CEPELO: 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.
CEPELO
Largest movements
- Cash -€230,162
down €230,162 (-78.5%), from €293,297 to €63,135
mainly Other debts (-€241,805) and Tax, wage and social debts (-€42,114)
- Deferred charges and accrued income -€4,407
down €4,407 (-20.1%), from €21,959 to €17,552
- Other debts -€241,805
down €241,805 (-96.1%), from €251,749 to €9,944
- Profit (loss) carried forward +€47,603
up €47,603 (+195.4%), from €24,360 to €71,963
- Tax, wage and social debts -€42,114
down €42,114 (-83.9%), from €50,179 to €8,066
of which Taxes: -€42,126
- Gross operating margin +€8,666
up €8,666 (+9.9%), from €87,173 to €95,840
- Financial income -€5,836
down €5,836 (-99.6%), from €5,861 to €25
- Depreciation +€1,126
up €1,126 (+37.6%), from €2,990 to €4,116
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 | €333,007 | €96,911 | -€236,095 | -70.9% |
| Fixed assets | 21/28 | €17,726 | €16,224 | -€1,502 | -8.5% |
| Tangible fixed assets | 22/27 | €17,726 | €16,224 | -€1,502 | -8.5% |
| Plant, machinery and equipment | 23 | €3,122 | €4,354 | +€1,232 | +39.5% |
| Furniture and vehicles | 24 | €3,247 | €2,027 | -€1,220 | -37.6% |
| Other tangible fixed assets | 26 | €11,358 | €9,844 | -€1,514 | -13.3% |
| Current assets | 29/58 | €315,281 | €80,687 | -€234,594 | -74.4% |
| Amounts receivable within one year | 40/41 | €25 | €0 | -€25 | -100.0% |
| Trade receivables | 40 | €25 | €0 | -€25 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €293,297 | €63,135 | -€230,162 | -78.5% |
| Deferred charges and accrued income | 490/1 | €21,959 | €17,552 | -€4,407 | -20.1% |
| Total equity and liabilities | 10/49 | €333,007 | €96,911 | -€236,095 | -70.9% |
| Equity | 10/15 | €29,360 | €76,963 | +€47,603 | +162.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,360 | €71,963 | +€47,603 | +195.4% |
| Amounts payable | 17/49 | €303,647 | €19,948 | -€283,698 | -93.4% |
| Amounts payable within one year | 42/48 | €303,222 | €19,593 | -€283,629 | -93.5% |
| Trade debts | 44 | €1,293 | €1,583 | +€290 | +22.4% |
| Suppliers | 440/4 | €1,293 | €1,583 | +€290 | +22.4% |
| Taxes, remuneration and social security | 45 | €50,179 | €8,066 | -€42,114 | -83.9% |
| Taxes | 450/3 | €48,076 | €5,950 | -€42,126 | -87.6% |
| Remuneration and social security | 454/9 | €2,103 | €2,115 | +€12 | +0.6% |
| Other amounts payable | 47/48 | €251,749 | €9,944 | -€241,805 | -96.1% |
| Accrued charges and deferred income | 492/3 | €425 | €355 | -€70 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,990 | €4,116 | +€1,126 | +37.6% |
| Other operating charges | 640/8 | €378 | €386 | +€8 | +2.2% |
| Gross operating margin | 9900 | €87,173 | €95,840 | +€8,666 | +9.9% |
| Operating profit (loss) | 9901 | €83,805 | €91,338 | +€7,533 | +9.0% |
| Financial income | 75/76B | €5,861 | €25 | -€5,836 | -99.6% |
| Recurring financial income | 75 | €5,861 | €25 | -€5,836 | -99.6% |
| Financial charges | 65/66B | €1,338 | €962 | -€376 | -28.1% |
| Recurring financial charges | 65 | €1,338 | €962 | -€376 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €88,328 | €90,401 | +€2,073 | +2.3% |
| Income taxes | 67/77 | €18,451 | €18,798 | +€347 | +1.9% |
| Profit (loss) for the period | 9904 | €69,877 | €71,603 | +€1,726 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €69,877 | €71,603 | +€1,726 | +2.5% |
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 4 October 2026 via checked.be.