Cellas Group: what changed
Two financial 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.
Cellas Group
Largest movements
- Current investments +€830,000
up €830,000 (+22.8%), from €3.6m to €4.5m
- Financial fixed assets +€431,824
up €431,824 (+33.7%), from €1.3m to €1.7m
- Cash -€305,349
down €305,349 (-17.6%), from €1.7m to €1.4m
mainly Current investments (-€830,000) and Investment in fixed assets (net) (-€445,190)
- Reserves +€940,780
up €940,780 (+20.0%), from €4.7m to €5.6m
of which Distributable reserves: +€940,780
- Financial income +€1.0m
up €1.0m (+1,385%), from €75,427 to €1.1m
of which Financial income: +€852,980
- Gross operating margin +€15,866
up €15,866 (+11.2%), from -€142,225 to -€126,359
- Staff costs +€4,319
new in 2025: €4,319
- Taxes +€3,177
up €3,177, from -€2,267 to €910
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.
Derived cash bridge
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 | €6,884,172 | €7,820,209 | +€936,038 | +13.6% |
| Fixed assets | 21/28 | €1,385,088 | €1,789,432 | +€404,344 | +29.2% |
| Intangible fixed assets | 21 | €4,141 | €4,953 | +€813 | +19.6% |
| Tangible fixed assets | 22/27 | €100,541 | €72,249 | -€28,292 | -28.1% |
| Plant, machinery and equipment | 23 | €1,507 | €4,730 | +€3,223 | +214% |
| Furniture and vehicles | 24 | €88,266 | €54,706 | -€33,561 | -38.0% |
| Other tangible fixed assets | 26 | €10,767 | €12,813 | +€2,046 | +19.0% |
| Financial fixed assets | 28 | €1,280,406 | €1,712,230 | +€431,824 | +33.7% |
| Current assets | 29/58 | €5,499,084 | €6,030,777 | +€531,693 | +9.7% |
| Stocks and contracts in progress | 3 | €103,500 | €104,615 | +€1,115 | +1.1% |
| Stocks | 30/36 | €103,500 | €104,615 | +€1,115 | +1.1% |
| Amounts receivable within one year | 40/41 | €15,509 | €21,200 | +€5,691 | +36.7% |
| Trade receivables | 40 | €0 | €14,699 | +€14,699 | |
| Other amounts receivable | 41 | €15,509 | €6,502 | -€9,007 | -58.1% |
| Current investments | 50/53 | €3,645,752 | €4,475,752 | +€830,000 | +22.8% |
| Cash at bank and in hand | 54/58 | €1,734,323 | €1,428,974 | -€305,349 | -17.6% |
| Deferred charges and accrued income | 490/1 | €0 | €236 | +€236 | |
| Total equity and liabilities | 10/49 | €6,884,172 | €7,820,209 | +€936,038 | +13.6% |
| Equity | 10/15 | €5,871,715 | €6,812,496 | +€940,780 | +16.0% |
| Contributions | 10/11 | €1,166,667 | €1,166,667 | = | 0.0% |
| Capital | 10 | €1,166,667 | €1,166,667 | = | 0.0% |
| Issued capital | 100 | €1,166,667 | €1,166,667 | = | 0.0% |
| Reserves | 13 | €4,705,049 | €5,645,829 | +€940,780 | +20.0% |
| Non-distributable reserves | 130/1 | €116,667 | €116,667 | = | 0.0% |
| Legal reserve | 130 | €116,667 | €116,667 | = | 0.0% |
| Distributable reserves | 133 | €4,588,382 | €5,529,162 | +€940,780 | +20.5% |
| Amounts payable | 17/49 | €1,012,456 | €1,007,714 | -€4,743 | -0.5% |
| Amounts payable within one year | 42/48 | €1,012,456 | €1,007,714 | -€4,743 | -0.5% |
| Trade debts | 44 | €1,699 | €0 | -€1,699 | -100% |
| Suppliers | 440/4 | €1,699 | €0 | -€1,699 | -100% |
| Taxes, remuneration and social security | 45 | €0 | €1,371 | +€1,371 | |
| Taxes | 450/3 | €0 | €766 | +€766 | |
| Remuneration and social security | 454/9 | - | €605 | +€605 | |
| Other amounts payable | 47/48 | €1,010,757 | €1,006,343 | -€4,415 | -0.4% |
| Remuneration, social security and pensions | 62 | - | €4,319 | +€4,319 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,746 | €40,845 | +€1,099 | +2.8% |
| Other operating charges | 640/8 | €4,012 | €2,935 | -€1,077 | -26.8% |
| Non-recurring operating charges | 66A | €976 | €3,056 | +€2,080 | +213% |
| Gross operating margin | 9900 | -€142,225 | -€126,359 | +€15,866 | +11.2% |
| Operating profit (loss) | 9901 | -€186,959 | -€177,515 | +€9,444 | +5.1% |
| Financial income | 75/76B | €75,427 | €1,120,328 | +€1.0m | +1,385% |
| Recurring financial income | 75 | €75,427 | €928,406 | +€852,980 | +1,131% |
| Non-recurring financial income | 76B | - | €191,921 | +€191,921 | |
| Financial charges | 65/66B | €418 | €1,122 | +€704 | +168% |
| Recurring financial charges | 65 | €418 | €1,122 | +€704 | +168% |
| Profit (loss) for the period before taxes | 9903 | -€111,950 | €941,690 | +€1.1m | |
| Income taxes | 67/77 | -€2,267 | €910 | +€3,177 | |
| Profit (loss) for the period | 9904 | -€109,683 | €940,780 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€109,683 | €940,780 | +€1.1m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.