CELIPAL: 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.
CELIPAL
Largest movements
- Receivables after one year +€215,000
new in 2025: €215,000
- Current investments -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Cash -€40,138
down €40,138 (-57.3%), from €70,058 to €29,920
mainly Receivables after one year (-€215,000) and Contributions, distributions and other (-€62,727)
- Tangible fixed assets -€8,748
down €8,748 (-35.2%), from €24,854 to €16,106
- Debts after one year +€52,500
new in 2025: €52,500
- Other debts +€49,568
up €49,568 (+189.1%), from €26,211 to €75,779
- Reserves +€14,329
up €14,329 (+6.9%), from €208,842 to €223,170
- Gross operating margin -€8,463
down €8,463 (-7.1%), from €119,104 to €110,641
- Depreciation +€7,358
up €7,358 (+529.3%), from €1,390 to €8,748
- Taxes -€6,885
down €6,885 (-21.1%), from €32,656 to €25,771
- Financial income +€2,596
up €2,596 (+168.1%), from €1,544 to €4,140
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 | €305,902 | €426,321 | +€120,419 | +39.4% |
| Fixed assets | 21/28 | €126,104 | €117,356 | -€8,748 | -6.9% |
| Tangible fixed assets | 22/27 | €24,854 | €16,106 | -€8,748 | -35.2% |
| Furniture and vehicles | 24 | €24,854 | €16,106 | -€8,748 | -35.2% |
| Financial fixed assets | 28 | €101,250 | €101,250 | = | 0.0% |
| Current assets | 29/58 | €179,799 | €308,965 | +€129,167 | +71.8% |
| Amounts receivable after more than one year | 29 | - | €215,000 | +€215,000 | |
| Trade receivables | 290 | - | €215,000 | +€215,000 | |
| Amounts receivable within one year | 40/41 | €7,807 | €10,080 | +€2,273 | +29.1% |
| Other amounts receivable | 41 | €7,807 | €10,080 | +€2,273 | +29.1% |
| Current investments | 50/53 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €70,058 | €29,920 | -€40,138 | -57.3% |
| Deferred charges and accrued income | 490/1 | €1,933 | €3,965 | +€2,032 | +105.1% |
| Total equity and liabilities | 10/49 | €305,902 | €426,321 | +€120,419 | +39.4% |
| Equity | 10/15 | €268,842 | €283,170 | +€14,329 | +5.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €208,842 | €223,170 | +€14,329 | +6.9% |
| Distributable reserves | 133 | €208,842 | €223,170 | +€14,329 | +6.9% |
| Amounts payable | 17/49 | €37,061 | €143,151 | +€106,090 | +286.3% |
| Amounts payable after more than one year | 17 | - | €52,500 | +€52,500 | |
| Financial debts | 170/4 | - | €52,500 | +€52,500 | |
| Amounts payable within one year | 42/48 | €35,657 | €87,985 | +€52,327 | +146.8% |
| Taxes, remuneration and social security | 45 | €9,446 | €12,206 | +€2,760 | +29.2% |
| Taxes | 450/3 | €9,446 | €12,206 | +€2,760 | +29.2% |
| Other amounts payable | 47/48 | €26,211 | €75,779 | +€49,568 | +189.1% |
| Accrued charges and deferred income | 492/3 | €1,404 | €2,666 | +€1,263 | +90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,390 | €8,748 | +€7,358 | +529.3% |
| Other operating charges | 640/8 | €558 | €515 | -€43 | -7.8% |
| Gross operating margin | 9900 | €119,104 | €110,641 | -€8,463 | -7.1% |
| Operating profit (loss) | 9901 | €117,156 | €101,378 | -€15,778 | -13.5% |
| Financial income | 75/76B | €1,544 | €4,140 | +€2,596 | +168.1% |
| Recurring financial income | 75 | €1,544 | €4,140 | +€2,596 | +168.1% |
| Financial charges | 65/66B | €2,005 | €2,691 | +€686 | +34.2% |
| Recurring financial charges | 65 | €2,005 | €2,691 | +€686 | +34.2% |
| Profit (loss) for the period before taxes | 9903 | €116,695 | €102,827 | -€13,868 | -11.9% |
| Income taxes | 67/77 | €32,656 | €25,771 | -€6,885 | -21.1% |
| Profit (loss) for the period | 9904 | €84,039 | €77,056 | -€6,983 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €84,039 | €77,056 | -€6,983 | -8.3% |
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 29 September 2026 via checked.be.