CEFELEC: 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.
CEFELEC
Largest movements
- Cash -€24,957
down €24,957 (-40.1%), from €62,265 to €37,308
mainly Net result for the year (-€22,793) and Tax, wage and social debts (-€12,898)
- Receivables within one year -€22,181
down €22,181 (-56.7%), from €39,125 to €16,944
of which Trade receivables: -€21,013
- Stocks and contracts +€7,652
up €7,652 (+152.4%), from €5,022 to €12,673
- Profit (loss) carried forward -€22,793
down €22,793 (-66.8%), from €34,136 to €11,342
- Tax, wage and social debts -€12,898
down €12,898 (-89.0%), from €14,491 to €1,592
of which Taxes: -€9,380
- Trade debts -€4,770
down €4,770 (-44.8%), from €10,645 to €5,875
- Gross operating margin -€57,658
down €57,658, from €46,806 to -€10,852
- Taxes -€16,382
no longer reported in 2026 (was €16,382)
- Staff costs -€3,739
down €3,739 (-27.3%), from €13,673 to €9,935
- Other operating charges +€611
up €611 (+71.4%), from €856 to €1,467
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,175 | €70,175 | -€40,000 | -36.3% |
| Fixed assets | 21/28 | €1,293 | €866 | -€427 | -33.0% |
| Tangible fixed assets | 22/27 | €1,293 | €866 | -€427 | -33.0% |
| Plant, machinery and equipment | 23 | €1,293 | €866 | -€427 | -33.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €108,883 | €69,310 | -€39,573 | -36.3% |
| Stocks and contracts in progress | 3 | €5,022 | €12,673 | +€7,652 | +152.4% |
| Stocks | 30/36 | €5,022 | €12,673 | +€7,652 | +152.4% |
| Amounts receivable within one year | 40/41 | €39,125 | €16,944 | -€22,181 | -56.7% |
| Trade receivables | 40 | €33,994 | €12,981 | -€21,013 | -61.8% |
| Other amounts receivable | 41 | €5,131 | €3,963 | -€1,168 | -22.8% |
| Cash at bank and in hand | 54/58 | €62,265 | €37,308 | -€24,957 | -40.1% |
| Deferred charges and accrued income | 490/1 | €2,471 | €2,385 | -€86 | -3.5% |
| Total equity and liabilities | 10/49 | €110,175 | €70,175 | -€40,000 | -36.3% |
| Equity | 10/15 | €83,086 | €60,292 | -€22,793 | -27.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €43,950 | €43,950 | = | 0.0% |
| Distributable reserves | 133 | €43,950 | €43,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,136 | €11,342 | -€22,793 | -66.8% |
| Amounts payable | 17/49 | €27,090 | €9,883 | -€17,207 | -63.5% |
| Amounts payable within one year | 42/48 | €27,090 | €9,883 | -€17,207 | -63.5% |
| Trade debts | 44 | €10,645 | €5,875 | -€4,770 | -44.8% |
| Suppliers | 440/4 | €10,645 | €5,875 | -€4,770 | -44.8% |
| Taxes, remuneration and social security | 45 | €14,491 | €1,592 | -€12,898 | -89.0% |
| Taxes | 450/3 | €9,380 | - | -€9,380 | |
| Remuneration and social security | 454/9 | €5,111 | €1,592 | -€3,519 | -68.9% |
| Other amounts payable | 47/48 | €1,954 | €2,416 | +€462 | +23.7% |
| Remuneration, social security and pensions | 62 | €13,673 | €9,935 | -€3,739 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €809 | €427 | -€382 | -47.2% |
| Other operating charges | 640/8 | €856 | €1,467 | +€611 | +71.4% |
| Gross operating margin | 9900 | €46,806 | -€10,852 | -€57,658 | |
| Operating profit (loss) | 9901 | €31,468 | -€22,681 | -€54,149 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €114 | €113 | -€1 | -1.0% |
| Recurring financial charges | 65 | €114 | €113 | -€1 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €31,354 | -€22,793 | -€54,148 | |
| Income taxes | 67/77 | €16,382 | - | -€16,382 | |
| Profit (loss) for the period | 9904 | €14,972 | -€22,793 | -€37,765 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,972 | -€22,793 | -€37,765 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.