CEJEMO: 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.
CEJEMO
Largest movements
- Receivables after one year -€97,800
down €97,800 (-11.7%), from €835,375 to €737,575
- Receivables within one year -€96,055
down €96,055 (-19.7%), from €487,096 to €391,041
of which Trade receivables: -€245,486
- Cash -€33,361
down €33,361 (-91.8%), from €36,358 to €2,997
mainly Trade debts (-€204,809) and Current portion of long-term debt (-€63,333)
- Trade debts -€204,809
down €204,809 (-97.2%), from €210,661 to €5,853
- Short-term financial debts +€70,000
new in 2025: €70,000
- Reserves +€65,122
up €65,122 (+3.4%), from €1.9m to €2.0m
of which Distributable reserves: +€65,906
- Current portion of long-term debt -€63,333
down €63,333 (-58.8%), from €107,799 to €44,466
- Other debts -€55,134
down €55,134 (-92.0%), from €59,925 to €4,792
- Gross operating margin -€166,161
down €166,161 (-72.9%), from €227,843 to €61,682
- Taxes -€56,759
down €56,759 (-75.7%), from €75,003 to €18,243
- Financial income +€28,569
up €28,569 (+115.9%), from €24,641 to €53,210
- Other operating charges -€4,600
down €4,600 (-73.6%), from €6,252 to €1,652
- Depreciation +€3,612
up €3,612 (+19.3%), from €18,680 to €22,292
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 | €2,670,223 | €2,447,248 | -€222,974 | -8.4% |
| Fixed assets | 21/28 | €855,352 | €835,335 | -€20,018 | -2.3% |
| Tangible fixed assets | 22/27 | €629,701 | €632,193 | +€2,491 | +0.4% |
| Land and buildings | 22 | €521,664 | €506,300 | -€15,365 | -2.9% |
| Plant, machinery and equipment | 23 | €4,012 | €3,587 | -€425 | -10.6% |
| Furniture and vehicles | 24 | €2,282 | €22,295 | +€20,014 | +877.1% |
| Other tangible fixed assets | 26 | €101,743 | €100,011 | -€1,733 | -1.7% |
| Financial fixed assets | 28 | €225,651 | €203,142 | -€22,509 | -10.0% |
| Current assets | 29/58 | €1,814,870 | €1,611,914 | -€202,956 | -11.2% |
| Amounts receivable after more than one year | 29 | €835,375 | €737,575 | -€97,800 | -11.7% |
| Other amounts receivable | 291 | €835,375 | €737,575 | -€97,800 | -11.7% |
| Amounts receivable within one year | 40/41 | €487,096 | €391,041 | -€96,055 | -19.7% |
| Trade receivables | 40 | €344,151 | €98,665 | -€245,486 | -71.3% |
| Other amounts receivable | 41 | €142,945 | €292,376 | +€149,432 | +104.5% |
| Current investments | 50/53 | €451,704 | €476,699 | +€24,995 | +5.5% |
| Cash at bank and in hand | 54/58 | €36,358 | €2,997 | -€33,361 | -91.8% |
| Deferred charges and accrued income | 490/1 | €4,338 | €3,602 | -€736 | -17.0% |
| Total equity and liabilities | 10/49 | €2,670,223 | €2,447,248 | -€222,974 | -8.4% |
| Equity | 10/15 | €2,041,993 | €2,107,115 | +€65,122 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,933,193 | €1,998,314 | +€65,122 | +3.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,085 | €35,301 | -€784 | -2.2% |
| Distributable reserves | 133 | €1,895,248 | €1,961,154 | +€65,906 | +3.5% |
| Profit (loss) carried forward | 14 | €102,600 | €102,600 | = | 0.0% |
| Provisions and deferred taxes | 16 | €128,074 | €127,670 | -€404 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €123,495 | €123,495 | = | 0.0% |
| Pensions and similar obligations | 160 | €123,495 | €123,495 | = | 0.0% |
| Deferred taxes | 168 | €4,579 | €4,175 | -€404 | -8.8% |
| Amounts payable | 17/49 | €500,156 | €212,463 | -€287,692 | -57.5% |
| Amounts payable after more than one year | 17 | €100,839 | €76,374 | -€24,466 | -24.3% |
| Financial debts | 170/4 | €100,839 | €76,374 | -€24,466 | -24.3% |
| Amounts payable within one year | 42/48 | €399,316 | €125,110 | -€274,207 | -68.7% |
| Current portion of amounts payable after more than one year | 42 | €107,799 | €44,466 | -€63,333 | -58.8% |
| Financial debts | 43 | - | €70,000 | +€70,000 | |
| Credit institutions | 430/8 | - | €70,000 | +€70,000 | |
| Trade debts | 44 | €210,661 | €5,853 | -€204,809 | -97.2% |
| Suppliers | 440/4 | €210,661 | €5,853 | -€204,809 | -97.2% |
| Taxes, remuneration and social security | 45 | €20,931 | - | -€20,931 | |
| Taxes | 450/3 | €13,916 | - | -€13,916 | |
| Remuneration and social security | 454/9 | €7,015 | - | -€7,015 | |
| Other amounts payable | 47/48 | €59,925 | €4,792 | -€55,134 | -92.0% |
| Accrued charges and deferred income | 492/3 | - | €10,980 | +€10,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,680 | €22,292 | +€3,612 | +19.3% |
| Other operating charges | 640/8 | €6,252 | €1,652 | -€4,600 | -73.6% |
| Gross operating margin | 9900 | €227,843 | €61,682 | -€166,161 | -72.9% |
| Operating profit (loss) | 9901 | €202,911 | €37,738 | -€165,173 | -81.4% |
| Financial income | 75/76B | €24,641 | €53,210 | +€28,569 | +115.9% |
| Recurring financial income | 75 | €24,641 | €53,210 | +€28,569 | +115.9% |
| Financial charges | 65/66B | €10,073 | €7,987 | -€2,086 | -20.7% |
| Recurring financial charges | 65 | €10,073 | €7,987 | -€2,086 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €217,479 | €82,961 | -€134,518 | -61.9% |
| Transfer from deferred taxes | 780 | €404 | €404 | = | 0.0% |
| Income taxes | 67/77 | €75,003 | €18,243 | -€56,759 | -75.7% |
| Profit (loss) for the period | 9904 | €142,880 | €65,122 | -€77,759 | -54.4% |
| Transfer from tax-exempt reserves | 789 | €784 | €784 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €143,664 | €65,906 | -€77,759 | -54.1% |
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 6 October 2026 via checked.be.