CEMCO: 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.
CEMCO
Largest movements
- Tangible fixed assets +€214,091
up €214,091 (+24.7%), from €865,018 to €1.1m
of which Furniture and vehicles: +€245,637
- Cash -€54,980
down €54,980 (-32.2%), from €170,630 to €115,650
mainly Investment in fixed assets (net) (-€344,520) and Short-term financial debts (-€99,405)
- Receivables within one year -€53,332
down €53,332 (-12.1%), from €439,334 to €386,002
of which Trade receivables: -€43,553
- Stocks and contracts +€41,658
up €41,658 (+33.6%), from €123,895 to €165,553
of which Contracts in progress: +€60,000
- Profit (loss) carried forward +€182,743
up €182,743 (+21.7%), from -€841,559 to -€658,815
- Short-term financial debts -€99,405
down €99,405 (-99.4%), from €100,000 to €595
- Current portion of long-term debt +€65,455
up €65,455 (+497%), from €13,182 to €78,636
- Advances received -€49,880
down €49,880 (-90.9%), from €54,880 to €5,000
- Staff costs +€125,476
up €125,476 (+16.9%), from €741,422 to €866,898
- Gross operating margin +€108,146
up €108,146 (+9.5%), from €1.1m to €1.2m
- Depreciation +€38,460
up €38,460 (+41.4%), from €92,887 to €131,348
- Write-downs +€15,669
up €15,669 (+101%), from €15,500 to €31,169
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 | €1,634,034 | €1,783,645 | +€149,611 | +9.2% |
| Fixed assets | 21/28 | €898,832 | €1,112,005 | +€213,173 | +23.7% |
| Intangible fixed assets | 21 | €4,844 | €2,956 | -€1,888 | -39.0% |
| Tangible fixed assets | 22/27 | €865,018 | €1,079,108 | +€214,091 | +24.7% |
| Plant, machinery and equipment | 23 | €730,824 | €715,323 | -€15,501 | -2.1% |
| Furniture and vehicles | 24 | €118,149 | €363,786 | +€245,637 | +208% |
| Leasing and similar rights | 25 | €16,044 | - | -€16,044 | |
| Financial fixed assets | 28 | €28,970 | €29,940 | +€970 | +3.3% |
| Current assets | 29/58 | €735,202 | €671,640 | -€63,562 | -8.6% |
| Stocks and contracts in progress | 3 | €123,895 | €165,553 | +€41,658 | +33.6% |
| Stocks | 30/36 | €123,895 | €105,553 | -€18,342 | -14.8% |
| Contracts in progress | 37 | €0 | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €439,334 | €386,002 | -€53,332 | -12.1% |
| Trade receivables | 40 | €409,642 | €366,089 | -€43,553 | -10.6% |
| Other amounts receivable | 41 | €29,692 | €19,913 | -€9,779 | -32.9% |
| Cash at bank and in hand | 54/58 | €170,630 | €115,650 | -€54,980 | -32.2% |
| Deferred charges and accrued income | 490/1 | €1,343 | €4,435 | +€3,092 | +230% |
| Total equity and liabilities | 10/49 | €1,634,034 | €1,783,645 | +€149,611 | +9.2% |
| Equity | 10/15 | €134,551 | €317,295 | +€182,743 | +136% |
| Contributions | 10/11 | €835,100 | €835,100 | = | 0.0% |
| Reserves | 13 | €141,010 | €141,010 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,010 | €41,010 | = | 0.0% |
| Reserves not available under the articles | 1311 | €41,010 | €41,010 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€841,559 | -€658,815 | +€182,743 | +21.7% |
| Amounts payable | 17/49 | €1,499,482 | €1,466,350 | -€33,133 | -2.2% |
| Amounts payable after more than one year | 17 | €1,176,790 | €1,185,316 | +€8,526 | +0.7% |
| Financial debts | 170/4 | €7,870 | €183,640 | +€175,770 | +2,233% |
| Trade debts | 175 | €127,701 | - | -€127,701 | |
| Other amounts payable | 178/9 | €1,041,220 | €1,001,676 | -€39,543 | -3.8% |
| Amounts payable within one year | 42/48 | €322,692 | €265,159 | -€57,533 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €13,182 | €78,636 | +€65,455 | +497% |
| Financial debts | 43 | €100,000 | €595 | -€99,405 | -99.4% |
| Credit institutions | 430/8 | €100,000 | €595 | -€99,405 | -99.4% |
| Trade debts | 44 | €131,504 | €146,896 | +€15,393 | +11.7% |
| Suppliers | 440/4 | €106,504 | €146,896 | +€40,393 | +37.9% |
| Bills of exchange payable | 441 | €25,000 | - | -€25,000 | |
| Advances received on contracts in progress | 46 | €54,880 | €5,000 | -€49,880 | -90.9% |
| Taxes, remuneration and social security | 45 | €14,753 | €13,476 | -€1,277 | -8.7% |
| Taxes | 450/3 | €2,129 | €1,411 | -€717 | -33.7% |
| Remuneration and social security | 454/9 | €12,624 | €12,064 | -€560 | -4.4% |
| Other amounts payable | 47/48 | €8,374 | €20,556 | +€12,182 | +145% |
| Accrued charges and deferred income | 492/3 | €0 | €15,875 | +€15,875 | |
| Non-recurring operating income | 76A | €37,649 | €2,363 | -€35,286 | -93.7% |
| Remuneration, social security and pensions | 62 | €741,422 | €866,898 | +€125,476 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,887 | €131,348 | +€38,460 | +41.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,500 | €31,169 | +€15,669 | +101% |
| Other operating charges | 640/8 | €13,650 | €17,118 | +€3,468 | +25.4% |
| Non-recurring operating charges | 66A | €4,632 | - | -€4,632 | |
| Gross operating margin | 9900 | €1,136,564 | €1,244,710 | +€108,146 | +9.5% |
| Operating profit (loss) | 9901 | €268,473 | €198,177 | -€70,295 | -26.2% |
| Financial income | 75/76B | €422 | €558 | +€135 | +32.1% |
| Recurring financial income | 75 | €422 | €558 | +€135 | +32.1% |
| Financial charges | 65/66B | €13,189 | €15,060 | +€1,871 | +14.2% |
| Recurring financial charges | 65 | €13,189 | €15,060 | +€1,871 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €255,706 | €183,675 | -€72,031 | -28.2% |
| Income taxes | 67/77 | €690 | €932 | +€242 | +35.0% |
| Profit (loss) for the period | 9904 | €255,016 | €182,743 | -€72,273 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €255,016 | €182,743 | -€72,273 | -28.3% |
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 14 October 2026 via checked.be.