CEPHEE: 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.
CEPHEE
Largest movements
- Cash +€71,741
up €71,741 (+76.9%), from €93,315 to €165,056
mainly Net result for the year (+€109,857) and Current investments (+€51,245)
- Current investments -€51,245
down €51,245 (-12.4%), from €412,891 to €361,646
- Receivables within one year -€35,586
no longer reported in 2026 (was €35,586)
- Tangible fixed assets -€8,299
down €8,299 (-19.4%), from €42,758 to €34,459
of which Furniture and vehicles: -€9,367
- Reserves -€44,433
down €44,433 (-7.8%), from €568,858 to €524,425
- Tax, wage and social debts +€16,074
up €16,074 (+199%), from €8,087 to €24,161
- Gross operating margin +€45,162
up €45,162 (+41.4%), from €109,006 to €154,168
- Financial income -€25,201
down €25,201 (-71.4%), from €35,280 to €10,079
of which Financial income: -€24,581
- Taxes +€9,559
up €9,559 (+27.7%), from €34,567 to €44,126
- Depreciation +€5,307
up €5,307 (+120%), from €4,427 to €9,734
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €584,983 | €561,595 | -€23,388 | -4.0% |
| Fixed assets | 21/28 | €42,758 | €34,459 | -€8,299 | -19.4% |
| Tangible fixed assets | 22/27 | €42,758 | €34,459 | -€8,299 | -19.4% |
| Plant, machinery and equipment | 23 | €1,113 | €882 | -€230 | -20.7% |
| Furniture and vehicles | 24 | €41,527 | €32,159 | -€9,367 | -22.6% |
| Other tangible fixed assets | 26 | €119 | €1,417 | +€1,298 | +1,092% |
| Current assets | 29/58 | €542,225 | €527,136 | -€15,089 | -2.8% |
| Amounts receivable within one year | 40/41 | €35,586 | - | -€35,586 | |
| Trade receivables | 40 | €35,586 | - | -€35,586 | |
| Current investments | 50/53 | €412,891 | €361,646 | -€51,245 | -12.4% |
| Cash at bank and in hand | 54/58 | €93,315 | €165,056 | +€71,741 | +76.9% |
| Deferred charges and accrued income | 490/1 | €434 | €434 | = | 0.0% |
| Total equity and liabilities | 10/49 | €584,983 | €561,595 | -€23,388 | -4.0% |
| Equity | 10/15 | €575,058 | €530,625 | -€44,433 | -7.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €568,858 | €524,425 | -€44,433 | -7.8% |
| Distributable reserves | 133 | €568,858 | €524,425 | -€44,433 | -7.8% |
| Amounts payable | 17/49 | €9,925 | €30,970 | +€21,045 | +212% |
| Amounts payable within one year | 42/48 | €9,925 | €29,560 | +€19,635 | +198% |
| Trade debts | 44 | €307 | €466 | +€159 | +52.0% |
| Suppliers | 440/4 | €307 | €466 | +€159 | +52.0% |
| Taxes, remuneration and social security | 45 | €8,087 | €24,161 | +€16,074 | +199% |
| Taxes | 450/3 | €8,087 | €24,161 | +€16,074 | +199% |
| Other amounts payable | 47/48 | €1,532 | €4,934 | +€3,402 | +222% |
| Accrued charges and deferred income | 492/3 | - | €1,410 | +€1,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,427 | €9,734 | +€5,307 | +120% |
| Other operating charges | 640/8 | €1,159 | €437 | -€722 | -62.3% |
| Gross operating margin | 9900 | €109,006 | €154,168 | +€45,162 | +41.4% |
| Operating profit (loss) | 9901 | €103,420 | €143,997 | +€40,577 | +39.2% |
| Financial income | 75/76B | €35,280 | €10,079 | -€25,201 | -71.4% |
| Recurring financial income | 75 | €34,660 | €10,079 | -€24,581 | -70.9% |
| Non-recurring financial income | 76B | €620 | - | -€620 | |
| Financial charges | 65/66B | €83 | €93 | +€10 | +12.1% |
| Recurring financial charges | 65 | €83 | €93 | +€10 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €138,617 | €153,983 | +€15,366 | +11.1% |
| Income taxes | 67/77 | €34,567 | €44,126 | +€9,559 | +27.7% |
| Profit (loss) for the period | 9904 | €104,050 | €109,857 | +€5,807 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €104,050 | €109,857 | +€5,807 | +5.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.