CELU: 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.
CELU
Largest movements
- Cash +€27,475
up €27,475 (+150%), from €18,261 to €45,736
mainly Net result for the year (+€84,511) and Other debts (+€75,360)
- Receivables within one year -€6,815
down €6,815 (-10.1%), from €67,743 to €60,928
of which Trade receivables: -€7,616
- Tangible fixed assets -€6,689
down €6,689 (-5.4%), from €122,774 to €116,086
of which Land and buildings: -€3,509
- Other debts +€75,360
up €75,360 (+204%), from €36,992 to €112,351
- Debts after one year -€49,967
down €49,967 (-28.2%), from €177,470 to €127,503
- Reserves -€29,229
down €29,229 (-10.4%), from €280,298 to €251,069
- Trade debts +€11,884
up €11,884 (+1,476%), from €805 to €12,690
- Staff costs +€4,414
up €4,414 (+8.7%), from €50,494 to €54,908
- Gross operating margin -€3,856
down €3,856 (-2.0%), from €188,369 to €184,514
- Taxes -€2,682
down €2,682 (-7.5%), from €35,602 to €32,920
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 | €619,220 | €633,487 | +€14,267 | +2.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €523,702 | €517,013 | -€6,689 | -1.3% |
| Tangible fixed assets | 22/27 | €122,774 | €116,086 | -€6,689 | -5.4% |
| Land and buildings | 22 | €105,757 | €102,249 | -€3,509 | -3.3% |
| Plant, machinery and equipment | 23 | €8,981 | €8,977 | -€3 | 0.0% |
| Furniture and vehicles | 24 | €8,036 | €4,860 | -€3,177 | -39.5% |
| Financial fixed assets | 28 | €400,928 | €400,928 | = | 0.0% |
| Current assets | 29/58 | €95,518 | €116,474 | +€20,956 | +21.9% |
| Amounts receivable within one year | 40/41 | €67,743 | €60,928 | -€6,815 | -10.1% |
| Trade receivables | 40 | €51,002 | €43,385 | -€7,616 | -14.9% |
| Other amounts receivable | 41 | €16,741 | €17,543 | +€802 | +4.8% |
| Cash at bank and in hand | 54/58 | €18,261 | €45,736 | +€27,475 | +150% |
| Deferred charges and accrued income | 490/1 | €9,514 | €9,810 | +€296 | +3.1% |
| Total equity and liabilities | 10/49 | €619,220 | €633,487 | +€14,267 | +2.3% |
| Equity | 10/15 | €305,349 | €276,120 | -€29,229 | -9.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €280,298 | €251,069 | -€29,229 | -10.4% |
| Distributable reserves | 133 | €280,298 | €251,069 | -€29,229 | -10.4% |
| Profit (loss) carried forward | 14 | €12,651 | €12,651 | = | 0.0% |
| Amounts payable | 17/49 | €313,871 | €357,367 | +€43,496 | +13.9% |
| Amounts payable after more than one year | 17 | €177,470 | €127,503 | -€49,967 | -28.2% |
| Financial debts | 170/4 | €177,470 | €127,503 | -€49,967 | -28.2% |
| Amounts payable within one year | 42/48 | €136,401 | €229,864 | +€93,463 | +68.5% |
| Current portion of amounts payable after more than one year | 42 | €49,074 | €49,967 | +€893 | +1.8% |
| Trade debts | 44 | €805 | €12,690 | +€11,884 | +1,476% |
| Suppliers | 440/4 | €805 | €12,690 | +€11,884 | +1,476% |
| Taxes, remuneration and social security | 45 | €49,530 | €54,857 | +€5,327 | +10.8% |
| Taxes | 450/3 | €40,783 | €48,198 | +€7,415 | +18.2% |
| Remuneration and social security | 454/9 | €8,748 | €6,659 | -€2,089 | -23.9% |
| Other amounts payable | 47/48 | €36,992 | €112,351 | +€75,360 | +204% |
| Non-recurring operating income | 76A | €16,564 | €0 | -€16,564 | -100% |
| Remuneration, social security and pensions | 62 | €50,494 | €54,908 | +€4,414 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,673 | €7,989 | +€316 | +4.1% |
| Other operating charges | 640/8 | €1,183 | €658 | -€525 | -44.4% |
| Gross operating margin | 9900 | €188,369 | €184,514 | -€3,856 | -2.0% |
| Operating profit (loss) | 9901 | €129,020 | €120,959 | -€8,060 | -6.2% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100% |
| Financial charges | 65/66B | €5,119 | €3,528 | -€1,591 | -31.1% |
| Recurring financial charges | 65 | €5,119 | €3,528 | -€1,591 | -31.1% |
| Profit (loss) for the period before taxes | 9903 | €123,908 | €117,431 | -€6,477 | -5.2% |
| Income taxes | 67/77 | €35,602 | €32,920 | -€2,682 | -7.5% |
| Profit (loss) for the period | 9904 | €88,306 | €84,511 | -€3,795 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €88,306 | €84,511 | -€3,795 | -4.3% |
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 25 October 2026 via checked.be.