CENO: 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.
CENO
Largest movements
- Tangible fixed assets -€15,918
down €15,918 (-34.9%), from €45,616 to €29,698
of which Furniture and vehicles: -€11,449
- Receivables within one year +€11,602
up €11,602 (+7.3%), from €158,005 to €169,606
of which Trade receivables: +€22,443
- Cash -€4,837
down €4,837 (-49.6%), from €9,754 to €4,917
mainly Contributions, distributions and other (-€29,252) and Debts after one year (-€14,035)
- Debts after one year -€14,035
down €14,035 (-52.4%), from €26,776 to €12,741
- Other debts +€10,290
up €10,290 (+118%), from €8,736 to €19,025
- Trade debts +€8,385
up €8,385 (+19.2%), from €43,602 to €51,987
- Reserves -€7,252
down €7,252 (-8.2%), from €88,102 to €80,850
- Tax, wage and social debts -€4,261
down €4,261 (-29.8%), from €14,285 to €10,025
of which Taxes: -€2,545
- Gross operating margin +€3,236
up €3,236 (+3.4%), from €95,772 to €99,008
- Taxes +€2,041
up €2,041 (+19.8%), from €10,330 to €12,371
- Staff costs -€1,718
down €1,718 (-3.6%), from €47,849 to €46,130
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €216,075 | €207,292 | -€8,783 | -4.1% |
| Fixed assets | 21/28 | €48,316 | €32,398 | -€15,918 | -32.9% |
| Tangible fixed assets | 22/27 | €45,616 | €29,698 | -€15,918 | -34.9% |
| Plant, machinery and equipment | 23 | €17,469 | €13,000 | -€4,469 | -25.6% |
| Furniture and vehicles | 24 | €28,148 | €16,698 | -€11,449 | -40.7% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €167,759 | €174,894 | +€7,135 | +4.3% |
| Amounts receivable within one year | 40/41 | €158,005 | €169,606 | +€11,602 | +7.3% |
| Trade receivables | 40 | €146,798 | €169,241 | +€22,443 | +15.3% |
| Other amounts receivable | 41 | €11,206 | €365 | -€10,841 | -96.7% |
| Cash at bank and in hand | 54/58 | €9,754 | €4,917 | -€4,837 | -49.6% |
| Deferred charges and accrued income | 490/1 | - | €371 | +€371 | |
| Total equity and liabilities | 10/49 | €216,075 | €207,292 | -€8,783 | -4.1% |
| Equity | 10/15 | €106,722 | €99,480 | -€7,242 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,102 | €80,850 | -€7,252 | -8.2% |
| Distributable reserves | 133 | €88,102 | €80,850 | -€7,252 | -8.2% |
| Profit (loss) carried forward | 14 | €19 | €30 | +€10 | +54.6% |
| Amounts payable | 17/49 | €109,353 | €107,812 | -€1,541 | -1.4% |
| Amounts payable after more than one year | 17 | €26,776 | €12,741 | -€14,035 | -52.4% |
| Financial debts | 170/4 | €26,776 | €12,741 | -€14,035 | -52.4% |
| Amounts payable within one year | 42/48 | €82,578 | €95,072 | +€12,494 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €15,955 | €14,035 | -€1,920 | -12.0% |
| Trade debts | 44 | €43,602 | €51,987 | +€8,385 | +19.2% |
| Suppliers | 440/4 | €43,602 | €51,987 | +€8,385 | +19.2% |
| Taxes, remuneration and social security | 45 | €14,285 | €10,025 | -€4,261 | -29.8% |
| Taxes | 450/3 | €7,410 | €4,865 | -€2,545 | -34.3% |
| Remuneration and social security | 454/9 | €6,875 | €5,160 | -€1,716 | -25.0% |
| Other amounts payable | 47/48 | €8,736 | €19,025 | +€10,290 | +118% |
| Remuneration, social security and pensions | 62 | €47,849 | €46,130 | -€1,718 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,918 | €15,918 | = | 0.0% |
| Other operating charges | 640/8 | €1,104 | €1,327 | +€223 | +20.2% |
| Non-recurring operating charges | 66A | €373 | - | -€373 | |
| Gross operating margin | 9900 | €95,772 | €99,008 | +€3,236 | +3.4% |
| Operating profit (loss) | 9901 | €30,529 | €35,633 | +€5,104 | +16.7% |
| Financial income | 75/76B | €374 | - | -€374 | |
| Recurring financial income | 75 | €374 | - | -€374 | |
| Financial charges | 65/66B | €1,747 | €1,251 | -€496 | -28.4% |
| Recurring financial charges | 65 | €1,747 | €1,251 | -€496 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €29,155 | €34,381 | +€5,226 | +17.9% |
| Income taxes | 67/77 | €10,330 | €12,371 | +€2,041 | +19.8% |
| Profit (loss) for the period | 9904 | €18,825 | €22,010 | +€3,185 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,825 | €22,010 | +€3,185 | +16.9% |
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 1 November 2026 via checked.be.