CESOM: 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.
CESOM
Largest movements
- Cash -€99,227
down €99,227 (-37.4%), from €265,510 to €166,283
mainly Investment in fixed assets (net) (-€139,697) and Trade debts (-€16,517)
- Tangible fixed assets +€91,888
up €91,888 (+12.1%), from €758,702 to €850,590
of which Other tangible fixed assets: +€125,964
- Trade debts -€16,517
no longer reported in 2025 (was €16,517)
- Gross operating margin +€21,800
up €21,800 (+64.5%), from €33,805 to €55,605
- Depreciation +€12,018
up €12,018 (+33.6%), from €35,791 to €47,809
- Taxes +€4,520
up €4,520 (+305.0%), from €1,482 to €6,002
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 | €1,043,648 | €1,026,728 | -€16,919 | -1.6% |
| Fixed assets | 21/28 | €760,624 | €852,512 | +€91,888 | +12.1% |
| Tangible fixed assets | 22/27 | €758,702 | €850,590 | +€91,888 | +12.1% |
| Land and buildings | 22 | €572,765 | €548,960 | -€23,805 | -4.2% |
| Furniture and vehicles | 24 | €10,271 | - | -€10,271 | |
| Other tangible fixed assets | 26 | €175,666 | €301,630 | +€125,964 | +71.7% |
| Financial fixed assets | 28 | €1,922 | €1,922 | = | 0.0% |
| Current assets | 29/58 | €283,024 | €174,216 | -€108,807 | -38.4% |
| Amounts receivable within one year | 40/41 | €17,514 | €7,933 | -€9,581 | -54.7% |
| Other amounts receivable | 41 | €17,514 | €7,933 | -€9,581 | -54.7% |
| Cash at bank and in hand | 54/58 | €265,510 | €166,283 | -€99,227 | -37.4% |
| Total equity and liabilities | 10/49 | €1,043,648 | €1,026,728 | -€16,919 | -1.6% |
| Equity | 10/15 | €957,642 | €955,278 | -€2,365 | -0.2% |
| Contributions | 10/11 | €193,454 | €193,454 | = | 0.0% |
| Capital | 10 | €193,454 | €193,454 | = | 0.0% |
| Issued capital | 100 | €193,454 | €193,454 | = | 0.0% |
| Reserves | 13 | €528,490 | €526,125 | -€2,365 | -0.4% |
| Non-distributable reserves | 130/1 | €19,345 | €19,345 | = | 0.0% |
| Legal reserve | 130 | €19,345 | €19,345 | = | 0.0% |
| Tax-exempt reserves | 132 | €208,466 | €196,345 | -€12,121 | -5.8% |
| Distributable reserves | 133 | €300,679 | €310,435 | +€9,756 | +3.2% |
| Profit (loss) carried forward | 14 | €235,698 | €235,698 | = | 0.0% |
| Provisions and deferred taxes | 16 | €69,489 | €65,448 | -€4,040 | -5.8% |
| Deferred taxes | 168 | €69,489 | €65,448 | -€4,040 | -5.8% |
| Amounts payable | 17/49 | €16,517 | €6,002 | -€10,514 | -63.7% |
| Amounts payable within one year | 42/48 | €16,517 | €6,002 | -€10,514 | -63.7% |
| Trade debts | 44 | €16,517 | - | -€16,517 | |
| Suppliers | 440/4 | €16,517 | - | -€16,517 | |
| Taxes, remuneration and social security | 45 | - | €6,002 | +€6,002 | |
| Taxes | 450/3 | - | €6,002 | +€6,002 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,791 | €47,809 | +€12,018 | +33.6% |
| Other operating charges | 640/8 | €7,811 | €8,116 | +€305 | +3.9% |
| Gross operating margin | 9900 | €33,805 | €55,605 | +€21,800 | +64.5% |
| Operating profit (loss) | 9901 | -€9,796 | -€319 | +€9,478 | +96.7% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €68 | €84 | +€16 | +24.3% |
| Recurring financial charges | 65 | €68 | €84 | +€16 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | -€9,855 | -€403 | +€9,452 | +95.9% |
| Transfer from deferred taxes | 780 | €12,241 | €16,161 | +€3,920 | +32.0% |
| Income taxes | 67/77 | €1,482 | €6,002 | +€4,520 | +305.0% |
| Profit (loss) for the period | 9904 | €904 | €9,756 | +€8,852 | +978.9% |
| Profit (loss) for the period to be appropriated | 9905 | €904 | €9,756 | +€8,852 | +978.9% |
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 29 September 2026 via checked.be.