CESHA: 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.
CESHA
Largest movements
- Receivables within one year +€34,711
up €34,711 (+240.2%), from €14,448 to €49,160
of which Trade receivables: +€21,710
- Intangible fixed assets -€16,000
down €16,000 (-17.6%), from €90,959 to €74,959
- Cash -€4,888
down €4,888 (-35.6%), from €13,748 to €8,861
mainly Receivables within one year (-€34,711) and Debts after one year (-€18,809)
- Stocks and contracts +€2,665
up €2,665 (+16.4%), from €16,284 to €18,950
- Tangible fixed assets -€2,536
down €2,536 (-47.1%), from €5,382 to €2,846
of which Plant, machinery and equipment: -€2,096
- Trade debts +€19,134
up €19,134 (+46.6%), from €41,089 to €60,223
- Debts after one year -€18,809
down €18,809 (-36.6%), from €51,417 to €32,608
- Tax, wage and social debts +€10,735
up €10,735 (+51.3%), from €20,909 to €31,644
of which Taxes: +€14,552
- Current portion of long-term debt -€6,799
down €6,799 (-33.5%), from €20,287 to €13,488
- Profit (loss) carried forward +€5,631
up €5,631, from €0 to €5,631
- Gross operating margin -€17,435
down €17,435 (-8.9%), from €196,481 to €179,046
- Staff costs -€12,098
down €12,098 (-7.7%), from €156,360 to €144,261
- Taxes +€2,335
up €2,335, from -€2 to €2,333
- Other operating charges -€1,987
down €1,987 (-64.5%), from €3,082 to €1,095
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 | €141,762 | €154,807 | +€13,045 | +9.2% |
| Fixed assets | 21/28 | €96,341 | €77,805 | -€18,536 | -19.2% |
| Intangible fixed assets | 21 | €90,959 | €74,959 | -€16,000 | -17.6% |
| Tangible fixed assets | 22/27 | €5,382 | €2,846 | -€2,536 | -47.1% |
| Plant, machinery and equipment | 23 | €3,772 | €1,676 | -€2,096 | -55.6% |
| Furniture and vehicles | 24 | €1,611 | €1,171 | -€440 | -27.3% |
| Current assets | 29/58 | €45,421 | €77,002 | +€31,581 | +69.5% |
| Stocks and contracts in progress | 3 | €16,284 | €18,950 | +€2,665 | +16.4% |
| Stocks | 30/36 | €16,284 | €18,950 | +€2,665 | +16.4% |
| Amounts receivable within one year | 40/41 | €14,448 | €49,160 | +€34,711 | +240.2% |
| Trade receivables | 40 | €6,848 | €28,559 | +€21,710 | +317.0% |
| Other amounts receivable | 41 | €7,600 | €20,601 | +€13,001 | +171.1% |
| Cash at bank and in hand | 54/58 | €13,748 | €8,861 | -€4,888 | -35.6% |
| Deferred charges and accrued income | 490/1 | €940 | €31 | -€908 | -96.7% |
| Total equity and liabilities | 10/49 | €141,762 | €154,807 | +€13,045 | +9.2% |
| Equity | 10/15 | €8,060 | €13,691 | +€5,631 | +69.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €5,631 | +€5,631 | |
| Amounts payable | 17/49 | €133,702 | €141,116 | +€7,414 | +5.5% |
| Amounts payable after more than one year | 17 | €51,417 | €32,608 | -€18,809 | -36.6% |
| Financial debts | 170/4 | €51,417 | €32,608 | -€18,809 | -36.6% |
| Amounts payable within one year | 42/48 | €82,286 | €108,508 | +€26,223 | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €20,287 | €13,488 | -€6,799 | -33.5% |
| Financial debts | 43 | €0 | €3,131 | +€3,131 | |
| Credit institutions | 430/8 | €0 | €3,131 | +€3,131 | |
| Trade debts | 44 | €41,089 | €60,223 | +€19,134 | +46.6% |
| Suppliers | 440/4 | €41,089 | €60,223 | +€19,134 | +46.6% |
| Taxes, remuneration and social security | 45 | €20,909 | €31,644 | +€10,735 | +51.3% |
| Taxes | 450/3 | €8,957 | €23,510 | +€14,552 | +162.5% |
| Remuneration and social security | 454/9 | €11,952 | €8,135 | -€3,817 | -31.9% |
| Other amounts payable | 47/48 | €0 | €21 | +€21 | |
| Non-recurring operating income | 76A | €0 | €2,458 | +€2,458 | |
| Remuneration, social security and pensions | 62 | €156,360 | €144,261 | -€12,098 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,536 | €18,536 | +€0 | 0.0% |
| Other operating charges | 640/8 | €3,082 | €1,095 | -€1,987 | -64.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €196,481 | €179,046 | -€17,435 | -8.9% |
| Operating profit (loss) | 9901 | €18,503 | €15,153 | -€3,350 | -18.1% |
| Financial income | 75/76B | €441 | €4 | -€437 | -99.1% |
| Recurring financial income | 75 | €441 | €4 | -€437 | -99.1% |
| Financial charges | 65/66B | €8,306 | €7,193 | -€1,113 | -13.4% |
| Recurring financial charges | 65 | €8,306 | €7,193 | -€1,113 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €10,638 | €7,964 | -€2,674 | -25.1% |
| Income taxes | 67/77 | -€2 | €2,333 | +€2,335 | |
| Profit (loss) for the period | 9904 | €10,640 | €5,631 | -€5,009 | -47.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,640 | €5,631 | -€5,009 | -47.1% |
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 1 October 2026 via checked.be.