CEFIN: 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.
CEFIN
Largest movements
- Cash +€509,620
up €509,620 (+2136.9%), from €23,848 to €533,468
mainly Investment in fixed assets (net) (+€334,477) and Net result for the year (+€129,506)
- Financial fixed assets -€375,726
down €375,726 (-18.6%), from €2.0m to €1.6m
- Tangible fixed assets +€34,428
up €34,428 (+63.4%), from €54,268 to €88,697
of which Plant, machinery and equipment: +€31,161
- Profit (loss) carried forward +€129,506
up €129,506 (+6.1%), from €2.1m to €2.2m
- Financial income +€56,645
up €56,645 (+290.6%), from €19,489 to €76,134
- Other operating charges +€25,443
up €25,443 (+1855.6%), from €1,371 to €26,814
- Financial charges -€13,640
down €13,640 (-99.3%), from €13,735 to €96
- Gross operating margin +€11,407
up €11,407 (+11.9%), from €96,066 to €107,474
- Taxes -€3,483
down €3,483 (-14.6%), from €23,855 to €20,372
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 | €2,714,373 | €2,856,831 | +€142,458 | +5.2% |
| Fixed assets | 21/28 | €2,072,616 | €1,731,318 | -€341,298 | -16.5% |
| Tangible fixed assets | 22/27 | €54,268 | €88,697 | +€34,428 | +63.4% |
| Land and buildings | 22 | €15,797 | €14,148 | -€1,650 | -10.4% |
| Plant, machinery and equipment | 23 | €2,544 | €33,704 | +€31,161 | +1225.0% |
| Furniture and vehicles | 24 | - | €19,154 | +€19,154 | |
| Other tangible fixed assets | 26 | €35,928 | €21,691 | -€14,237 | -39.6% |
| Financial fixed assets | 28 | €2,018,348 | €1,642,622 | -€375,726 | -18.6% |
| Current assets | 29/58 | €641,757 | €1,125,513 | +€483,756 | +75.4% |
| Stocks and contracts in progress | 3 | €15,722 | €15,722 | = | 0.0% |
| Stocks | 30/36 | €15,722 | €15,722 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €602,148 | €576,284 | -€25,864 | -4.3% |
| Trade receivables | 40 | €34,677 | €49,321 | +€14,644 | +42.2% |
| Other amounts receivable | 41 | €567,470 | €526,962 | -€40,508 | -7.1% |
| Cash at bank and in hand | 54/58 | €23,848 | €533,468 | +€509,620 | +2136.9% |
| Deferred charges and accrued income | 490/1 | €39 | €39 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,714,373 | €2,856,831 | +€142,458 | +5.2% |
| Equity | 10/15 | €2,293,628 | €2,423,134 | +€129,506 | +5.6% |
| Contributions | 10/11 | €55,592 | €55,592 | = | 0.0% |
| Reserves | 13 | €119,482 | €119,482 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,559 | €5,559 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,559 | €5,559 | = | 0.0% |
| Distributable reserves | 133 | €113,923 | €113,923 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,118,554 | €2,248,060 | +€129,506 | +6.1% |
| Amounts payable | 17/49 | €420,745 | €433,697 | +€12,952 | +3.1% |
| Amounts payable after more than one year | 17 | €388,565 | €388,565 | = | 0.0% |
| Other amounts payable | 178/9 | €388,565 | €388,565 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,180 | €45,132 | +€12,952 | +40.2% |
| Trade debts | 44 | €2,927 | €28,141 | +€25,214 | +861.5% |
| Suppliers | 440/4 | €2,927 | €28,141 | +€25,214 | +861.5% |
| Taxes, remuneration and social security | 45 | €5,244 | €16,991 | +€11,747 | +224.0% |
| Taxes | 450/3 | €5,244 | €16,991 | +€11,747 | +224.0% |
| Other amounts payable | 47/48 | €24,009 | - | -€24,009 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,157 | €6,821 | +€663 | +10.8% |
| Other operating charges | 640/8 | €1,371 | €26,814 | +€25,443 | +1855.6% |
| Gross operating margin | 9900 | €96,066 | €107,474 | +€11,407 | +11.9% |
| Operating profit (loss) | 9901 | €88,538 | €73,839 | -€14,699 | -16.6% |
| Financial income | 75/76B | €19,489 | €76,134 | +€56,645 | +290.6% |
| Recurring financial income | 75 | €19,489 | €76,134 | +€56,645 | +290.6% |
| Financial charges | 65/66B | €13,735 | €96 | -€13,640 | -99.3% |
| Recurring financial charges | 65 | €13,735 | €96 | -€13,640 | -99.3% |
| Profit (loss) for the period before taxes | 9903 | €94,292 | €149,877 | +€55,586 | +59.0% |
| Income taxes | 67/77 | €23,855 | €20,372 | -€3,483 | -14.6% |
| Profit (loss) for the period | 9904 | €70,436 | €129,506 | +€59,069 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,436 | €129,506 | +€59,069 | +83.9% |
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 11 October 2026 via checked.be.