CEPHALUS: what changed
Two financial 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.
CEPHALUS
Largest movements
- Cash +€271,090
up €271,090 (+46.9%), from €577,826 to €848,917
mainly Net result for the year (+€318,714) and Current investments (+€125,000)
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Tangible fixed assets +€38,321
up €38,321 (+4.1%), from €925,674 to €963,995
of which Land and buildings: +€48,356
- Reserves +€198,714
up €198,714 (+14.5%), from €1.4m to €1.6m
of which Distributable reserves: +€202,424
- Debts after one year -€75,499
down €75,499 (-47.0%), from €160,481 to €84,981
- Tax, wage and social debts +€40,802
up €40,802 (+1,264%), from €3,229 to €44,031
- Gross operating margin +€143,607
up €143,607 (+35.4%), from €405,778 to €549,385
- Taxes +€40,962
up €40,962 (+39.1%), from €104,665 to €145,628
- Depreciation +€10,976
up €10,976 (+17.7%), from €62,184 to €73,160
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.
Derived cash bridge
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 | €1,630,591 | €1,816,788 | +€186,197 | +11.4% |
| Fixed assets | 21/28 | €925,699 | €966,020 | +€40,321 | +4.4% |
| Tangible fixed assets | 22/27 | €925,674 | €963,995 | +€38,321 | +4.1% |
| Land and buildings | 22 | €896,801 | €945,157 | +€48,356 | +5.4% |
| Plant, machinery and equipment | 23 | €9,285 | €6,832 | -€2,453 | -26.4% |
| Furniture and vehicles | 24 | €19,588 | €12,007 | -€7,582 | -38.7% |
| Financial fixed assets | 28 | €25 | €2,025 | +€2,000 | +8,000% |
| Current assets | 29/58 | €704,892 | €850,768 | +€145,876 | +20.7% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €577,826 | €848,917 | +€271,090 | +46.9% |
| Deferred charges and accrued income | 490/1 | €2,066 | €1,851 | -€214 | -10.4% |
| Total equity and liabilities | 10/49 | €1,630,591 | €1,816,788 | +€186,197 | +11.4% |
| Equity | 10/15 | €1,381,003 | €1,579,717 | +€198,714 | +14.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,368,603 | €1,567,317 | +€198,714 | +14.5% |
| Non-distributable reserves | 130/1 | €3,710 | - | -€3,710 | |
| Reserves not available under the articles | 1311 | €3,710 | - | -€3,710 | |
| Distributable reserves | 133 | €1,364,893 | €1,567,317 | +€202,424 | +14.8% |
| Amounts payable | 17/49 | €249,587 | €237,071 | -€12,517 | -5.0% |
| Amounts payable after more than one year | 17 | €160,481 | €84,981 | -€75,499 | -47.0% |
| Financial debts | 170/4 | €160,481 | €84,981 | -€75,499 | -47.0% |
| Amounts payable within one year | 42/48 | €85,807 | €149,665 | +€63,858 | +74.4% |
| Current portion of amounts payable after more than one year | 42 | €73,441 | €75,499 | +€2,058 | +2.8% |
| Trade debts | 44 | €2,030 | €5,003 | +€2,973 | +146% |
| Suppliers | 440/4 | €2,030 | €5,003 | +€2,973 | +146% |
| Taxes, remuneration and social security | 45 | €3,229 | €44,031 | +€40,802 | +1,264% |
| Taxes | 450/3 | €3,229 | €44,031 | +€40,802 | +1,264% |
| Other amounts payable | 47/48 | €7,107 | €25,131 | +€18,024 | +254% |
| Accrued charges and deferred income | 492/3 | €3,300 | €2,425 | -€875 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,184 | €73,160 | +€10,976 | +17.7% |
| Other operating charges | 640/8 | €7,557 | €5,501 | -€2,056 | -27.2% |
| Gross operating margin | 9900 | €405,778 | €549,385 | +€143,607 | +35.4% |
| Operating profit (loss) | 9901 | €336,037 | €470,725 | +€134,687 | +40.1% |
| Financial income | 75/76B | €5,206 | €2,147 | -€3,059 | -58.8% |
| Recurring financial income | 75 | €5,206 | €2,147 | -€3,059 | -58.8% |
| Financial charges | 65/66B | €6,350 | €8,530 | +€2,180 | +34.3% |
| Recurring financial charges | 65 | €6,350 | €8,530 | +€2,180 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €334,894 | €464,342 | +€129,448 | +38.7% |
| Income taxes | 67/77 | €104,665 | €145,628 | +€40,962 | +39.1% |
| Profit (loss) for the period | 9904 | €230,228 | €318,714 | +€88,486 | +38.4% |
| Profit (loss) for the period to be appropriated | 9905 | €230,228 | €318,714 | +€88,486 | +38.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.