CESEBCO: 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.
CESEBCO
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-83.6%), from €1.5m to €239,519
of which Trade receivables: -€1.3m
- Tangible fixed assets +€663,828
up €663,828 (+61.7%), from €1.1m to €1.7m
of which Land and buildings: +€679,679
- Cash +€458,722
up €458,722 (+154%), from €298,546 to €757,267
mainly Net result for the year (+€1.3m) and Receivables within one year (+€1.2m)
- Profit (loss) carried forward +€920,411
up €920,411 (+71,444%), from €1,288 to €921,700
- Debts after one year -€575,000
down €575,000 (-50.0%), from €1.2m to €575,000
- Other debts -€514,371
down €514,371 (-15.2%), from €3.4m to €2.9m
- Tax, wage and social debts +€223,507
up €223,507 (+341%), from €65,599 to €289,106
- Accrued charges and deferred income -€150,415
down €150,415 (-55.6%), from €270,616 to €120,201
- Gross operating margin -€1.5m
down €1.5m (-43.7%), from €3.4m to €1.9m
- Taxes -€353,670
down €353,670 (-44.5%), from €795,651 to €441,981
- Financial charges -€109,648
down €109,648 (-43.9%), from €249,780 to €140,132
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 | €9,708,806 | €9,614,490 | -€94,316 | -1.0% |
| Fixed assets | 21/28 | €7,952,758 | €8,616,586 | +€663,828 | +8.3% |
| Tangible fixed assets | 22/27 | €1,075,218 | €1,739,046 | +€663,828 | +61.7% |
| Land and buildings | 22 | €1,042,448 | €1,722,128 | +€679,679 | +65.2% |
| Furniture and vehicles | 24 | €32,769 | €16,918 | -€15,852 | -48.4% |
| Financial fixed assets | 28 | €6,877,540 | €6,877,540 | = | 0.0% |
| Current assets | 29/58 | €1,756,048 | €997,904 | -€758,143 | -43.2% |
| Amounts receivable within one year | 40/41 | €1,456,349 | €239,519 | -€1.2m | -83.6% |
| Trade receivables | 40 | €1,452,000 | €181,500 | -€1.3m | -87.5% |
| Other amounts receivable | 41 | €4,349 | €58,019 | +€53,670 | +1,234% |
| Cash at bank and in hand | 54/58 | €298,546 | €757,267 | +€458,722 | +154% |
| Deferred charges and accrued income | 490/1 | €1,153 | €1,118 | -€35 | -3.1% |
| Total equity and liabilities | 10/49 | €9,708,806 | €9,614,490 | -€94,316 | -1.0% |
| Equity | 10/15 | €4,269,838 | €5,190,250 | +€920,411 | +21.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €4,250,000 | €4,250,000 | = | 0.0% |
| Distributable reserves | 133 | €4,250,000 | €4,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,288 | €921,700 | +€920,411 | +71,444% |
| Amounts payable | 17/49 | €5,438,967 | €4,424,240 | -€1.0m | -18.7% |
| Amounts payable after more than one year | 17 | €1,150,000 | €575,000 | -€575,000 | -50.0% |
| Financial debts | 170/4 | €1,150,000 | €575,000 | -€575,000 | -50.0% |
| Amounts payable within one year | 42/48 | €4,018,351 | €3,729,039 | -€289,313 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €575,000 | €575,000 | = | 0.0% |
| Trade debts | 44 | €3,363 | €4,915 | +€1,552 | +46.2% |
| Suppliers | 440/4 | €3,363 | €4,915 | +€1,552 | +46.2% |
| Taxes, remuneration and social security | 45 | €65,599 | €289,106 | +€223,507 | +341% |
| Taxes | 450/3 | €65,599 | €289,106 | +€223,507 | +341% |
| Other amounts payable | 47/48 | €3,374,390 | €2,860,018 | -€514,371 | -15.2% |
| Accrued charges and deferred income | 492/3 | €270,616 | €120,201 | -€150,415 | -55.6% |
| Non-recurring operating income | 76A | €300 | €0 | -€300 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,156 | €35,551 | +€17,395 | +95.8% |
| Other operating charges | 640/8 | €1,946 | €1,825 | -€121 | -6.2% |
| Gross operating margin | 9900 | €3,447,909 | €1,939,901 | -€1.5m | -43.7% |
| Operating profit (loss) | 9901 | €3,427,807 | €1,902,525 | -€1.5m | -44.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €249,780 | €140,132 | -€109,648 | -43.9% |
| Recurring financial charges | 65 | €249,780 | €140,132 | -€109,648 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €3,178,027 | €1,762,393 | -€1.4m | -44.5% |
| Income taxes | 67/77 | €795,651 | €441,981 | -€353,670 | -44.5% |
| Profit (loss) for the period | 9904 | €2,382,376 | €1,320,411 | -€1.1m | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,382,376 | €1,320,411 | -€1.1m | -44.6% |
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 16 October 2026 via checked.be.