CEFRAN: 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.
CEFRAN
Largest movements
- Cash +€47,914
up €47,914 (+19.4%), from €246,498 to €294,413
mainly Other debts (+€105,000) and Net result for the year (+€71,804)
- Other debts +€105,000
new in 2025: €105,000
- Reserves -€34,000
down €34,000 (-11.8%), from €287,502 to €253,502
of which Distributable reserves: -€34,000
- Tax, wage and social debts -€31,629
down €31,629 (-95.7%), from €33,041 to €1,412
- Financial income -€45,852
down €45,852 (-68.6%), from €66,861 to €21,009
- Taxes -€25,150
down €25,150 (-42.4%), from €59,273 to €34,123
- Gross operating margin -€19,299
down €19,299 (-13.7%), from €140,604 to €121,305
- Financial charges +€7,106
up €7,106 (+165.4%), from €4,297 to €11,403
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 | €1,055,586 | €1,095,761 | +€40,175 | +3.8% |
| Fixed assets | 21/28 | €164,055 | €153,249 | -€10,806 | -6.6% |
| Tangible fixed assets | 22/27 | €163,794 | €152,988 | -€10,806 | -6.6% |
| Land and buildings | 22 | €103,789 | €89,673 | -€14,116 | -13.6% |
| Plant, machinery and equipment | 23 | €7,732 | €4,725 | -€3,007 | -38.9% |
| Furniture and vehicles | 24 | €52,274 | €58,590 | +€6,316 | +12.1% |
| Financial fixed assets | 28 | €261 | €261 | = | 0.0% |
| Current assets | 29/58 | €891,531 | €942,512 | +€50,981 | +5.7% |
| Amounts receivable within one year | 40/41 | €8,952 | €7,078 | -€1,874 | -20.9% |
| Other amounts receivable | 41 | €8,952 | €7,078 | -€1,874 | -20.9% |
| Current investments | 50/53 | €633,900 | €639,618 | +€5,718 | +0.9% |
| Cash at bank and in hand | 54/58 | €246,498 | €294,413 | +€47,914 | +19.4% |
| Deferred charges and accrued income | 490/1 | €2,181 | €1,403 | -€778 | -35.7% |
| Total equity and liabilities | 10/49 | €1,055,586 | €1,095,761 | +€40,175 | +3.8% |
| Equity | 10/15 | €1,022,545 | €989,349 | -€33,196 | -3.2% |
| Contributions | 10/11 | €17,397 | €17,397 | = | 0.0% |
| Reserves | 13 | €287,502 | €253,502 | -€34,000 | -11.8% |
| Non-distributable reserves | 130/1 | €2,502 | €2,502 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,502 | €2,502 | = | 0.0% |
| Distributable reserves | 133 | €285,000 | €251,000 | -€34,000 | -11.9% |
| Profit (loss) carried forward | 14 | €717,646 | €718,450 | +€804 | +0.1% |
| Amounts payable | 17/49 | €33,041 | €106,412 | +€73,371 | +222.1% |
| Amounts payable within one year | 42/48 | €33,041 | €106,412 | +€73,371 | +222.1% |
| Taxes, remuneration and social security | 45 | €33,041 | €1,412 | -€31,629 | -95.7% |
| Taxes | 450/3 | €33,041 | €1,412 | -€31,629 | -95.7% |
| Other amounts payable | 47/48 | - | €105,000 | +€105,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,525 | €20,275 | -€1,250 | -5.8% |
| Other operating charges | 640/8 | €4,579 | €4,709 | +€130 | +2.8% |
| Gross operating margin | 9900 | €140,604 | €121,305 | -€19,299 | -13.7% |
| Operating profit (loss) | 9901 | €114,500 | €96,321 | -€18,179 | -15.9% |
| Financial income | 75/76B | €66,861 | €21,009 | -€45,852 | -68.6% |
| Recurring financial income | 75 | €66,861 | €21,009 | -€45,852 | -68.6% |
| Financial charges | 65/66B | €4,297 | €11,403 | +€7,106 | +165.4% |
| Recurring financial charges | 65 | €4,297 | €11,403 | +€7,106 | +165.4% |
| Profit (loss) for the period before taxes | 9903 | €177,064 | €105,927 | -€71,137 | -40.2% |
| Income taxes | 67/77 | €59,273 | €34,123 | -€25,150 | -42.4% |
| Profit (loss) for the period | 9904 | €117,791 | €71,804 | -€45,987 | -39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,791 | €71,804 | -€45,987 | -39.0% |
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 30 September 2026 via checked.be.