CEBEL: 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.
CEBEL
Largest movements
- Receivables within one year +€32,394
up €32,394 (+421%), from €7,695 to €40,089
of which Trade receivables: +€30,156
- Tangible fixed assets -€15,979
down €15,979 (-21.7%), from €73,511 to €57,532
of which Furniture and vehicles: -€15,309
- Stocks and contracts -€13,446
down €13,446 (-76.9%), from €17,481 to €4,035
of which Contracts in progress: -€13,411
- Cash -€2,748
down €2,748 (-8.5%), from €32,491 to €29,743
mainly Receivables within one year (-€32,394) and Contributions, distributions and other (-€19,098)
- Reserves -€19,097
down €19,097 (-23.8%), from €80,157 to €61,060
- Other debts +€18,143
new in 2026: €18,143
- Trade debts +€10,238
up €10,238 (+135%), from €7,607 to €17,845
- Debts after one year -€9,834
down €9,834 (-42.8%), from €22,975 to €13,141
- Gross operating margin +€2,593
up €2,593 (+12.4%), from €20,871 to €23,464
- Depreciation +€2,165
up €2,165 (+11.7%), from €18,486 to €20,651
- Financial charges -€328
down €328 (-19.1%), from €1,722 to €1,394
- Taxes +€293
up €293 (+64.8%), from €453 to €746
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €133,182 | €133,585 | +€403 | +0.3% |
| Fixed assets | 21/28 | €75,011 | €59,032 | -€15,979 | -21.3% |
| Tangible fixed assets | 22/27 | €73,511 | €57,532 | -€15,979 | -21.7% |
| Plant, machinery and equipment | 23 | €20,202 | €19,533 | -€669 | -3.3% |
| Furniture and vehicles | 24 | €53,309 | €38,000 | -€15,309 | -28.7% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €58,171 | €74,553 | +€16,382 | +28.2% |
| Stocks and contracts in progress | 3 | €17,481 | €4,035 | -€13,446 | -76.9% |
| Stocks | 30/36 | €4,070 | €4,035 | -€35 | -0.8% |
| Contracts in progress | 37 | €13,411 | €0 | -€13,411 | -100% |
| Amounts receivable within one year | 40/41 | €7,695 | €40,089 | +€32,394 | +421% |
| Trade receivables | 40 | €2,181 | €32,337 | +€30,156 | +1,383% |
| Other amounts receivable | 41 | €5,514 | €7,752 | +€2,238 | +40.6% |
| Cash at bank and in hand | 54/58 | €32,491 | €29,743 | -€2,748 | -8.5% |
| Deferred charges and accrued income | 490/1 | €504 | €686 | +€182 | +36.1% |
| Total equity and liabilities | 10/49 | €133,182 | €133,585 | +€403 | +0.3% |
| Equity | 10/15 | €90,856 | €71,833 | -€19,023 | -20.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €80,157 | €61,060 | -€19,097 | -23.8% |
| Distributable reserves | 133 | €80,157 | €61,060 | -€19,097 | -23.8% |
| Profit (loss) carried forward | 14 | -€1,701 | -€1,627 | +€74 | +4.4% |
| Amounts payable | 17/49 | €42,326 | €61,752 | +€19,426 | +45.9% |
| Amounts payable after more than one year | 17 | €22,975 | €13,141 | -€9,834 | -42.8% |
| Financial debts | 170/4 | €22,975 | €13,141 | -€9,834 | -42.8% |
| Amounts payable within one year | 42/48 | €19,256 | €48,517 | +€29,261 | +152% |
| Current portion of amounts payable after more than one year | 42 | €9,444 | €9,834 | +€390 | +4.1% |
| Trade debts | 44 | €7,607 | €17,845 | +€10,238 | +135% |
| Suppliers | 440/4 | €7,607 | €17,845 | +€10,238 | +135% |
| Taxes, remuneration and social security | 45 | €2,205 | €2,695 | +€490 | +22.2% |
| Taxes | 450/3 | €465 | €955 | +€490 | +105% |
| Remuneration and social security | 454/9 | €1,740 | €1,740 | = | 0.0% |
| Other amounts payable | 47/48 | - | €18,143 | +€18,143 | |
| Accrued charges and deferred income | 492/3 | €95 | €95 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,486 | €20,651 | +€2,165 | +11.7% |
| Other operating charges | 640/8 | €891 | €712 | -€179 | -20.1% |
| Non-recurring operating charges | 66A | €1,363 | €74 | -€1,289 | -94.5% |
| Gross operating margin | 9900 | €20,871 | €23,464 | +€2,593 | +12.4% |
| Operating profit (loss) | 9901 | €131 | €2,027 | +€1,896 | +1,447% |
| Financial income | 75/76B | €343 | €189 | -€154 | -45.0% |
| Recurring financial income | 75 | €343 | €189 | -€154 | -45.0% |
| Financial charges | 65/66B | €1,722 | €1,394 | -€328 | -19.1% |
| Recurring financial charges | 65 | €1,722 | €1,394 | -€328 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,248 | €821 | +€2,069 | |
| Income taxes | 67/77 | €453 | €746 | +€293 | +64.8% |
| Profit (loss) for the period | 9904 | -€1,701 | €75 | +€1,776 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,701 | €75 | +€1,776 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.