C.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.
C.E.S.
Largest movements
- Cash +€30,934
up €30,934 (+113%), from €27,348 to €58,282
mainly Net result for the year (+€21,484) and Tax, wage and social debts (+€9,513)
- Tangible fixed assets -€5,550
down €5,550 (-4.7%), from €118,506 to €112,956
of which Plant, machinery and equipment: -€4,543
- Reserves +€38,927
up €38,927 (+69.3%), from €56,200 to €95,127
of which Distributable reserves: +€38,927
- Profit (loss) carried forward -€17,444
down €17,444 (-100%), from €17,444 to €0
- Tax, wage and social debts +€9,513
new in 2025: €9,513
- Debts after one year -€3,216
down €3,216 (-12.0%), from €26,830 to €23,614
- Gross operating margin +€23,829
up €23,829 (+127%), from €18,751 to €42,580
- Taxes +€11,304
new in 2025: €11,304
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 | €171,120 | €198,160 | +€27,040 | +15.8% |
| Fixed assets | 21/28 | €118,506 | €112,956 | -€5,550 | -4.7% |
| Tangible fixed assets | 22/27 | €118,506 | €112,956 | -€5,550 | -4.7% |
| Land and buildings | 22 | €79,822 | €79,822 | = | 0.0% |
| Plant, machinery and equipment | 23 | €34,893 | €30,351 | -€4,543 | -13.0% |
| Furniture and vehicles | 24 | €3,791 | €2,784 | -€1,007 | -26.6% |
| Current assets | 29/58 | €52,614 | €85,204 | +€32,590 | +61.9% |
| Amounts receivable within one year | 40/41 | €25,266 | €25,414 | +€148 | +0.6% |
| Trade receivables | 40 | €436 | €0 | -€436 | -100% |
| Other amounts receivable | 41 | €24,829 | €25,414 | +€584 | +2.4% |
| Cash at bank and in hand | 54/58 | €27,348 | €58,282 | +€30,934 | +113% |
| Deferred charges and accrued income | 490/1 | - | €1,508 | +€1,508 | |
| Total equity and liabilities | 10/49 | €171,120 | €198,160 | +€27,040 | +15.8% |
| Equity | 10/15 | €135,644 | €157,127 | +€21,484 | +15.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €56,200 | €95,127 | +€38,927 | +69.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €88,927 | +€38,927 | +77.9% |
| Profit (loss) carried forward | 14 | €17,444 | €0 | -€17,444 | -100% |
| Amounts payable | 17/49 | €35,476 | €41,033 | +€5,557 | +15.7% |
| Amounts payable after more than one year | 17 | €26,830 | €23,614 | -€3,216 | -12.0% |
| Financial debts | 170/4 | €26,830 | €23,614 | -€3,216 | -12.0% |
| Amounts payable within one year | 42/48 | €8,646 | €17,419 | +€8,773 | +101% |
| Current portion of amounts payable after more than one year | 42 | €3,079 | €3,216 | +€137 | +4.5% |
| Trade debts | 44 | €1,817 | €940 | -€878 | -48.3% |
| Suppliers | 440/4 | €1,817 | €940 | -€878 | -48.3% |
| Taxes, remuneration and social security | 45 | - | €9,513 | +€9,513 | |
| Taxes | 450/3 | - | €9,513 | +€9,513 | |
| Other amounts payable | 47/48 | €3,750 | €3,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,839 | €5,550 | -€289 | -4.9% |
| Other operating charges | 640/8 | €4,028 | €3,897 | -€131 | -3.3% |
| Gross operating margin | 9900 | €18,751 | €42,580 | +€23,829 | +127% |
| Operating profit (loss) | 9901 | €8,884 | €33,133 | +€24,249 | +273% |
| Financial income | 75/76B | €1,774 | €1,482 | -€292 | -16.4% |
| Recurring financial income | 75 | €1,774 | €1,482 | -€292 | -16.4% |
| Financial charges | 65/66B | €1,513 | €1,827 | +€315 | +20.8% |
| Recurring financial charges | 65 | €1,513 | €1,827 | +€315 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €9,145 | €32,788 | +€23,642 | +259% |
| Income taxes | 67/77 | - | €11,304 | +€11,304 | |
| Profit (loss) for the period | 9904 | €9,145 | €21,484 | +€12,338 | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €9,145 | €21,484 | +€12,338 | +135% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.