CENZES: 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.
CENZES
Largest movements
- Cash -€30,447
down €30,447 (-7.1%), from €428,155 to €397,708
mainly Contributions, distributions and other (-€64,000) and Tax, wage and social debts (-€12,541)
- Tangible fixed assets -€12,134
down €12,134 (-21.2%), from €57,189 to €45,056
of which Furniture and vehicles: -€10,122
- Receivables within one year +€6,816
up €6,816 (+53.3%), from €12,789 to €19,605
of which Other amounts receivable: +€12,152
- Reserves -€27,700
down €27,700 (-7.2%), from €384,810 to €357,110
- Tax, wage and social debts -€12,541
down €12,541 (-90.3%), from €13,889 to €1,348
- Gross operating margin -€73,393
down €73,393 (-51.0%), from €143,864 to €70,471
- Taxes -€23,237
down €23,237 (-56.6%), from €41,085 to €17,848
- Depreciation +€3,515
up €3,515 (+29.8%), from €11,813 to €15,329
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 | €498,597 | €463,034 | -€35,564 | -7.1% |
| Fixed assets | 21/28 | €57,189 | €45,056 | -€12,134 | -21.2% |
| Tangible fixed assets | 22/27 | €57,189 | €45,056 | -€12,134 | -21.2% |
| Plant, machinery and equipment | 23 | €2,664 | €2,051 | -€613 | -23.0% |
| Furniture and vehicles | 24 | €51,465 | €41,343 | -€10,122 | -19.7% |
| Other tangible fixed assets | 26 | €3,060 | €1,662 | -€1,399 | -45.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €441,408 | €417,978 | -€23,430 | -5.3% |
| Amounts receivable within one year | 40/41 | €12,789 | €19,605 | +€6,816 | +53.3% |
| Trade receivables | 40 | €12,789 | €7,454 | -€5,336 | -41.7% |
| Other amounts receivable | 41 | €0 | €12,152 | +€12,152 | |
| Cash at bank and in hand | 54/58 | €428,155 | €397,708 | -€30,447 | -7.1% |
| Deferred charges and accrued income | 490/1 | €464 | €665 | +€201 | +43.2% |
| Total equity and liabilities | 10/49 | €498,597 | €463,034 | -€35,564 | -7.1% |
| Equity | 10/15 | €479,354 | €451,689 | -€27,665 | -5.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €384,810 | €357,110 | -€27,700 | -7.2% |
| Distributable reserves | 133 | €384,810 | €357,110 | -€27,700 | -7.2% |
| Profit (loss) carried forward | 14 | €82,144 | €82,179 | +€35 | 0.0% |
| Amounts payable | 17/49 | €19,243 | €11,344 | -€7,899 | -41.0% |
| Amounts payable within one year | 42/48 | €19,177 | €11,277 | -€7,900 | -41.2% |
| Trade debts | 44 | €285 | €302 | +€18 | +6.3% |
| Suppliers | 440/4 | €285 | €302 | +€18 | +6.3% |
| Taxes, remuneration and social security | 45 | €13,889 | €1,348 | -€12,541 | -90.3% |
| Taxes | 450/3 | €13,889 | €1,348 | -€12,541 | -90.3% |
| Other amounts payable | 47/48 | €5,004 | €9,627 | +€4,623 | +92.4% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €22,424 | €0 | -€22,424 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,813 | €15,329 | +€3,515 | +29.8% |
| Other operating charges | 640/8 | €846 | €720 | -€126 | -14.9% |
| Gross operating margin | 9900 | €143,864 | €70,471 | -€73,393 | -51.0% |
| Operating profit (loss) | 9901 | €131,204 | €54,423 | -€76,782 | -58.5% |
| Financial income | 75/76B | €108 | €6 | -€102 | -94.4% |
| Recurring financial income | 75 | €108 | €6 | -€102 | -94.4% |
| Financial charges | 65/66B | €240 | €245 | +€6 | +2.3% |
| Recurring financial charges | 65 | €240 | €245 | +€6 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €131,073 | €54,183 | -€76,889 | -58.7% |
| Income taxes | 67/77 | €41,085 | €17,848 | -€23,237 | -56.6% |
| Profit (loss) for the period | 9904 | €89,988 | €36,335 | -€53,653 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,988 | €36,335 | -€53,653 | -59.6% |
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 9 October 2026 via checked.be.