CEGINA: 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.
CEGINA
Largest movements
- Tangible fixed assets -€89,988
down €89,988 (-13.1%), from €685,265 to €595,277
of which Land and buildings: -€89,666
- Current investments +€35,239
up €35,239 (+20.4%), from €172,604 to €207,842
- Deferred charges and accrued income +€11,606
up €11,606 (+1,152%), from €1,008 to €12,614
- Reserves -€35,490
down €35,490 (-8.2%), from €434,218 to €398,728
of which Tax-exempt reserves: -€32,445
- Provisions -€10,815
down €10,815 (-10.5%), from €103,141 to €92,326
- Financial charges -€24,429
down €24,429 (-96.4%), from €25,348 to €918
of which Non-recurring financial charges: -€21,183
- Gross operating margin +€23,095
up €23,095 (+42.7%), from -€54,039 to -€30,944
- Taxes -€8,716
down €8,716 (-96.9%), from €8,995 to €279
- Depreciation -€5,959
down €5,959 (-23.2%), from €25,702 to €19,743
- Financial income -€4,516
down €4,516 (-33.8%), from €13,372 to €8,856
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 | €957,689 | €914,213 | -€43,476 | -4.5% |
| Fixed assets | 21/28 | €685,355 | €595,367 | -€89,988 | -13.1% |
| Tangible fixed assets | 22/27 | €685,265 | €595,277 | -€89,988 | -13.1% |
| Land and buildings | 22 | €684,943 | €595,277 | -€89,666 | -13.1% |
| Furniture and vehicles | 24 | €322 | - | -€322 | |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €272,334 | €318,846 | +€46,512 | +17.1% |
| Amounts receivable within one year | 40/41 | €82,623 | €84,669 | +€2,046 | +2.5% |
| Other amounts receivable | 41 | €82,623 | €84,669 | +€2,046 | +2.5% |
| Current investments | 50/53 | €172,604 | €207,842 | +€35,239 | +20.4% |
| Cash at bank and in hand | 54/58 | €16,099 | €13,720 | -€2,379 | -14.8% |
| Deferred charges and accrued income | 490/1 | €1,008 | €12,614 | +€11,606 | +1,152% |
| Total equity and liabilities | 10/49 | €957,689 | €914,213 | -€43,476 | -4.5% |
| Equity | 10/15 | €844,218 | €808,728 | -€35,490 | -4.2% |
| Contributions | 10/11 | €410,000 | €410,000 | = | 0.0% |
| Contributions outside capital | 11 | €410,000 | €410,000 | = | 0.0% |
| Other | 1109/19 | €410,000 | €410,000 | = | 0.0% |
| Reserves | 13 | €434,218 | €398,728 | -€35,490 | -8.2% |
| Tax-exempt reserves | 132 | €309,422 | €276,977 | -€32,445 | -10.5% |
| Distributable reserves | 133 | €124,796 | €121,751 | -€3,045 | -2.4% |
| Provisions and deferred taxes | 16 | €103,141 | €92,326 | -€10,815 | -10.5% |
| Deferred taxes | 168 | €103,141 | €92,326 | -€10,815 | -10.5% |
| Amounts payable | 17/49 | €10,330 | €13,159 | +€2,829 | +27.4% |
| Amounts payable within one year | 42/48 | €9,290 | €11,169 | +€1,879 | +20.2% |
| Trade debts | 44 | €2,060 | €3,212 | +€1,152 | +55.9% |
| Suppliers | 440/4 | €2,060 | €3,212 | +€1,152 | +55.9% |
| Taxes, remuneration and social security | 45 | €7,230 | €7,230 | = | 0.0% |
| Taxes | 450/3 | €7,230 | €7,230 | = | 0.0% |
| Other amounts payable | 47/48 | - | €727 | +€727 | |
| Accrued charges and deferred income | 492/3 | €1,040 | €1,990 | +€950 | +91.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,702 | €19,743 | -€5,959 | -23.2% |
| Other operating charges | 640/8 | €3,363 | €3,278 | -€85 | -2.5% |
| Gross operating margin | 9900 | -€54,039 | -€30,944 | +€23,095 | +42.7% |
| Operating profit (loss) | 9901 | -€83,104 | -€53,964 | +€29,139 | +35.1% |
| Financial income | 75/76B | €13,372 | €8,856 | -€4,516 | -33.8% |
| Recurring financial income | 75 | €13,372 | €8,856 | -€4,516 | -33.8% |
| Financial charges | 65/66B | €25,348 | €918 | -€24,429 | -96.4% |
| Recurring financial charges | 65 | €4,165 | €918 | -€3,246 | -78.0% |
| Non-recurring financial charges | 66B | €21,183 | - | -€21,183 | |
| Profit (loss) for the period before taxes | 9903 | -€95,079 | -€46,027 | +€49,052 | +51.6% |
| Transfer from deferred taxes | 780 | €55,459 | €10,815 | -€44,644 | -80.5% |
| Income taxes | 67/77 | €8,995 | €279 | -€8,716 | -96.9% |
| Profit (loss) for the period | 9904 | -€48,615 | -€35,490 | +€13,125 | +27.0% |
| Transfer from tax-exempt reserves | 789 | €166,378 | €32,445 | -€133,932 | -80.5% |
| Profit (loss) for the period to be appropriated | 9905 | €117,763 | -€3,045 | -€120,808 |
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 17 October 2026 via checked.be.