CENBUILD: 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.
CENBUILD
Largest movements
- Tangible fixed assets +€2.2m
new in 2025: €2.2m
- Stocks and contracts +€1.1m
up €1.1m (+39.4%), from €2.8m to €3.9m
- Receivables within one year -€402,476
down €402,476 (-89.8%), from €447,966 to €45,490
of which Other amounts receivable: -€446,629
- Cash -€373,214
down €373,214 (-93.0%), from €401,244 to €28,030
mainly Investment in fixed assets (net) (-€2.2m) and Stocks and contracts (-€1.1m)
- Contributions +€2.2m
up €2.2m (+1564.3%), from €140,000 to €2.3m
- Debts after one year +€621,619
up €621,619 (+58.5%), from €1.1m to €1.7m
- Reserves -€469,971
down €469,971 (-50.7%), from €927,448 to €457,477
of which Distributable reserves: -€469,971
- Other debts +€154,342
up €154,342 (+11.4%), from €1.4m to €1.5m
- Write-downs +€360,169
up €360,169 (+25398.4%), from €1,418 to €361,587
- Gross operating margin -€316,662
down €316,662, from €231,431 to -€85,231
- Depreciation +€22,610
new in 2025: €22,610
- Financial charges -€20,173
down €20,173 (-83.0%), from €24,306 to €4,133
- Financial income -€4,397
down €4,397 (-75.8%), from €5,801 to €1,405
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 | €3,649,626 | €6,169,079 | +€2.5m | +69.0% |
| Fixed assets | 21/28 | - | €2,187,165 | +€2.2m | |
| Tangible fixed assets | 22/27 | - | €2,187,165 | +€2.2m | |
| Land and buildings | 22 | - | €2,187,165 | +€2.2m | |
| Current assets | 29/58 | €3,649,626 | €3,981,915 | +€332,289 | +9.1% |
| Stocks and contracts in progress | 3 | €2,798,830 | €3,902,358 | +€1.1m | +39.4% |
| Stocks | 30/36 | €2,798,830 | €3,902,358 | +€1.1m | +39.4% |
| Amounts receivable within one year | 40/41 | €447,966 | €45,490 | -€402,476 | -89.8% |
| Trade receivables | 40 | €916 | €45,069 | +€44,153 | +4818.3% |
| Other amounts receivable | 41 | €447,050 | €420 | -€446,629 | -99.9% |
| Current investments | 50/53 | €1,586 | €1,590 | +€5 | +0.3% |
| Cash at bank and in hand | 54/58 | €401,244 | €28,030 | -€373,214 | -93.0% |
| Deferred charges and accrued income | 490/1 | €0 | €4,446 | +€4,446 | |
| Total equity and liabilities | 10/49 | €3,649,626 | €6,169,079 | +€2.5m | +69.0% |
| Equity | 10/15 | €1,072,581 | €2,787,477 | +€1.7m | +159.9% |
| Contributions | 10/11 | €140,000 | €2,330,000 | +€2.2m | +1564.3% |
| Capital | 10 | €140,000 | €2,330,000 | +€2.2m | +1564.3% |
| Issued capital | 100 | €140,000 | €2,330,000 | +€2.2m | +1564.3% |
| Reserves | 13 | €927,448 | €457,477 | -€469,971 | -50.7% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €902,448 | €432,477 | -€469,971 | -52.1% |
| Profit (loss) carried forward | 14 | €5,133 | €0 | -€5,133 | -100.0% |
| Amounts payable | 17/49 | €2,577,045 | €3,381,602 | +€804,557 | +31.2% |
| Amounts payable after more than one year | 17 | €1,062,501 | €1,684,120 | +€621,619 | +58.5% |
| Financial debts | 170/4 | €1,062,501 | €1,684,120 | +€621,619 | +58.5% |
| Amounts payable within one year | 42/48 | €1,501,623 | €1,686,612 | +€184,989 | +12.3% |
| Trade debts | 44 | €105,399 | €144,327 | +€38,929 | +36.9% |
| Suppliers | 440/4 | €105,399 | €144,327 | +€38,929 | +36.9% |
| Advances received on contracts in progress | 46 | €19,929 | €0 | -€19,929 | -100.0% |
| Taxes, remuneration and social security | 45 | €22,349 | €33,995 | +€11,647 | +52.1% |
| Taxes | 450/3 | €22,349 | €33,995 | +€11,647 | +52.1% |
| Other amounts payable | 47/48 | €1,353,947 | €1,508,290 | +€154,342 | +11.4% |
| Accrued charges and deferred income | 492/3 | €12,921 | €10,870 | -€2,051 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €22,610 | +€22,610 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,418 | €361,587 | +€360,169 | +25398.4% |
| Other operating charges | 640/8 | €1,053 | €2,946 | +€1,894 | +179.9% |
| Gross operating margin | 9900 | €231,431 | -€85,231 | -€316,662 | |
| Operating profit (loss) | 9901 | €228,960 | -€472,374 | -€701,335 | |
| Financial income | 75/76B | €5,801 | €1,405 | -€4,397 | -75.8% |
| Recurring financial income | 75 | €5,801 | €1,405 | -€4,397 | -75.8% |
| Financial charges | 65/66B | €24,306 | €4,133 | -€20,173 | -83.0% |
| Recurring financial charges | 65 | €24,306 | €4,133 | -€20,173 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | €210,455 | -€475,103 | -€685,558 | |
| Income taxes | 67/77 | €21 | €0 | -€21 | -100.0% |
| Profit (loss) for the period | 9904 | €210,434 | -€475,103 | -€685,537 | |
| Profit (loss) for the period to be appropriated | 9905 | €210,434 | -€475,103 | -€685,537 |
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 3 October 2026 via checked.be.