CEL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash +€33,195
up €33,195 (+58.5%), from €56,740 to €89,936
mainly Net result for the year (+€18,085) and Depreciation (+€16,349)
- Tangible fixed assets -€16,349
down €16,349 (-45.0%), from €36,293 to €19,944
of which Furniture and vehicles: -€16,074
- Receivables within one year -€13,081
down €13,081 (-93.9%), from €13,928 to €847
of which Trade receivables: -€11,798
- Reserves +€18,085
up €18,085 (+47.9%), from €37,735 to €55,819
- Debts after one year -€8,829
down €8,829 (-21.8%), from €40,563 to €31,735
- Trade debts -€6,421
down €6,421 (-75.9%), from €8,456 to €2,035
- Purchases and services +€8,978
up €8,978 (+15.0%), from €59,675 to €68,653
- Gross operating margin +€2,743
up €2,743 (+6.9%), from €39,644 to €42,387
- Taxes -€461
down €461 (-9.0%), from €5,106 to €4,645
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 | €107,557 | €110,727 | +€3,170 | +2.9% |
| Fixed assets | 21/28 | €36,293 | €19,944 | -€16,349 | -45.0% |
| Tangible fixed assets | 22/27 | €36,293 | €19,944 | -€16,349 | -45.0% |
| Plant, machinery and equipment | 23 | €472 | €197 | -€275 | -58.3% |
| Furniture and vehicles | 24 | €35,821 | €19,747 | -€16,074 | -44.9% |
| Current assets | 29/58 | €71,264 | €90,783 | +€19,519 | +27.4% |
| Amounts receivable within one year | 40/41 | €13,928 | €847 | -€13,081 | -93.9% |
| Trade receivables | 40 | €11,798 | - | -€11,798 | |
| Other amounts receivable | 41 | €2,131 | €847 | -€1,283 | -60.2% |
| Cash at bank and in hand | 54/58 | €56,740 | €89,936 | +€33,195 | +58.5% |
| Deferred charges and accrued income | 490/1 | €595 | - | -€595 | |
| Total equity and liabilities | 10/49 | €107,557 | €110,727 | +€3,170 | +2.9% |
| Equity | 10/15 | €45,235 | €63,319 | +€18,085 | +40.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Capital | 10 | €7,500 | €7,500 | = | 0.0% |
| Issued capital | 100 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €37,735 | €55,819 | +€18,085 | +47.9% |
| Distributable reserves | 133 | €37,735 | €55,819 | +€18,085 | +47.9% |
| Amounts payable | 17/49 | €62,322 | €47,407 | -€14,915 | -23.9% |
| Amounts payable after more than one year | 17 | €40,563 | €31,735 | -€8,829 | -21.8% |
| Financial debts | 170/4 | €40,563 | €31,735 | -€8,829 | -21.8% |
| Amounts payable within one year | 42/48 | €21,759 | €15,673 | -€6,086 | -28.0% |
| Current portion of amounts payable after more than one year | 42 | €8,528 | €8,829 | +€300 | +3.5% |
| Trade debts | 44 | €8,456 | €2,035 | -€6,421 | -75.9% |
| Suppliers | 440/4 | €8,456 | €2,035 | -€6,421 | -75.9% |
| Taxes, remuneration and social security | 45 | €4,774 | €4,809 | +€35 | +0.7% |
| Taxes | 450/3 | €4,774 | €4,809 | +€35 | +0.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €59,675 | €68,653 | +€8,978 | +15.0% |
| Remuneration, social security and pensions | 62 | €1,728 | €2,024 | +€296 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,260 | €16,349 | +€89 | +0.5% |
| Other operating charges | 640/8 | €98 | €101 | +€3 | +3.4% |
| Gross operating margin | 9900 | €39,644 | €42,387 | +€2,743 | +6.9% |
| Operating profit (loss) | 9901 | €21,558 | €23,912 | +€2,354 | +10.9% |
| Financial income | 75/76B | €170 | €468 | +€298 | +175.4% |
| Recurring financial income | 75 | €170 | €468 | +€298 | +175.4% |
| Financial charges | 65/66B | €1,940 | €1,650 | -€290 | -14.9% |
| Recurring financial charges | 65 | €1,940 | €1,650 | -€290 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €19,787 | €22,730 | +€2,943 | +14.9% |
| Income taxes | 67/77 | €5,106 | €4,645 | -€461 | -9.0% |
| Profit (loss) for the period | 9904 | €14,681 | €18,085 | +€3,403 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,681 | €18,085 | +€3,403 | +23.2% |
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 2 October 2026 via checked.be.