CEFRET: 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.
CEFRET
Largest movements
- Cash -€33,577
down €33,577 (-45.1%), from €74,522 to €40,945
mainly Debts within one year (-€48,344) and Investment in fixed assets (net) (-€33,565)
- Receivables within one year +€25,401
up €25,401 (+26.2%), from €96,938 to €122,339
of which Trade receivables: +€18,614
- Debts within one year -€48,344
down €48,344 (-41.3%), from €117,078 to €68,734
- Accrued charges and deferred income +€30,892
new in 2024: €30,892
- Profit (loss) carried forward +€15,446
up €15,446 (+12.1%), from €127,893 to €143,339
- Investment grants -€6,019
down €6,019 (-17.4%), from €34,668 to €28,648
- Gross operating margin +€69,500
up €69,500 (+24.1%), from €288,542 to €358,043
- Staff costs +€44,750
up €44,750 (+17.4%), from €256,916 to €301,666
- Depreciation -€6,537
down €6,537 (-15.4%), from €42,327 to €35,791
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €279,639 | €271,613 | -€8,026 | -2.9% |
| Fixed assets | 21/28 | €108,179 | €105,953 | -€2,226 | -2.1% |
| Tangible fixed assets | 22/27 | €108,179 | €105,953 | -€2,226 | -2.1% |
| Land and buildings | 22 | €29,751 | €23,731 | -€6,019 | -20.2% |
| Plant, machinery and equipment | 23 | €3,271 | €28,549 | +€25,277 | +772.7% |
| Furniture and vehicles | 24 | €75,157 | €53,674 | -€21,484 | -28.6% |
| Current assets | 29/58 | €171,460 | €165,660 | -€5,800 | -3.4% |
| Amounts receivable within one year | 40/41 | €96,938 | €122,339 | +€25,401 | +26.2% |
| Trade receivables | 40 | €58,083 | €76,696 | +€18,614 | +32.0% |
| Other amounts receivable | 41 | €38,855 | €45,642 | +€6,787 | +17.5% |
| Cash at bank and in hand | 54/58 | €74,522 | €40,945 | -€33,577 | -45.1% |
| Deferred charges and accrued income | 490/1 | €0 | €2,376 | +€2,376 | |
| Total equity and liabilities | 10/49 | €279,639 | €271,613 | -€8,026 | -2.9% |
| Equity | 10/15 | €162,561 | €171,987 | +€9,426 | +5.8% |
| Profit (loss) carried forward | 14 | €127,893 | €143,339 | +€15,446 | +12.1% |
| Investment grants | 15 | €34,668 | €28,648 | -€6,019 | -17.4% |
| Amounts payable | 17/49 | €117,078 | €99,626 | -€17,452 | -14.9% |
| Amounts payable within one year | 42/48 | €117,078 | €68,734 | -€48,344 | -41.3% |
| Trade debts | 44 | €7,890 | €13,439 | +€5,549 | +70.3% |
| Suppliers | 440/4 | €7,890 | €13,439 | +€5,549 | +70.3% |
| Taxes, remuneration and social security | 45 | €45,322 | €55,295 | +€9,973 | +22.0% |
| Taxes | 450/3 | €9,843 | €12,046 | +€2,203 | +22.4% |
| Remuneration and social security | 454/9 | €35,479 | €43,249 | +€7,770 | +21.9% |
| Accrued charges and deferred income | 492/3 | - | €30,892 | +€30,892 | |
| Non-recurring operating income | 76A | €234 | €0 | -€234 | -100.0% |
| Remuneration, social security and pensions | 62 | €256,916 | €301,666 | +€44,750 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,327 | €35,791 | -€6,537 | -15.4% |
| Other operating charges | 640/8 | €10,596 | €10,596 | -€0 | 0.0% |
| Gross operating margin | 9900 | €288,542 | €358,043 | +€69,500 | +24.1% |
| Operating profit (loss) | 9901 | -€21,297 | €9,990 | +€31,287 | |
| Financial income | 75/76B | €5,959 | €6,024 | +€65 | +1.1% |
| Recurring financial income | 75 | €5,959 | €6,024 | +€65 | +1.1% |
| Financial charges | 65/66B | €108 | €568 | +€460 | +426.1% |
| Recurring financial charges | 65 | €108 | €568 | +€460 | +426.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,446 | €15,446 | +€30,892 | |
| Profit (loss) for the period | 9904 | -€15,446 | €15,446 | +€30,892 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,446 | €15,446 | +€30,892 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.