Cetofin: 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.
What changed
Cetofin
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€335,454
2024 · €110,123+€225,332
Equity
€345,800
2024 · €360,346-€14,546
Cash
€28,108
2024 · €19,856+€8,252
Balance sheet total
€2.6m
2024 · €2.5m+€16,948
Largest movements
Assets
- Current investments +€62,360
up €62,360 (+26.0%), from €240,170 to €302,530
- Tangible fixed assets -€44,703
down €44,703 (-2.4%), from €1.9m to €1.8m
of which Land and buildings: -€47,898
Equity and liabilities
- Other debts +€169,453
up €169,453 (+36.1%), from €470,037 to €639,490
- Debts after one year -€123,920
down €123,920 (-8.5%), from €1.5m to €1.3m
- Current portion of long-term debt -€60,511
down €60,511 (-32.8%), from €184,431 to €123,920
- Trade debts -€60,253
down €60,253 (-95.2%), from €63,294 to €3,041
- Short-term financial debts +€55,756
new in 2025: €55,756
Income statement
- Gross operating margin +€299,787
up €299,787 (+126%), from €238,788 to €538,575
- Taxes +€74,611
up €74,611 (+249%), from €29,961 to €104,572
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.
Result 2024
€110,123
Gross operating margin
+€299,787
Depreciation
-€1,716
Other operating charges
+€701
Financial income
+€3,822
Financial charges
-€2,651
Taxes
-€74,611
Result 2025
€335,454
raises the resultlowers the result
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.
From operations
+€555,910
Investment
-€68,984
Financing
-€478,675
Cash 2024
€19,856
From operations (derived)
+€555,910
Net result for the year
+€335,454
Depreciation
+€51,327
Receivables within one year
+€10,161
Deferred charges and accrued income
-€1,200
Trade debts
-€60,253
Tax, wage and social debts
+€52,498
Other debts
+€169,453
Accrued charges and deferred income
-€1,530
Investment (derived)
-€68,984
Investment in fixed assets (net)
-€6,624
Current investments
-€62,360
Financing
-€478,675
Debts after one year
-€123,920
Current portion of long-term debt
-€60,511
Short-term financial debts
+€55,756
Contributions, distributions and other
-€350,000
Cash 2025
€28,108
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,536,927 | €2,553,875 | +€16,948 | +0.7% |
| Fixed assets | 21/28 | €1,873,283 | €1,828,580 | -€44,703 | -2.4% |
| Tangible fixed assets | 22/27 | €1,873,283 | €1,828,580 | -€44,703 | -2.4% |
| Land and buildings | 22 | €1,869,038 | €1,821,141 | -€47,898 | -2.6% |
| Furniture and vehicles | 24 | €4,245 | €7,439 | +€3,195 | +75.3% |
| Current assets | 29/58 | €663,644 | €725,294 | +€61,651 | +9.3% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €339,555 | €329,394 | -€10,161 | -3.0% |
| Trade receivables | 40 | €66,993 | €0 | -€66,993 | -100% |
| Other amounts receivable | 41 | €272,561 | €329,394 | +€56,833 | +20.9% |
| Current investments | 50/53 | €240,170 | €302,530 | +€62,360 | +26.0% |
| Cash at bank and in hand | 54/58 | €19,856 | €28,108 | +€8,252 | +41.6% |
| Deferred charges and accrued income | 490/1 | €4,063 | €5,263 | +€1,200 | +29.5% |
| Total equity and liabilities | 10/49 | €2,536,927 | €2,553,875 | +€16,948 | +0.7% |
| Equity | 10/15 | €360,346 | €345,800 | -€14,546 | -4.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €355,346 | €340,800 | -€14,546 | -4.1% |
| Amounts payable | 17/49 | €2,176,581 | €2,208,074 | +€31,493 | +1.4% |
| Amounts payable after more than one year | 17 | €1,457,287 | €1,333,367 | -€123,920 | -8.5% |
| Financial debts | 170/4 | €1,457,287 | €1,333,367 | -€123,920 | -8.5% |
| Amounts payable within one year | 42/48 | €717,764 | €874,707 | +€156,943 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €184,431 | €123,920 | -€60,511 | -32.8% |
| Financial debts | 43 | - | €55,756 | +€55,756 | |
| Credit institutions | 430/8 | - | €55,756 | +€55,756 | |
| Trade debts | 44 | €63,294 | €3,041 | -€60,253 | -95.2% |
| Suppliers | 440/4 | €63,294 | €3,041 | -€60,253 | -95.2% |
| Taxes, remuneration and social security | 45 | €2 | €52,500 | +€52,498 | +2,386,264% |
| Taxes | 450/3 | €2 | €52,500 | +€52,498 | +2,386,264% |
| Other amounts payable | 47/48 | €470,037 | €639,490 | +€169,453 | +36.1% |
| Accrued charges and deferred income | 492/3 | €1,530 | €0 | -€1,530 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,611 | €51,327 | +€1,716 | +3.5% |
| Other operating charges | 640/8 | €20,177 | €19,476 | -€701 | -3.5% |
| Gross operating margin | 9900 | €238,788 | €538,575 | +€299,787 | +126% |
| Operating profit (loss) | 9901 | €168,999 | €467,772 | +€298,773 | +177% |
| Financial income | 75/76B | €10,539 | €14,361 | +€3,822 | +36.3% |
| Recurring financial income | 75 | €10,539 | €14,361 | +€3,822 | +36.3% |
| Financial charges | 65/66B | €39,455 | €42,106 | +€2,651 | +6.7% |
| Recurring financial charges | 65 | €39,455 | €42,106 | +€2,651 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €140,084 | €440,027 | +€299,943 | +214% |
| Income taxes | 67/77 | €29,961 | €104,572 | +€74,611 | +249% |
| Profit (loss) for the period | 9904 | €110,123 | €335,454 | +€225,332 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | €110,123 | €335,454 | +€225,332 | +205% |
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 23 October 2026 via checked.be.