 60/66A | €24,487,569 | €41,666,600 | +€17.2m | +70.2% |
| Goods for resale, raw materials and consumables | 60 | €16,317,122 | €27,999,762 | +€11.7m | +71.6% |
| Purchases | 600/8 | €16,680,104 | €28,385,724 | +€11.7m | +70.2% |
| Change in stocks: decrease (increase) | 609 | -€362,982 | -€385,962 | -€22,980 | -6.3% |
| Services and other goods | 61 | €4,366,269 | €9,821,389 | +€5.5m | +124.9% |
| Remuneration, social security and pensions | 62 | €3,112,171 | €3,232,260 | +€120,089 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €381,754 | €414,134 | +€32,380 | +8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €148,524 | -€61,345 | -€209,869 | |
| Other operating charges | 640/8 | €145,473 | €260,400 | +€114,927 | +79.0% |
| Non-recurring operating charges | 66A | €16,256 | - | -€16,256 | |
| Operating profit (loss) | 9901 | €993,826 | €3,242,365 | +€2.2m | +226.3% |
| Financial income | 75/76B | €98,238 | €70,109 | -€28,130 | -28.6% |
| Recurring financial income | 75 | €98,238 | €70,109 | -€28,130 | -28.6% |
| Income from financial fixed assets | 750 | €26,471 | €16,083 | -€10,388 | -39.2% |
| Other financial income | 752/9 | €71,768 | €54,026 | -€17,742 | -24.7% |
| Financial charges | 65/66B | €169,430 | €136,191 | -€33,239 | -19.6% |
| Recurring financial charges | 65 | €169,430 | €135,781 | -€33,648 | -19.9% |
| Debt charges | 650 | €166,930 | €133,315 | -€33,615 | -20.1% |
| Other financial charges | 652/9 | €2,499 | €2,466 | -€33 | -1.3% |
| Non-recurring financial charges | 66B | - | €410 | +€410 | |
| Profit (loss) for the period before taxes | 9903 | €922,635 | €3,176,282 | +€2.3m | +244.3% |
| Income taxes | 67/77 | €256,355 | €825,296 | +€568,941 | +221.9% |
| Taxes | 670/3 | €256,355 | €825,296 | +€568,941 | +221.9% |
| Profit (loss) for the period | 9904 | €666,280 | €2,350,986 | +€1.7m | +252.9% |
| Profit (loss) for the period to be appropriated | 9905 | €666,280 | €2,350,986 | +€1.7m | +252.9% |
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.