CEAWIND: 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.
CEAWIND
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+3378.9%), from €62,603 to €2.2m
of which Land and buildings: +€2.1m
- Cash -€514,412
down €514,412 (-97.7%), from €526,608 to €12,197
mainly Investment in fixed assets (net) (-€2.3m) and Net result for the year (-€123,830)
- Receivables within one year -€75,357
down €75,357 (-62.8%), from €119,997 to €44,640
of which Trade receivables: -€77,988
- Receivables after one year +€24,000
up €24,000 (+70.6%), from €34,000 to €58,000
- Debts after one year +€1.6m
up €1.6m (+286.7%), from €559,382 to €2.2m
of which Financial debts: +€1.6m
- Profit (loss) carried forward -€123,830
new in 2025: -€123,830
- Current portion of long-term debt +€85,403
up €85,403 (+805.0%), from €10,610 to €96,012
- Tax, wage and social debts -€32,325
down €32,325 (-78.8%), from €41,034 to €8,708
- Depreciation +€157,301
up €157,301 (+1310.5%), from €12,003 to €169,304
- Financial charges +€46,585
up €46,585 (+3612.1%), from €1,290 to €47,875
- Gross operating margin +€26,807
up €26,807 (+31.3%), from €85,764 to €112,571
- Taxes -€12,517
down €12,517 (-99.0%), from €12,642 to €125
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 | €745,970 | €2,293,594 | +€1.5m | +207.5% |
| Formation expenses | 20 | €970 | €0 | -€970 | -100.0% |
| Fixed assets | 21/28 | €62,603 | €2,177,901 | +€2.1m | +3378.9% |
| Tangible fixed assets | 22/27 | €62,603 | €2,177,901 | +€2.1m | +3378.9% |
| Land and buildings | 22 | €4,645 | €2,065,143 | +€2.1m | +44355.4% |
| Plant, machinery and equipment | 23 | €1,086 | €5,279 | +€4,193 | +386.3% |
| Furniture and vehicles | 24 | €56,872 | €107,479 | +€50,608 | +89.0% |
| Current assets | 29/58 | €682,397 | €115,693 | -€566,704 | -83.0% |
| Amounts receivable after more than one year | 29 | €34,000 | €58,000 | +€24,000 | +70.6% |
| Other amounts receivable | 291 | €34,000 | €58,000 | +€24,000 | +70.6% |
| Amounts receivable within one year | 40/41 | €119,997 | €44,640 | -€75,357 | -62.8% |
| Trade receivables | 40 | €118,131 | €40,143 | -€77,988 | -66.0% |
| Other amounts receivable | 41 | €1,867 | €4,497 | +€2,631 | +140.9% |
| Cash at bank and in hand | 54/58 | €526,608 | €12,197 | -€514,412 | -97.7% |
| Deferred charges and accrued income | 490/1 | €1,791 | €856 | -€935 | -52.2% |
| Total equity and liabilities | 10/49 | €745,970 | €2,293,594 | +€1.5m | +207.5% |
| Equity | 10/15 | €132,028 | €8,199 | -€123,830 | -93.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €127,028 | €127,028 | = | 0.0% |
| Distributable reserves | 133 | €127,028 | €127,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€123,830 | -€123,830 | |
| Amounts payable | 17/49 | €613,941 | €2,285,396 | +€1.7m | +272.2% |
| Amounts payable after more than one year | 17 | €559,382 | €2,163,369 | +€1.6m | +286.7% |
| Financial debts | 170/4 | €39,382 | €1,643,369 | +€1.6m | +4072.9% |
| Other amounts payable | 178/9 | €520,000 | €520,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €54,560 | €122,026 | +€67,467 | +123.7% |
| Current portion of amounts payable after more than one year | 42 | €10,610 | €96,012 | +€85,403 | +805.0% |
| Trade debts | 44 | €2,916 | €17,305 | +€14,389 | +493.4% |
| Suppliers | 440/4 | €2,916 | €17,305 | +€14,389 | +493.4% |
| Taxes, remuneration and social security | 45 | €41,034 | €8,708 | -€32,325 | -78.8% |
| Taxes | 450/3 | €41,034 | €8,708 | -€32,325 | -78.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,003 | €169,304 | +€157,301 | +1310.5% |
| Other operating charges | 640/8 | €20,330 | €19,619 | -€710 | -3.5% |
| Gross operating margin | 9900 | €85,764 | €112,571 | +€26,807 | +31.3% |
| Operating profit (loss) | 9901 | €53,431 | -€76,352 | -€129,784 | |
| Financial income | 75/76B | €1,208 | €523 | -€685 | -56.7% |
| Recurring financial income | 75 | €1,208 | €523 | -€685 | -56.7% |
| Financial charges | 65/66B | €1,290 | €47,875 | +€46,585 | +3612.1% |
| Recurring financial charges | 65 | €1,290 | €47,875 | +€46,585 | +3612.1% |
| Profit (loss) for the period before taxes | 9903 | €53,349 | -€123,705 | -€177,054 | |
| Income taxes | 67/77 | €12,642 | €125 | -€12,517 | -99.0% |
| Profit (loss) for the period | 9904 | €40,707 | -€123,830 | -€164,537 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,707 | -€123,830 | -€164,537 |
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.