CEL IMMO: 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.
CEL IMMO
Largest movements
- Tangible fixed assets +€432,132
up €432,132 (+19.1%), from €2.3m to €2.7m
of which Land and buildings: +€433,613
- Cash -€272,500
down €272,500 (-44.5%), from €611,952 to €339,452
mainly Investment in fixed assets (net) (-€512,508) and Receivables within one year (-€185,724)
- Receivables within one year +€185,724
up €185,724 (+16.3%), from €1.1m to €1.3m
of which Other amounts receivable: +€180,226
- Current investments +€125,659
up €125,659, from €0 to €125,659
- Debts after one year +€444,277
up €444,277 (+60.8%), from €730,243 to €1.2m
- Profit (loss) carried forward +€81,873
up €81,873 (+12.4%), from €662,484 to €744,357
- Reserves -€59,396
down €59,396 (-2.9%), from €2.0m to €2.0m
of which Tax-exempt reserves: -€59,396
- Financial income -€56,477
down €56,477 (-36.9%), from €153,080 to €96,603
- Gross operating margin +€41,885
up €41,885 (+176.7%), from €23,706 to €65,591
- Depreciation +€26,958
up €26,958 (+50.5%), from €53,418 to €80,376
- Financial charges +€19,845
up €19,845 (+121.1%), from €16,392 to €36,236
- Staff costs -€7,112
down €7,112 (-15.8%), from €44,940 to €37,828
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 | €4,274,169 | €4,752,501 | +€478,331 | +11.2% |
| Fixed assets | 21/28 | €2,517,095 | €2,949,228 | +€432,132 | +17.2% |
| Tangible fixed assets | 22/27 | €2,267,095 | €2,699,228 | +€432,132 | +19.1% |
| Land and buildings | 22 | €2,263,782 | €2,697,394 | +€433,613 | +19.2% |
| Furniture and vehicles | 24 | €3,313 | €1,833 | -€1,480 | -44.7% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €1,757,074 | €1,803,273 | +€46,199 | +2.6% |
| Stocks and contracts in progress | 3 | - | €6,776 | +€6,776 | |
| Contracts in progress | 37 | - | €6,776 | +€6,776 | |
| Amounts receivable within one year | 40/41 | €1,139,965 | €1,325,689 | +€185,724 | +16.3% |
| Trade receivables | 40 | €12,861 | €18,358 | +€5,498 | +42.7% |
| Other amounts receivable | 41 | €1,127,105 | €1,307,331 | +€180,226 | +16.0% |
| Current investments | 50/53 | €0 | €125,659 | +€125,659 | |
| Cash at bank and in hand | 54/58 | €611,952 | €339,452 | -€272,500 | -44.5% |
| Deferred charges and accrued income | 490/1 | €5,156 | €5,697 | +€541 | +10.5% |
| Total equity and liabilities | 10/49 | €4,274,169 | €4,752,501 | +€478,331 | +11.2% |
| Equity | 10/15 | €2,842,627 | €2,865,104 | +€22,477 | +0.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €2,030,143 | €1,970,747 | -€59,396 | -2.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,965,990 | €1,906,593 | -€59,396 | -3.0% |
| Distributable reserves | 133 | €64,154 | €64,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | €662,484 | €744,357 | +€81,873 | +12.4% |
| Provisions and deferred taxes | 16 | €655,196 | €635,397 | -€19,799 | -3.0% |
| Deferred taxes | 168 | €655,196 | €635,397 | -€19,799 | -3.0% |
| Amounts payable | 17/49 | €776,347 | €1,252,000 | +€475,653 | +61.3% |
| Amounts payable after more than one year | 17 | €730,243 | €1,174,520 | +€444,277 | +60.8% |
| Financial debts | 170/4 | €730,243 | €1,174,520 | +€444,277 | +60.8% |
| Amounts payable within one year | 42/48 | €46,104 | €77,479 | +€31,376 | +68.1% |
| Current portion of amounts payable after more than one year | 42 | €22,227 | €53,151 | +€30,924 | +139.1% |
| Trade debts | 44 | €4,625 | €2,949 | -€1,676 | -36.2% |
| Suppliers | 440/4 | €4,625 | €2,949 | -€1,676 | -36.2% |
| Advances received on contracts in progress | 46 | - | €2,444 | +€2,444 | |
| Taxes, remuneration and social security | 45 | €16,059 | €17,541 | +€1,482 | +9.2% |
| Taxes | 450/3 | €16,059 | €13,692 | -€2,367 | -14.7% |
| Remuneration and social security | 454/9 | €0 | €3,849 | +€3,849 | |
| Other amounts payable | 47/48 | €3,192 | €1,394 | -€1,798 | -56.3% |
| Non-recurring operating income | 76A | €0 | €733 | +€733 | |
| Remuneration, social security and pensions | 62 | €44,940 | €37,828 | -€7,112 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,418 | €80,376 | +€26,958 | +50.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €681 | €0 | -€681 | -100.0% |
| Other operating charges | 640/8 | €4,471 | €4,108 | -€364 | -8.1% |
| Non-recurring operating charges | 66A | €0 | €968 | +€968 | |
| Gross operating margin | 9900 | €23,706 | €65,591 | +€41,885 | +176.7% |
| Operating profit (loss) | 9901 | -€79,804 | -€57,688 | +€22,115 | +27.7% |
| Financial income | 75/76B | €153,080 | €96,603 | -€56,477 | -36.9% |
| Recurring financial income | 75 | €153,080 | €96,603 | -€56,477 | -36.9% |
| Financial charges | 65/66B | €16,392 | €36,236 | +€19,845 | +121.1% |
| Recurring financial charges | 65 | €16,392 | €36,236 | +€19,845 | +121.1% |
| Profit (loss) for the period before taxes | 9903 | €56,884 | €2,678 | -€54,206 | -95.3% |
| Transfer from deferred taxes | 780 | €12,107 | €19,799 | +€7,692 | +63.5% |
| Profit (loss) for the period | 9904 | €68,991 | €22,477 | -€46,514 | -67.4% |
| Transfer from tax-exempt reserves | 789 | €36,320 | €59,396 | +€23,077 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €105,311 | €81,873 | -€23,437 | -22.3% |
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 3 October 2026 via checked.be.