CENATINE: 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.
CENATINE
Largest movements
- Intangible fixed assets -€51,067
down €51,067 (-33.9%), from €150,665 to €99,598
- Receivables within one year +€44,704
up €44,704 (+212%), from €21,070 to €65,775
of which Trade receivables: +€57,155
- Cash -€23,652
down €23,652 (-74.8%), from €31,604 to €7,952
mainly Trade debts (-€57,528) and Receivables within one year (-€44,704)
- Stocks and contracts -€17,500
no longer reported in 2025 (was €17,500)
- Tangible fixed assets -€7,843
down €7,843 (-25.9%), from €30,337 to €22,493
of which Plant, machinery and equipment: -€7,630
- Trade debts -€57,528
down €57,528 (-91.2%), from €63,048 to €5,520
- Tax, wage and social debts -€29,699
down €29,699 (-36.6%), from €81,034 to €51,335
of which Taxes: -€24,672
- Other debts +€25,596
up €25,596, from €0 to €25,596
- Profit (loss) carried forward +€4,611
up €4,611 (+47.1%), from -€9,799 to -€5,188
- Gross operating margin -€29,942
down €29,942 (-19.9%), from €150,725 to €120,784
- Other operating charges -€6,276
down €6,276 (-88.2%), from €7,112 to €836
- Staff costs +€5,674
up €5,674 (+12.3%), from €46,249 to €51,923
- Depreciation +€3,531
up €3,531 (+6.4%), from €55,380 to €58,911
- Financial charges -€2,973
down €2,973 (-42.5%), from €6,988 to €4,015
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 | €254,734 | €197,714 | -€57,019 | -22.4% |
| Fixed assets | 21/28 | €182,848 | €123,947 | -€58,902 | -32.2% |
| Intangible fixed assets | 21 | €150,665 | €99,598 | -€51,067 | -33.9% |
| Tangible fixed assets | 22/27 | €30,337 | €22,493 | -€7,843 | -25.9% |
| Plant, machinery and equipment | 23 | €30,123 | €22,493 | -€7,630 | -25.3% |
| Furniture and vehicles | 24 | €214 | - | -€214 | |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,847 | €1,856 | +€9 | +0.5% |
| Current assets | 29/58 | €71,885 | €73,768 | +€1,882 | +2.6% |
| Stocks and contracts in progress | 3 | €17,500 | - | -€17,500 | |
| Stocks | 30/36 | €17,500 | - | -€17,500 | |
| Amounts receivable within one year | 40/41 | €21,070 | €65,775 | +€44,704 | +212% |
| Trade receivables | 40 | €8,467 | €65,622 | +€57,155 | +675% |
| Other amounts receivable | 41 | €12,604 | €153 | -€12,451 | -98.8% |
| Current investments | 50/53 | €606 | €41 | -€565 | -93.3% |
| Cash at bank and in hand | 54/58 | €31,604 | €7,952 | -€23,652 | -74.8% |
| Deferred charges and accrued income | 490/1 | €1,105 | - | -€1,105 | |
| Total equity and liabilities | 10/49 | €254,734 | €197,714 | -€57,019 | -22.4% |
| Equity | 10/15 | €10,652 | €15,263 | +€4,611 | +43.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | - | €18,592 | +€18,592 | |
| Issued capital | 100 | - | €18,592 | +€18,592 | |
| Contributions outside capital | 11 | €18,592 | - | -€18,592 | |
| Other | 1109/19 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,799 | -€5,188 | +€4,611 | +47.1% |
| Amounts payable | 17/49 | €244,082 | €182,451 | -€61,631 | -25.3% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 175 | €0 | - | = | |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €144,082 | €82,451 | -€61,631 | -42.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €63,048 | €5,520 | -€57,528 | -91.2% |
| Suppliers | 440/4 | €63,048 | €5,520 | -€57,528 | -91.2% |
| Taxes, remuneration and social security | 45 | €81,034 | €51,335 | -€29,699 | -36.6% |
| Taxes | 450/3 | €41,958 | €17,286 | -€24,672 | -58.8% |
| Remuneration and social security | 454/9 | €39,075 | €34,049 | -€5,027 | -12.9% |
| Other amounts payable | 47/48 | €0 | €25,596 | +€25,596 | |
| Remuneration, social security and pensions | 62 | €46,249 | €51,923 | +€5,674 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,380 | €58,911 | +€3,531 | +6.4% |
| Other operating charges | 640/8 | €7,112 | €836 | -€6,276 | -88.2% |
| Non-recurring operating charges | 66A | €1,234 | - | -€1,234 | |
| Gross operating margin | 9900 | €150,725 | €120,784 | -€29,942 | -19.9% |
| Operating profit (loss) | 9901 | €40,751 | €9,114 | -€31,637 | -77.6% |
| Financial income | 75/76B | €7 | €37 | +€30 | +419% |
| Recurring financial income | 75 | €7 | €37 | +€30 | +419% |
| Financial charges | 65/66B | €6,988 | €4,015 | -€2,973 | -42.5% |
| Recurring financial charges | 65 | €6,988 | €4,015 | -€2,973 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €33,770 | €5,136 | -€28,634 | -84.8% |
| Income taxes | 67/77 | €520 | €525 | +€5 | +1.0% |
| Profit (loss) for the period | 9904 | €33,250 | €4,611 | -€28,639 | -86.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,250 | €4,611 | -€28,639 | -86.1% |
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.