CEFRAB: 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.
CEFRAB
Largest movements
- Tangible fixed assets -€301,987
down €301,987 (-5.3%), from €5.7m to €5.4m
of which Land and buildings: -€301,767
- Cash +€113,006
up €113,006 (+37.5%), from €301,042 to €414,048
mainly Net result for the year (+€608,415) and Depreciation (+€354,758)
- Reserves +€608,415
up €608,415 (+30.0%), from €2.0m to €2.6m
of which Distributable reserves: +€736,813
- Other debts -€492,716
down €492,716 (-93.4%), from €527,261 to €34,545
- Debts after one year -€366,667
down €366,667 (-15.4%), from €2.4m to €2.0m
- Tax, wage and social debts +€65,005
up €65,005 (+235.3%), from €27,623 to €92,628
- Depreciation -€52,175
down €52,175 (-12.8%), from €406,934 to €354,758
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 | €6,064,457 | €5,875,505 | -€188,952 | -3.1% |
| Fixed assets | 21/28 | €5,748,539 | €5,446,552 | -€301,987 | -5.3% |
| Tangible fixed assets | 22/27 | €5,748,391 | €5,446,404 | -€301,987 | -5.3% |
| Land and buildings | 22 | €5,543,818 | €5,242,051 | -€301,767 | -5.4% |
| Plant, machinery and equipment | 23 | €204,573 | €204,353 | -€220 | -0.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €315,918 | €428,953 | +€113,035 | +35.8% |
| Amounts receivable within one year | 40/41 | €14,876 | €14,905 | +€29 | +0.2% |
| Trade receivables | 40 | €14,876 | €14,905 | +€29 | +0.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €301,042 | €414,048 | +€113,006 | +37.5% |
| Total equity and liabilities | 10/49 | €6,064,457 | €5,875,505 | -€188,952 | -3.1% |
| Equity | 10/15 | €2,427,776 | €3,036,191 | +€608,415 | +25.1% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €2,027,776 | €2,636,191 | +€608,415 | +30.0% |
| Tax-exempt reserves | 132 | €976,913 | €848,515 | -€128,398 | -13.1% |
| Distributable reserves | 133 | €1,050,863 | €1,787,676 | +€736,813 | +70.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €325,638 | €282,838 | -€42,799 | -13.1% |
| Deferred taxes | 168 | €325,638 | €282,838 | -€42,799 | -13.1% |
| Amounts payable | 17/49 | €3,311,043 | €2,556,476 | -€754,567 | -22.8% |
| Amounts payable after more than one year | 17 | €2,373,889 | €2,007,222 | -€366,667 | -15.4% |
| Financial debts | 170/4 | €2,373,889 | €2,007,222 | -€366,667 | -15.4% |
| Amounts payable within one year | 42/48 | €937,155 | €549,254 | -€387,901 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €366,667 | €366,667 | = | 0.0% |
| Trade debts | 44 | €1,079 | €7,966 | +€6,887 | +638.0% |
| Suppliers | 440/4 | €1,079 | €7,966 | +€6,887 | +638.0% |
| Advances received on contracts in progress | 46 | €14,525 | €47,448 | +€32,924 | +226.7% |
| Taxes, remuneration and social security | 45 | €27,623 | €92,628 | +€65,005 | +235.3% |
| Taxes | 450/3 | €27,623 | €92,628 | +€65,005 | +235.3% |
| Other amounts payable | 47/48 | €527,261 | €34,545 | -€492,716 | -93.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €406,934 | €354,758 | -€52,175 | -12.8% |
| Other operating charges | 640/8 | €129,266 | €133,094 | +€3,828 | +3.0% |
| Gross operating margin | 9900 | €1,371,057 | €1,360,940 | -€10,117 | -0.7% |
| Operating profit (loss) | 9901 | €834,858 | €873,088 | +€38,230 | +4.6% |
| Financial income | 75/76B | €40 | €92 | +€52 | +131.8% |
| Recurring financial income | 75 | €40 | €92 | +€52 | +131.8% |
| Financial charges | 65/66B | €67,537 | €59,936 | -€7,601 | -11.3% |
| Recurring financial charges | 65 | €67,537 | €59,936 | -€7,601 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €767,360 | €813,243 | +€45,883 | +6.0% |
| Transfer from deferred taxes | 780 | €45,766 | €42,799 | -€2,966 | -6.5% |
| Income taxes | 67/77 | €237,623 | €247,628 | +€10,005 | +4.2% |
| Profit (loss) for the period | 9904 | €575,503 | €608,415 | +€32,912 | +5.7% |
| Transfer from tax-exempt reserves | 789 | €350,897 | €128,398 | -€222,499 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €926,400 | €736,813 | -€189,587 | -20.5% |
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 4 October 2026 via checked.be.