CEFIMA: 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.
CEFIMA
Largest movements
- Cash -€173,107
down €173,107 (-83.4%), from €207,605 to €34,498
mainly Net result for the year (-€170,873) and Other debts (-€102,738)
- Tangible fixed assets -€108,067
down €108,067 (-3.2%), from €3.3m to €3.2m
of which Land and buildings: -€60,531
- Profit (loss) carried forward -€170,873
down €170,873 (-7.9%), from €2.2m to €2.0m
- Trade debts +€105,662
up €105,662 (+1137.1%), from €9,292 to €114,954
- Other debts -€102,738
down €102,738 (-17.8%), from €577,790 to €475,052
- Debts after one year -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Current portion of long-term debt -€60,000
down €60,000 (-50.0%), from €120,000 to €60,000
- Gross operating margin -€276,051
down €276,051, from €231,865 to -€44,186
- Financial charges -€7,852
down €7,852 (-27.2%), from €28,864 to €21,013
- Financial income +€4,843
up €4,843 (+171.0%), from €2,832 to €7,675
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 | €3,757,427 | €3,468,465 | -€288,962 | -7.7% |
| Fixed assets | 21/28 | €3,341,153 | €3,233,085 | -€108,067 | -3.2% |
| Tangible fixed assets | 22/27 | €3,341,153 | €3,233,085 | -€108,067 | -3.2% |
| Land and buildings | 22 | €2,769,473 | €2,708,942 | -€60,531 | -2.2% |
| Plant, machinery and equipment | 23 | €29,672 | €17,950 | -€11,722 | -39.5% |
| Furniture and vehicles | 24 | €91,561 | €55,746 | -€35,815 | -39.1% |
| Other tangible fixed assets | 26 | €450,446 | €450,446 | = | 0.0% |
| Current assets | 29/58 | €416,275 | €235,380 | -€180,895 | -43.5% |
| Amounts receivable within one year | 40/41 | €207,932 | €193,893 | -€14,039 | -6.8% |
| Trade receivables | 40 | €21,835 | €2,446 | -€19,389 | -88.8% |
| Other amounts receivable | 41 | €186,097 | €191,447 | +€5,350 | +2.9% |
| Cash at bank and in hand | 54/58 | €207,605 | €34,498 | -€173,107 | -83.4% |
| Deferred charges and accrued income | 490/1 | €738 | €6,988 | +€6,251 | +847.3% |
| Total equity and liabilities | 10/49 | €3,757,427 | €3,468,465 | -€288,962 | -7.7% |
| Equity | 10/15 | €2,973,879 | €2,803,006 | -€170,873 | -5.7% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €65,873 | €65,873 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64,225 | €64,225 | = | 0.0% |
| Legal reserve | 130 | €64,225 | €64,225 | = | 0.0% |
| Distributable reserves | 133 | €1,648 | €1,648 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,158,006 | €1,987,134 | -€170,873 | -7.9% |
| Amounts payable | 17/49 | €783,548 | €665,459 | -€118,090 | -15.1% |
| Amounts payable after more than one year | 17 | €60,000 | €0 | -€60,000 | -100.0% |
| Financial debts | 170/4 | €60,000 | €0 | -€60,000 | -100.0% |
| Amounts payable within one year | 42/48 | €707,617 | €650,541 | -€57,076 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €120,000 | €60,000 | -€60,000 | -50.0% |
| Trade debts | 44 | €9,292 | €114,954 | +€105,662 | +1137.1% |
| Suppliers | 440/4 | €9,292 | €114,954 | +€105,662 | +1137.1% |
| Taxes, remuneration and social security | 45 | €535 | €535 | = | 0.0% |
| Taxes | 450/3 | €535 | €535 | = | 0.0% |
| Other amounts payable | 47/48 | €577,790 | €475,052 | -€102,738 | -17.8% |
| Accrued charges and deferred income | 492/3 | €15,931 | €14,918 | -€1,014 | -6.4% |
| Non-recurring operating income | 76A | €8,504 | €0 | -€8,504 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,962 | €108,067 | +€105 | +0.1% |
| Other operating charges | 640/8 | €3,465 | €5,006 | +€1,542 | +44.5% |
| Gross operating margin | 9900 | €231,865 | -€44,186 | -€276,051 | |
| Operating profit (loss) | 9901 | €120,439 | -€157,259 | -€277,698 | |
| Financial income | 75/76B | €2,832 | €7,675 | +€4,843 | +171.0% |
| Recurring financial income | 75 | €2,832 | €7,675 | +€4,843 | +171.0% |
| Financial charges | 65/66B | €28,864 | €21,013 | -€7,852 | -27.2% |
| Recurring financial charges | 65 | €28,864 | €21,013 | -€7,852 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €94,407 | -€170,597 | -€265,003 | |
| Income taxes | 67/77 | -€39 | €276 | +€315 | |
| Profit (loss) for the period | 9904 | €94,446 | -€170,873 | -€265,318 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,446 | -€170,873 | -€265,318 |
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.