CEMACO: 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.
CEMACO
Largest movements
- Receivables within one year +€3,698
up €3,698 (+3.5%), from €104,225 to €107,923
of which Other amounts receivable: +€4,520
- Reserves +€1,999
up €1,999 (+8.3%), from €24,179 to €26,178
- Turnover -€13,530
no longer reported in 2025 (was €13,530)
- Purchases and services -€9,413
no longer reported in 2025 (was €9,413)
- Gross operating margin +€502
up €502 (+12.2%), from €4,116 to €4,618
- Other operating charges -€190
down €190 (-21.8%), from €870 to €680
- Taxes +€188
up €188 (+34.8%), from €540 to €728
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 | €106,105 | €108,443 | +€2,338 | +2.2% |
| Formation expenses | 20 | €747 | €355 | -€392 | -52.5% |
| Fixed assets | 21/28 | €376 | €123 | -€253 | -67.3% |
| Tangible fixed assets | 22/27 | €376 | €123 | -€253 | -67.3% |
| Furniture and vehicles | 24 | €376 | €123 | -€253 | -67.3% |
| Current assets | 29/58 | €104,982 | €107,965 | +€2,983 | +2.8% |
| Amounts receivable within one year | 40/41 | €104,225 | €107,923 | +€3,698 | +3.5% |
| Trade receivables | 40 | €11,044 | €10,222 | -€822 | -7.4% |
| Other amounts receivable | 41 | €93,181 | €97,701 | +€4,520 | +4.9% |
| Cash at bank and in hand | 54/58 | €757 | €42 | -€715 | -94.5% |
| Total equity and liabilities | 10/49 | €106,105 | €108,443 | +€2,338 | +2.2% |
| Equity | 10/15 | €102,879 | €104,878 | +€1,999 | +1.9% |
| Contributions | 10/11 | €78,700 | €78,700 | = | 0.0% |
| Reserves | 13 | €24,179 | €26,178 | +€1,999 | +8.3% |
| Distributable reserves | 133 | €24,179 | €26,178 | +€1,999 | +8.3% |
| Amounts payable | 17/49 | €3,226 | €3,565 | +€339 | +10.5% |
| Amounts payable within one year | 42/48 | €3,226 | €3,565 | +€339 | +10.5% |
| Trade debts | 44 | €379 | €558 | +€179 | +47.2% |
| Suppliers | 440/4 | €379 | €558 | +€179 | +47.2% |
| Taxes, remuneration and social security | 45 | €1,882 | €2,324 | +€442 | +23.5% |
| Taxes | 450/3 | €1,882 | €2,324 | +€442 | +23.5% |
| Other amounts payable | 47/48 | €965 | €683 | -€282 | -29.2% |
| Turnover | 70 | €13,530 | - | -€13,530 | |
| Goods, raw materials, services and sundry goods | 60/61 | €9,413 | - | -€9,413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €685 | €645 | -€40 | -5.8% |
| Other operating charges | 640/8 | €870 | €680 | -€190 | -21.8% |
| Gross operating margin | 9900 | €4,116 | €4,618 | +€502 | +12.2% |
| Operating profit (loss) | 9901 | €2,561 | €3,293 | +€732 | +28.6% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €579 | €566 | -€13 | -2.2% |
| Recurring financial charges | 65 | €579 | €566 | -€13 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €1,983 | €2,727 | +€744 | +37.5% |
| Income taxes | 67/77 | €540 | €728 | +€188 | +34.8% |
| Profit (loss) for the period | 9904 | €1,443 | €1,999 | +€556 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,443 | €1,999 | +€556 | +38.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.