CEGEPHAR: 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.
CEGEPHAR
Largest movements
- Tangible fixed assets -€34,961
down €34,961 (-8.5%), from €409,421 to €374,461
of which Land and buildings: -€22,581
- Cash -€34,076
down €34,076 (-46.4%), from €73,471 to €39,395
mainly Contributions, distributions and other (-€60,000) and Other debts (-€47,806)
- Reserves +€49,000
up €49,000 (+41.1%), from €119,250 to €168,250
- Other debts -€47,806
down €47,806 (-44.3%), from €107,906 to €60,100
- Debts after one year -€46,759
down €46,759 (-26.1%), from €179,372 to €132,613
- Trade debts -€10,085
down €10,085 (-4.6%), from €219,457 to €209,372
- Gross operating margin +€48,473
up €48,473 (+11.1%), from €438,538 to €487,011
- Depreciation +€25,604
up €25,604 (+64.2%), from €39,861 to €65,465
- Taxes +€8,012
up €8,012 (+75.3%), from €10,636 to €18,648
- Staff costs -€6,492
down €6,492 (-2.3%), from €284,188 to €277,695
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 | €836,055 | €787,032 | -€49,024 | -5.9% |
| Fixed assets | 21/28 | €410,373 | €380,948 | -€29,424 | -7.2% |
| Tangible fixed assets | 22/27 | €409,421 | €374,461 | -€34,961 | -8.5% |
| Land and buildings | 22 | €75,319 | €52,738 | -€22,581 | -30.0% |
| Plant, machinery and equipment | 23 | €224,463 | €222,796 | -€1,667 | -0.7% |
| Furniture and vehicles | 24 | €29,191 | €18,479 | -€10,712 | -36.7% |
| Assets under construction and advance payments | 27 | €80,448 | €80,448 | = | 0.0% |
| Financial fixed assets | 28 | €951 | €6,488 | +€5,536 | +582% |
| Current assets | 29/58 | €425,683 | €406,084 | -€19,599 | -4.6% |
| Stocks and contracts in progress | 3 | €215,593 | €220,249 | +€4,656 | +2.2% |
| Stocks | 30/36 | €215,593 | €220,249 | +€4,656 | +2.2% |
| Amounts receivable within one year | 40/41 | €133,913 | €139,832 | +€5,919 | +4.4% |
| Trade receivables | 40 | €133,473 | €139,267 | +€5,795 | +4.3% |
| Other amounts receivable | 41 | €440 | €564 | +€124 | +28.2% |
| Cash at bank and in hand | 54/58 | €73,471 | €39,395 | -€34,076 | -46.4% |
| Deferred charges and accrued income | 490/1 | €2,706 | €6,608 | +€3,902 | +144% |
| Total equity and liabilities | 10/49 | €836,055 | €787,032 | -€49,024 | -5.9% |
| Equity | 10/15 | €152,465 | €200,669 | +€48,204 | +31.6% |
| Contributions | 10/11 | €32,226 | €32,226 | = | 0.0% |
| Reserves | 13 | €119,250 | €168,250 | +€49,000 | +41.1% |
| Distributable reserves | 133 | €119,250 | €168,250 | +€49,000 | +41.1% |
| Profit (loss) carried forward | 14 | €989 | €193 | -€796 | -80.5% |
| Amounts payable | 17/49 | €683,590 | €586,363 | -€97,228 | -14.2% |
| Amounts payable after more than one year | 17 | €179,372 | €132,613 | -€46,759 | -26.1% |
| Financial debts | 170/4 | €179,372 | €132,613 | -€46,759 | -26.1% |
| Amounts payable within one year | 42/48 | €502,541 | €452,057 | -€50,484 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €68,962 | €70,844 | +€1,882 | +2.7% |
| Financial debts | 43 | €47,000 | €47,000 | = | 0.0% |
| Credit institutions | 430/8 | €47,000 | €47,000 | = | 0.0% |
| Trade debts | 44 | €219,457 | €209,372 | -€10,085 | -4.6% |
| Suppliers | 440/4 | €219,457 | €209,372 | -€10,085 | -4.6% |
| Taxes, remuneration and social security | 45 | €59,216 | €64,741 | +€5,525 | +9.3% |
| Taxes | 450/3 | €19,066 | €26,282 | +€7,216 | +37.9% |
| Remuneration and social security | 454/9 | €40,150 | €38,459 | -€1,692 | -4.2% |
| Other amounts payable | 47/48 | €107,906 | €60,100 | -€47,806 | -44.3% |
| Accrued charges and deferred income | 492/3 | €1,677 | €1,692 | +€16 | +0.9% |
| Remuneration, social security and pensions | 62 | €284,188 | €277,695 | -€6,492 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,861 | €65,465 | +€25,604 | +64.2% |
| Other operating charges | 640/8 | €2,446 | €2,562 | +€116 | +4.7% |
| Non-recurring operating charges | 66A | - | €240 | +€240 | |
| Gross operating margin | 9900 | €438,538 | €487,011 | +€48,473 | +11.1% |
| Operating profit (loss) | 9901 | €112,044 | €141,049 | +€29,006 | +25.9% |
| Financial income | 75/76B | €100 | €253 | +€152 | +152% |
| Recurring financial income | 75 | €100 | €253 | +€152 | +152% |
| Financial charges | 65/66B | €15,644 | €14,450 | -€1,194 | -7.6% |
| Recurring financial charges | 65 | €15,644 | €14,450 | -€1,194 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €96,500 | €126,852 | +€30,352 | +31.5% |
| Income taxes | 67/77 | €10,636 | €18,648 | +€8,012 | +75.3% |
| Profit (loss) for the period | 9904 | €85,865 | €108,204 | +€22,339 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,865 | €108,204 | +€22,339 | +26.0% |
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 25 October 2026 via checked.be.