CENEL: 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.
What changed
CENEL
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.7m
2024 · €89,083+€3.6m
Equity
€33.3m
2024 · €8.5m+€24.8m
Cash
€90,182
2024 · €181,243-€91,061
Balance sheet total
€64.7m
2024 · €25.0m+€39.7m
Largest movements
Assets
- Tangible fixed assets +€14.2m
up €14.2m (+73.4%), from €19.4m to €33.6m
of which Land and buildings: +€19.8m
- Stocks and contracts +€9.0m
up €9.0m (+664%), from €1.4m to €10.4m
- Current investments +€5.8m
up €5.8m (+183%), from €3.2m to €9.0m
- Receivables within one year +€5.1m
up €5.1m (+576%), from €881,692 to €6.0m
of which Other amounts receivable: +€5.0m
- Financial fixed assets +€4.4m
up €4.4m (+2,014,350%), from €217 to €4.4m
Equity and liabilities
- Reserves +€24.9m
up €24.9m (+2,180%), from €1.1m to €26.0m
of which Distributable reserves: +€20.8m
- Short-term financial debts +€4.6m
new in 2025: €4.6m
- Debts after one year +€4.2m
up €4.2m (+33.9%), from €12.5m to €16.7m
of which Financial debts: +€3.8m
- Other debts +€3.8m
up €3.8m (+286%), from €1.3m to €5.1m
- Provisions +€1.3m
up €1.3m (+61.2%), from €2.2m to €3.5m
of which Deferred taxes: +€1.2m
Income statement
- Gross operating margin +€5.6m
up €5.6m (+722%), from €770,062 to €6.3m
- Depreciation +€321,249
up €321,249 (+75.1%), from €427,777 to €749,026
- Write-downs +€156,416
up €156,416 (+4,521%), from €3,460 to €159,876
- Financial income +€110,901
up €110,901 (+46.2%), from €239,862 to €350,763
- Financial charges +€110,839
up €110,839 (+35.2%), from €314,842 to €425,681
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.
Result 2024
€89,083
Gross operating margin
+€5.6m
Staff costs
-€13,429
Depreciation
-€321,249
Write-downs
-€156,416
Other operating charges
-€28,969
Other operating items
-€87,838
Financial income
+€110,901
Financial charges
-€110,839
Taxes
+€31,558
Deferred taxes and other
-€1.4m
Result 2025
€3.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€4.4m
Investment
-€26.0m
Financing
+€30.3m
Cash 2024
€181,243
From operations (derived)
-€4.4m
Net result for the year
+€3.7m
Depreciation
+€749,026
Receivables after one year
-€448,742
Stocks and contracts
-€9.0m
Receivables within one year
-€5.1m
Smaller working-capital items
+€35,102
Provisions
+€1.3m
Trade debts
+€466,911
Tax, wage and social debts
+€74,405
Other debts
+€3.8m
Investment (derived)
-€26.0m
Investment in fixed assets (net)
-€20.2m
Current investments
-€5.8m
Financing
+€30.3m
Debts after one year
+€4.2m
Current portion of long-term debt
+€369,291
Short-term financial debts
+€4.6m
Contributions, distributions and other
+€21.1m
Cash 2025
€90,182
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,984,654 | €64,729,827 | +€39.7m | +159% |
| Fixed assets | 21/28 | €19,374,518 | €38,852,964 | +€19.5m | +101% |
| Intangible fixed assets | 21 | - | €884,679 | +€884,679 | |
| Tangible fixed assets | 22/27 | €19,374,301 | €33,588,267 | +€14.2m | +73.4% |
| Land and buildings | 22 | €13,440,660 | €33,208,386 | +€19.8m | +147% |
| Plant, machinery and equipment | 23 | - | €176,834 | +€176,834 | |
| Furniture and vehicles | 24 | €73,569 | €184,807 | +€111,238 | +151% |
| Other tangible fixed assets | 26 | €18,241 | €18,241 | = | 0.0% |
| Assets under construction and advance payments | 27 | €5,841,832 | €0 | -€5.8m | -100% |
| Financial fixed assets | 28 | €217 | €4,380,018 | +€4.4m | +2,014,350% |
| Current assets | 29/58 | €5,610,136 | €25,876,863 | +€20.3m | +361% |
| Amounts receivable after more than one year | 29 | - | €448,742 | +€448,742 | |
| Other amounts receivable | 291 | - | €448,742 | +€448,742 | |
| Stocks and contracts in progress | 3 | €1,363,045 | €10,412,378 | +€9.0m | +664% |
| Stocks | 30/36 | €1,363,045 | €10,412,378 | +€9.0m | +664% |
| Amounts receivable within one year | 40/41 | €881,692 | €5,959,213 | +€5.1m | +576% |
| Trade receivables | 40 | €41,053 | €105,391 | +€64,338 | +157% |
| Other amounts receivable | 41 | €840,639 | €5,853,822 | +€5.0m | +596% |
| Current investments | 50/53 | €3,170,515 | €8,959,089 | +€5.8m | +183% |
| Cash at bank and in hand | 54/58 | €181,243 | €90,182 | -€91,061 | -50.2% |
| Deferred charges and accrued income | 490/1 | €13,641 | €7,259 | -€6,382 | -46.8% |
| Total equity and liabilities | 10/49 | €24,984,654 | €64,729,827 | +€39.7m | +159% |
| Equity | 10/15 | €8,476,267 | €33,313,594 | +€24.8m | +293% |
| Contributions | 10/11 | €7,017,933 | €7,923,708 | +€905,775 | +12.9% |
| Reserves | 13 | €1,140,534 | €26,001,272 | +€24.9m | +2,180% |
| Tax-exempt reserves | 132 | - | €4,034,586 | +€4.0m | |
| Distributable reserves | 133 | €1,140,534 | €21,966,686 | +€20.8m | +1,826% |
| Profit (loss) carried forward | 14 | €317,800 | -€611,386 | -€929,185 | |
| Provisions and deferred taxes | 16 | €2,164,868 | €3,489,494 | +€1.3m | +61.2% |
| Provisions for liabilities and charges | 160/5 | - | €75,000 | +€75,000 | |
| Other liabilities and charges | 164/5 | - | €75,000 | +€75,000 | |
| Deferred taxes | 168 | €2,164,868 | €3,414,494 | +€1.2m | +57.7% |
| Amounts payable | 17/49 | €14,343,520 | €27,926,740 | +€13.6m | +94.7% |
| Amounts payable after more than one year | 17 | €12,509,028 | €16,744,481 | +€4.2m | +33.9% |
| Financial debts | 170/4 | €12,509,028 | €16,332,840 | +€3.8m | +30.6% |
| Other amounts payable | 178/9 | - | €411,641 | +€411,641 | |
| Amounts payable within one year | 42/48 | €1,826,447 | €11,128,157 | +€9.3m | +509% |
| Current portion of amounts payable after more than one year | 42 | €409,028 | €778,318 | +€369,291 | +90.3% |
| Financial debts | 43 | - | €4,600,000 | +€4.6m | |
| Credit institutions | 430/8 | - | €4,600,000 | +€4.6m | |
| Trade debts | 44 | €28,429 | €495,341 | +€466,911 | +1,642% |
| Suppliers | 440/4 | €28,429 | €495,341 | +€466,911 | +1,642% |
| Advances received on contracts in progress | 46 | €17,338 | €0 | -€17,338 | -100% |
| Taxes, remuneration and social security | 45 | €41,974 | €116,379 | +€74,405 | +177% |
| Taxes | 450/3 | €27,053 | €104,097 | +€77,043 | +285% |
| Remuneration and social security | 454/9 | €14,921 | €12,282 | -€2,638 | -17.7% |
| Other amounts payable | 47/48 | €1,329,678 | €5,138,119 | +€3.8m | +286% |
| Accrued charges and deferred income | 492/3 | €8,044 | €54,102 | +€46,058 | +573% |
| Non-recurring operating income | 76A | - | €13,200 | +€13,200 | |
| Remuneration, social security and pensions | 62 | €103,659 | €117,088 | +€13,429 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427,777 | €749,026 | +€321,249 | +75.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,460 | €159,876 | +€156,416 | +4,521% |
| Other operating charges | 640/8 | €104,404 | €133,373 | +€28,969 | +27.7% |
| Non-recurring operating charges | 66A | - | €87,838 | +€87,838 | |
| Gross operating margin | 9900 | €770,062 | €6,329,921 | +€5.6m | +722% |
| Operating profit (loss) | 9901 | €130,762 | €5,082,720 | +€5.0m | +3,787% |
| Financial income | 75/76B | €239,862 | €350,763 | +€110,901 | +46.2% |
| Recurring financial income | 75 | €239,862 | €350,763 | +€110,901 | +46.2% |
| Financial charges | 65/66B | €314,842 | €425,681 | +€110,839 | +35.2% |
| Recurring financial charges | 65 | €314,842 | €425,681 | +€110,839 | +35.2% |
| Profit (loss) for the period before taxes | 9903 | €55,781 | €5,007,802 | +€5.0m | +8,878% |
| Transfer from deferred taxes | 780 | €66,759 | €75,425 | +€8,666 | +13.0% |
| Transfer to deferred taxes | 680 | - | €1,370,004 | +€1.4m | |
| Income taxes | 67/77 | €33,457 | €1,899 | -€31,558 | -94.3% |
| Profit (loss) for the period | 9904 | €89,083 | €3,711,325 | +€3.6m | +4,066% |
| Transfer from tax-exempt reserves | 789 | - | €120,378 | +€120,378 | |
| Transfer to tax-exempt reserves | 689 | - | €4,110,012 | +€4.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €89,083 | -€278,309 | -€367,392 |
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.