CETINEL: 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.
CETINEL
Largest movements
- Receivables within one year +€26,217
up €26,217 (+49.0%), from €53,555 to €79,771
of which Trade receivables: +€22,852
- Tangible fixed assets +€18,989
up €18,989 (+206.2%), from €9,210 to €28,199
of which Furniture and vehicles: +€25,766
- Cash -€6,669
down €6,669 (-12.5%), from €53,536 to €46,867
mainly Investment in fixed assets (net) (-€29,500) and Receivables within one year (-€26,217)
- Reserves +€18,404
up €18,404 (+56.1%), from €32,815 to €51,219
of which Distributable reserves: +€18,404
- Debts after one year +€14,129
up €14,129 (+357.8%), from €3,949 to €18,078
- Current portion of long-term debt +€6,501
up €6,501 (+189.1%), from €3,438 to €9,938
- Trade debts +€4,097
new in 2025: €4,097
- Accrued charges and deferred income -€2,508
no longer reported in 2025 (was €2,508)
- Staff costs +€20,432
up €20,432 (+173.1%), from €11,801 to €32,233
- Purchases and services -€5,114
down €5,114 (-2.9%), from €173,652 to €168,538
- Taxes -€5,035
down €5,035 (-38.0%), from €13,236 to €8,201
- Gross operating margin +€5,034
up €5,034 (+7.0%), from €71,861 to €76,894
- Turnover -€4,405
down €4,405 (-1.9%), from €237,568 to €233,163
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 | €116,301 | €155,190 | +€38,889 | +33.4% |
| Fixed assets | 21/28 | €9,210 | €28,199 | +€18,989 | +206.2% |
| Tangible fixed assets | 22/27 | €9,210 | €28,199 | +€18,989 | +206.2% |
| Plant, machinery and equipment | 23 | €3,487 | €1,720 | -€1,767 | -50.7% |
| Furniture and vehicles | 24 | - | €25,766 | +€25,766 | |
| Leasing and similar rights | 25 | €5,723 | €714 | -€5,010 | -87.5% |
| Current assets | 29/58 | €107,091 | €126,991 | +€19,900 | +18.6% |
| Amounts receivable within one year | 40/41 | €53,555 | €79,771 | +€26,217 | +49.0% |
| Trade receivables | 40 | €10,778 | €33,630 | +€22,852 | +212.0% |
| Other amounts receivable | 41 | €42,777 | €46,141 | +€3,364 | +7.9% |
| Cash at bank and in hand | 54/58 | €53,536 | €46,867 | -€6,669 | -12.5% |
| Deferred charges and accrued income | 490/1 | - | €353 | +€353 | |
| Total equity and liabilities | 10/49 | €116,301 | €155,190 | +€38,889 | +33.4% |
| Equity | 10/15 | €89,603 | €108,007 | +€18,404 | +20.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €32,815 | €51,219 | +€18,404 | +56.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,955 | €49,359 | +€18,404 | +59.5% |
| Profit (loss) carried forward | 14 | €50,588 | €50,588 | = | 0.0% |
| Amounts payable | 17/49 | €26,698 | €47,184 | +€20,485 | +76.7% |
| Amounts payable after more than one year | 17 | €3,949 | €18,078 | +€14,129 | +357.8% |
| Financial debts | 170/4 | €3,949 | €18,078 | +€14,129 | +357.8% |
| Amounts payable within one year | 42/48 | €20,241 | €29,106 | +€8,864 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €3,438 | €9,938 | +€6,501 | +189.1% |
| Trade debts | 44 | - | €4,097 | +€4,097 | |
| Suppliers | 440/4 | - | €4,097 | +€4,097 | |
| Taxes, remuneration and social security | 45 | €16,804 | €15,070 | -€1,733 | -10.3% |
| Taxes | 450/3 | €16,014 | €8,201 | -€7,813 | -48.8% |
| Remuneration and social security | 454/9 | €790 | €6,870 | +€6,080 | +769.6% |
| Accrued charges and deferred income | 492/3 | €2,508 | - | -€2,508 | |
| Turnover | 70 | €237,568 | €233,163 | -€4,405 | -1.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €173,652 | €168,538 | -€5,114 | -2.9% |
| Remuneration, social security and pensions | 62 | €11,801 | €32,233 | +€20,432 | +173.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,779 | €10,511 | +€3,732 | +55.1% |
| Other operating charges | 640/8 | €2,297 | €1,934 | -€364 | -15.8% |
| Gross operating margin | 9900 | €71,861 | €76,894 | +€5,034 | +7.0% |
| Operating profit (loss) | 9901 | €50,983 | €32,216 | -€18,766 | -36.8% |
| Financial income | 75/76B | €0 | €1 | +€1 | +5850.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +5850.0% |
| Financial charges | 65/66B | €6,792 | €5,613 | -€1,179 | -17.4% |
| Recurring financial charges | 65 | €6,792 | €5,613 | -€1,179 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €44,191 | €26,605 | -€17,586 | -39.8% |
| Income taxes | 67/77 | €13,236 | €8,201 | -€5,035 | -38.0% |
| Profit (loss) for the period | 9904 | €30,955 | €18,404 | -€12,551 | -40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,955 | €18,404 | -€12,551 | -40.5% |
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 9 October 2026 via checked.be.