CECO Invest: 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.
CECO Invest
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+169%), from €717,668 to €1.9m
- Tangible fixed assets +€27,922
up €27,922 (+9,628%), from €290 to €28,212
- Receivables within one year -€23,494
down €23,494 (-99.3%), from €23,667 to €173
- Other debts +€849,570
up €849,570 (+277%), from €306,444 to €1.2m
- Debts after one year +€185,691
up €185,691 (+49.7%), from €373,347 to €559,038
- Reserves +€83,038
up €83,038 (+156%), from €53,321 to €136,359
- Current portion of long-term debt +€59,559
up €59,559 (+166%), from €35,800 to €95,359
- Trade debts +€23,424
up €23,424 (+1,607%), from €1,458 to €24,882
- Gross operating margin +€64,598
up €64,598 (+91.2%), from €70,806 to €135,404
- Financial charges +€20,991
up €20,991 (+665%), from €3,157 to €24,148
- Taxes +€9,653
up €9,653 (+71.1%), from €13,586 to €23,239
- Depreciation +€2,999
up €2,999 (+404%), from €742 to €3,741
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 | €809,655 | €2,017,335 | +€1.2m | +149% |
| Formation expenses | 20 | €1,604 | - | -€1,604 | |
| Fixed assets | 21/28 | €717,958 | €1,959,421 | +€1.2m | +173% |
| Tangible fixed assets | 22/27 | €290 | €28,212 | +€27,922 | +9,628% |
| Furniture and vehicles | 24 | €290 | €28,212 | +€27,922 | +9,628% |
| Financial fixed assets | 28 | €717,668 | €1,931,209 | +€1.2m | +169% |
| Current assets | 29/58 | €90,093 | €57,914 | -€32,179 | -35.7% |
| Amounts receivable within one year | 40/41 | €23,667 | €173 | -€23,494 | -99.3% |
| Trade receivables | 40 | €23,667 | €173 | -€23,494 | -99.3% |
| Cash at bank and in hand | 54/58 | €66,426 | €57,540 | -€8,886 | -13.4% |
| Deferred charges and accrued income | 490/1 | - | €201 | +€201 | |
| Total equity and liabilities | 10/49 | €809,655 | €2,017,335 | +€1.2m | +149% |
| Equity | 10/15 | €59,321 | €142,359 | +€83,038 | +140% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €53,321 | €136,359 | +€83,038 | +156% |
| Distributable reserves | 133 | €53,321 | €136,359 | +€83,038 | +156% |
| Amounts payable | 17/49 | €750,334 | €1,874,976 | +€1.1m | +150% |
| Amounts payable after more than one year | 17 | €373,347 | €559,038 | +€185,691 | +49.7% |
| Financial debts | 170/4 | €373,347 | €559,038 | +€185,691 | +49.7% |
| Amounts payable within one year | 42/48 | €376,987 | €1,314,717 | +€937,730 | +249% |
| Current portion of amounts payable after more than one year | 42 | €35,800 | €95,359 | +€59,559 | +166% |
| Trade debts | 44 | €1,458 | €24,882 | +€23,424 | +1,607% |
| Suppliers | 440/4 | €1,458 | €24,882 | +€23,424 | +1,607% |
| Taxes, remuneration and social security | 45 | €33,285 | €38,462 | +€5,177 | +15.6% |
| Taxes | 450/3 | €29,342 | €38,462 | +€9,120 | +31.1% |
| Remuneration and social security | 454/9 | €3,943 | - | -€3,943 | |
| Other amounts payable | 47/48 | €306,444 | €1,156,014 | +€849,570 | +277% |
| Accrued charges and deferred income | 492/3 | - | €1,221 | +€1,221 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €742 | €3,741 | +€2,999 | +404% |
| Other operating charges | 640/8 | - | €1,238 | +€1,238 | |
| Gross operating margin | 9900 | €70,806 | €135,404 | +€64,598 | +91.2% |
| Operating profit (loss) | 9901 | €70,064 | €130,425 | +€60,361 | +86.2% |
| Financial charges | 65/66B | €3,157 | €24,148 | +€20,991 | +665% |
| Recurring financial charges | 65 | €3,157 | €24,148 | +€20,991 | +665% |
| Profit (loss) for the period before taxes | 9903 | €66,907 | €106,277 | +€39,370 | +58.8% |
| Income taxes | 67/77 | €13,586 | €23,239 | +€9,653 | +71.1% |
| Profit (loss) for the period | 9904 | €53,321 | €83,038 | +€29,717 | +55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,321 | €83,038 | +€29,717 | +55.7% |
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 1 November 2026 via checked.be.