CENAFISK: 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.
CENAFISK
Largest movements
- Cash +€163,443
up €163,443 (+48.8%), from €335,258 to €498,701
mainly Net result for the year (+€98,439) and Receivables within one year (+€41,827)
- Receivables within one year -€41,827
down €41,827 (-68.9%), from €60,710 to €18,883
of which Trade receivables: -€36,957
- Tangible fixed assets -€16,739
down €16,739 (-33.2%), from €50,408 to €33,669
of which Furniture and vehicles: -€16,003
- Reserves +€68,439
up €68,439 (+17.2%), from €397,428 to €465,866
of which Distributable reserves: +€68,439
- Other debts +€37,998
up €37,998 (+253%), from €15,000 to €52,998
- Trade debts -€9,872
down €9,872 (-65.3%), from €15,126 to €5,254
- Tax, wage and social debts +€7,710
up €7,710 (+55.5%), from €13,897 to €21,607
- Financial income -€3,669
down €3,669 (-50.7%), from €7,230 to €3,561
- Taxes +€1,962
up €1,962 (+6.1%), from €32,303 to €34,265
- Depreciation -€1,602
down €1,602 (-7.1%), from €22,440 to €20,838
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 | €446,978 | €551,254 | +€104,275 | +23.3% |
| Fixed assets | 21/28 | €50,408 | €33,669 | -€16,739 | -33.2% |
| Tangible fixed assets | 22/27 | €50,408 | €33,669 | -€16,739 | -33.2% |
| Plant, machinery and equipment | 23 | €1,224 | €3,390 | +€2,166 | +177% |
| Furniture and vehicles | 24 | €46,282 | €30,279 | -€16,003 | -34.6% |
| Other tangible fixed assets | 26 | €2,902 | - | -€2,902 | |
| Current assets | 29/58 | €396,570 | €517,584 | +€121,014 | +30.5% |
| Amounts receivable within one year | 40/41 | €60,710 | €18,883 | -€41,827 | -68.9% |
| Trade receivables | 40 | €55,310 | €18,354 | -€36,957 | -66.8% |
| Other amounts receivable | 41 | €5,400 | €529 | -€4,870 | -90.2% |
| Cash at bank and in hand | 54/58 | €335,258 | €498,701 | +€163,443 | +48.8% |
| Deferred charges and accrued income | 490/1 | €602 | - | -€602 | |
| Total equity and liabilities | 10/49 | €446,978 | €551,254 | +€104,275 | +23.3% |
| Equity | 10/15 | €397,428 | €465,866 | +€68,439 | +17.2% |
| Reserves | 13 | €397,428 | €465,866 | +€68,439 | +17.2% |
| Non-distributable reserves | 130/1 | €1,402 | €1,402 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,402 | €1,402 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,011 | €13,011 | = | 0.0% |
| Distributable reserves | 133 | €383,015 | €451,454 | +€68,439 | +17.9% |
| Provisions and deferred taxes | 16 | €5,527 | €5,527 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | - | €5,527 | +€5,527 | |
| Taxes | 161 | - | €5,527 | +€5,527 | |
| Deferred taxes | 168 | €5,527 | - | -€5,527 | |
| Amounts payable | 17/49 | €44,023 | €79,860 | +€35,837 | +81.4% |
| Amounts payable within one year | 42/48 | €44,023 | €79,860 | +€35,837 | +81.4% |
| Trade debts | 44 | €15,126 | €5,254 | -€9,872 | -65.3% |
| Suppliers | 440/4 | €15,126 | €5,254 | -€9,872 | -65.3% |
| Taxes, remuneration and social security | 45 | €13,897 | €21,607 | +€7,710 | +55.5% |
| Taxes | 450/3 | €13,897 | €21,607 | +€7,710 | +55.5% |
| Other amounts payable | 47/48 | €15,000 | €52,998 | +€37,998 | +253% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,440 | €20,838 | -€1,602 | -7.1% |
| Other operating charges | 640/8 | €8,652 | €7,492 | -€1,161 | -13.4% |
| Gross operating margin | 9900 | €158,211 | €158,487 | +€277 | +0.2% |
| Operating profit (loss) | 9901 | €127,118 | €130,158 | +€3,039 | +2.4% |
| Financial income | 75/76B | €7,230 | €3,561 | -€3,669 | -50.7% |
| Recurring financial income | 75 | €7,230 | €3,561 | -€3,669 | -50.7% |
| Financial charges | 65/66B | €1,779 | €1,015 | -€764 | -43.0% |
| Recurring financial charges | 65 | €1,779 | €1,015 | -€764 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | €132,569 | €132,704 | +€135 | +0.1% |
| Income taxes | 67/77 | €32,303 | €34,265 | +€1,962 | +6.1% |
| Profit (loss) for the period | 9904 | €100,266 | €98,439 | -€1,827 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €100,266 | €98,439 | -€1,827 | -1.8% |
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 20 October 2026 via checked.be.