CELO PROJECTS: 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.
CELO PROJECTS
Largest movements
- Stocks and contracts -€1.4m
no longer reported in 2026 (was €1.4m)
- Tangible fixed assets +€222,323
up €222,323 (+489%), from €45,432 to €267,755
of which Land and buildings: +€234,145
- Cash -€166,984
down €166,984 (-91.8%), from €181,847 to €14,863
mainly Advances received (-€1.4m) and Investment in fixed assets (net) (-€293,045)
- Receivables within one year -€103,912
down €103,912 (-91.2%), from €113,914 to €10,002
of which Other amounts receivable: -€103,844
- Advances received -€1.4m
no longer reported in 2026 (was €1.4m)
- Other debts +€178,431
new in 2026: €178,431
- Profit (loss) carried forward -€94,554
down €94,554 (-79.3%), from €119,218 to €24,664
- Tax, wage and social debts -€68,644
down €68,644 (-96.6%), from €71,066 to €2,422
of which Taxes: -€71,066
- Debts after one year -€18,170
down €18,170 (-52.6%), from €34,521 to €16,351
- Gross operating margin +€204,414
up €204,414, from -€6,988 to €197,427
- Depreciation +€54,919
up €54,919 (+348%), from €15,802 to €70,722
- Financial charges -€10,144
down €10,144 (-81.2%), from €12,486 to €2,342
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,732,854 | €294,436 | -€1.4m | -83.0% |
| Fixed assets | 21/28 | €45,432 | €267,755 | +€222,323 | +489% |
| Tangible fixed assets | 22/27 | €45,432 | €267,755 | +€222,323 | +489% |
| Land and buildings | 22 | - | €234,145 | +€234,145 | |
| Plant, machinery and equipment | 23 | €521 | - | -€521 | |
| Furniture and vehicles | 24 | - | €3,675 | +€3,675 | |
| Leasing and similar rights | 25 | €44,911 | €29,935 | -€14,976 | -33.3% |
| Current assets | 29/58 | €1,687,423 | €26,681 | -€1.7m | -98.4% |
| Stocks and contracts in progress | 3 | €1,389,940 | - | -€1.4m | |
| Stocks | 30/36 | €1,389,940 | - | -€1.4m | |
| Amounts receivable within one year | 40/41 | €113,914 | €10,002 | -€103,912 | -91.2% |
| Trade receivables | 40 | €4,230 | €4,163 | -€68 | -1.6% |
| Other amounts receivable | 41 | €109,684 | €5,839 | -€103,844 | -94.7% |
| Cash at bank and in hand | 54/58 | €181,847 | €14,863 | -€166,984 | -91.8% |
| Deferred charges and accrued income | 490/1 | €1,722 | €1,817 | +€94 | +5.5% |
| Total equity and liabilities | 10/49 | €1,732,854 | €294,436 | -€1.4m | -83.0% |
| Equity | 10/15 | €169,218 | €74,664 | -€94,554 | -55.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,218 | €24,664 | -€94,554 | -79.3% |
| Amounts payable | 17/49 | €1,563,636 | €219,772 | -€1.3m | -85.9% |
| Amounts payable after more than one year | 17 | €34,521 | €16,351 | -€18,170 | -52.6% |
| Financial debts | 170/4 | €34,521 | €16,351 | -€18,170 | -52.6% |
| Amounts payable within one year | 42/48 | €1,529,115 | €203,422 | -€1.3m | -86.7% |
| Current portion of amounts payable after more than one year | 42 | €11,188 | €14,356 | +€3,168 | +28.3% |
| Trade debts | 44 | €7,809 | €8,213 | +€404 | +5.2% |
| Suppliers | 440/4 | €7,809 | €8,213 | +€404 | +5.2% |
| Advances received on contracts in progress | 46 | €1,439,052 | - | -€1.4m | |
| Taxes, remuneration and social security | 45 | €71,066 | €2,422 | -€68,644 | -96.6% |
| Taxes | 450/3 | €71,066 | - | -€71,066 | |
| Remuneration and social security | 454/9 | - | €2,422 | +€2,422 | |
| Other amounts payable | 47/48 | - | €178,431 | +€178,431 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,802 | €70,722 | +€54,919 | +348% |
| Other operating charges | 640/8 | €3,316 | €4,422 | +€1,106 | +33.4% |
| Gross operating margin | 9900 | -€6,988 | €197,427 | +€204,414 | |
| Operating profit (loss) | 9901 | -€26,106 | €122,283 | +€148,389 | |
| Financial charges | 65/66B | €12,486 | €2,342 | -€10,144 | -81.2% |
| Recurring financial charges | 65 | €12,486 | €2,342 | -€10,144 | -81.2% |
| Profit (loss) for the period before taxes | 9903 | -€38,592 | €119,941 | +€158,533 | |
| Income taxes | 67/77 | -€41 | €496 | +€537 | |
| Profit (loss) for the period | 9904 | -€38,551 | €119,446 | +€157,996 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,551 | €119,446 | +€157,996 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.