CEFAC: 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.
CEFAC
Largest movements
- Cash -€527,051
down €527,051 (-83.9%), from €628,376 to €101,326
mainly Investment in fixed assets (net) (-€495,502) and Contributions, distributions and other (-€262,169)
- Tangible fixed assets +€460,625
up €460,625 (+1,497%), from €30,764 to €491,389
of which Land and buildings: +€465,323
- Receivables within one year -€74,231
down €74,231 (-16.6%), from €447,097 to €372,866
of which Other amounts receivable: -€134,222
- Reserves -€242,628
down €242,628 (-97.5%), from €248,809 to €6,181
of which Distributable reserves: -€242,143
- Trade debts +€79,871
up €79,871 (+89.3%), from €89,433 to €169,304
- Profit (loss) carried forward +€33,643
up €33,643 (+5.3%), from €629,024 to €662,667
- Staff costs +€80,309
up €80,309 (+25.2%), from €319,316 to €399,625
- Taxes -€75,087
down €75,087, from €66,132 to -€8,955
- Write-downs -€27,565
down €27,565, from €13,689 to -€13,876
- Depreciation +€16,147
up €16,147 (+83.8%), from €19,269 to €35,416
- Gross operating margin +€15,374
up €15,374 (+3.5%), from €445,201 to €460,576
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 | €1,126,259 | €989,072 | -€137,187 | -12.2% |
| Fixed assets | 21/28 | €34,996 | €495,082 | +€460,086 | +1,315% |
| Intangible fixed assets | 21 | €745 | €186 | -€558 | -75.0% |
| Tangible fixed assets | 22/27 | €30,764 | €491,389 | +€460,625 | +1,497% |
| Land and buildings | 22 | - | €465,323 | +€465,323 | |
| Furniture and vehicles | 24 | €26,491 | €26,067 | -€424 | -1.6% |
| Other tangible fixed assets | 26 | €4,273 | - | -€4,273 | |
| Financial fixed assets | 28 | €3,487 | €3,507 | +€19 | +0.6% |
| Current assets | 29/58 | €1,091,263 | €493,989 | -€597,274 | -54.7% |
| Amounts receivable within one year | 40/41 | €447,097 | €372,866 | -€74,231 | -16.6% |
| Trade receivables | 40 | €267,829 | €327,820 | +€59,991 | +22.4% |
| Other amounts receivable | 41 | €179,268 | €45,046 | -€134,222 | -74.9% |
| Cash at bank and in hand | 54/58 | €628,376 | €101,326 | -€527,051 | -83.9% |
| Deferred charges and accrued income | 490/1 | €15,789 | €19,798 | +€4,008 | +25.4% |
| Total equity and liabilities | 10/49 | €1,126,259 | €989,072 | -€137,187 | -12.2% |
| Equity | 10/15 | €939,642 | €730,656 | -€208,985 | -22.2% |
| Contributions | 10/11 | €61,808 | €61,808 | = | 0.0% |
| Capital | 10 | €61,808 | €61,808 | = | 0.0% |
| Issued capital | 100 | €61,808 | €61,808 | = | 0.0% |
| Reserves | 13 | €248,809 | €6,181 | -€242,628 | -97.5% |
| Non-distributable reserves | 130/1 | €6,181 | €6,181 | = | 0.0% |
| Legal reserve | 130 | €6,181 | €6,181 | = | 0.0% |
| Tax-exempt reserves | 132 | €486 | - | -€486 | |
| Distributable reserves | 133 | €242,143 | - | -€242,143 | |
| Profit (loss) carried forward | 14 | €629,024 | €662,667 | +€33,643 | +5.3% |
| Amounts payable | 17/49 | €186,618 | €258,415 | +€71,798 | +38.5% |
| Amounts payable within one year | 42/48 | €186,618 | €258,415 | +€71,798 | +38.5% |
| Trade debts | 44 | €89,433 | €169,304 | +€79,871 | +89.3% |
| Suppliers | 440/4 | €89,433 | €169,304 | +€79,871 | +89.3% |
| Advances received on contracts in progress | 46 | €2,588 | €1,572 | -€1,016 | -39.3% |
| Taxes, remuneration and social security | 45 | €78,351 | €71,989 | -€6,362 | -8.1% |
| Taxes | 450/3 | €35,393 | €22,016 | -€13,377 | -37.8% |
| Remuneration and social security | 454/9 | €42,958 | €49,973 | +€7,014 | +16.3% |
| Other amounts payable | 47/48 | €16,246 | €15,551 | -€695 | -4.3% |
| Remuneration, social security and pensions | 62 | €319,316 | €399,625 | +€80,309 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,269 | €35,416 | +€16,147 | +83.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,689 | -€13,876 | -€27,565 | |
| Other operating charges | 640/8 | €2,922 | €3,014 | +€92 | +3.1% |
| Gross operating margin | 9900 | €445,201 | €460,576 | +€15,374 | +3.5% |
| Operating profit (loss) | 9901 | €90,005 | €36,397 | -€53,609 | -59.6% |
| Financial income | 75/76B | €8,925 | €11,254 | +€2,329 | +26.1% |
| Recurring financial income | 75 | €8,925 | €11,254 | +€2,329 | +26.1% |
| Financial charges | 65/66B | €2,578 | €3,422 | +€844 | +32.7% |
| Recurring financial charges | 65 | €2,578 | €3,422 | +€844 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €96,353 | €44,229 | -€52,124 | -54.1% |
| Income taxes | 67/77 | €66,132 | -€8,955 | -€75,087 | |
| Profit (loss) for the period | 9904 | €30,221 | €53,184 | +€22,964 | +76.0% |
| Transfer from tax-exempt reserves | 789 | - | €486 | +€486 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,221 | €53,670 | +€23,450 | +77.6% |
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.