C.E.L.: 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.L.
Largest movements
- Cash +€301,381
up €301,381 (+7.9%), from €3.8m to €4.1m
mainly Net result for the year (+€265,779) and Depreciation (+€98,462)
- Tangible fixed assets -€98,462
down €98,462 (-3.0%), from €3.3m to €3.2m
of which Land and buildings: -€88,933
- Reserves +€265,779
up €265,779 (+3.2%), from €8.4m to €8.7m
of which Distributable reserves: +€306,678
- Financial income -€158,431
down €158,431 (-60.2%), from €263,187 to €104,756
- Financial charges +€36,526
up €36,526, from -€33,051 to €3,475
- Taxes -€33,354
down €33,354 (-31.8%), from €105,012 to €71,659
- Depreciation -€20,913
down €20,913 (-17.5%), from €119,376 to €98,462
- Gross operating margin -€12,975
down €12,975 (-3.1%), from €414,076 to €401,101
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 | €8,752,045 | €9,015,349 | +€263,304 | +3.0% |
| Fixed assets | 21/28 | €3,255,874 | €3,157,412 | -€98,462 | -3.0% |
| Tangible fixed assets | 22/27 | €3,255,874 | €3,157,412 | -€98,462 | -3.0% |
| Land and buildings | 22 | €3,235,375 | €3,146,442 | -€88,933 | -2.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €20,499 | €10,970 | -€9,529 | -46.5% |
| Current assets | 29/58 | €5,496,170 | €5,857,937 | +€361,767 | +6.6% |
| Amounts receivable within one year | 40/41 | €56,972 | €101,847 | +€44,875 | +78.8% |
| Trade receivables | 40 | €19,801 | €19,832 | +€30 | +0.2% |
| Other amounts receivable | 41 | €37,171 | €82,015 | +€44,845 | +120.6% |
| Current investments | 50/53 | €1,555,494 | €1,583,912 | +€28,418 | +1.8% |
| Cash at bank and in hand | 54/58 | €3,798,760 | €4,100,141 | +€301,381 | +7.9% |
| Deferred charges and accrued income | 490/1 | €84,944 | €72,036 | -€12,908 | -15.2% |
| Total equity and liabilities | 10/49 | €8,752,045 | €9,015,349 | +€263,304 | +3.0% |
| Equity | 10/15 | €8,492,074 | €8,757,853 | +€265,779 | +3.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Outside capital | 11 | €0 | - | = | |
| Share premium | 1100/10 | €0 | - | = | |
| Reserves | 13 | €8,430,574 | €8,696,353 | +€265,779 | +3.2% |
| Non-distributable reserves | 130/1 | €3,467 | €6,150 | +€2,683 | +77.4% |
| Legal reserve | 130 | €3,467 | €6,150 | +€2,683 | +77.4% |
| Tax-exempt reserves | 132 | €318,982 | €275,399 | -€43,582 | -13.7% |
| Distributable reserves | 133 | €8,108,125 | €8,414,804 | +€306,678 | +3.8% |
| Amounts payable | 17/49 | €259,970 | €257,496 | -€2,475 | -1.0% |
| Amounts payable within one year | 42/48 | €21,519 | €39,028 | +€17,509 | +81.4% |
| Trade debts | 44 | €14,631 | €19,246 | +€4,614 | +31.5% |
| Suppliers | 440/4 | €14,631 | €19,246 | +€4,614 | +31.5% |
| Taxes, remuneration and social security | 45 | €6,888 | €19,782 | +€12,895 | +187.2% |
| Taxes | 450/3 | €6,888 | €19,782 | +€12,895 | +187.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €238,451 | €218,468 | -€19,984 | -8.4% |
| Remuneration, social security and pensions | 62 | €968 | €0 | -€968 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,376 | €98,462 | -€20,913 | -17.5% |
| Other operating charges | 640/8 | €58,355 | €66,483 | +€8,128 | +13.9% |
| Gross operating margin | 9900 | €414,076 | €401,101 | -€12,975 | -3.1% |
| Operating profit (loss) | 9901 | €235,378 | €236,156 | +€778 | +0.3% |
| Financial income | 75/76B | €263,187 | €104,756 | -€158,431 | -60.2% |
| Recurring financial income | 75 | €263,187 | €104,756 | -€158,431 | -60.2% |
| Financial charges | 65/66B | -€33,051 | €3,475 | +€36,526 | |
| Recurring financial charges | 65 | -€33,051 | €3,475 | +€36,526 | |
| Profit (loss) for the period before taxes | 9903 | €531,616 | €337,437 | -€194,178 | -36.5% |
| Income taxes | 67/77 | €105,012 | €71,659 | -€33,354 | -31.8% |
| Profit (loss) for the period | 9904 | €426,603 | €265,779 | -€160,825 | -37.7% |
| Transfer from tax-exempt reserves | 789 | €190,946 | €148,832 | -€42,113 | -22.1% |
| Transfer to tax-exempt reserves | 689 | €0 | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €617,549 | €309,361 | -€308,188 | -49.9% |
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 1 October 2026 via checked.be.