CENTRABEL: 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.
CENTRABEL
Largest movements
- Cash +€75,786
up €75,786 (+11.7%), from €646,860 to €722,646
mainly Receivables within one year (+€67,426) and Net result for the year (+€36,244)
- Receivables within one year -€67,426
down €67,426 (-67.6%), from €99,817 to €32,391
of which Trade receivables: -€70,821
- Tangible fixed assets +€14,894
up €14,894 (+54.2%), from €27,497 to €42,391
- Reserves +€16,244
up €16,244 (+2.3%), from €694,757 to €711,002
of which Distributable reserves: +€16,244
- Tax, wage and social debts +€12,042
up €12,042 (+22.1%), from €54,613 to €66,655
of which Taxes: +€14,497
- Gross operating margin -€147,058
down €147,058 (-62.5%), from €235,375 to €88,316
- Taxes -€46,932
down €46,932 (-69.6%), from €67,434 to €20,502
- Staff costs -€20,927
down €20,927 (-59.8%), from €34,992 to €14,065
- Financial income -€11,568
down €11,568 (-98.1%), from €11,788 to €220
- Depreciation +€4,847
up €4,847 (+68.0%), from €7,127 to €11,974
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 | €782,344 | €803,658 | +€21,314 | +2.7% |
| Fixed assets | 21/28 | €27,497 | €42,391 | +€14,894 | +54.2% |
| Tangible fixed assets | 22/27 | €27,497 | €42,391 | +€14,894 | +54.2% |
| Other tangible fixed assets | 26 | €27,497 | €42,391 | +€14,894 | +54.2% |
| Current assets | 29/58 | €754,847 | €761,267 | +€6,420 | +0.9% |
| Stocks and contracts in progress | 3 | €8,170 | €6,230 | -€1,940 | -23.7% |
| Stocks | 30/36 | €8,170 | €6,230 | -€1,940 | -23.7% |
| Amounts receivable within one year | 40/41 | €99,817 | €32,391 | -€67,426 | -67.6% |
| Trade receivables | 40 | €97,968 | €27,147 | -€70,821 | -72.3% |
| Other amounts receivable | 41 | €1,849 | €5,243 | +€3,394 | +183.6% |
| Cash at bank and in hand | 54/58 | €646,860 | €722,646 | +€75,786 | +11.7% |
| Total equity and liabilities | 10/49 | €782,344 | €803,658 | +€21,314 | +2.7% |
| Equity | 10/15 | €719,547 | €735,791 | +€16,244 | +2.3% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €694,757 | €711,002 | +€16,244 | +2.3% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,941 | €107,941 | = | 0.0% |
| Distributable reserves | 133 | €579,380 | €595,624 | +€16,244 | +2.8% |
| Amounts payable | 17/49 | €62,797 | €67,867 | +€5,070 | +8.1% |
| Amounts payable after more than one year | 17 | - | €1,212 | +€1,212 | |
| Trade debts | 175 | - | €1,212 | +€1,212 | |
| Amounts payable within one year | 42/48 | €62,153 | €66,655 | +€4,502 | +7.2% |
| Trade debts | 44 | €7,540 | - | -€7,540 | |
| Suppliers | 440/4 | €7,540 | - | -€7,540 | |
| Taxes, remuneration and social security | 45 | €54,613 | €66,655 | +€12,042 | +22.1% |
| Taxes | 450/3 | €51,337 | €65,834 | +€14,497 | +28.2% |
| Remuneration and social security | 454/9 | €3,276 | €821 | -€2,455 | -74.9% |
| Accrued charges and deferred income | 492/3 | €644 | - | -€644 | |
| Remuneration, social security and pensions | 62 | €34,992 | €14,065 | -€20,927 | -59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,127 | €11,974 | +€4,847 | +68.0% |
| Other operating charges | 640/8 | €4,967 | €4,942 | -€25 | -0.5% |
| Gross operating margin | 9900 | €235,375 | €88,316 | -€147,058 | -62.5% |
| Operating profit (loss) | 9901 | €188,289 | €57,336 | -€130,953 | -69.5% |
| Financial income | 75/76B | €11,788 | €220 | -€11,568 | -98.1% |
| Recurring financial income | 75 | €11,788 | €220 | -€11,568 | -98.1% |
| Financial charges | 65/66B | €475 | €810 | +€336 | +70.7% |
| Recurring financial charges | 65 | €475 | €810 | +€336 | +70.7% |
| Profit (loss) for the period before taxes | 9903 | €199,602 | €56,746 | -€142,856 | -71.6% |
| Income taxes | 67/77 | €67,434 | €20,502 | -€46,932 | -69.6% |
| Profit (loss) for the period | 9904 | €132,168 | €36,244 | -€95,924 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €132,168 | €36,244 | -€95,924 | -72.6% |
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 6 October 2026 via checked.be.