CETIM PROJECTS: 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.
CETIM PROJECTS
Largest movements
- Financial fixed assets -€9.9m
down €9.9m (-92.6%), from €10.7m to €787,088
- Cash -€207,048
down €207,048 (-30.7%), from €674,501 to €467,452
mainly Other debts (-€8.2m) and Debts after one year (-€2.5m)
- Other debts -€8.2m
down €8.2m (-88.1%), from €9.3m to €1.1m
- Debts after one year -€2.5m
down €2.5m (-99.8%), from €2.5m to €5,566
of which Other amounts payable: -€2.5m
- Profit (loss) carried forward +€720,639
up €720,639, from -€698,075 to €22,565
- Trade debts -€132,437
down €132,437 (-77.5%), from €170,995 to €38,559
- Financial charges -€384,770
down €384,770 (-42.6%), from €903,364 to €518,594
of which Financial charges: -€302,596
- Financial income +€164,066
up €164,066 (+9.4%), from €1.7m to €1.9m
of which Financial income: +€385,790
- Gross operating margin +€72,537
up €72,537 (+29.6%), from -€245,414 to -€172,878
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 | €11,351,171 | €1,254,540 | -€10.1m | -88.9% |
| Fixed assets | 21/28 | €10,676,671 | €787,088 | -€9.9m | -92.6% |
| Financial fixed assets | 28 | €10,676,671 | €787,088 | -€9.9m | -92.6% |
| Current assets | 29/58 | €674,501 | €467,452 | -€207,048 | -30.7% |
| Cash at bank and in hand | 54/58 | €674,501 | €467,452 | -€207,048 | -30.7% |
| Total equity and liabilities | 10/49 | €11,351,171 | €1,254,540 | -€10.1m | -88.9% |
| Equity | 10/15 | -€626,362 | €94,277 | +€720,639 | |
| Contributions | 10/11 | €65,193 | €65,193 | = | 0.0% |
| Capital | 10 | €65,193 | €65,193 | = | 0.0% |
| Issued capital | 100 | €65,193 | €65,193 | = | 0.0% |
| Reserves | 13 | €6,519 | €6,519 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,519 | €6,519 | = | 0.0% |
| Legal reserve | 130 | €6,519 | €6,519 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€698,075 | €22,565 | +€720,639 | |
| Amounts payable | 17/49 | €11,977,534 | €1,160,263 | -€10.8m | -90.3% |
| Amounts payable after more than one year | 17 | €2,471,171 | €5,566 | -€2.5m | -99.8% |
| Financial debts | 170/4 | €14,804 | €5,566 | -€9,237 | -62.4% |
| Other amounts payable | 178/9 | €2,456,368 | - | -€2.5m | |
| Amounts payable within one year | 42/48 | €9,505,349 | €1,154,642 | -€8.4m | -87.9% |
| Current portion of amounts payable after more than one year | 42 | €8,866 | €9,237 | +€371 | +4.2% |
| Financial debts | 43 | €723 | €753 | +€30 | +4.2% |
| Credit institutions | 430/8 | €723 | €753 | +€30 | +4.2% |
| Trade debts | 44 | €170,995 | €38,559 | -€132,437 | -77.5% |
| Suppliers | 440/4 | €170,995 | €38,559 | -€132,437 | -77.5% |
| Taxes, remuneration and social security | 45 | €25,460 | - | -€25,460 | |
| Taxes | 450/3 | €25,460 | - | -€25,460 | |
| Other amounts payable | 47/48 | €9,299,305 | €1,106,093 | -€8.2m | -88.1% |
| Accrued charges and deferred income | 492/3 | €1,013 | €55 | -€958 | -94.5% |
| Other operating charges | 640/8 | €968 | €1,068 | +€100 | +10.3% |
| Gross operating margin | 9900 | -€245,414 | -€172,878 | +€72,537 | +29.6% |
| Operating profit (loss) | 9901 | -€246,382 | -€173,945 | +€72,437 | +29.4% |
| Financial income | 75/76B | €1,749,113 | €1,913,179 | +€164,066 | +9.4% |
| Recurring financial income | 75 | €1,527,389 | €1,913,179 | +€385,790 | +25.3% |
| Non-recurring financial income | 76B | €221,724 | - | -€221,724 | |
| Financial charges | 65/66B | €903,364 | €518,594 | -€384,770 | -42.6% |
| Recurring financial charges | 65 | €821,191 | €518,594 | -€302,596 | -36.8% |
| Non-recurring financial charges | 66B | €82,173 | - | -€82,173 | |
| Profit (loss) for the period before taxes | 9903 | €599,367 | €1,220,639 | +€621,272 | +103.7% |
| Profit (loss) for the period | 9904 | €599,367 | €1,220,639 | +€621,272 | +103.7% |
| Profit (loss) for the period to be appropriated | 9905 | €599,367 | €1,220,639 | +€621,272 | +103.7% |
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 6 October 2026 via checked.be.