CENAH: 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.
CENAH
Largest movements
- Tangible fixed assets +€21,109
up €21,109 (+256%), from €8,259 to €29,368
- Receivables within one year +€5,816
up €5,816 (+27.3%), from €21,273 to €27,089
of which Other amounts receivable: +€6,374
- Intangible fixed assets -€3,154
down €3,154 (-12.6%), from €25,085 to €21,931
- Cash -€2,906
down €2,906 (-11.5%), from €25,165 to €22,259
mainly Investment in fixed assets (net) (-€27,510) and Contributions, distributions and other (-€18,500)
- Trade debts +€25,370
up €25,370 (+62.5%), from €40,597 to €65,967
- Tax, wage and social debts -€8,329
down €8,329 (-29.8%), from €27,938 to €19,609
of which Remuneration and social security: -€7,814
- Reserves +€3,364
up €3,364 (+57.6%), from €5,840 to €9,204
of which Distributable reserves: +€3,364
- Staff costs -€14,590
down €14,590 (-9.1%), from €160,365 to €145,775
- Gross operating margin -€3,265
down €3,265 (-1.8%), from €186,044 to €182,779
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 | €81,934 | €102,743 | +€20,809 | +25.4% |
| Fixed assets | 21/28 | €33,620 | €51,574 | +€17,955 | +53.4% |
| Intangible fixed assets | 21 | €25,085 | €21,931 | -€3,154 | -12.6% |
| Tangible fixed assets | 22/27 | €8,259 | €29,368 | +€21,109 | +256% |
| Plant, machinery and equipment | 23 | €8,259 | €29,368 | +€21,109 | +256% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €48,314 | €51,169 | +€2,855 | +5.9% |
| Stocks and contracts in progress | 3 | €1,253 | €1,173 | -€80 | -6.4% |
| Stocks | 30/36 | €1,253 | €1,173 | -€80 | -6.4% |
| Amounts receivable within one year | 40/41 | €21,273 | €27,089 | +€5,816 | +27.3% |
| Trade receivables | 40 | €18,335 | €17,777 | -€558 | -3.0% |
| Other amounts receivable | 41 | €2,938 | €9,312 | +€6,374 | +217% |
| Cash at bank and in hand | 54/58 | €25,165 | €22,259 | -€2,906 | -11.5% |
| Deferred charges and accrued income | 490/1 | €623 | €648 | +€25 | +4.0% |
| Total equity and liabilities | 10/49 | €81,934 | €102,743 | +€20,809 | +25.4% |
| Equity | 10/15 | €12,040 | €15,404 | +€3,364 | +27.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €5,840 | €9,204 | +€3,364 | +57.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,980 | €7,344 | +€3,364 | +84.5% |
| Amounts payable | 17/49 | €69,894 | €87,339 | +€17,445 | +25.0% |
| Amounts payable within one year | 42/48 | €69,894 | €87,339 | +€17,445 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €1,358 | €1,763 | +€405 | +29.8% |
| Trade debts | 44 | €40,597 | €65,967 | +€25,370 | +62.5% |
| Suppliers | 440/4 | €40,597 | €65,967 | +€25,370 | +62.5% |
| Taxes, remuneration and social security | 45 | €27,938 | €19,609 | -€8,329 | -29.8% |
| Taxes | 450/3 | €4,553 | €4,038 | -€515 | -11.3% |
| Remuneration and social security | 454/9 | €23,385 | €15,571 | -€7,814 | -33.4% |
| Remuneration, social security and pensions | 62 | €160,365 | €145,775 | -€14,590 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,394 | €9,555 | -€838 | -8.1% |
| Other operating charges | 640/8 | €1,425 | €1,698 | +€273 | +19.2% |
| Gross operating margin | 9900 | €186,044 | €182,779 | -€3,265 | -1.8% |
| Operating profit (loss) | 9901 | €13,860 | €25,750 | +€11,890 | +85.8% |
| Financial income | 75/76B | €0 | €666 | +€665 | +289,283% |
| Recurring financial income | 75 | €0 | €666 | +€665 | +289,283% |
| Financial charges | 65/66B | €2,389 | €2,515 | +€126 | +5.3% |
| Recurring financial charges | 65 | €2,389 | €2,515 | +€126 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €11,471 | €23,901 | +€12,429 | +108% |
| Income taxes | 67/77 | €311 | €2,037 | +€1,725 | +554% |
| Profit (loss) for the period | 9904 | €11,160 | €21,864 | +€10,704 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,160 | €21,864 | +€10,704 | +95.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.