CELOQ: 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.
CELOQ
Largest movements
- Current investments -€1.2m
down €1.2m (-83.8%), from €1.4m to €233,360
- Cash +€1.0m
up €1.0m (+724%), from €139,001 to €1.1m
mainly Current investments (+€1.2m) and Depreciation (+€50,853)
- Receivables within one year +€47,381
up €47,381 (+385%), from €12,306 to €59,687
of which Trade receivables: +€44,201
- Tangible fixed assets -€42,733
down €42,733 (-11.2%), from €382,757 to €340,024
of which Land and buildings: -€41,606
- Reserves -€111,488
down €111,488 (-7.8%), from €1.4m to €1.3m
of which Distributable reserves: -€90,900
- Other debts -€97,281
down €97,281 (-99.3%), from €97,979 to €697
- Financial charges +€31,325
up €31,325, from -€17,073 to €14,253
- Gross operating margin +€29,494
up €29,494 (+27.2%), from €108,512 to €138,005
- Financial income -€24,454
down €24,454 (-53.2%), from €45,956 to €21,502
- Depreciation +€3,352
up €3,352 (+7.1%), from €47,501 to €50,853
- Other operating charges +€1,780
up €1,780 (+8.6%), from €20,749 to €22,529
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 | €2,031,261 | €1,821,040 | -€210,222 | -10.3% |
| Fixed assets | 21/28 | €409,442 | €366,709 | -€42,733 | -10.4% |
| Tangible fixed assets | 22/27 | €382,757 | €340,024 | -€42,733 | -11.2% |
| Land and buildings | 22 | €380,548 | €338,941 | -€41,606 | -10.9% |
| Plant, machinery and equipment | 23 | €2,210 | €1,083 | -€1,127 | -51.0% |
| Financial fixed assets | 28 | €26,685 | €26,685 | = | 0.0% |
| Current assets | 29/58 | €1,621,819 | €1,454,331 | -€167,488 | -10.3% |
| Amounts receivable within one year | 40/41 | €12,306 | €59,687 | +€47,381 | +385% |
| Trade receivables | 40 | €5,287 | €49,488 | +€44,201 | +836% |
| Other amounts receivable | 41 | €7,019 | €10,200 | +€3,180 | +45.3% |
| Current investments | 50/53 | €1,439,250 | €233,360 | -€1.2m | -83.8% |
| Cash at bank and in hand | 54/58 | €139,001 | €1,145,261 | +€1.0m | +724% |
| Deferred charges and accrued income | 490/1 | €31,262 | €16,022 | -€15,240 | -48.7% |
| Total equity and liabilities | 10/49 | €2,031,261 | €1,821,040 | -€210,222 | -10.3% |
| Equity | 10/15 | €1,570,395 | €1,459,946 | -€110,450 | -7.0% |
| Contributions | 10/11 | €45,440 | €45,440 | = | 0.0% |
| Reserves | 13 | €1,433,720 | €1,322,232 | -€111,488 | -7.8% |
| Tax-exempt reserves | 132 | €935,017 | €914,429 | -€20,588 | -2.2% |
| Distributable reserves | 133 | €498,703 | €407,803 | -€90,900 | -18.2% |
| Profit (loss) carried forward | 14 | €91,235 | €92,273 | +€1,038 | +1.1% |
| Provisions and deferred taxes | 16 | €311,672 | €304,810 | -€6,863 | -2.2% |
| Deferred taxes | 168 | €311,672 | €304,810 | -€6,863 | -2.2% |
| Amounts payable | 17/49 | €149,194 | €56,285 | -€92,909 | -62.3% |
| Amounts payable after more than one year | 17 | €23,310 | €23,310 | = | 0.0% |
| Other amounts payable | 178/9 | €23,310 | €23,310 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,696 | €22,818 | -€90,879 | -79.9% |
| Current portion of amounts payable after more than one year | 42 | - | €16,419 | +€16,419 | |
| Trade debts | 44 | €6,938 | €4,032 | -€2,906 | -41.9% |
| Suppliers | 440/4 | €6,938 | €4,032 | -€2,906 | -41.9% |
| Taxes, remuneration and social security | 45 | €8,779 | €1,669 | -€7,110 | -81.0% |
| Taxes | 450/3 | €8,779 | €1,669 | -€7,110 | -81.0% |
| Other amounts payable | 47/48 | €97,979 | €697 | -€97,281 | -99.3% |
| Accrued charges and deferred income | 492/3 | €12,188 | €10,157 | -€2,031 | -16.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,501 | €50,853 | +€3,352 | +7.1% |
| Other operating charges | 640/8 | €20,749 | €22,529 | +€1,780 | +8.6% |
| Non-recurring operating charges | 66A | €7,023 | €0 | -€7,023 | -100% |
| Gross operating margin | 9900 | €108,512 | €138,005 | +€29,494 | +27.2% |
| Operating profit (loss) | 9901 | €33,239 | €64,623 | +€31,384 | +94.4% |
| Financial income | 75/76B | €45,956 | €21,502 | -€24,454 | -53.2% |
| Recurring financial income | 75 | €45,956 | €21,502 | -€24,454 | -53.2% |
| Financial charges | 65/66B | -€17,073 | €14,253 | +€31,325 | |
| Recurring financial charges | 65 | -€17,073 | €14,253 | +€31,325 | |
| Profit (loss) for the period before taxes | 9903 | €96,267 | €71,871 | -€24,396 | -25.3% |
| Transfer from deferred taxes | 780 | €6,863 | €6,863 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €35,572 | €34,684 | -€889 | -2.5% |
| Profit (loss) for the period | 9904 | €67,558 | €44,050 | -€23,507 | -34.8% |
| Transfer from tax-exempt reserves | 789 | €20,588 | €20,588 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €88,145 | €64,638 | -€23,507 | -26.7% |
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 15 October 2026 via checked.be.