CeCon: 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.
CeCon
Largest movements
- Financial fixed assets +€538,941
new in 2025: €538,941
- Cash -€54,163
down €54,163 (-71.0%), from €76,254 to €22,091
mainly Investment in fixed assets (net) (-€587,260) and Smaller working-capital items (-€931)
- Tangible fixed assets +€44,805
up €44,805 (+1,119%), from €4,003 to €48,807
of which Furniture and vehicles: +€44,805
- Receivables within one year -€10,476
down €10,476 (-27.2%), from €38,451 to €27,975
of which Trade receivables: -€10,165
- Debts after one year +€377,259
new in 2025: €377,259
- Reserves +€99,256
up €99,256 (+40.3%), from €246,320 to €345,577
of which Distributable reserves: +€99,256
- Other debts +€22,604
up €22,604 (+89.9%), from €25,136 to €47,739
- Tax, wage and social debts +€16,670
up €16,670 (+64.6%), from €25,819 to €42,490
- Financial income +€32,991
up €32,991 (+588%), from €5,607 to €38,598
- Gross operating margin +€8,384
up €8,384 (+9.2%), from €91,479 to €99,863
- Financial charges +€3,867
up €3,867 (+604%), from €640 to €4,507
- Depreciation +€2,461
up €2,461 (+234%), from €1,054 to €3,515
- Taxes +€1,619
up €1,619 (+5.8%), from €27,912 to €29,531
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 | €306,950 | €826,292 | +€519,342 | +169% |
| Fixed assets | 21/28 | €4,003 | €587,748 | +€583,746 | +14,584% |
| Tangible fixed assets | 22/27 | €4,003 | €48,807 | +€44,805 | +1,119% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €4,003 | €48,807 | +€44,805 | +1,119% |
| Financial fixed assets | 28 | - | €538,941 | +€538,941 | |
| Current assets | 29/58 | €302,948 | €238,544 | -€64,404 | -21.3% |
| Amounts receivable after more than one year | 29 | €187,500 | €187,500 | = | 0.0% |
| Trade receivables | 290 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €87,500 | €87,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,451 | €27,975 | -€10,476 | -27.2% |
| Trade receivables | 40 | €33,500 | €23,335 | -€10,165 | -30.3% |
| Other amounts receivable | 41 | €4,951 | €4,640 | -€311 | -6.3% |
| Cash at bank and in hand | 54/58 | €76,254 | €22,091 | -€54,163 | -71.0% |
| Deferred charges and accrued income | 490/1 | €742 | €977 | +€235 | +31.7% |
| Total equity and liabilities | 10/49 | €306,950 | €826,292 | +€519,342 | +169% |
| Equity | 10/15 | €252,520 | €351,777 | +€99,256 | +39.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €246,320 | €345,577 | +€99,256 | +40.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €244,460 | €343,717 | +€99,256 | +40.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,430 | €474,516 | +€420,086 | +772% |
| Amounts payable after more than one year | 17 | - | €377,259 | +€377,259 | |
| Financial debts | 170/4 | - | €377,259 | +€377,259 | |
| Amounts payable within one year | 42/48 | €54,430 | €93,009 | +€38,579 | +70.9% |
| Trade debts | 44 | €3,475 | €2,780 | -€695 | -20.0% |
| Suppliers | 440/4 | €3,475 | €2,780 | -€695 | -20.0% |
| Taxes, remuneration and social security | 45 | €25,819 | €42,490 | +€16,670 | +64.6% |
| Taxes | 450/3 | €25,819 | €42,490 | +€16,670 | +64.6% |
| Other amounts payable | 47/48 | €25,136 | €47,739 | +€22,604 | +89.9% |
| Accrued charges and deferred income | 492/3 | - | €4,248 | +€4,248 | |
| Non-recurring operating income | 76A | - | €7,455 | +€7,455 | |
| Remuneration, social security and pensions | 62 | €0 | €157 | +€157 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,054 | €3,515 | +€2,461 | +234% |
| Other operating charges | 640/8 | €1,270 | €1,496 | +€226 | +17.8% |
| Gross operating margin | 9900 | €91,479 | €99,863 | +€8,384 | +9.2% |
| Operating profit (loss) | 9901 | €89,155 | €94,696 | +€5,540 | +6.2% |
| Financial income | 75/76B | €5,607 | €38,598 | +€32,991 | +588% |
| Recurring financial income | 75 | €5,607 | €38,598 | +€32,991 | +588% |
| Financial charges | 65/66B | €640 | €4,507 | +€3,867 | +604% |
| Recurring financial charges | 65 | €640 | €4,507 | +€3,867 | +604% |
| Profit (loss) for the period before taxes | 9903 | €94,123 | €128,787 | +€34,664 | +36.8% |
| Income taxes | 67/77 | €27,912 | €29,531 | +€1,619 | +5.8% |
| Profit (loss) for the period | 9904 | €66,211 | €99,256 | +€33,045 | +49.9% |
| Profit (loss) for the period to be appropriated | 9905 | €66,211 | €99,256 | +€33,045 | +49.9% |
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 17 October 2026 via checked.be.