CEFI: 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.
CEFI
Largest movements
- Receivables within one year -€101,895
down €101,895 (-56.4%), from €180,520 to €78,625
- Tangible fixed assets -€33,327
down €33,327 (-5.5%), from €604,327 to €571,000
of which Land and buildings: -€37,029
- Cash +€26,889
up €26,889 (+95.5%), from €28,159 to €55,048
mainly Receivables within one year (+€101,895) and Depreciation (+€60,699)
- Other debts -€88,420
down €88,420 (-70.7%), from €125,000 to €36,580
- Gross operating margin +€36,468
up €36,468 (+41.1%), from €88,838 to €125,306
- Taxes +€11,380
up €11,380 (+63.2%), from €17,995 to €29,375
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.
Cash bridge derived
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 | €2,005,422 | €1,892,075 | -€113,347 | -5.7% |
| Fixed assets | 21/28 | €1,789,395 | €1,756,068 | -€33,327 | -1.9% |
| Tangible fixed assets | 22/27 | €604,327 | €571,000 | -€33,327 | -5.5% |
| Land and buildings | 22 | €544,497 | €507,468 | -€37,029 | -6.8% |
| Plant, machinery and equipment | 23 | €15,425 | €27,236 | +€11,811 | +76.6% |
| Furniture and vehicles | 24 | €44,405 | €36,296 | -€8,109 | -18.3% |
| Financial fixed assets | 28 | €1,185,068 | €1,185,068 | = | 0.0% |
| Current assets | 29/58 | €216,027 | €136,006 | -€80,021 | -37.0% |
| Amounts receivable within one year | 40/41 | €180,520 | €78,625 | -€101,895 | -56.4% |
| Other amounts receivable | 41 | €180,520 | €78,625 | -€101,895 | -56.4% |
| Cash at bank and in hand | 54/58 | €28,159 | €55,048 | +€26,889 | +95.5% |
| Deferred charges and accrued income | 490/1 | €7,348 | €2,333 | -€5,015 | -68.2% |
| Total equity and liabilities | 10/49 | €2,005,422 | €1,892,075 | -€113,347 | -5.7% |
| Equity | 10/15 | €1,438,649 | €1,427,618 | -€11,030 | -0.8% |
| Contributions | 10/11 | €88,845 | €88,845 | = | 0.0% |
| Revaluation surpluses | 12 | €1,222,087 | €1,222,087 | = | 0.0% |
| Reserves | 13 | €125,600 | €114,560 | -€11,040 | -8.8% |
| Distributable reserves | 133 | €125,600 | €114,560 | -€11,040 | -8.8% |
| Profit (loss) carried forward | 14 | €2,117 | €2,127 | +€10 | +0.5% |
| Amounts payable | 17/49 | €566,773 | €464,456 | -€102,317 | -18.1% |
| Amounts payable after more than one year | 17 | €409,691 | €409,691 | = | 0.0% |
| Financial debts | 170/4 | €409,691 | €409,691 | = | 0.0% |
| Amounts payable within one year | 42/48 | €157,083 | €54,766 | -€102,317 | -65.1% |
| Current portion of amounts payable after more than one year | 42 | €5,957 | - | -€5,957 | |
| Trade debts | 44 | €12,472 | €14,811 | +€2,339 | +18.8% |
| Suppliers | 440/4 | €12,472 | €14,811 | +€2,339 | +18.8% |
| Taxes, remuneration and social security | 45 | €13,654 | €3,375 | -€10,279 | -75.3% |
| Taxes | 450/3 | €13,654 | €3,375 | -€10,279 | -75.3% |
| Other amounts payable | 47/48 | €125,000 | €36,580 | -€88,420 | -70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,672 | €60,699 | +€1,027 | +1.7% |
| Other operating charges | 640/8 | €9,082 | €9,529 | +€447 | +4.9% |
| Gross operating margin | 9900 | €88,838 | €125,306 | +€36,468 | +41.1% |
| Operating profit (loss) | 9901 | €20,084 | €55,078 | +€34,994 | +174.2% |
| Financial charges | 65/66B | €544 | €153 | -€391 | -71.9% |
| Recurring financial charges | 65 | €544 | €153 | -€391 | -71.9% |
| Profit (loss) for the period before taxes | 9903 | €19,540 | €54,925 | +€35,385 | +181.1% |
| Income taxes | 67/77 | €17,995 | €29,375 | +€11,380 | +63.2% |
| Profit (loss) for the period | 9904 | €1,545 | €25,550 | +€24,005 | +1554.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,545 | €25,550 | +€24,005 | +1554.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.