CEBELES: 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.
CEBELES
Largest movements
- Receivables within one year +€19,639
up €19,639 (+88.0%), from €22,311 to €41,950
of which Other amounts receivable: +€19,639
- Cash -€3,933
down €3,933 (-99.0%), from €3,974 to €41
mainly Receivables within one year (-€19,639) and Tax, wage and social debts (-€325)
- Formation expenses -€493
down €493 (-30.8%), from €1,601 to €1,108
- Reserves +€11,883
up €11,883 (+54.6%), from €21,775 to €33,659
- Trade debts +€3,253
up €3,253 (+1,314%), from €248 to €3,501
- Gross operating margin -€1,179
down €1,179 (-7.2%), from €16,305 to €15,127
- Financial income +€553
up €553 (+54.6%), from €1,012 to €1,565
- Staff costs -€411
no longer reported in 2025 (was €411)
- Depreciation +€334
up €334 (+59.8%), from €560 to €894
- Taxes -€325
down €325 (-9.3%), from €3,501 to €3,176
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 | €29,024 | €43,836 | +€14,812 | +51.0% |
| Formation expenses | 20 | €1,601 | €1,108 | -€493 | -30.8% |
| Fixed assets | 21/28 | €1,137 | €736 | -€401 | -35.3% |
| Tangible fixed assets | 22/27 | €1,137 | €736 | -€401 | -35.3% |
| Furniture and vehicles | 24 | €1,137 | €736 | -€401 | -35.3% |
| Current assets | 29/58 | €26,285 | €41,991 | +€15,706 | +59.8% |
| Amounts receivable within one year | 40/41 | €22,311 | €41,950 | +€19,639 | +88.0% |
| Trade receivables | 40 | €2,083 | €2,083 | = | 0.0% |
| Other amounts receivable | 41 | €20,228 | €39,867 | +€19,639 | +97.1% |
| Cash at bank and in hand | 54/58 | €3,974 | €41 | -€3,933 | -99.0% |
| Total equity and liabilities | 10/49 | €29,024 | €43,836 | +€14,812 | +51.0% |
| Equity | 10/15 | €25,275 | €37,159 | +€11,883 | +47.0% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €21,775 | €33,659 | +€11,883 | +54.6% |
| Distributable reserves | 133 | €21,775 | €33,659 | +€11,883 | +54.6% |
| Amounts payable | 17/49 | €3,748 | €6,677 | +€2,929 | +78.1% |
| Amounts payable within one year | 42/48 | €3,748 | €6,677 | +€2,929 | +78.1% |
| Trade debts | 44 | €248 | €3,501 | +€3,253 | +1,314% |
| Suppliers | 440/4 | €248 | €3,501 | +€3,253 | +1,314% |
| Taxes, remuneration and social security | 45 | €3,501 | €3,176 | -€325 | -9.3% |
| Taxes | 450/3 | €3,501 | €3,176 | -€325 | -9.3% |
| Remuneration, social security and pensions | 62 | €411 | - | -€411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €560 | €894 | +€334 | +59.8% |
| Other operating charges | 640/8 | €429 | €519 | +€91 | +21.2% |
| Gross operating margin | 9900 | €16,305 | €15,127 | -€1,179 | -7.2% |
| Operating profit (loss) | 9901 | €14,907 | €13,713 | -€1,193 | -8.0% |
| Financial income | 75/76B | €1,012 | €1,565 | +€553 | +54.6% |
| Recurring financial income | 75 | €1,012 | €1,565 | +€553 | +54.6% |
| Financial charges | 65/66B | €190 | €219 | +€29 | +15.1% |
| Recurring financial charges | 65 | €190 | €219 | +€29 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €15,729 | €15,059 | -€669 | -4.3% |
| Income taxes | 67/77 | €3,501 | €3,176 | -€325 | -9.3% |
| Profit (loss) for the period | 9904 | €12,228 | €11,883 | -€345 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,228 | €11,883 | -€345 | -2.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.