CEFRA: 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.
CEFRA
Largest movements
- Tangible fixed assets +€48,200
new in 2025: €48,200
- Cash +€1,544
up €1,544 (+617%), from €250 to €1,794
mainly Other debts (+€50,900)
- Other debts +€50,900
up €50,900 (+2,828%), from €1,800 to €52,700
- Profit (loss) carried forward -€1,084
down €1,084 (-4.4%), from -€24,883 to -€25,967
- Other operating charges +€91
up €91 (+15.1%), from €603 to €694
- Gross operating margin -€14
down €14 (-3.6%), from -€376 to -€390
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 | €404 | €50,158 | +€49,754 | +12,305% |
| Fixed assets | 21/28 | - | €48,200 | +€48,200 | |
| Tangible fixed assets | 22/27 | - | €48,200 | +€48,200 | |
| Assets under construction and advance payments | 27 | - | €48,200 | +€48,200 | |
| Current assets | 29/58 | €404 | €1,958 | +€1,554 | +384% |
| Cash at bank and in hand | 54/58 | €250 | €1,794 | +€1,544 | +617% |
| Deferred charges and accrued income | 490/1 | €154 | €164 | +€10 | +6.7% |
| Total equity and liabilities | 10/49 | €404 | €50,158 | +€49,754 | +12,305% |
| Equity | 10/15 | -€1,783 | -€2,867 | -€1,084 | -60.8% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €2,100 | €2,100 | = | 0.0% |
| Distributable reserves | 133 | €2,100 | €2,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,883 | -€25,967 | -€1,084 | -4.4% |
| Amounts payable | 17/49 | €2,187 | €53,025 | +€50,837 | +2,324% |
| Amounts payable within one year | 42/48 | €2,187 | €53,025 | +€50,837 | +2,324% |
| Trade debts | 44 | €387 | €325 | -€63 | -16.2% |
| Suppliers | 440/4 | €387 | €325 | -€63 | -16.2% |
| Other amounts payable | 47/48 | €1,800 | €52,700 | +€50,900 | +2,828% |
| Other operating charges | 640/8 | €603 | €694 | +€91 | +15.1% |
| Gross operating margin | 9900 | -€376 | -€390 | -€14 | -3.6% |
| Operating profit (loss) | 9901 | -€979 | -€1,084 | -€105 | -10.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €0 | - | = | |
| Recurring financial charges | 65 | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€979 | -€1,084 | -€105 | -10.7% |
| Profit (loss) for the period | 9904 | -€979 | -€1,084 | -€105 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€979 | -€1,084 | -€105 | -10.7% |
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 19 October 2026 via checked.be.