CEBELEC: 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.
CEBELEC
Largest movements
- Financial fixed assets +€6.9m
up €6.9m (+32.2%), from €21.4m to €28.3m
- Receivables after one year -€2.0m
down €2.0m (-76.5%), from €2.6m to €600,000
- Current investments -€1.6m
down €1.6m (-4.6%), from €35.0m to €33.4m
- Profit (loss) carried forward +€3.7m
up €3.7m (+6.2%), from €59.3m to €62.9m
- Financial income +€2.1m
up €2.1m (+133.6%), from €1.6m to €3.6m
of which Financial income: +€1.3m
- Financial charges -€549,306
down €549,306, from €75,391 to -€473,915
- Taxes +€313,929
up €313,929 (+380.0%), from €82,616 to €396,545
- Gross operating margin -€27,031
down €27,031 (-84.2%), from -€32,103 to -€59,135
- Other operating charges -€4,899
down €4,899 (-79.8%), from €6,137 to €1,238
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 | €61,419,592 | €65,458,001 | +€4.0m | +6.6% |
| Fixed assets | 21/28 | €21,389,912 | €28,274,888 | +€6.9m | +32.2% |
| Financial fixed assets | 28 | €21,389,912 | €28,274,888 | +€6.9m | +32.2% |
| Current assets | 29/58 | €40,029,680 | €37,183,113 | -€2.8m | -7.1% |
| Amounts receivable after more than one year | 29 | €2,550,000 | €600,000 | -€2.0m | -76.5% |
| Other amounts receivable | 291 | €2,550,000 | €600,000 | -€2.0m | -76.5% |
| Amounts receivable within one year | 40/41 | €506,798 | €831,502 | +€324,704 | +64.1% |
| Trade receivables | 40 | - | €680 | +€680 | |
| Other amounts receivable | 41 | €506,798 | €830,822 | +€324,024 | +63.9% |
| Current investments | 50/53 | €34,988,153 | €33,367,133 | -€1.6m | -4.6% |
| Cash at bank and in hand | 54/58 | €1,981,655 | €2,384,478 | +€402,823 | +20.3% |
| Deferred charges and accrued income | 490/1 | €3,074 | €0 | -€3,074 | -100.0% |
| Total equity and liabilities | 10/49 | €61,419,592 | €65,458,001 | +€4.0m | +6.6% |
| Equity | 10/15 | €61,217,425 | €64,879,577 | +€3.7m | +6.0% |
| Contributions | 10/11 | €1,772,439 | €1,772,439 | = | 0.0% |
| Capital | 10 | €1,772,439 | €1,772,439 | = | 0.0% |
| Issued capital | 100 | €1,772,439 | €1,772,439 | = | 0.0% |
| Reserves | 13 | €177,244 | €177,244 | = | 0.0% |
| Non-distributable reserves | 130/1 | €177,244 | €177,244 | = | 0.0% |
| Legal reserve | 130 | €177,244 | €177,244 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,267,742 | €62,929,894 | +€3.7m | +6.2% |
| Amounts payable | 17/49 | €202,167 | €578,425 | +€376,257 | +186.1% |
| Amounts payable within one year | 42/48 | €202,167 | €578,425 | +€376,257 | +186.1% |
| Trade debts | 44 | €49,274 | €197 | -€49,077 | -99.6% |
| Suppliers | 440/4 | €49,274 | €197 | -€49,077 | -99.6% |
| Taxes, remuneration and social security | 45 | - | €16,000 | +€16,000 | |
| Taxes | 450/3 | - | €16,000 | +€16,000 | |
| Other amounts payable | 47/48 | €152,894 | €562,228 | +€409,334 | +267.7% |
| Other operating charges | 640/8 | €6,137 | €1,238 | -€4,899 | -79.8% |
| Gross operating margin | 9900 | -€32,103 | -€59,135 | -€27,031 | -84.2% |
| Operating profit (loss) | 9901 | -€38,241 | -€60,373 | -€22,132 | -57.9% |
| Financial income | 75/76B | €1,560,266 | €3,645,154 | +€2.1m | +133.6% |
| Recurring financial income | 75 | €1,560,266 | €2,885,224 | +€1.3m | +84.9% |
| Non-recurring financial income | 76B | €0 | €759,931 | +€759,931 | |
| Financial charges | 65/66B | €75,391 | -€473,915 | -€549,306 | |
| Recurring financial charges | 65 | €75,391 | -€473,915 | -€549,306 | |
| Profit (loss) for the period before taxes | 9903 | €1,446,634 | €4,058,696 | +€2.6m | +180.6% |
| Income taxes | 67/77 | €82,616 | €396,545 | +€313,929 | +380.0% |
| Profit (loss) for the period | 9904 | €1,364,019 | €3,662,151 | +€2.3m | +168.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,364,019 | €3,662,151 | +€2.3m | +168.5% |
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 30 September 2026 via checked.be.