CEPHI: 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.
CEPHI
Largest movements
- Cash -€40,596
down €40,596 (-81.7%), from €49,673 to €9,077
mainly Contributions, distributions and other (-€63,494) and Tax, wage and social debts (-€10,942)
- Receivables within one year -€3,086
down €3,086 (-20.9%), from €14,784 to €11,697
of which Other amounts receivable: -€3,086
- Tangible fixed assets -€2,488
down €2,488 (-6.8%), from €36,649 to €34,161
of which Leasing and similar rights: -€5,830
- Reserves -€28,899
down €28,899 (-45.5%), from €63,494 to €34,595
- Tax, wage and social debts -€10,942
down €10,942 (-90.5%), from €12,086 to €1,144
- Debts after one year -€7,199
down €7,199 (-33.4%), from €21,573 to €14,374
- Trade debts +€1,311
up €1,311 (+77.3%), from €1,696 to €3,007
- Financial income +€11,041
up €11,041 (+1891.0%), from €584 to €11,625
- Gross operating margin +€7,363
up €7,363 (+19.6%), from €37,543 to €44,906
- Depreciation +€4,575
up €4,575 (+95.5%), from €4,791 to €9,366
- Other operating charges +€856
up €856 (+65.7%), from €1,303 to €2,159
- Financial charges +€727
up €727 (+475.0%), from €153 to €880
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 | €105,953 | €60,421 | -€45,531 | -43.0% |
| Fixed assets | 21/28 | €37,648 | €35,160 | -€2,488 | -6.6% |
| Tangible fixed assets | 22/27 | €36,649 | €34,161 | -€2,488 | -6.8% |
| Plant, machinery and equipment | 23 | €432 | €691 | +€258 | +59.7% |
| Furniture and vehicles | 24 | €7,418 | €10,501 | +€3,083 | +41.6% |
| Leasing and similar rights | 25 | €28,799 | €22,969 | -€5,830 | -20.2% |
| Financial fixed assets | 28 | €999 | €999 | = | 0.0% |
| Current assets | 29/58 | €68,304 | €25,261 | -€43,043 | -63.0% |
| Amounts receivable within one year | 40/41 | €14,784 | €11,697 | -€3,086 | -20.9% |
| Trade receivables | 40 | €250 | €250 | = | 0.0% |
| Other amounts receivable | 41 | €14,534 | €11,447 | -€3,086 | -21.2% |
| Cash at bank and in hand | 54/58 | €49,673 | €9,077 | -€40,596 | -81.7% |
| Deferred charges and accrued income | 490/1 | €3,848 | €4,487 | +€639 | +16.6% |
| Total equity and liabilities | 10/49 | €105,953 | €60,421 | -€45,531 | -43.0% |
| Equity | 10/15 | €63,596 | €34,697 | -€28,899 | -45.4% |
| Contributions | 10/11 | €102 | €102 | = | 0.0% |
| Reserves | 13 | €63,494 | €34,595 | -€28,899 | -45.5% |
| Distributable reserves | 133 | €63,494 | €34,595 | -€28,899 | -45.5% |
| Amounts payable | 17/49 | €42,357 | €25,725 | -€16,632 | -39.3% |
| Amounts payable after more than one year | 17 | €21,573 | €14,374 | -€7,199 | -33.4% |
| Financial debts | 170/4 | €21,573 | €14,374 | -€7,199 | -33.4% |
| Amounts payable within one year | 42/48 | €20,783 | €11,351 | -€9,433 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €7,001 | €7,199 | +€198 | +2.8% |
| Trade debts | 44 | €1,696 | €3,007 | +€1,311 | +77.3% |
| Suppliers | 440/4 | €1,696 | €3,007 | +€1,311 | +77.3% |
| Taxes, remuneration and social security | 45 | €12,086 | €1,144 | -€10,942 | -90.5% |
| Taxes | 450/3 | €12,086 | €1,144 | -€10,942 | -90.5% |
| Non-recurring operating income | 76A | - | €5,430 | +€5,430 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,791 | €9,366 | +€4,575 | +95.5% |
| Other operating charges | 640/8 | €1,303 | €2,159 | +€856 | +65.7% |
| Gross operating margin | 9900 | €37,543 | €44,906 | +€7,363 | +19.6% |
| Operating profit (loss) | 9901 | €31,449 | €33,381 | +€1,931 | +6.1% |
| Financial income | 75/76B | €584 | €11,625 | +€11,041 | +1891.0% |
| Recurring financial income | 75 | €584 | €11,625 | +€11,041 | +1891.0% |
| Financial charges | 65/66B | €153 | €880 | +€727 | +475.0% |
| Recurring financial charges | 65 | €153 | €880 | +€727 | +475.0% |
| Profit (loss) for the period before taxes | 9903 | €31,880 | €44,125 | +€12,245 | +38.4% |
| Income taxes | 67/77 | €9,836 | €9,531 | -€306 | -3.1% |
| Profit (loss) for the period | 9904 | €22,044 | €34,595 | +€12,551 | +56.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,044 | €34,595 | +€12,551 | +56.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.