CENOB: 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.
CENOB
Largest movements
- Receivables within one year -€195,592
down €195,592 (-78.1%), from €250,550 to €54,958
of which Other amounts receivable: -€197,256
- Tangible fixed assets +€64,053
up €64,053 (+60.6%), from €105,674 to €169,727
of which Plant, machinery and equipment: +€68,444
- Stocks and contracts -€8,751
down €8,751 (-26.8%), from €32,686 to €23,935
- Deferred charges and accrued income +€5,889
up €5,889 (+110.6%), from €5,326 to €11,216
- Cash -€5,357
down €5,357 (-83.9%), from €6,388 to €1,031
mainly Other debts (-€206,364) and Investment in fixed assets (net) (-€89,498)
- Other debts -€206,364
down €206,364 (-98.4%), from €209,634 to €3,270
- Debts after one year +€55,100
new in 2025: €55,100
- Trade debts +€15,522
up €15,522 (+17.1%), from €90,698 to €106,221
- Tax, wage and social debts -€11,656
down €11,656 (-26.0%), from €44,881 to €33,225
of which Remuneration and social security: -€6,492
- Current portion of long-term debt +€10,722
up €10,722 (+428.9%), from €2,500 to €13,222
- Gross operating margin -€136,913
down €136,913 (-27.2%), from €503,443 to €366,530
- Staff costs -€64,974
down €64,974 (-16.4%), from €395,290 to €330,316
- Taxes -€17,836
down €17,836 (-74.1%), from €24,082 to €6,245
- Depreciation -€9,706
down €9,706 (-27.6%), from €35,151 to €25,445
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 | €400,726 | €260,968 | -€139,758 | -34.9% |
| Fixed assets | 21/28 | €105,776 | €169,829 | +€64,053 | +60.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €105,674 | €169,727 | +€64,053 | +60.6% |
| Plant, machinery and equipment | 23 | €98,557 | €167,002 | +€68,444 | +69.4% |
| Furniture and vehicles | 24 | €7,117 | €2,726 | -€4,391 | -61.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €101 | €101 | = | 0.0% |
| Current assets | 29/58 | €294,950 | €91,140 | -€203,811 | -69.1% |
| Stocks and contracts in progress | 3 | €32,686 | €23,935 | -€8,751 | -26.8% |
| Stocks | 30/36 | €32,686 | €23,935 | -€8,751 | -26.8% |
| Amounts receivable within one year | 40/41 | €250,550 | €54,958 | -€195,592 | -78.1% |
| Trade receivables | 40 | €12,074 | €13,738 | +€1,664 | +13.8% |
| Other amounts receivable | 41 | €238,476 | €41,220 | -€197,256 | -82.7% |
| Cash at bank and in hand | 54/58 | €6,388 | €1,031 | -€5,357 | -83.9% |
| Deferred charges and accrued income | 490/1 | €5,326 | €11,216 | +€5,889 | +110.6% |
| Total equity and liabilities | 10/49 | €400,726 | €260,968 | -€139,758 | -34.9% |
| Equity | 10/15 | €29,498 | €25,752 | -€3,746 | -12.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,298 | €19,552 | -€3,746 | -16.1% |
| Amounts payable | 17/49 | €371,228 | €235,216 | -€136,012 | -36.6% |
| Amounts payable after more than one year | 17 | - | €55,100 | +€55,100 | |
| Financial debts | 170/4 | - | €55,100 | +€55,100 | |
| Amounts payable within one year | 42/48 | €358,421 | €169,167 | -€189,253 | -52.8% |
| Current portion of amounts payable after more than one year | 42 | €2,500 | €13,222 | +€10,722 | +428.9% |
| Financial debts | 43 | €10,707 | €13,230 | +€2,523 | +23.6% |
| Credit institutions | 430/8 | €10,707 | €13,230 | +€2,523 | +23.6% |
| Trade debts | 44 | €90,698 | €106,221 | +€15,522 | +17.1% |
| Suppliers | 440/4 | €90,698 | €106,221 | +€15,522 | +17.1% |
| Taxes, remuneration and social security | 45 | €44,881 | €33,225 | -€11,656 | -26.0% |
| Taxes | 450/3 | €8,128 | €2,964 | -€5,164 | -63.5% |
| Remuneration and social security | 454/9 | €36,753 | €30,261 | -€6,492 | -17.7% |
| Other amounts payable | 47/48 | €209,634 | €3,270 | -€206,364 | -98.4% |
| Accrued charges and deferred income | 492/3 | €12,808 | €10,949 | -€1,859 | -14.5% |
| Remuneration, social security and pensions | 62 | €395,290 | €330,316 | -€64,974 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,151 | €25,445 | -€9,706 | -27.6% |
| Other operating charges | 640/8 | €6,956 | €6,322 | -€633 | -9.1% |
| Gross operating margin | 9900 | €503,443 | €366,530 | -€136,913 | -27.2% |
| Operating profit (loss) | 9901 | €66,046 | €4,446 | -€61,600 | -93.3% |
| Financial income | 75/76B | €6,951 | €4,034 | -€2,917 | -42.0% |
| Recurring financial income | 75 | €6,951 | €4,034 | -€2,917 | -42.0% |
| Financial charges | 65/66B | €5,382 | €5,981 | +€599 | +11.1% |
| Recurring financial charges | 65 | €5,382 | €5,981 | +€599 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €67,615 | €2,500 | -€65,115 | -96.3% |
| Income taxes | 67/77 | €24,082 | €6,245 | -€17,836 | -74.1% |
| Profit (loss) for the period | 9904 | €43,533 | -€3,746 | -€47,279 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,533 | -€3,746 | -€47,279 |
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 5 October 2026 via checked.be.