CENES: 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.
CENES
Largest movements
- Cash +€729,114
up €729,114 (+750.6%), from €97,140 to €826,254
mainly Debts after one year (+€2.9m) and Current investments (+€525,382)
- Current investments -€525,382
down €525,382 (-35.0%), from €1.5m to €976,921
- Tangible fixed assets -€251,248
down €251,248 (-4.6%), from €5.4m to €5.2m
of which Land and buildings: -€222,713
- Receivables within one year -€145,082
down €145,082 (-84.2%), from €172,268 to €27,186
of which Other amounts receivable: -€130,253
- Other debts -€3.0m
down €3.0m (-98.5%), from €3.0m to €45,165
- Debts after one year +€2.9m
up €2.9m (+346.3%), from €835,555 to €3.7m
of which Other amounts payable: +€3.0m
- Reserves -€172,446
down €172,446 (-12.7%), from €1.4m to €1.2m
of which Distributable reserves: -€141,974
- Financial income +€97,653
up €97,653 (+192.9%), from €50,627 to €148,281
- Gross operating margin -€51,867
down €51,867 (-14.2%), from €364,486 to €312,619
- Depreciation +€22,321
up €22,321 (+6.8%), from €328,645 to €350,966
- Financial charges +€15,501
up €15,501 (+7.1%), from €217,952 to €233,453
- Taxes -€15,455
down €15,455 (-62.9%), from €24,560 to €9,105
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 | €7,487,403 | €7,294,806 | -€192,597 | -2.6% |
| Fixed assets | 21/28 | €5,429,839 | €5,178,592 | -€251,248 | -4.6% |
| Tangible fixed assets | 22/27 | €5,429,839 | €5,178,592 | -€251,248 | -4.6% |
| Land and buildings | 22 | €5,327,107 | €5,104,394 | -€222,713 | -4.2% |
| Furniture and vehicles | 24 | €102,733 | €74,197 | -€28,535 | -27.8% |
| Current assets | 29/58 | €2,057,564 | €2,116,214 | +€58,651 | +2.9% |
| Stocks and contracts in progress | 3 | €285,854 | €285,854 | = | 0.0% |
| Stocks | 30/36 | €285,854 | €285,854 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €172,268 | €27,186 | -€145,082 | -84.2% |
| Trade receivables | 40 | €29,515 | €14,686 | -€14,829 | -50.2% |
| Other amounts receivable | 41 | €142,753 | €12,500 | -€130,253 | -91.2% |
| Current investments | 50/53 | €1,502,303 | €976,921 | -€525,382 | -35.0% |
| Cash at bank and in hand | 54/58 | €97,140 | €826,254 | +€729,114 | +750.6% |
| Total equity and liabilities | 10/49 | €7,487,403 | €7,294,806 | -€192,597 | -2.6% |
| Equity | 10/15 | €2,866,032 | €2,693,586 | -€172,446 | -6.0% |
| Contributions | 10/11 | €1,512,600 | €1,512,600 | = | 0.0% |
| Capital | 10 | €1,512,600 | €1,512,600 | = | 0.0% |
| Issued capital | 100 | €1,512,600 | €1,512,600 | = | 0.0% |
| Reserves | 13 | €1,353,432 | €1,180,986 | -€172,446 | -12.7% |
| Non-distributable reserves | 130/1 | €65,131 | €65,131 | = | 0.0% |
| Legal reserve | 130 | €65,131 | €65,131 | = | 0.0% |
| Tax-exempt reserves | 132 | €826,205 | €795,733 | -€30,472 | -3.7% |
| Distributable reserves | 133 | €462,096 | €320,122 | -€141,974 | -30.7% |
| Provisions and deferred taxes | 16 | €478,063 | €456,000 | -€22,064 | -4.6% |
| Provisions for liabilities and charges | 160/5 | €202,662 | €190,755 | -€11,907 | -5.9% |
| Other liabilities and charges | 164/5 | €202,662 | €190,755 | -€11,907 | -5.9% |
| Deferred taxes | 168 | €275,402 | €265,244 | -€10,157 | -3.7% |
| Amounts payable | 17/49 | €4,143,307 | €4,145,220 | +€1,913 | 0.0% |
| Amounts payable after more than one year | 17 | €835,555 | €3,728,889 | +€2.9m | +346.3% |
| Financial debts | 170/4 | €835,555 | €728,889 | -€106,667 | -12.8% |
| Other amounts payable | 178/9 | - | €3,000,000 | +€3.0m | |
| Amounts payable within one year | 42/48 | €3,174,587 | €214,295 | -€3.0m | -93.2% |
| Current portion of amounts payable after more than one year | 42 | €106,667 | €106,667 | = | 0.0% |
| Trade debts | 44 | €32,843 | €37,747 | +€4,904 | +14.9% |
| Suppliers | 440/4 | €32,843 | €37,747 | +€4,904 | +14.9% |
| Taxes, remuneration and social security | 45 | €39,630 | €24,717 | -€14,913 | -37.6% |
| Taxes | 450/3 | €39,630 | €24,717 | -€14,913 | -37.6% |
| Other amounts payable | 47/48 | €2,995,448 | €45,165 | -€3.0m | -98.5% |
| Accrued charges and deferred income | 492/3 | €133,165 | €202,036 | +€68,872 | +51.7% |
| Non-recurring operating income | 76A | €28,500 | €2,528 | -€25,972 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328,645 | €350,966 | +€22,321 | +6.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,415 | €5,712 | +€297 | +5.5% |
| Other operating charges | 640/8 | €48,163 | €44,267 | -€3,896 | -8.1% |
| Gross operating margin | 9900 | €364,486 | €312,619 | -€51,867 | -14.2% |
| Operating profit (loss) | 9901 | -€17,736 | -€88,326 | -€70,589 | -398.0% |
| Financial income | 75/76B | €50,627 | €148,281 | +€97,653 | +192.9% |
| Recurring financial income | 75 | €50,627 | €148,281 | +€97,653 | +192.9% |
| Financial charges | 65/66B | €217,952 | €233,453 | +€15,501 | +7.1% |
| Recurring financial charges | 65 | €217,952 | €233,453 | +€15,501 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | -€185,061 | -€173,498 | +€11,563 | +6.2% |
| Transfer from deferred taxes | 780 | €8,815 | €10,157 | +€1,343 | +15.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €24,560 | €9,105 | -€15,455 | -62.9% |
| Profit (loss) for the period | 9904 | -€200,807 | -€172,446 | +€28,360 | +14.1% |
| Transfer from tax-exempt reserves | 789 | €26,444 | €30,472 | +€4,028 | +15.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€174,363 | -€141,974 | +€32,388 | +18.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.