CENALCO: 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.
CENALCO
Largest movements
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Cash +€114,382
up €114,382 (+231%), from €49,510 to €163,892
mainly Current investments (+€150,000) and Other debts (+€111,852)
- Tangible fixed assets -€28,241
down €28,241 (-38.0%), from €74,296 to €46,055
- Receivables within one year +€23,351
up €23,351 (+691%), from €3,379 to €26,730
of which Trade receivables: +€22,209
- Other debts +€111,852
up €111,852 (+310%), from €36,130 to €147,983
- Reserves -€107,013
down €107,013 (-58.6%), from €182,705 to €75,692
- Current portion of long-term debt -€25,511
down €25,511 (-76.9%), from €33,183 to €7,672
- Trade debts -€11,437
down €11,437 (-93.9%), from €12,183 to €746
- Debts after one year -€7,672
down €7,672 (-100%), from €7,672 to €0
- Gross operating margin +€16,597
up €16,597 (+32.1%), from €51,718 to €68,315
- Taxes +€4,606
up €4,606 (+45.5%), from €10,134 to €14,740
- Financial income +€1,494
up €1,494 (+44.2%), from €3,382 to €4,877
- Depreciation -€817
down €817 (-2.8%), from €29,059 to €28,241
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 | €279,373 | €239,285 | -€40,088 | -14.3% |
| Fixed assets | 21/28 | €74,296 | €46,055 | -€28,241 | -38.0% |
| Tangible fixed assets | 22/27 | €74,296 | €46,055 | -€28,241 | -38.0% |
| Furniture and vehicles | 24 | €74,296 | €46,055 | -€28,241 | -38.0% |
| Current assets | 29/58 | €205,077 | €193,230 | -€11,847 | -5.8% |
| Amounts receivable within one year | 40/41 | €3,379 | €26,730 | +€23,351 | +691% |
| Trade receivables | 40 | €0 | €22,209 | +€22,209 | |
| Other amounts receivable | 41 | €3,379 | €4,521 | +€1,143 | +33.8% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €49,510 | €163,892 | +€114,382 | +231% |
| Deferred charges and accrued income | 490/1 | €2,188 | €2,608 | +€420 | +19.2% |
| Total equity and liabilities | 10/49 | €279,373 | €239,285 | -€40,088 | -14.3% |
| Equity | 10/15 | €188,905 | €81,892 | -€107,013 | -56.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €182,705 | €75,692 | -€107,013 | -58.6% |
| Distributable reserves | 133 | €182,705 | €75,692 | -€107,013 | -58.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,467 | €157,393 | +€66,925 | +74.0% |
| Amounts payable after more than one year | 17 | €7,672 | €0 | -€7,672 | -100% |
| Financial debts | 170/4 | €7,672 | €0 | -€7,672 | -100% |
| Amounts payable within one year | 42/48 | €82,796 | €157,393 | +€74,597 | +90.1% |
| Current portion of amounts payable after more than one year | 42 | €33,183 | €7,672 | -€25,511 | -76.9% |
| Trade debts | 44 | €12,183 | €746 | -€11,437 | -93.9% |
| Suppliers | 440/4 | €12,183 | €746 | -€11,437 | -93.9% |
| Taxes, remuneration and social security | 45 | €1,300 | €992 | -€308 | -23.7% |
| Taxes | 450/3 | €1,300 | €992 | -€308 | -23.7% |
| Other amounts payable | 47/48 | €36,130 | €147,983 | +€111,852 | +310% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,059 | €28,241 | -€817 | -2.8% |
| Other operating charges | 640/8 | €1,903 | €1,966 | +€63 | +3.3% |
| Gross operating margin | 9900 | €51,718 | €68,315 | +€16,597 | +32.1% |
| Operating profit (loss) | 9901 | €20,756 | €38,107 | +€17,351 | +83.6% |
| Financial income | 75/76B | €3,382 | €4,877 | +€1,494 | +44.2% |
| Recurring financial income | 75 | €3,382 | €4,877 | +€1,494 | +44.2% |
| Financial charges | 65/66B | €601 | €257 | -€343 | -57.2% |
| Recurring financial charges | 65 | €601 | €257 | -€343 | -57.2% |
| Profit (loss) for the period before taxes | 9903 | €23,538 | €42,727 | +€19,189 | +81.5% |
| Income taxes | 67/77 | €10,134 | €14,740 | +€4,606 | +45.5% |
| Profit (loss) for the period | 9904 | €13,404 | €27,987 | +€14,583 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €13,404 | €27,987 | +€14,583 | +109% |
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 25 October 2026 via checked.be.