CETHIURO: 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.
CETHIURO
Largest movements
- Cash +€35,813
up €35,813 (+59.6%), from €60,101 to €95,914
mainly Net result for the year (+€38,928) and Deferred charges and accrued income (+€34,722)
- Deferred charges and accrued income -€34,722
down €34,722 (-85.2%), from €40,732 to €6,010
- Receivables within one year +€33,339
up €33,339 (+289.7%), from €11,507 to €44,846
- Tangible fixed assets -€15,060
down €15,060 (-60.0%), from €25,118 to €10,058
of which Furniture and vehicles: -€13,156
- Other debts +€23,778
up €23,778 (+182.9%), from €13,000 to €36,778
- Trade debts -€7,121
down €7,121 (-80.6%), from €8,829 to €1,709
- Tax, wage and social debts +€4,000
up €4,000 (+35.0%), from €11,421 to €15,421
- Accrued charges and deferred income -€2,422
down €2,422 (-96.9%), from €2,500 to €78
- Profit (loss) carried forward +€2,149
up €2,149 (+10.5%), from €20,448 to €22,598
- Gross operating margin -€14,326
down €14,326 (-19.4%), from €73,763 to €59,437
- Taxes -€13,483
down €13,483 (-84.7%), from €15,921 to €2,438
- Depreciation +€939
up €939 (+6.2%), from €15,240 to €16,179
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 | €137,458 | €156,829 | +€19,371 | +14.1% |
| Fixed assets | 21/28 | €25,118 | €10,058 | -€15,060 | -60.0% |
| Tangible fixed assets | 22/27 | €25,118 | €10,058 | -€15,060 | -60.0% |
| Furniture and vehicles | 24 | €13,925 | €769 | -€13,156 | -94.5% |
| Other tangible fixed assets | 26 | €11,192 | €9,289 | -€1,904 | -17.0% |
| Current assets | 29/58 | €112,340 | €146,771 | +€34,431 | +30.6% |
| Amounts receivable within one year | 40/41 | €11,507 | €44,846 | +€33,339 | +289.7% |
| Other amounts receivable | 41 | €11,507 | €44,846 | +€33,339 | +289.7% |
| Cash at bank and in hand | 54/58 | €60,101 | €95,914 | +€35,813 | +59.6% |
| Deferred charges and accrued income | 490/1 | €40,732 | €6,010 | -€34,722 | -85.2% |
| Total equity and liabilities | 10/49 | €137,458 | €156,829 | +€19,371 | +14.1% |
| Equity | 10/15 | €100,694 | €102,843 | +€2,149 | +2.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €59,785 | €59,785 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,032 | €32,032 | = | 0.0% |
| Distributable reserves | 133 | €27,753 | €27,753 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,448 | €22,598 | +€2,149 | +10.5% |
| Amounts payable | 17/49 | €36,765 | €53,986 | +€17,221 | +46.8% |
| Amounts payable within one year | 42/48 | €34,265 | €53,908 | +€19,643 | +57.3% |
| Current portion of amounts payable after more than one year | 42 | €1,015 | - | -€1,015 | |
| Trade debts | 44 | €8,829 | €1,709 | -€7,121 | -80.6% |
| Suppliers | 440/4 | €8,829 | €1,709 | -€7,121 | -80.6% |
| Taxes, remuneration and social security | 45 | €11,421 | €15,421 | +€4,000 | +35.0% |
| Taxes | 450/3 | €11,421 | €15,421 | +€4,000 | +35.0% |
| Other amounts payable | 47/48 | €13,000 | €36,778 | +€23,778 | +182.9% |
| Accrued charges and deferred income | 492/3 | €2,500 | €78 | -€2,422 | -96.9% |
| Remuneration, social security and pensions | 62 | €473 | €458 | -€15 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,240 | €16,179 | +€939 | +6.2% |
| Other operating charges | 640/8 | €883 | €882 | -€2 | -0.2% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €73,763 | €59,437 | -€14,326 | -19.4% |
| Operating profit (loss) | 9901 | €57,167 | €41,855 | -€15,311 | -26.8% |
| Financial income | 75/76B | €255 | €119 | -€136 | -53.2% |
| Recurring financial income | 75 | €255 | €119 | -€136 | -53.2% |
| Financial charges | 65/66B | €748 | €609 | -€139 | -18.6% |
| Recurring financial charges | 65 | €748 | €609 | -€139 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €56,674 | €41,366 | -€15,308 | -27.0% |
| Income taxes | 67/77 | €15,921 | €2,438 | -€13,483 | -84.7% |
| Profit (loss) for the period | 9904 | €40,753 | €38,928 | -€1,825 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,753 | €38,928 | -€1,825 | -4.5% |
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 4 October 2026 via checked.be.