CéThéo Management: 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.
CéThéo Management
Largest movements
- Cash +€115,936
up €115,936 (+180%), from €64,401 to €180,337
mainly Net result for the year (+€83,205) and Receivables within one year (+€37,325)
- Receivables within one year -€37,325
down €37,325 (-10.5%), from €355,489 to €318,165
of which Other amounts receivable: -€51,077
- Deferred charges and accrued income +€7,404
up €7,404 (+258%), from €2,865 to €10,270
- Reserves +€80,000
up €80,000 (+43.0%), from €186,000 to €266,000
- Write-downs +€50,000
new in 2025: €50,000
- Gross operating margin +€30,365
up €30,365 (+20.7%), from €146,515 to €176,880
- Taxes -€9,066
down €9,066 (-20.1%), from €45,163 to €36,097
- Other operating charges +€3,128
up €3,128 (+105%), from €2,989 to €6,117
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 | €429,630 | €516,047 | +€86,417 | +20.1% |
| Fixed assets | 21/28 | €6,874 | €7,275 | +€402 | +5.8% |
| Tangible fixed assets | 22/27 | €1,516 | €1,918 | +€402 | +26.5% |
| Furniture and vehicles | 24 | €1,516 | €1,918 | +€402 | +26.5% |
| Financial fixed assets | 28 | €5,357 | €5,357 | = | 0.0% |
| Current assets | 29/58 | €422,756 | €508,772 | +€86,015 | +20.3% |
| Amounts receivable within one year | 40/41 | €355,489 | €318,165 | -€37,325 | -10.5% |
| Trade receivables | 40 | €195,800 | €209,553 | +€13,753 | +7.0% |
| Other amounts receivable | 41 | €159,689 | €108,612 | -€51,077 | -32.0% |
| Cash at bank and in hand | 54/58 | €64,401 | €180,337 | +€115,936 | +180% |
| Deferred charges and accrued income | 490/1 | €2,865 | €10,270 | +€7,404 | +258% |
| Total equity and liabilities | 10/49 | €429,630 | €516,047 | +€86,417 | +20.1% |
| Equity | 10/15 | €347,601 | €430,807 | +€83,205 | +23.9% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €186,000 | €266,000 | +€80,000 | +43.0% |
| Distributable reserves | 133 | €186,000 | €266,000 | +€80,000 | +43.0% |
| Profit (loss) carried forward | 14 | €139,601 | €142,807 | +€3,205 | +2.3% |
| Amounts payable | 17/49 | €82,028 | €85,240 | +€3,212 | +3.9% |
| Amounts payable within one year | 42/48 | €82,028 | €85,240 | +€3,212 | +3.9% |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Other loans | 439 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €1,105 | €729 | -€376 | -34.0% |
| Suppliers | 440/4 | €1,105 | €729 | -€376 | -34.0% |
| Taxes, remuneration and social security | 45 | €30,569 | €33,385 | +€2,816 | +9.2% |
| Taxes | 450/3 | €30,569 | €33,385 | +€2,816 | +9.2% |
| Other amounts payable | 47/48 | €40,355 | €41,127 | +€772 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54 | €641 | +€587 | +1,091% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €50,000 | +€50,000 | |
| Other operating charges | 640/8 | €2,989 | €6,117 | +€3,128 | +105% |
| Gross operating margin | 9900 | €146,515 | €176,880 | +€30,365 | +20.7% |
| Operating profit (loss) | 9901 | €143,472 | €120,122 | -€23,350 | -16.3% |
| Financial charges | 65/66B | €1,243 | €820 | -€423 | -34.0% |
| Recurring financial charges | 65 | €1,243 | €820 | -€423 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €142,229 | €119,302 | -€22,927 | -16.1% |
| Income taxes | 67/77 | €45,163 | €36,097 | -€9,066 | -20.1% |
| Profit (loss) for the period | 9904 | €97,066 | €83,205 | -€13,861 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,066 | €83,205 | -€13,861 | -14.3% |
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 17 October 2026 via checked.be.