CENEO: 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.
What changed
CENEO
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€41.4m
2024 · €42.6m-€1.2m
Equity
€959.6m
2024 · €943.1m+€16.6m
Cash
€9.0m
2024 · €9.1m-€166,858
Balance sheet total
€1.17bn
2024 · €1.17bn+€3.0m
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€16.6m
up €16.6m (+7.2%), from €229.3m to €245.9m
of which Distributable reserves: +€16.6m
- Debts after one year -€14.7m
down €14.7m (-8.7%), from €169.2m to €154.5m
Income statement
- Financial income -€1.1m
down €1.1m (-2.2%), from €48.3m to €47.2m
of which Financial income: -€1.1m
- Turnover +€453,586
up €453,586 (+90.6%), from €500,443 to €954,029
- Other operating income -€421,388
down €421,388 (-39.1%), from €1.1m to €655,607
- Other operating charges -€419,451
down €419,451 (-41.9%), from €1.0m to €581,656
- Services and other goods +€397,247
up €397,247 (+20.4%), from €1.9m to €2.3m
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
€42.6m
Turnover
+€453,586
Other operating income
-€421,388
Services and other goods
-€397,247
Staff costs
+€16,865
Depreciation
+€287
Other operating charges
+€419,451
Financial income
-€1.1m
Financial charges
+€6,203
Taxes
-€238,145
Result 2025
€41.4m
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.
From operations
+€41.7m
Investment
-€4.6m
Financing
-€37.2m
Cash 2024
€9.1m
From operations (derived)
+€41.7m
Net result for the year
+€41.4m
Depreciation
+€21,319
Receivables after one year
-€6.7m
Receivables within one year
+€7.9m
Deferred charges and accrued income
+€231,877
Trade debts
+€461,210
Tax, wage and social debts
-€462
Other debts
-€1.5m
Accrued charges and deferred income
-€120,916
Investment (derived)
-€4.6m
Investment in fixed assets (net)
-€4.6m
Current investments
+€1
Financing
-€37.2m
Debts after one year
-€14.7m
Current portion of long-term debt
-€1.0m
Short-term financial debts
+€3.3m
Contributions, distributions and other
-€24.8m
Cash 2025
€9.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,168,722,606 | €1,171,706,287 | +€3.0m | +0.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,123,977,678 | €1,128,598,327 | +€4.6m | +0.4% |
| Tangible fixed assets | 22/27 | €386,596 | €135,671 | -€250,925 | -64.9% |
| Land and buildings | 22 | €156,990 | €135,671 | -€21,319 | -13.6% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €229,606 | - | -€229,606 | |
| Financial fixed assets | 28 | €1,123,591,083 | €1,128,462,656 | +€4.9m | +0.4% |
| Companies linked by participating interests | 282/3 | €1,107,660,155 | €1,112,519,528 | +€4.9m | +0.4% |
| Participating interests | 282 | €1,107,660,155 | €1,112,519,528 | +€4.9m | +0.4% |
| Other financial fixed assets | 284/8 | €15,930,928 | €15,943,128 | +€12,200 | +0.1% |
| Shares | 284 | €15,930,928 | €15,943,128 | +€12,200 | +0.1% |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €44,744,928 | €43,107,960 | -€1.6m | -3.7% |
| Amounts receivable after more than one year | 29 | €22,678,663 | €29,329,021 | +€6.7m | +29.3% |
| Other amounts receivable | 291 | €22,678,663 | €29,329,021 | +€6.7m | +29.3% |
| Amounts receivable within one year | 40/41 | €11,473,250 | €3,584,659 | -€7.9m | -68.8% |
| Trade receivables | 40 | €450,236 | €807,345 | +€357,109 | +79.3% |
| Other amounts receivable | 41 | €11,023,014 | €2,777,314 | -€8.2m | -74.8% |
| Current investments | 50/53 | €471 | €470 | -€1 | -0.2% |
| Other investments | 51/53 | €471 | €470 | -€1 | -0.2% |
| Cash at bank and in hand | 54/58 | €9,139,735 | €8,972,877 | -€166,858 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,452,810 | €1,220,932 | -€231,877 | -16.0% |
| Total equity and liabilities | 10/49 | €1,168,722,606 | €1,171,706,287 | +€3.0m | +0.3% |
| Equity | 10/15 | €943,061,227 | €959,638,681 | +€16.6m | +1.8% |
| Contributions | 10/11 | €327,216,388 | €327,216,388 | = | 0.0% |
| Revaluation surpluses | 12 | €386,496,382 | €386,496,382 | = | 0.0% |
| Reserves | 13 | €229,339,523 | €245,918,253 | +€16.6m | +7.2% |
| Non-distributable reserves | 130/1 | €350,972 | €350,972 | = | 0.0% |
| Reserves not available under the articles | 1311 | €350,972 | €350,972 | = | 0.0% |
| Distributable reserves | 133 | €228,988,551 | €245,567,281 | +€16.6m | +7.2% |
| Investment grants | 15 | €8,934 | €7,658 | -€1,276 | -14.3% |
| Amounts payable | 17/49 | €225,661,380 | €212,067,606 | -€13.6m | -6.0% |
| Amounts payable after more than one year | 17 | €169,200,309 | €154,505,775 | -€14.7m | -8.7% |
| Financial debts | 170/4 | €169,200,309 | €154,505,775 | -€14.7m | -8.7% |
| Credit institutions | 173 | €169,200,309 | €154,505,775 | -€14.7m | -8.7% |
| Amounts payable within one year | 42/48 | €55,901,610 | €57,123,286 | +€1.2m | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €15,736,068 | €14,694,534 | -€1.0m | -6.6% |
| Financial debts | 43 | €29,800,000 | €33,100,000 | +€3.3m | +11.1% |
| Credit institutions | 430/8 | €29,800,000 | €33,100,000 | +€3.3m | +11.1% |
| Trade debts | 44 | €470,148 | €931,358 | +€461,210 | +98.1% |
| Suppliers | 440/4 | €470,148 | €931,358 | +€461,210 | +98.1% |
| Taxes, remuneration and social security | 45 | €3,807 | €3,345 | -€462 | -12.1% |
| Taxes | 450/3 | €3,807 | €3,345 | -€462 | -12.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €9,891,587 | €8,394,049 | -€1.5m | -15.1% |
| Accrued charges and deferred income | 492/3 | €559,461 | €438,545 | -€120,916 | -21.6% |
| Operating income | 70/76A | €1,577,438 | €1,609,636 | +€32,198 | +2.0% |
| Turnover | 70 | €500,443 | €954,029 | +€453,586 | +90.6% |
| Other operating income | 74 | €1,076,995 | €655,607 | -€421,388 | -39.1% |
| Operating charges | 60/66A | €2,986,622 | €2,947,266 | -€39,356 | -1.3% |
| Services and other goods | 61 | €1,947,044 | €2,344,291 | +€397,247 | +20.4% |
| Remuneration, social security and pensions | 62 | €16,865 | - | -€16,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,606 | €21,319 | -€287 | -1.3% |
| Other operating charges | 640/8 | €1,001,107 | €581,656 | -€419,451 | -41.9% |
| Operating profit (loss) | 9901 | -€1,409,183 | -€1,337,630 | +€71,554 | +5.1% |
| Financial income | 75/76B | €48,265,005 | €47,190,549 | -€1.1m | -2.2% |
| Recurring financial income | 75 | €48,265,005 | €47,190,549 | -€1.1m | -2.2% |
| Income from financial fixed assets | 750 | €46,746,081 | €45,469,560 | -€1.3m | -2.7% |
| Income from current assets | 751 | €1,458,291 | €1,651,397 | +€193,106 | +13.2% |
| Other financial income | 752/9 | €60,633 | €69,592 | +€8,959 | +14.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,267,246 | €4,261,044 | -€6,203 | -0.1% |
| Recurring financial charges | 65 | €4,217,246 | €4,257,958 | +€40,712 | +1.0% |
| Debt charges | 650 | €4,180,015 | €4,245,650 | +€65,635 | +1.6% |
| Other financial charges | 652/9 | €37,231 | €12,308 | -€24,923 | -66.9% |
| Non-recurring financial charges | 66B | €50,000 | €3,086 | -€46,914 | -93.8% |
| Profit (loss) for the period before taxes | 9903 | €42,588,575 | €41,591,875 | -€996,700 | -2.3% |
| Income taxes | 67/77 | €0 | €238,145 | +€238,145 | |
| Taxes | 670/3 | €0 | €238,145 | +€238,145 | |
| Profit (loss) for the period | 9904 | €42,588,575 | €41,353,730 | -€1.2m | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,588,575 | €41,353,730 | -€1.2m | -2.9% |
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 2 October 2026 via checked.be.