Cedric Ceuppens: 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.
Cedric Ceuppens
Largest movements
- Deferred charges and accrued income -€1,563
down €1,563 (-39.2%), from €3,990 to €2,427
- Tangible fixed assets +€1,327
up €1,327 (+9.6%), from €13,842 to €15,169
of which Plant, machinery and equipment: +€1,643
- Cash -€1,145
down €1,145 (-52.5%), from €2,179 to €1,035
mainly Investment in fixed assets (net) (-€4,725) and Tax, wage and social debts (-€2,424)
- Tax, wage and social debts -€2,424
down €2,424 (-54.5%), from €4,451 to €2,027
of which Remuneration and social security: -€1,800
- Profit (loss) carried forward +€1,732
up €1,732 (+43.3%), from -€3,998 to -€2,266
- Trade debts -€1,407
down €1,407 (-45.7%), from €3,077 to €1,669
- Other debts +€900
up €900 (+5.5%), from €16,331 to €17,231
- Gross operating margin +€9,274
up €9,274, from -€3,131 to €6,143
- Depreciation +€2,757
up €2,757 (+430%), from €641 to €3,398
- Financial charges +€604
up €604 (+268%), from €226 to €830
- Other operating charges +€240
new in 2025: €240
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 | €22,861 | €21,661 | -€1,200 | -5.2% |
| Fixed assets | 21/28 | €13,842 | €15,169 | +€1,327 | +9.6% |
| Tangible fixed assets | 22/27 | €13,842 | €15,169 | +€1,327 | +9.6% |
| Plant, machinery and equipment | 23 | €12,329 | €13,972 | +€1,643 | +13.3% |
| Furniture and vehicles | 24 | €1,513 | €1,196 | -€317 | -20.9% |
| Current assets | 29/58 | €9,019 | €6,493 | -€2,527 | -28.0% |
| Stocks and contracts in progress | 3 | - | €181 | +€181 | |
| Stocks | 30/36 | - | €181 | +€181 | |
| Amounts receivable within one year | 40/41 | €2,850 | €2,850 | = | 0.0% |
| Other amounts receivable | 41 | €2,850 | €2,850 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,179 | €1,035 | -€1,145 | -52.5% |
| Deferred charges and accrued income | 490/1 | €3,990 | €2,427 | -€1,563 | -39.2% |
| Total equity and liabilities | 10/49 | €22,861 | €21,661 | -€1,200 | -5.2% |
| Equity | 10/15 | -€998 | €734 | +€1,732 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,998 | -€2,266 | +€1,732 | +43.3% |
| Amounts payable | 17/49 | €23,859 | €20,927 | -€2,931 | -12.3% |
| Amounts payable within one year | 42/48 | €23,859 | €20,927 | -€2,931 | -12.3% |
| Trade debts | 44 | €3,077 | €1,669 | -€1,407 | -45.7% |
| Suppliers | 440/4 | €3,077 | €1,669 | -€1,407 | -45.7% |
| Taxes, remuneration and social security | 45 | €4,451 | €2,027 | -€2,424 | -54.5% |
| Taxes | 450/3 | €2,651 | €2,027 | -€624 | -23.5% |
| Remuneration and social security | 454/9 | €1,800 | €0 | -€1,800 | -100% |
| Other amounts payable | 47/48 | €16,331 | €17,231 | +€900 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €641 | €3,398 | +€2,757 | +430% |
| Other operating charges | 640/8 | - | €240 | +€240 | |
| Gross operating margin | 9900 | -€3,131 | €6,143 | +€9,274 | |
| Operating profit (loss) | 9901 | -€3,772 | €2,505 | +€6,277 | |
| Financial income | 75/76B | - | €56 | +€56 | |
| Recurring financial income | 75 | - | €56 | +€56 | |
| Financial charges | 65/66B | €226 | €830 | +€604 | +268% |
| Recurring financial charges | 65 | €226 | €830 | +€604 | +268% |
| Profit (loss) for the period before taxes | 9903 | -€3,998 | €1,732 | +€5,729 | |
| Profit (loss) for the period | 9904 | -€3,998 | €1,732 | +€5,729 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,998 | €1,732 | +€5,729 |
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 16 October 2026 via checked.be.