CELL: 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.
CELL
Largest movements
- Receivables within one year -€317,251
down €317,251 (-64.8%), from €489,782 to €172,532
of which Trade receivables: -€330,616
- Tangible fixed assets +€163,582
up €163,582 (+374.1%), from €43,730 to €207,313
of which Plant, machinery and equipment: +€140,339
- Stocks and contracts +€162,893
up €162,893 (+137.5%), from €118,507 to €281,400
of which Contracts in progress: +€103,354
- Cash -€133,232
down €133,232 (-70.8%), from €188,265 to €55,033
mainly Advances received (-€348,798) and Investment in fixed assets (net) (-€191,392)
- Advances received -€348,798
down €348,798 (-84.1%), from €414,758 to €65,960
- Reserves +€144,638
up €144,638 (+71.3%), from €202,870 to €347,509
- Trade debts +€40,546
up €40,546 (+25.2%), from €161,117 to €201,662
- Debts after one year +€18,366
up €18,366 (+117.2%), from €15,666 to €34,033
- Tax, wage and social debts +€17,736
up €17,736 (+50.1%), from €35,423 to €53,159
- Gross operating margin +€126,487
up €126,487 (+127.4%), from €99,292 to €225,778
- Taxes +€23,598
up €23,598 (+112.4%), from €20,993 to €44,591
- Depreciation +€15,168
up €15,168 (+120.0%), from €12,642 to €27,810
- Staff costs +€4,840
new in 2025: €4,840
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 | €851,544 | €730,603 | -€120,941 | -14.2% |
| Fixed assets | 21/28 | €48,980 | €212,563 | +€163,582 | +334.0% |
| Tangible fixed assets | 22/27 | €43,730 | €207,313 | +€163,582 | +374.1% |
| Plant, machinery and equipment | 23 | €10,949 | €151,288 | +€140,339 | +1281.7% |
| Furniture and vehicles | 24 | €11,223 | €9,896 | -€1,327 | -11.8% |
| Leasing and similar rights | 25 | €21,558 | €46,129 | +€24,571 | +114.0% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €802,564 | €518,040 | -€284,523 | -35.5% |
| Stocks and contracts in progress | 3 | €118,507 | €281,400 | +€162,893 | +137.5% |
| Stocks | 30/36 | €57,473 | €117,012 | +€59,539 | +103.6% |
| Contracts in progress | 37 | €61,034 | €164,388 | +€103,354 | +169.3% |
| Amounts receivable within one year | 40/41 | €489,782 | €172,532 | -€317,251 | -64.8% |
| Trade receivables | 40 | €468,152 | €137,536 | -€330,616 | -70.6% |
| Other amounts receivable | 41 | €21,630 | €34,995 | +€13,365 | +61.8% |
| Cash at bank and in hand | 54/58 | €188,265 | €55,033 | -€133,232 | -70.8% |
| Deferred charges and accrued income | 490/1 | €6,009 | €9,076 | +€3,067 | +51.0% |
| Total equity and liabilities | 10/49 | €851,544 | €730,603 | -€120,941 | -14.2% |
| Equity | 10/15 | €217,870 | €362,509 | +€144,638 | +66.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €202,870 | €347,509 | +€144,638 | +71.3% |
| Distributable reserves | 133 | €202,870 | €347,509 | +€144,638 | +71.3% |
| Amounts payable | 17/49 | €633,674 | €368,094 | -€265,579 | -41.9% |
| Amounts payable after more than one year | 17 | €15,666 | €34,033 | +€18,366 | +117.2% |
| Financial debts | 170/4 | €15,666 | €34,033 | +€18,366 | +117.2% |
| Amounts payable within one year | 42/48 | €618,007 | €333,789 | -€284,219 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €6,710 | €13,007 | +€6,297 | +93.8% |
| Trade debts | 44 | €161,117 | €201,662 | +€40,546 | +25.2% |
| Suppliers | 440/4 | €161,117 | €201,662 | +€40,546 | +25.2% |
| Advances received on contracts in progress | 46 | €414,758 | €65,960 | -€348,798 | -84.1% |
| Taxes, remuneration and social security | 45 | €35,423 | €53,159 | +€17,736 | +50.1% |
| Taxes | 450/3 | €35,423 | €53,159 | +€17,736 | +50.1% |
| Accrued charges and deferred income | 492/3 | - | €273 | +€273 | |
| Remuneration, social security and pensions | 62 | - | €4,840 | +€4,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,642 | €27,810 | +€15,168 | +120.0% |
| Other operating charges | 640/8 | €2,181 | €2,385 | +€204 | +9.4% |
| Gross operating margin | 9900 | €99,292 | €225,778 | +€126,487 | +127.4% |
| Operating profit (loss) | 9901 | €84,468 | €190,743 | +€106,275 | +125.8% |
| Financial income | 75/76B | €9 | €24 | +€15 | +163.6% |
| Recurring financial income | 75 | €9 | €24 | +€15 | +163.6% |
| Financial charges | 65/66B | €1,457 | €1,538 | +€81 | +5.6% |
| Recurring financial charges | 65 | €1,457 | €1,538 | +€81 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €83,021 | €189,229 | +€106,209 | +127.9% |
| Income taxes | 67/77 | €20,993 | €44,591 | +€23,598 | +112.4% |
| Profit (loss) for the period | 9904 | €62,028 | €144,638 | +€82,611 | +133.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,028 | €144,638 | +€82,611 | +133.2% |
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 6 October 2026 via checked.be.