CEMSI: 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.
CEMSI
Largest movements
- Receivables within one year -€84,469
no longer reported in 2025 (was €84,469)
- Cash +€78,754
up €78,754 (+976.2%), from €8,068 to €86,822
mainly Receivables within one year (+€84,469) and Depreciation (+€62,859)
- Tangible fixed assets -€62,859
down €62,859 (-2.6%), from €2.4m to €2.4m
- Debts after one year -€72,069
down €72,069 (-7.5%), from €961,821 to €889,752
- Gross operating margin -€12,068
down €12,068 (-11.8%), from €102,426 to €90,359
- Other operating charges -€6,235
down €6,235 (-85.0%), from €7,334 to €1,099
- Financial charges -€4,134
down €4,134 (-14.4%), from €28,788 to €24,654
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 | €2,531,161 | €2,462,484 | -€68,677 | -2.7% |
| Fixed assets | 21/28 | €2,437,141 | €2,374,283 | -€62,859 | -2.6% |
| Tangible fixed assets | 22/27 | €2,437,141 | €2,374,283 | -€62,859 | -2.6% |
| Land and buildings | 22 | €2,437,141 | €2,374,283 | -€62,859 | -2.6% |
| Current assets | 29/58 | €94,020 | €88,201 | -€5,819 | -6.2% |
| Amounts receivable within one year | 40/41 | €84,469 | - | -€84,469 | |
| Other amounts receivable | 41 | €84,469 | - | -€84,469 | |
| Cash at bank and in hand | 54/58 | €8,068 | €86,822 | +€78,754 | +976.2% |
| Deferred charges and accrued income | 490/1 | €1,483 | €1,379 | -€104 | -7.0% |
| Total equity and liabilities | 10/49 | €2,531,161 | €2,462,484 | -€68,677 | -2.7% |
| Equity | 10/15 | €1,499,123 | €1,500,870 | +€1,746 | +0.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,134,615 | €2,134,615 | = | 0.0% |
| Reserves | 13 | €164 | €164 | = | 0.0% |
| Non-distributable reserves | 130/1 | €164 | €164 | = | 0.0% |
| Legal reserve | 130 | €164 | €164 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€735,655 | -€733,909 | +€1,746 | +0.2% |
| Amounts payable | 17/49 | €1,032,038 | €961,614 | -€70,424 | -6.8% |
| Amounts payable after more than one year | 17 | €961,821 | €889,752 | -€72,069 | -7.5% |
| Financial debts | 170/4 | €961,821 | €889,752 | -€72,069 | -7.5% |
| Amounts payable within one year | 42/48 | €70,217 | €71,862 | +€1,646 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €70,113 | €71,862 | +€1,750 | +2.5% |
| Trade debts | 44 | €104 | - | -€104 | |
| Suppliers | 440/4 | €104 | - | -€104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,859 | €62,859 | = | 0.0% |
| Other operating charges | 640/8 | €7,334 | €1,099 | -€6,235 | -85.0% |
| Gross operating margin | 9900 | €102,426 | €90,359 | -€12,068 | -11.8% |
| Operating profit (loss) | 9901 | €32,234 | €26,401 | -€5,833 | -18.1% |
| Financial charges | 65/66B | €28,788 | €24,654 | -€4,134 | -14.4% |
| Recurring financial charges | 65 | €28,788 | €24,654 | -€4,134 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €3,446 | €1,746 | -€1,699 | -49.3% |
| Profit (loss) for the period | 9904 | €3,446 | €1,746 | -€1,699 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,446 | €1,746 | -€1,699 | -49.3% |
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 4 October 2026 via checked.be.