CELARSA: 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.
What changed
CELARSA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€89,286
2024 · -€111,148+€21,863
Equity
-€773,663
2024 · -€684,377-€89,286
Cash
€41,757
2024 · €41,624+€133
Balance sheet total
€3.6m
2024 · €3.7m-€92,848
Largest movements
Assets
- Tangible fixed assets -€93,613
down €93,613 (-2.6%), from €3.6m to €3.5m
of which Land and buildings: -€89,276
Equity and liabilities
- Profit (loss) carried forward -€66,935
down €66,935 (-5.0%), from -€1.3m to -€1.4m
Income statement
- Gross operating margin +€22,564
up €22,564, from -€18,046 to €4,518
- Depreciation +€752
up €752 (+0.8%), from €92,861 to €93,613
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.
Result 2024
-€111,148
Gross operating margin
+€22,564
Depreciation
-€752
Other operating charges
+€52
Financial charges
-€2
Result 2025
-€89,286
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.
From operations
-€18,872
Investment
€0
Financing
+€19,006
Cash 2024
€41,624
From operations (derived)
-€18,872
Net result for the year
-€89,286
Depreciation
+€93,613
Receivables within one year
-€628
Deferred charges and accrued income
-€3
Provisions
-€7,450
Trade debts
-€11,118
Other debts
-€4,000
Financing
+€19,006
Debts after one year
+€19,006
Cash 2025
€41,757
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,670,621 | €3,577,773 | -€92,848 | -2.5% |
| Fixed assets | 21/28 | €3,620,366 | €3,526,753 | -€93,613 | -2.6% |
| Tangible fixed assets | 22/27 | €3,620,366 | €3,526,753 | -€93,613 | -2.6% |
| Land and buildings | 22 | €3,602,818 | €3,513,542 | -€89,276 | -2.5% |
| Plant, machinery and equipment | 23 | €17,548 | €13,211 | -€4,337 | -24.7% |
| Current assets | 29/58 | €50,255 | €51,020 | +€765 | +1.5% |
| Amounts receivable within one year | 40/41 | €7,767 | €8,395 | +€628 | +8.1% |
| Other amounts receivable | 41 | €7,767 | €8,395 | +€628 | +8.1% |
| Cash at bank and in hand | 54/58 | €41,624 | €41,757 | +€133 | +0.3% |
| Deferred charges and accrued income | 490/1 | €865 | €868 | +€3 | +0.3% |
| Total equity and liabilities | 10/49 | €3,670,621 | €3,577,773 | -€92,848 | -2.5% |
| Equity | 10/15 | -€684,377 | -€773,663 | -€89,286 | -13.0% |
| Contributions | 10/11 | €301,879 | €301,879 | = | 0.0% |
| Capital | 10 | €299,951 | €299,951 | = | 0.0% |
| Issued capital | 100 | €299,951 | €299,951 | = | 0.0% |
| Outside capital | 11 | €1,928 | €1,928 | = | 0.0% |
| Share premium | 1100/10 | €1,928 | €1,928 | = | 0.0% |
| Reserves | 13 | €349,547 | €327,197 | -€22,351 | -6.4% |
| Non-distributable reserves | 130/1 | €29,995 | €29,995 | = | 0.0% |
| Legal reserve | 130 | €29,995 | €29,995 | = | 0.0% |
| Tax-exempt reserves | 132 | €319,552 | €297,202 | -€22,351 | -7.0% |
| Profit (loss) carried forward | 14 | -€1,335,804 | -€1,402,739 | -€66,935 | -5.0% |
| Provisions and deferred taxes | 16 | €106,517 | €99,067 | -€7,450 | -7.0% |
| Deferred taxes | 168 | €106,517 | €99,067 | -€7,450 | -7.0% |
| Amounts payable | 17/49 | €4,248,481 | €4,252,369 | +€3,888 | +0.1% |
| Amounts payable after more than one year | 17 | €4,232,967 | €4,251,973 | +€19,006 | +0.4% |
| Other amounts payable | 178/9 | €4,232,967 | €4,251,973 | +€19,006 | +0.4% |
| Amounts payable within one year | 42/48 | €15,514 | €396 | -€15,118 | -97.4% |
| Trade debts | 44 | €11,514 | €396 | -€11,118 | -96.6% |
| Suppliers | 440/4 | €11,514 | €396 | -€11,118 | -96.6% |
| Other amounts payable | 47/48 | €4,000 | €0 | -€4,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,861 | €93,613 | +€752 | +0.8% |
| Other operating charges | 640/8 | €7,639 | €7,587 | -€52 | -0.7% |
| Gross operating margin | 9900 | -€18,046 | €4,518 | +€22,564 | |
| Operating profit (loss) | 9901 | -€118,546 | -€96,682 | +€21,864 | +18.4% |
| Financial charges | 65/66B | €53 | €54 | +€2 | +2.9% |
| Recurring financial charges | 65 | €53 | €54 | +€2 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | -€118,598 | -€96,736 | +€21,863 | +18.4% |
| Transfer from deferred taxes | 780 | €7,450 | €7,450 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€111,148 | -€89,286 | +€21,863 | +19.7% |
| Transfer from tax-exempt reserves | 789 | €22,351 | €22,351 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,797 | -€66,935 | +€21,863 | +24.6% |
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 8 October 2026 via checked.be.