CEBOR: 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.
CEBOR
Largest movements
- Tangible fixed assets +€91,141
up €91,141 (+2.5%), from €3.7m to €3.7m
of which Land and buildings: +€101,195
- Other debts +€168,036
up €168,036 (+13.6%), from €1.2m to €1.4m
- Profit (loss) carried forward +€69,076
up €69,076 (+21.5%), from -€321,823 to -€252,747
- Reserves -€54,531
down €54,531 (-3.6%), from €1.5m to €1.5m
of which Tax-exempt reserves: -€54,531
- Debts after one year -€51,461
down €51,461 (-8.4%), from €615,874 to €564,413
- Depreciation -€37,288
down €37,288 (-25.2%), from €148,199 to €110,911
- Gross operating margin +€16,651
up €16,651 (+15.9%), from €104,484 to €121,134
- Taxes -€1,403
down €1,403, from €1,001 to -€401
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 | €3,692,112 | €3,809,369 | +€117,257 | +3.2% |
| Fixed assets | 21/28 | €3,653,048 | €3,744,189 | +€91,141 | +2.5% |
| Tangible fixed assets | 22/27 | €3,653,048 | €3,744,189 | +€91,141 | +2.5% |
| Land and buildings | 22 | €3,621,950 | €3,723,145 | +€101,195 | +2.8% |
| Plant, machinery and equipment | 23 | €24,240 | €18,644 | -€5,596 | -23.1% |
| Furniture and vehicles | 24 | €6,858 | €2,400 | -€4,458 | -65.0% |
| Current assets | 29/58 | €39,064 | €65,180 | +€26,116 | +66.9% |
| Amounts receivable within one year | 40/41 | €3,525 | €0 | -€3,525 | -100.0% |
| Trade receivables | 40 | €3,525 | €0 | -€3,525 | -100.0% |
| Cash at bank and in hand | 54/58 | €34,881 | €59,673 | +€24,793 | +71.1% |
| Deferred charges and accrued income | 490/1 | €658 | €5,507 | +€4,849 | +737.4% |
| Total equity and liabilities | 10/49 | €3,692,112 | €3,809,369 | +€117,257 | +3.2% |
| Equity | 10/15 | €1,271,571 | €1,286,116 | +€14,545 | +1.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,531,894 | €1,477,363 | -€54,531 | -3.6% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Legal reserve | 130 | €200 | €200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,531,694 | €1,477,163 | -€54,531 | -3.6% |
| Profit (loss) carried forward | 14 | -€321,823 | -€252,747 | +€69,076 | +21.5% |
| Provisions and deferred taxes | 16 | €510,565 | €492,388 | -€18,177 | -3.6% |
| Deferred taxes | 168 | €510,565 | €492,388 | -€18,177 | -3.6% |
| Amounts payable | 17/49 | €1,909,977 | €2,030,866 | +€120,889 | +6.3% |
| Amounts payable after more than one year | 17 | €615,874 | €564,413 | -€51,461 | -8.4% |
| Financial debts | 170/4 | €615,874 | €564,413 | -€51,461 | -8.4% |
| Amounts payable within one year | 42/48 | €1,293,002 | €1,460,642 | +€167,639 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €50,927 | €51,461 | +€534 | +1.0% |
| Trade debts | 44 | €2,217 | €1,286 | -€931 | -42.0% |
| Suppliers | 440/4 | €2,217 | €1,286 | -€931 | -42.0% |
| Other amounts payable | 47/48 | €1,239,858 | €1,407,895 | +€168,036 | +13.6% |
| Accrued charges and deferred income | 492/3 | €1,100 | €5,811 | +€4,711 | +428.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,199 | €110,911 | -€37,288 | -25.2% |
| Other operating charges | 640/8 | €6,037 | €6,704 | +€667 | +11.0% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €104,484 | €121,134 | +€16,651 | +15.9% |
| Operating profit (loss) | 9901 | -€49,816 | €3,519 | +€53,335 | |
| Financial income | 75/76B | €5 | €76 | +€71 | +1523.1% |
| Recurring financial income | 75 | €5 | €76 | +€71 | +1523.1% |
| Financial charges | 65/66B | €8,038 | €7,628 | -€410 | -5.1% |
| Recurring financial charges | 65 | €8,038 | €7,628 | -€410 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | -€57,849 | -€4,033 | +€53,816 | +93.0% |
| Transfer from deferred taxes | 780 | €18,177 | €18,177 | = | 0.0% |
| Income taxes | 67/77 | €1,001 | -€401 | -€1,403 | |
| Profit (loss) for the period | 9904 | -€40,674 | €14,545 | +€55,219 | |
| Transfer from tax-exempt reserves | 789 | €54,531 | €54,531 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,857 | €69,076 | +€55,219 | +398.5% |
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 28 September 2026 via checked.be.