CELLAS INVEST: what changed
What changed
CELLAS INVEST
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€950,720
2024 · -€317,678+€1.3m
Equity
€18.1m
2024 · €10.4m+€7.6m
Cash
€117,235
2024 · €1.2m-€1.1m
Balance sheet total
€24.9m
2024 · €11.3m+€13.5m
Largest movements
Assets
- Financial fixed assets +€11.1m
up €11.1m (+1,240%), from €895,348 to €12.0m
- Tangible fixed assets +€3.3m
up €3.3m (+98.2%), from €3.3m to €6.6m
of which Land and buildings: +€3.3m
- Cash -€1.1m
down €1.1m (-90.3%), from €1.2m to €117,235
mainly Investment in fixed assets (net) (-€14.6m) and Current investments (-€500,000)
- Current investments +€500,000
up €500,000 (+17.5%), from €2.9m to €3.4m
Equity and liabilities
- Contributions +€6.7m
up €6.7m (+650%), from €1.0m to €7.7m
- Other debts +€4.4m
up €4.4m (+15,753%), from €28,164 to €4.5m
- Debts after one year +€1.4m
up €1.4m (+180%), from €796,504 to €2.2m
of which Financial debts: +€1.4m
- Reserves +€950,720
up €950,720 (+10.1%), from €9.4m to €10.4m
of which Distributable reserves: +€953,143
Income statement
- Financial income +€1.1m
up €1.1m (+627%), from €171,063 to €1.2m
- Depreciation +€131,960
up €131,960 (+130%), from €101,626 to €233,586
- Financial charges +€18,731
up €18,731 (+107%), from €17,489 to €36,220
- Other operating charges +€13,344
up €13,344 (+186%), from €7,193 to €20,537
- Gross operating margin -€10,714
down €10,714, from €9,177 to -€1,536
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€317,678
Gross operating margin
-€10,714
Staff costs
-€2,173
Depreciation
-€131,960
Other operating charges
-€13,344
Other operating items
+€372,291
Financial income
+€1.1m
Financial charges
-€18,731
Taxes
-€37
Result 2025
€950,720
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€5.9m
Investment
-€15.1m
Financing
+€8.1m
Cash 2024
€1.2m
From operations (derived)
+€5.9m
Net result for the year
+€950,720
Depreciation
+€233,586
Receivables after one year
+€200,000
Receivables within one year
+€65,156
Smaller working-capital items
+€8,176
Other debts
+€4.4m
Investment (derived)
-€15.1m
Investment in fixed assets (net)
-€14.6m
Current investments
-€500,000
Financing
+€8.1m
Debts after one year
+€1.4m
Current portion of long-term debt
+€1,083
Contributions, distributions and other
+€6.7m
Cash 2025
€117,235
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,348,388 | €24,868,854 | +€13.5m | +119% |
| Fixed assets | 21/28 | €4,219,359 | €18,586,113 | +€14.4m | +340% |
| Tangible fixed assets | 22/27 | €3,324,012 | €6,587,210 | +€3.3m | +98.2% |
| Land and buildings | 22 | €3,312,062 | €6,581,787 | +€3.3m | +98.7% |
| Furniture and vehicles | 24 | €11,949 | €5,423 | -€6,526 | -54.6% |
| Financial fixed assets | 28 | €895,348 | €11,998,903 | +€11.1m | +1,240% |
| Current assets | 29/58 | €7,129,029 | €6,282,741 | -€846,288 | -11.9% |
| Amounts receivable after more than one year | 29 | €1,935,000 | €1,735,000 | -€200,000 | -10.3% |
| Other amounts receivable | 291 | €1,935,000 | €1,735,000 | -€200,000 | -10.3% |
| Amounts receivable within one year | 40/41 | €1,112,221 | €1,047,065 | -€65,156 | -5.9% |
| Trade receivables | 40 | €0 | €21,183 | +€21,183 | |
| Other amounts receivable | 41 | €1,112,221 | €1,025,882 | -€86,339 | -7.8% |
| Current investments | 50/53 | €2,850,000 | €3,350,000 | +€500,000 | +17.5% |
| Cash at bank and in hand | 54/58 | €1,203,721 | €117,235 | -€1.1m | -90.3% |
| Deferred charges and accrued income | 490/1 | €28,087 | €33,440 | +€5,354 | +19.1% |
| Total equity and liabilities | 10/49 | €11,348,388 | €24,868,854 | +€13.5m | +119% |
| Equity | 10/15 | €10,443,217 | €18,077,256 | +€7.6m | +73.1% |
| Contributions | 10/11 | €1,027,568 | €7,710,887 | +€6.7m | +650% |
| Reserves | 13 | €9,415,649 | €10,366,369 | +€950,720 | +10.1% |
| Tax-exempt reserves | 132 | €38,456 | €36,033 | -€2,422 | -6.3% |
| Distributable reserves | 133 | €9,377,193 | €10,330,336 | +€953,143 | +10.2% |
| Provisions and deferred taxes | 16 | €12,818 | €12,011 | -€808 | -6.3% |
| Deferred taxes | 168 | €12,818 | €12,011 | -€808 | -6.3% |
| Amounts payable | 17/49 | €892,353 | €6,779,588 | +€5.9m | +660% |
| Amounts payable after more than one year | 17 | €796,504 | €2,231,517 | +€1.4m | +180% |
| Financial debts | 170/4 | €779,129 | €2,216,402 | +€1.4m | +184% |
| Other amounts payable | 178/9 | €17,375 | €15,115 | -€2,260 | -13.0% |
| Amounts payable within one year | 42/48 | €91,463 | €4,541,775 | +€4.5m | +4,866% |
| Current portion of amounts payable after more than one year | 42 | €61,644 | €62,727 | +€1,083 | +1.8% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,656 | €14,082 | +€12,427 | +751% |
| Taxes | 450/3 | €1,656 | €14,082 | +€12,427 | +751% |
| Other amounts payable | 47/48 | €28,164 | €4,464,966 | +€4.4m | +15,753% |
| Accrued charges and deferred income | 492/3 | €4,386 | €6,296 | +€1,910 | +43.6% |
| Remuneration, social security and pensions | 62 | - | €2,173 | +€2,173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,626 | €233,586 | +€131,960 | +130% |
| Other operating charges | 640/8 | €7,193 | €20,537 | +€13,344 | +186% |
| Non-recurring operating charges | 66A | €372,291 | €0 | -€372,291 | -100% |
| Gross operating margin | 9900 | €9,177 | -€1,536 | -€10,714 | |
| Operating profit (loss) | 9901 | -€471,931 | -€257,832 | +€214,099 | +45.4% |
| Financial income | 75/76B | €171,063 | €1,244,130 | +€1.1m | +627% |
| Recurring financial income | 75 | €171,063 | €1,244,130 | +€1.1m | +627% |
| Financial charges | 65/66B | €17,489 | €36,220 | +€18,731 | +107% |
| Recurring financial charges | 65 | €17,489 | €36,220 | +€18,731 | +107% |
| Profit (loss) for the period before taxes | 9903 | -€318,357 | €950,078 | +€1.3m | |
| Transfer from deferred taxes | 780 | €808 | €808 | = | 0.0% |
| Income taxes | 67/77 | €128 | €165 | +€37 | +28.9% |
| Profit (loss) for the period | 9904 | -€317,678 | €950,720 | +€1.3m | |
| Transfer from tax-exempt reserves | 789 | €2,422 | €2,422 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€315,255 | €953,143 | +€1.3m |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.