CEBO: 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.
CEBO
Largest movements
- Tangible fixed assets +€545,820
up €545,820 (+51.1%), from €1.1m to €1.6m
of which Land and buildings: +€590,360
- Cash +€32,769
up €32,769 (+79.2%), from €41,386 to €74,154
mainly Debts after one year (+€482,811) and Depreciation (+€85,817)
- Receivables within one year -€25,470
down €25,470 (-59.8%), from €42,581 to €17,111
of which Trade receivables: -€24,870
- Deferred charges and accrued income +€25,004
up €25,004 (+526.7%), from €4,747 to €29,751
- Debts after one year +€482,811
up €482,811 (+93.4%), from €516,774 to €999,585
- Other debts +€57,570
up €57,570 (+92.3%), from €62,385 to €119,956
- Trade debts +€55,263
up €55,263 (+924.2%), from €5,979 to €61,242
- Reserves -€31,986
down €31,986 (-7.6%), from €422,890 to €390,903
of which Distributable reserves: -€29,521
- Gross operating margin -€33,179
down €33,179 (-8.7%), from €381,335 to €348,155
- Staff costs -€27,872
down €27,872 (-15.1%), from €184,248 to €156,377
- Financial charges +€9,816
up €9,816 (+43.4%), from €22,604 to €32,420
- Other operating charges +€9,301
up €9,301 (+251.3%), from €3,701 to €13,002
- Write-downs -€7,280
down €7,280 (-100.0%), from €7,280 to €0
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 | €1,201,524 | €1,779,647 | +€578,123 | +48.1% |
| Fixed assets | 21/28 | €1,112,810 | €1,658,630 | +€545,820 | +49.0% |
| Intangible fixed assets | 21 | €43,869 | €43,869 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,068,941 | €1,614,761 | +€545,820 | +51.1% |
| Land and buildings | 22 | €909,250 | €1,499,611 | +€590,360 | +64.9% |
| Plant, machinery and equipment | 23 | €11,852 | €10,015 | -€1,837 | -15.5% |
| Furniture and vehicles | 24 | €147,838 | €105,135 | -€42,704 | -28.9% |
| Current assets | 29/58 | €88,714 | €121,017 | +€32,303 | +36.4% |
| Amounts receivable within one year | 40/41 | €42,581 | €17,111 | -€25,470 | -59.8% |
| Trade receivables | 40 | €41,982 | €17,111 | -€24,870 | -59.2% |
| Other amounts receivable | 41 | €600 | €0 | -€600 | -100.0% |
| Cash at bank and in hand | 54/58 | €41,386 | €74,154 | +€32,769 | +79.2% |
| Deferred charges and accrued income | 490/1 | €4,747 | €29,751 | +€25,004 | +526.7% |
| Total equity and liabilities | 10/49 | €1,201,524 | €1,779,647 | +€578,123 | +48.1% |
| Equity | 10/15 | €422,890 | €390,903 | -€31,986 | -7.6% |
| Reserves | 13 | €422,890 | €390,903 | -€31,986 | -7.6% |
| Tax-exempt reserves | 132 | €64,926 | €62,461 | -€2,466 | -3.8% |
| Distributable reserves | 133 | €357,963 | €328,443 | -€29,521 | -8.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €16,974 | €16,330 | -€645 | -3.8% |
| Deferred taxes | 168 | €16,974 | €16,330 | -€645 | -3.8% |
| Amounts payable | 17/49 | €761,660 | €1,372,414 | +€610,753 | +80.2% |
| Amounts payable after more than one year | 17 | €516,774 | €999,585 | +€482,811 | +93.4% |
| Financial debts | 170/4 | €516,774 | €999,585 | +€482,811 | +93.4% |
| Amounts payable within one year | 42/48 | €243,796 | €371,717 | +€127,921 | +52.5% |
| Current portion of amounts payable after more than one year | 42 | €89,619 | €102,564 | +€12,945 | +14.4% |
| Financial debts | 43 | €26,057 | €31,047 | +€4,990 | +19.2% |
| Other loans | 439 | €26,057 | €31,047 | +€4,990 | +19.2% |
| Trade debts | 44 | €5,979 | €61,242 | +€55,263 | +924.2% |
| Suppliers | 440/4 | €5,979 | €61,242 | +€55,263 | +924.2% |
| Taxes, remuneration and social security | 45 | €59,755 | €56,909 | -€2,847 | -4.8% |
| Taxes | 450/3 | €35,695 | €44,304 | +€8,609 | +24.1% |
| Remuneration and social security | 454/9 | €24,060 | €12,605 | -€11,455 | -47.6% |
| Other amounts payable | 47/48 | €62,385 | €119,956 | +€57,570 | +92.3% |
| Accrued charges and deferred income | 492/3 | €1,090 | €1,111 | +€21 | +2.0% |
| Remuneration, social security and pensions | 62 | €184,248 | €156,377 | -€27,872 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,435 | €85,817 | +€4,382 | +5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,280 | €0 | -€7,280 | -100.0% |
| Other operating charges | 640/8 | €3,701 | €13,002 | +€9,301 | +251.3% |
| Gross operating margin | 9900 | €381,335 | €348,155 | -€33,179 | -8.7% |
| Operating profit (loss) | 9901 | €104,670 | €92,959 | -€11,711 | -11.2% |
| Financial income | 75/76B | €308 | €177 | -€131 | -42.6% |
| Recurring financial income | 75 | €308 | €177 | -€131 | -42.6% |
| Financial charges | 65/66B | €22,604 | €32,420 | +€9,816 | +43.4% |
| Recurring financial charges | 65 | €22,604 | €32,420 | +€9,816 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €82,374 | €60,716 | -€21,658 | -26.3% |
| Transfer from deferred taxes | 780 | €645 | €645 | = | 0.0% |
| Income taxes | 67/77 | €26,348 | €22,923 | -€3,425 | -13.0% |
| Profit (loss) for the period | 9904 | €56,670 | €38,437 | -€18,233 | -32.2% |
| Transfer from tax-exempt reserves | 789 | €2,466 | €2,466 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,136 | €40,902 | -€18,233 | -30.8% |
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 5 October 2026 via checked.be.