CEFUGE: 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.
CEFUGE
Largest movements
- Financial fixed assets -€240,000
down €240,000 (-15.5%), from €1.6m to €1.3m
- Cash +€153,191
up €153,191 (+1365.0%), from €11,223 to €164,414
mainly Net result for the year (+€364,042) and Investment in fixed assets (net) (+€240,000)
- Debts after one year -€450,002
down €450,002 (-35.6%), from €1.3m to €813,872
- Reserves +€214,042
up €214,042 (+128.3%), from €166,806 to €380,847
- Other debts +€87,000
up €87,000, from €0 to €87,000
- Short-term financial debts +€50,000
new in 2025: €50,000
- Financial income +€254,566
up €254,566 (+169.7%), from €150,000 to €404,566
of which Financial income: +€190,000
- Financial charges -€6,345
down €6,345 (-14.1%), from €44,969 to €38,624
- Gross operating margin -€724
down €724 (-850.3%), from -€85 to -€809
- Other operating charges +€124
up €124 (+12.8%), from €968 to €1,092
- Depreciation -€71
down €71 (-100.0%), from €71 to €0
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 | €1,574,273 | €1,484,201 | -€90,072 | -5.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,550,000 | €1,310,000 | -€240,000 | -15.5% |
| Financial fixed assets | 28 | €1,550,000 | €1,310,000 | -€240,000 | -15.5% |
| Current assets | 29/58 | €24,273 | €174,201 | +€149,928 | +617.7% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €11,223 | €164,414 | +€153,191 | +1365.0% |
| Deferred charges and accrued income | 490/1 | €13,050 | €9,788 | -€3,263 | -25.0% |
| Total equity and liabilities | 10/49 | €1,574,273 | €1,484,201 | -€90,072 | -5.7% |
| Equity | 10/15 | €182,806 | €396,847 | +€214,042 | +117.1% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €166,806 | €380,847 | +€214,042 | +128.3% |
| Distributable reserves | 133 | €166,806 | €380,847 | +€214,042 | +128.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,391,467 | €1,087,354 | -€304,113 | -21.9% |
| Amounts payable after more than one year | 17 | €1,263,873 | €813,872 | -€450,002 | -35.6% |
| Financial debts | 170/4 | €1,263,873 | €813,872 | -€450,002 | -35.6% |
| Amounts payable within one year | 42/48 | €127,594 | €267,002 | +€139,408 | +109.3% |
| Current portion of amounts payable after more than one year | 42 | €127,594 | €130,002 | +€2,408 | +1.9% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Other amounts payable | 47/48 | €0 | €87,000 | +€87,000 | |
| Accrued charges and deferred income | 492/3 | - | €6,481 | +€6,481 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71 | €0 | -€71 | -100.0% |
| Other operating charges | 640/8 | €968 | €1,092 | +€124 | +12.8% |
| Gross operating margin | 9900 | -€85 | -€809 | -€724 | -850.3% |
| Operating profit (loss) | 9901 | -€1,123 | -€1,900 | -€777 | -69.1% |
| Financial income | 75/76B | €150,000 | €404,566 | +€254,566 | +169.7% |
| Recurring financial income | 75 | €150,000 | €340,000 | +€190,000 | +126.7% |
| Non-recurring financial income | 76B | - | €64,566 | +€64,566 | |
| Financial charges | 65/66B | €44,969 | €38,624 | -€6,345 | -14.1% |
| Recurring financial charges | 65 | €44,969 | €38,624 | -€6,345 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €103,907 | €364,042 | +€260,134 | +250.4% |
| Profit (loss) for the period | 9904 | €103,907 | €364,042 | +€260,134 | +250.4% |
| Profit (loss) for the period to be appropriated | 9905 | €103,907 | €364,042 | +€260,134 | +250.4% |
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 10 October 2026 via checked.be.