CENNINI: 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.
CENNINI
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-87.6%), from €1.2m to €154,519
of which Other amounts receivable: -€1.1m
- Receivables after one year +€963,816
up €963,816 (+8.3%), from €11.7m to €12.6m
of which Other amounts receivable: +€3.8m
- Debts after one year +€530,379
up €530,379 (+12.0%), from €4.4m to €4.9m
- Financial charges -€1.5m
down €1.5m (-68.2%), from €2.1m to €678,183
- Gross operating margin -€135,448
down €135,448 (-668.9%), from -€20,250 to -€155,698
- Financial income +€17,229
up €17,229 (+2.7%), from €641,283 to €658,512
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 | €34,641,023 | €34,995,654 | +€354,631 | +1.0% |
| Fixed assets | 21/28 | €15,296,424 | €15,405,255 | +€108,831 | +0.7% |
| Tangible fixed assets | 22/27 | €6,000 | €6,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €6,000 | €6,000 | = | 0.0% |
| Financial fixed assets | 28 | €15,290,424 | €15,399,255 | +€108,831 | +0.7% |
| Current assets | 29/58 | €19,344,599 | €19,590,399 | +€245,801 | +1.3% |
| Amounts receivable after more than one year | 29 | €11,681,613 | €12,645,429 | +€963,816 | +8.3% |
| Trade receivables | 290 | €2,861,836 | €0 | -€2.9m | -100.0% |
| Other amounts receivable | 291 | €8,819,778 | €12,645,429 | +€3.8m | +43.4% |
| Amounts receivable within one year | 40/41 | €1,245,750 | €154,519 | -€1.1m | -87.6% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €1,245,750 | €154,519 | -€1.1m | -87.6% |
| Current investments | 50/53 | €6,256,182 | €6,519,514 | +€263,332 | +4.2% |
| Cash at bank and in hand | 54/58 | €22,821 | €150,544 | +€127,723 | +559.7% |
| Deferred charges and accrued income | 490/1 | €138,233 | €120,393 | -€17,839 | -12.9% |
| Total equity and liabilities | 10/49 | €34,641,023 | €34,995,654 | +€354,631 | +1.0% |
| Equity | 10/15 | €30,229,715 | €30,053,220 | -€176,496 | -0.6% |
| Contributions | 10/11 | €16,787,600 | €16,787,600 | = | 0.0% |
| Capital | 10 | €4,384,674 | €4,384,674 | = | 0.0% |
| Issued capital | 100 | €4,384,674 | €4,384,674 | = | 0.0% |
| Contributions outside capital | 11 | €12,402,927 | €12,402,927 | = | 0.0% |
| Share premium | 1100/10 | €12,402,927 | €12,402,927 | = | 0.0% |
| Reserves | 13 | €1,535,970 | €1,535,970 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,535,970 | €1,535,970 | = | 0.0% |
| Legal reserve | 130 | €1,535,970 | €1,535,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,906,145 | €11,729,650 | -€176,496 | -1.5% |
| Amounts payable | 17/49 | €4,411,307 | €4,942,434 | +€531,127 | +12.0% |
| Amounts payable after more than one year | 17 | €4,406,007 | €4,936,385 | +€530,379 | +12.0% |
| Financial debts | 170/4 | €4,406,007 | €4,936,385 | +€530,379 | +12.0% |
| Amounts payable within one year | 42/48 | €5,301 | €6,049 | +€748 | +14.1% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €5,301 | €6,049 | +€748 | +14.1% |
| Suppliers | 440/4 | €5,301 | €6,049 | +€748 | +14.1% |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | -€20,250 | -€155,698 | -€135,448 | -668.9% |
| Operating profit (loss) | 9901 | -€21,343 | -€156,824 | -€135,481 | -634.8% |
| Financial income | 75/76B | €641,283 | €658,512 | +€17,229 | +2.7% |
| Recurring financial income | 75 | €641,283 | €658,512 | +€17,229 | +2.7% |
| Financial charges | 65/66B | €2,134,752 | €678,183 | -€1.5m | -68.2% |
| Recurring financial charges | 65 | €2,134,752 | €678,183 | -€1.5m | -68.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,514,813 | -€176,496 | +€1.3m | +88.3% |
| Profit (loss) for the period | 9904 | -€1,514,813 | -€176,496 | +€1.3m | +88.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,514,813 | -€176,496 | +€1.3m | +88.3% |
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 11 October 2026 via checked.be.