CEM: what changed
Two fiscal 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.
CEM
Largest movements
- Tangible fixed assets -€34,193
down €34,193 (-7.9%), from €434,926 to €400,732
of which Land and buildings: -€32,803
- Debts after one year -€66,031
down €66,031 (-19.8%), from €334,234 to €268,203
- Profit (loss) carried forward +€21,025
up €21,025 (+68.1%), from -€30,889 to -€9,864
- Other debts +€9,000
up €9,000 (+15.2%), from €59,344 to €68,344
- Gross operating margin +€48,209
up €48,209, from -€9,096 to €39,113
- Depreciation +€8,127
up €8,127 (+93.0%), from €8,739 to €16,866
- Financial charges +€2,436
up €2,436 (+20.2%), from €12,071 to €14,507
- Other operating charges +€1,749
up €1,749 (+178.1%), from €982 to €2,731
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €438,428 | €404,955 | -€33,472 | -7.6% |
| Fixed assets | 21/28 | €434,926 | €400,732 | -€34,193 | -7.9% |
| Tangible fixed assets | 22/27 | €434,926 | €400,732 | -€34,193 | -7.9% |
| Land and buildings | 22 | €431,503 | €398,700 | -€32,803 | -7.6% |
| Plant, machinery and equipment | 23 | €3,423 | €2,032 | -€1,390 | -40.6% |
| Current assets | 29/58 | €3,502 | €4,223 | +€721 | +20.6% |
| Amounts receivable within one year | 40/41 | €503 | €683 | +€180 | +35.7% |
| Trade receivables | 40 | - | €683 | +€683 | |
| Other amounts receivable | 41 | €503 | €0 | -€503 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,999 | €3,540 | +€541 | +18.0% |
| Total equity and liabilities | 10/49 | €438,428 | €404,955 | -€33,472 | -7.6% |
| Equity | 10/15 | €9,111 | €30,136 | +€21,025 | +230.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,889 | -€9,864 | +€21,025 | +68.1% |
| Amounts payable | 17/49 | €429,316 | €374,819 | -€54,497 | -12.7% |
| Amounts payable after more than one year | 17 | €334,234 | €268,203 | -€66,031 | -19.8% |
| Financial debts | 170/4 | €334,234 | €268,203 | -€66,031 | -19.8% |
| Amounts payable within one year | 42/48 | €95,082 | €106,616 | +€11,534 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €30,813 | €33,757 | +€2,943 | +9.6% |
| Trade debts | 44 | €4,662 | €2,731 | -€1,931 | -41.4% |
| Suppliers | 440/4 | €4,662 | €2,731 | -€1,931 | -41.4% |
| Taxes, remuneration and social security | 45 | €263 | €1,784 | +€1,522 | +579.8% |
| Taxes | 450/3 | €263 | €1,784 | +€1,522 | +579.8% |
| Other amounts payable | 47/48 | €59,344 | €68,344 | +€9,000 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,739 | €16,866 | +€8,127 | +93.0% |
| Other operating charges | 640/8 | €982 | €2,731 | +€1,749 | +178.1% |
| Gross operating margin | 9900 | -€9,096 | €39,113 | +€48,209 | |
| Operating profit (loss) | 9901 | -€18,817 | €19,516 | +€38,333 | |
| Financial charges | 65/66B | €12,071 | €14,507 | +€2,436 | +20.2% |
| Recurring financial charges | 65 | €12,071 | €14,507 | +€2,436 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | -€30,889 | €5,009 | +€35,897 | |
| Profit (loss) for the period | 9904 | -€30,889 | €5,009 | +€35,897 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,889 | €5,009 | +€35,897 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.