C.E.T.B.: 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.
What changed
C.E.T.B.
NACE 38.210, Materials recovery from waste
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€9.7m
2024 · €8.9m+€788,515
Equity
€11.4m
2024 · €11.5m-€82,761
Cash
€1.7m
2024 · €1.1m+€582,060
Balance sheet total
€46.8m
2024 · €44.2m+€2.6m
Largest movements
Assets
- Current investments +€3.0m
up €3.0m (+23.2%), from €13.0m to €16.0m
- Receivables within one year -€708,647
down €708,647 (-11.2%), from €6.3m to €5.6m
of which Trade receivables: -€608,491
- Cash +€582,060
up €582,060 (+52.1%), from €1.1m to €1.7m
mainly Net result for the year (+€9.7m) and Other debts (+€2.5m)
Equity and liabilities
- Other debts +€2.5m
up €2.5m (+35.9%), from €7.0m to €9.5m
- Provisions +€1.1m
up €1.1m (+5.0%), from €21.9m to €23.0m
Income statement
- Turnover +€1.3m
up €1.3m (+4.0%), from €31.6m to €32.8m
- Provisions -€744,058
down €744,058 (-40.7%), from €1.8m to €1.1m
- Goods and materials +€659,457
up €659,457 (+4.4%), from €14.9m to €15.6m
- Taxes +€515,483
up €515,483 (+9.9%), from €5.2m to €5.7m
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
€8.9m
Turnover
+€1.3m
Goods and materials
-€659,457
Services and other goods
-€212,637
Staff costs
+€90,137
Depreciation
-€20,210
Provisions
+€744,058
Other operating charges
-€4,981
Financial income
+€82,597
Financial charges
+€18,315
Taxes
-€515,483
Result 2025
€9.7m
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
+€13.4m
Investment
-€3.0m
Financing
-€9.8m
Cash 2024
€1.1m
From operations (derived)
+€13.4m
Net result for the year
+€9.7m
Depreciation
+€267,966
Receivables within one year
+€708,647
Smaller working-capital items
-€3,869
Provisions
+€1.1m
Trade debts
-€363,474
Tax, wage and social debts
-€463,442
Other debts
+€2.5m
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€4,810
Current investments
-€3.0m
Financing
-€9.8m
Debts after one year
-€40,095
Current portion of long-term debt
-€21,767
Contributions, distributions and other
-€9.8m
Cash 2025
€1.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,178,829 | €46,800,871 | +€2.6m | +5.9% |
| Fixed assets | 21/28 | €955,914 | €692,758 | -€263,155 | -27.5% |
| Tangible fixed assets | 22/27 | €582,492 | €507,580 | -€74,912 | -12.9% |
| Land and buildings | 22 | €63,563 | €82,890 | +€19,327 | +30.4% |
| Plant, machinery and equipment | 23 | €417,395 | €382,223 | -€35,172 | -8.4% |
| Furniture and vehicles | 24 | €52,670 | €42,466 | -€10,204 | -19.4% |
| Leasing and similar rights | 25 | €48,864 | - | -€48,864 | |
| Financial fixed assets | 28 | €373,422 | €185,179 | -€188,243 | -50.4% |
| Affiliated companies | 280/1 | €373,222 | €184,979 | -€188,243 | -50.4% |
| Participating interests | 280 | €373,222 | €184,979 | -€188,243 | -50.4% |
| Other financial fixed assets | 284/8 | €200 | €200 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €43,222,915 | €46,108,113 | +€2.9m | +6.7% |
| Amounts receivable after more than one year | 29 | €22,530,000 | €22,530,000 | = | 0.0% |
| Other amounts receivable | 291 | €22,530,000 | €22,530,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,300,528 | €5,591,882 | -€708,647 | -11.2% |
| Trade receivables | 40 | €6,200,268 | €5,591,778 | -€608,491 | -9.8% |
| Other amounts receivable | 41 | €100,260 | €104 | -€100,156 | -99.9% |
| Current investments | 50/53 | €12,966,492 | €15,979,118 | +€3.0m | +23.2% |
| Other investments | 51/53 | €12,966,492 | €15,979,118 | +€3.0m | +23.2% |
| Cash at bank and in hand | 54/58 | €1,117,443 | €1,699,504 | +€582,060 | +52.1% |
| Deferred charges and accrued income | 490/1 | €308,451 | €307,610 | -€841 | -0.3% |
| Total equity and liabilities | 10/49 | €44,178,829 | €46,800,871 | +€2.6m | +5.9% |
| Equity | 10/15 | €11,509,817 | €11,427,056 | -€82,761 | -0.7% |
| Contributions | 10/11 | €644,523 | €644,523 | = | 0.0% |
| Capital | 10 | €644,523 | €644,523 | = | 0.0% |
| Issued capital | 100 | €644,523 | €644,523 | = | 0.0% |
| Reserves | 13 | €10,865,294 | €10,782,533 | -€82,761 | -0.8% |
| Non-distributable reserves | 130/1 | €64,452 | €64,452 | = | 0.0% |
| Legal reserve | 130 | €64,452 | €64,452 | = | 0.0% |
| Distributable reserves | 133 | €10,800,842 | €10,718,081 | -€82,761 | -0.8% |
| Provisions and deferred taxes | 16 | €21,877,498 | €22,961,791 | +€1.1m | +5.0% |
| Provisions for liabilities and charges | 160/5 | €21,877,498 | €22,961,791 | +€1.1m | +5.0% |
| Environmental obligations | 163 | €21,877,498 | €22,961,791 | +€1.1m | +5.0% |
| Amounts payable | 17/49 | €10,791,513 | €12,412,024 | +€1.6m | +15.0% |
| Amounts payable after more than one year | 17 | €42,495 | €2,400 | -€40,095 | -94.4% |
| Financial debts | 170/4 | €40,095 | - | -€40,095 | |
| Leasing and similar obligations | 172 | €40,095 | - | -€40,095 | |
| Other amounts payable | 178/9 | €2,400 | €2,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10,733,293 | €12,398,610 | +€1.7m | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €61,862 | €40,095 | -€21,767 | -35.2% |
| Trade debts | 44 | €815,048 | €451,574 | -€363,474 | -44.6% |
| Suppliers | 440/4 | €815,048 | €451,574 | -€363,474 | -44.6% |
| Taxes, remuneration and social security | 45 | €2,856,301 | €2,392,859 | -€463,442 | -16.2% |
| Taxes | 450/3 | €2,842,963 | €2,378,640 | -€464,323 | -16.3% |
| Remuneration and social security | 454/9 | €13,338 | €14,219 | +€881 | +6.6% |
| Other amounts payable | 47/48 | €7,000,082 | €9,514,082 | +€2.5m | +35.9% |
| Accrued charges and deferred income | 492/3 | €15,725 | €11,015 | -€4,710 | -30.0% |
| Operating income | 70/76A | €31,552,001 | €32,818,177 | +€1.3m | +4.0% |
| Turnover | 70 | €31,552,001 | €32,818,177 | +€1.3m | +4.0% |
| Operating charges | 60/66A | €18,253,727 | €18,316,818 | +€63,091 | +0.3% |
| Goods for resale, raw materials and consumables | 60 | €14,909,015 | €15,568,471 | +€659,457 | +4.4% |
| Purchases | 600/8 | €14,909,015 | €15,568,471 | +€659,457 | +4.4% |
| Services and other goods | 61 | €983,991 | €1,196,628 | +€212,637 | +21.6% |
| Remuneration, social security and pensions | 62 | €229,682 | €139,546 | -€90,137 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,755 | €267,966 | +€20,210 | +8.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,828,350 | €1,084,293 | -€744,058 | -40.7% |
| Other operating charges | 640/8 | €54,934 | €59,914 | +€4,981 | +9.1% |
| Operating profit (loss) | 9901 | €13,298,274 | €14,501,359 | +€1.2m | +9.0% |
| Financial income | 75/76B | €899,033 | €981,631 | +€82,597 | +9.2% |
| Recurring financial income | 75 | €899,033 | €981,631 | +€82,597 | +9.2% |
| Income from current assets | 751 | €899,033 | €981,630 | +€82,597 | +9.2% |
| Other financial income | 752/9 | €0 | €0 | +€0 | +61.5% |
| Financial charges | 65/66B | €88,304 | €69,989 | -€18,315 | -20.7% |
| Recurring financial charges | 65 | €88,304 | €69,989 | -€18,315 | -20.7% |
| Debt charges | 650 | €1,529 | €878 | -€651 | -42.6% |
| Other financial charges | 652/9 | €86,775 | €69,111 | -€17,664 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €14,109,003 | €15,413,001 | +€1.3m | +9.2% |
| Income taxes | 67/77 | €5,197,360 | €5,712,843 | +€515,483 | +9.9% |
| Taxes | 670/3 | €5,197,360 | €5,712,843 | +€515,483 | +9.9% |
| Profit (loss) for the period | 9904 | €8,911,643 | €9,700,158 | +€788,515 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,911,643 | €9,700,158 | +€788,515 | +8.8% |
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 4 October 2026 via checked.be.