CEULEMANS: 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.
What changed
CEULEMANS
NACE 47.789, Other retail sale of new goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€351,435
2024 · €350,343+€1,092
Equity
€2.6m
2024 · €2.2m+€351,435
Cash
€413,659
2024 · €347,032+€66,627
Balance sheet total
€2.9m
2024 · €2.8m+€92,856
Largest movements
Assets
- Cash +€66,627
up €66,627 (+19.2%), from €347,032 to €413,659
mainly Net result for the year (+€351,435) and Depreciation (+€16,285)
Equity and liabilities
- Reserves +€351,435
up €351,435 (+15.8%), from €2.2m to €2.6m
of which Distributable reserves: +€353,914
- Other debts -€255,329
down €255,329 (-83.0%), from €307,801 to €52,471
Income statement
- Gross operating margin -€7,714
down €7,714 (-1.4%), from €540,496 to €532,782
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
€350,343
Gross operating margin
-€7,714
Staff costs
+€2,055
Depreciation
+€736
Other operating charges
-€781
Financial income
+€2,020
Financial charges
+€89
Taxes
+€4,687
Result 2025
€351,435
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.
From operations
+€86,312
Investment
-€19,685
Financing
€0
Cash 2024
€347,032
From operations (derived)
+€86,312
Net result for the year
+€351,435
Depreciation
+€16,285
Stocks and contracts
-€28,140
Receivables within one year
+€1,075
Deferred charges and accrued income
+€4,235
Trade debts
-€9,367
Tax, wage and social debts
+€5,385
Other debts
-€255,329
Accrued charges and deferred income
+€733
Investment (derived)
-€19,685
Investment in fixed assets (net)
-€5,685
Current investments
-€14,000
Cash 2025
€413,659
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,761,559 | €2,854,415 | +€92,856 | +3.4% |
| Fixed assets | 21/28 | €40,681 | €30,080 | -€10,601 | -26.1% |
| Tangible fixed assets | 22/27 | €37,111 | €26,510 | -€10,601 | -28.6% |
| Plant, machinery and equipment | 23 | €18,295 | €19,386 | +€1,091 | +6.0% |
| Furniture and vehicles | 24 | €18,815 | €7,123 | -€11,692 | -62.1% |
| Financial fixed assets | 28 | €3,570 | €3,570 | = | 0.0% |
| Current assets | 29/58 | €2,720,878 | €2,824,335 | +€103,457 | +3.8% |
| Stocks and contracts in progress | 3 | €416,839 | €444,979 | +€28,140 | +6.8% |
| Stocks | 30/36 | €416,839 | €444,979 | +€28,140 | +6.8% |
| Amounts receivable within one year | 40/41 | €248,658 | €247,583 | -€1,075 | -0.4% |
| Trade receivables | 40 | €184,820 | €195,713 | +€10,893 | +5.9% |
| Other amounts receivable | 41 | €63,838 | €51,870 | -€11,968 | -18.7% |
| Current investments | 50/53 | €1,700,000 | €1,714,000 | +€14,000 | +0.8% |
| Cash at bank and in hand | 54/58 | €347,032 | €413,659 | +€66,627 | +19.2% |
| Deferred charges and accrued income | 490/1 | €8,348 | €4,114 | -€4,235 | -50.7% |
| Total equity and liabilities | 10/49 | €2,761,559 | €2,854,415 | +€92,856 | +3.4% |
| Equity | 10/15 | €2,245,604 | €2,597,039 | +€351,435 | +15.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,220,815 | €2,572,249 | +€351,435 | +15.8% |
| Non-distributable reserves | 130/1 | €2,479 | €0 | -€2,479 | -100.0% |
| Reserves not available under the articles | 1311 | €2,479 | €0 | -€2,479 | -100.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,199,586 | €2,553,499 | +€353,914 | +16.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €24,800 | €24,800 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €24,800 | €24,800 | = | 0.0% |
| Major repairs and maintenance | 162 | €24,800 | €24,800 | = | 0.0% |
| Amounts payable | 17/49 | €491,155 | €232,577 | -€258,578 | -52.6% |
| Amounts payable within one year | 42/48 | €491,155 | €231,844 | -€259,311 | -52.8% |
| Trade debts | 44 | €53,255 | €43,888 | -€9,367 | -17.6% |
| Suppliers | 440/4 | €53,255 | €43,888 | -€9,367 | -17.6% |
| Taxes, remuneration and social security | 45 | €130,099 | €135,485 | +€5,385 | +4.1% |
| Taxes | 450/3 | €121,420 | €128,088 | +€6,669 | +5.5% |
| Remuneration and social security | 454/9 | €8,680 | €7,396 | -€1,283 | -14.8% |
| Other amounts payable | 47/48 | €307,801 | €52,471 | -€255,329 | -83.0% |
| Accrued charges and deferred income | 492/3 | - | €733 | +€733 | |
| Remuneration, social security and pensions | 62 | €51,253 | €49,199 | -€2,055 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,022 | €16,285 | -€736 | -4.3% |
| Other operating charges | 640/8 | €7,982 | €8,763 | +€781 | +9.8% |
| Gross operating margin | 9900 | €540,496 | €532,782 | -€7,714 | -1.4% |
| Operating profit (loss) | 9901 | €464,239 | €458,535 | -€5,704 | -1.2% |
| Financial income | 75/76B | €51,971 | €53,991 | +€2,020 | +3.9% |
| Recurring financial income | 75 | €51,971 | €53,991 | +€2,020 | +3.9% |
| Financial charges | 65/66B | €353 | €264 | -€89 | -25.2% |
| Recurring financial charges | 65 | €353 | €264 | -€89 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €515,857 | €512,262 | -€3,594 | -0.7% |
| Income taxes | 67/77 | €165,514 | €160,827 | -€4,687 | -2.8% |
| Profit (loss) for the period | 9904 | €350,343 | €351,435 | +€1,092 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €350,343 | €351,435 | +€1,092 | +0.3% |
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 5 October 2026 via checked.be.