CELOE: 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.
CELOE
Largest movements
- Current investments +€44,792
up €44,792 (+895.8%), from €5,000 to €49,792
- Cash -€23,255
down €23,255 (-61.6%), from €37,758 to €14,503
mainly Current investments (-€44,792) and Receivables within one year (-€13,606)
- Receivables within one year +€13,606
up €13,606 (+89.7%), from €15,176 to €28,782
of which Trade receivables: +€14,732
- Profit (loss) carried forward +€33,384
up €33,384 (+97.2%), from €34,349 to €67,733
- Tax, wage and social debts +€1,600
up €1,600 (+32.6%), from €4,911 to €6,511
of which Taxes: +€1,600
- Gross operating margin +€12,741
up €12,741 (+28.6%), from €44,490 to €57,231
- Financial income -€2,384
no longer reported in 2025 (was €2,384)
- Taxes +€790
up €790 (+7.5%), from €10,515 to €11,305
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 | €60,013 | €95,488 | +€35,475 | +59.1% |
| Fixed assets | 21/28 | €944 | €1,248 | +€304 | +32.2% |
| Tangible fixed assets | 22/27 | €919 | €1,223 | +€304 | +33.1% |
| Furniture and vehicles | 24 | €919 | €1,223 | +€304 | +33.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €59,069 | €94,240 | +€35,171 | +59.5% |
| Amounts receivable within one year | 40/41 | €15,176 | €28,782 | +€13,606 | +89.7% |
| Trade receivables | 40 | €13,976 | €28,707 | +€14,732 | +105.4% |
| Other amounts receivable | 41 | €1,200 | €74 | -€1,126 | -93.8% |
| Current investments | 50/53 | €5,000 | €49,792 | +€44,792 | +895.8% |
| Cash at bank and in hand | 54/58 | €37,758 | €14,503 | -€23,255 | -61.6% |
| Deferred charges and accrued income | 490/1 | €1,135 | €1,163 | +€28 | +2.4% |
| Total equity and liabilities | 10/49 | €60,013 | €95,488 | +€35,475 | +59.1% |
| Equity | 10/15 | €54,809 | €88,193 | +€33,384 | +60.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,349 | €67,733 | +€33,384 | +97.2% |
| Amounts payable | 17/49 | €5,204 | €7,296 | +€2,091 | +40.2% |
| Amounts payable within one year | 42/48 | €5,204 | €7,146 | +€1,941 | +37.3% |
| Current portion of amounts payable after more than one year | 42 | - | €0 | = | |
| Trade debts | 44 | - | €381 | +€381 | |
| Suppliers | 440/4 | - | €381 | +€381 | |
| Taxes, remuneration and social security | 45 | €4,911 | €6,511 | +€1,600 | +32.6% |
| Taxes | 450/3 | €4,911 | €6,511 | +€1,600 | +32.6% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €293 | €253 | -€40 | -13.7% |
| Accrued charges and deferred income | 492/3 | - | €150 | +€150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €955 | €686 | -€269 | -28.1% |
| Other operating charges | 640/8 | €485 | €564 | +€79 | +16.3% |
| Gross operating margin | 9900 | €44,490 | €57,231 | +€12,741 | +28.6% |
| Operating profit (loss) | 9901 | €43,050 | €55,981 | +€12,931 | +30.0% |
| Financial income | 75/76B | €2,384 | - | -€2,384 | |
| Recurring financial income | 75 | €2,384 | - | -€2,384 | |
| Financial charges | 65/66B | €1,510 | €1,291 | -€219 | -14.5% |
| Recurring financial charges | 65 | €1,510 | €1,291 | -€219 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €43,924 | €54,689 | +€10,765 | +24.5% |
| Income taxes | 67/77 | €10,515 | €11,305 | +€790 | +7.5% |
| Profit (loss) for the period | 9904 | €33,409 | €43,384 | +€9,975 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,409 | €43,384 | +€9,975 | +29.9% |
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 12 October 2026 via checked.be.