Ceulemans - Wens: 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.
Ceulemans - Wens
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€40,643
up €40,643 (+32.3%), from €125,685 to €166,328
mainly Net result for the year (+€79,734) and Current investments (+€50,000)
- Receivables within one year -€37,940
down €37,940 (-43.0%), from €88,171 to €50,231
of which Trade receivables: -€37,059
- Stocks and contracts +€30,459
up €30,459 (+29.6%), from €102,849 to €133,308
- Tangible fixed assets -€21,091
down €21,091 (-3.8%), from €560,371 to €539,280
of which Land and buildings: -€22,844
- Debts after one year -€41,108
down €41,108 (-9.8%), from €420,859 to €379,752
- Reserves +€19,927
up €19,927 (+6.3%), from €315,106 to €335,033
- Gross operating margin -€12,662
down €12,662 (-3.3%), from €380,267 to €367,605
- Depreciation -€5,481
down €5,481 (-12.8%), from €42,718 to €37,237
- Write-downs +€5,403
up €5,403 (+558%), from €968 to €6,371
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €947,354 | €910,432 | -€36,922 | -3.9% |
| Fixed assets | 21/28 | €560,371 | €539,280 | -€21,091 | -3.8% |
| Tangible fixed assets | 22/27 | €560,371 | €539,280 | -€21,091 | -3.8% |
| Land and buildings | 22 | €535,968 | €513,124 | -€22,844 | -4.3% |
| Furniture and vehicles | 24 | €24,403 | €26,156 | +€1,753 | +7.2% |
| Current assets | 29/58 | €386,982 | €371,151 | -€15,831 | -4.1% |
| Stocks and contracts in progress | 3 | €102,849 | €133,308 | +€30,459 | +29.6% |
| Contracts in progress | 37 | €102,849 | €133,308 | +€30,459 | +29.6% |
| Amounts receivable within one year | 40/41 | €88,171 | €50,231 | -€37,940 | -43.0% |
| Trade receivables | 40 | €87,290 | €50,231 | -€37,059 | -42.5% |
| Other amounts receivable | 41 | €881 | - | -€881 | |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €125,685 | €166,328 | +€40,643 | +32.3% |
| Deferred charges and accrued income | 490/1 | €20,278 | €21,285 | +€1,007 | +5.0% |
| Total equity and liabilities | 10/49 | €947,354 | €910,432 | -€36,922 | -3.9% |
| Equity | 10/15 | €327,187 | €347,114 | +€19,927 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €315,106 | €335,033 | +€19,927 | +6.3% |
| Distributable reserves | 133 | €315,106 | €335,033 | +€19,927 | +6.3% |
| Profit (loss) carried forward | 14 | €5,881 | €5,881 | = | 0.0% |
| Amounts payable | 17/49 | €620,166 | €563,317 | -€56,849 | -9.2% |
| Amounts payable after more than one year | 17 | €420,859 | €379,752 | -€41,108 | -9.8% |
| Financial debts | 170/4 | €420,859 | €379,752 | -€41,108 | -9.8% |
| Amounts payable within one year | 42/48 | €194,759 | €178,621 | -€16,138 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €45,680 | €41,108 | -€4,572 | -10.0% |
| Trade debts | 44 | €27,022 | €27,255 | +€233 | +0.9% |
| Suppliers | 440/4 | €27,022 | €27,255 | +€233 | +0.9% |
| Taxes, remuneration and social security | 45 | €57,118 | €50,452 | -€6,667 | -11.7% |
| Taxes | 450/3 | €28,799 | €21,053 | -€7,746 | -26.9% |
| Remuneration and social security | 454/9 | €28,320 | €29,399 | +€1,079 | +3.8% |
| Other amounts payable | 47/48 | €64,939 | €59,807 | -€5,133 | -7.9% |
| Accrued charges and deferred income | 492/3 | €4,547 | €4,944 | +€397 | +8.7% |
| Remuneration, social security and pensions | 62 | €196,863 | €193,791 | -€3,071 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,718 | €37,237 | -€5,481 | -12.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €968 | €6,371 | +€5,403 | +558% |
| Other operating charges | 640/8 | €5,315 | €7,582 | +€2,267 | +42.7% |
| Gross operating margin | 9900 | €380,267 | €367,605 | -€12,662 | -3.3% |
| Operating profit (loss) | 9901 | €134,403 | €122,624 | -€11,779 | -8.8% |
| Financial income | 75/76B | €405 | €901 | +€496 | +122% |
| Recurring financial income | 75 | €405 | €901 | +€496 | +122% |
| Financial charges | 65/66B | €9,654 | €9,131 | -€523 | -5.4% |
| Recurring financial charges | 65 | €9,654 | €9,131 | -€523 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €125,154 | €114,394 | -€10,760 | -8.6% |
| Income taxes | 67/77 | €36,891 | €34,660 | -€2,231 | -6.0% |
| Profit (loss) for the period | 9904 | €88,263 | €79,734 | -€8,530 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €88,263 | €79,734 | -€8,530 | -9.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.