CEOL: what changed
What changed
CEOL
filed annual accounts (NBB)
Net result for the year
-€8,775
2024 · €34,559-€43,334
Equity
€1.1m
2024 · €1.1m-€8,775
Cash
€587,676
2024 · €282,616+€305,060
Balance sheet total
€1.1m
2024 · €1.1m-€15,672
Largest movements
Assets
- Cash +€305,060
up €305,060 (+108%), from €282,616 to €587,676
mainly Current investments (+€299,753) and Depreciation (+€62,886)
- Current investments -€299,753
down €299,753 (-83.7%), from €358,300 to €58,547
- Tangible fixed assets -€28,366
down €28,366 (-6.3%), from €447,641 to €419,275
of which Land and buildings: -€17,966
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€57,804
down €57,804 (-45.1%), from €128,169 to €70,365
- Taxes -€14,316
down €14,316 (-97.3%), from €14,713 to €397
- Financial income +€2,195
up €2,195 (+47.5%), from €4,625 to €6,820
- Financial charges +€1,719
up €1,719 (+237%), from €726 to €2,445
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€34,559
Gross operating margin
-€57,804
Depreciation
-€8
Other operating charges
-€314
Financial income
+€2,195
Financial charges
-€1,719
Taxes
+€14,316
Result 2025
-€8,775
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€46,724
Investment
+€265,233
Financing
-€6,897
Cash 2024
€282,616
From operations (derived)
+€46,724
Net result for the year
-€8,775
Depreciation
+€62,886
Receivables within one year
-€7,649
Deferred charges and accrued income
+€262
Investment (derived)
+€265,233
Investment in fixed assets (net)
-€34,520
Current investments
+€299,753
Financing
-€6,897
Debts after one year
-€4,023
Current portion of long-term debt
-€2,874
Cash 2025
€587,676
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,088,819 | €1,073,147 | -€15,672 | -1.4% |
| Fixed assets | 21/28 | €447,641 | €419,275 | -€28,366 | -6.3% |
| Tangible fixed assets | 22/27 | €447,641 | €419,275 | -€28,366 | -6.3% |
| Land and buildings | 22 | €421,199 | €403,233 | -€17,966 | -4.3% |
| Furniture and vehicles | 24 | €26,442 | €16,042 | -€10,400 | -39.3% |
| Current assets | 29/58 | €641,178 | €653,872 | +€12,694 | +2.0% |
| Amounts receivable within one year | 40/41 | - | €7,649 | +€7,649 | |
| Other amounts receivable | 41 | - | €7,649 | +€7,649 | |
| Current investments | 50/53 | €358,300 | €58,547 | -€299,753 | -83.7% |
| Cash at bank and in hand | 54/58 | €282,616 | €587,676 | +€305,060 | +108% |
| Deferred charges and accrued income | 490/1 | €262 | - | -€262 | |
| Total equity and liabilities | 10/49 | €1,088,819 | €1,073,147 | -€15,672 | -1.4% |
| Equity | 10/15 | €1,073,824 | €1,065,049 | -€8,775 | -0.8% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €71,176 | €71,176 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €62,176 | €62,176 | = | 0.0% |
| Profit (loss) carried forward | 14 | €912,648 | €903,873 | -€8,775 | -1.0% |
| Amounts payable | 17/49 | €14,995 | €8,098 | -€6,897 | -46.0% |
| Amounts payable after more than one year | 17 | €4,023 | - | -€4,023 | |
| Financial debts | 170/4 | €4,023 | - | -€4,023 | |
| Amounts payable within one year | 42/48 | €10,972 | €8,098 | -€2,874 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €6,897 | €4,023 | -€2,874 | -41.7% |
| Taxes, remuneration and social security | 45 | €4,075 | €4,075 | = | 0.0% |
| Taxes | 450/3 | €1,275 | €1,275 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,800 | €2,800 | = | 0.0% |
| Non-recurring operating income | 76A | €17,934 | - | -€17,934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,878 | €62,886 | +€8 | 0.0% |
| Other operating charges | 640/8 | €19,918 | €20,232 | +€314 | +1.6% |
| Gross operating margin | 9900 | €128,169 | €70,365 | -€57,804 | -45.1% |
| Operating profit (loss) | 9901 | €45,373 | -€12,753 | -€58,126 | |
| Financial income | 75/76B | €4,625 | €6,820 | +€2,195 | +47.5% |
| Recurring financial income | 75 | €4,625 | €6,820 | +€2,195 | +47.5% |
| Financial charges | 65/66B | €726 | €2,445 | +€1,719 | +237% |
| Recurring financial charges | 65 | €726 | €2,445 | +€1,719 | +237% |
| Profit (loss) for the period before taxes | 9903 | €49,272 | -€8,378 | -€57,650 | |
| Income taxes | 67/77 | €14,713 | €397 | -€14,316 | -97.3% |
| Profit (loss) for the period | 9904 | €34,559 | -€8,775 | -€43,334 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,559 | -€8,775 | -€43,334 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.