CEVAR: 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.
CEVAR
Largest movements
- Receivables after one year -€22,523
down €22,523 (-20.3%), from €111,081 to €88,558
- Tangible fixed assets -€10,520
down €10,520 (-20.7%), from €50,933 to €40,413
- Current investments -€5,721
down €5,721 (-85.4%), from €6,697 to €976
- Tax, wage and social debts -€22,768
down €22,768 (-29.2%), from €77,985 to €55,217
of which Taxes: -€26,468
- Other debts -€14,020
down €14,020 (-37.2%), from €37,728 to €23,708
- Trade debts +€10,860
up €10,860 (+202.7%), from €5,357 to €16,217
- Debts after one year -€8,710
down €8,710 (-24.3%), from €35,897 to €27,187
- Short-term financial debts -€8,449
no longer reported in 2025 (was €8,449)
- Gross operating margin -€16,780
down €16,780 (-20.8%), from €80,706 to €63,926
- Taxes -€12,201
down €12,201 (-47.3%), from €25,805 to €13,604
- Depreciation +€8,853
up €8,853 (+531.0%), from €1,667 to €10,520
- Other operating charges +€4,783
up €4,783 (+318.4%), from €1,503 to €6,286
- Financial charges +€2,192
up €2,192 (+77.0%), from €2,847 to €5,039
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 | €335,769 | €297,832 | -€37,937 | -11.3% |
| Fixed assets | 21/28 | €50,933 | €40,413 | -€10,520 | -20.7% |
| Tangible fixed assets | 22/27 | €50,933 | €40,413 | -€10,520 | -20.7% |
| Furniture and vehicles | 24 | €50,933 | €40,413 | -€10,520 | -20.7% |
| Current assets | 29/58 | €284,836 | €257,419 | -€27,417 | -9.6% |
| Amounts receivable after more than one year | 29 | €111,081 | €88,558 | -€22,523 | -20.3% |
| Other amounts receivable | 291 | €111,081 | €88,558 | -€22,523 | -20.3% |
| Amounts receivable within one year | 40/41 | €162,373 | €162,838 | +€465 | +0.3% |
| Trade receivables | 40 | €53,890 | €42,188 | -€11,702 | -21.7% |
| Other amounts receivable | 41 | €108,483 | €120,650 | +€12,167 | +11.2% |
| Current investments | 50/53 | €6,697 | €976 | -€5,721 | -85.4% |
| Cash at bank and in hand | 54/58 | €4,027 | €4,927 | +€899 | +22.3% |
| Deferred charges and accrued income | 490/1 | €658 | €121 | -€537 | -81.6% |
| Total equity and liabilities | 10/49 | €335,769 | €297,832 | -€37,937 | -11.3% |
| Equity | 10/15 | €161,528 | €166,309 | +€4,781 | +3.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €149,128 | €153,909 | +€4,781 | +3.2% |
| Distributable reserves | 133 | €149,128 | €153,909 | +€4,781 | +3.2% |
| Amounts payable | 17/49 | €174,240 | €131,523 | -€42,718 | -24.5% |
| Amounts payable after more than one year | 17 | €35,897 | €27,187 | -€8,710 | -24.3% |
| Financial debts | 170/4 | €35,897 | €27,187 | -€8,710 | -24.3% |
| Amounts payable within one year | 42/48 | €137,934 | €103,852 | -€34,082 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €8,415 | €8,710 | +€295 | +3.5% |
| Financial debts | 43 | €8,449 | - | -€8,449 | |
| Credit institutions | 430/8 | €8,449 | - | -€8,449 | |
| Trade debts | 44 | €5,357 | €16,217 | +€10,860 | +202.7% |
| Suppliers | 440/4 | €5,357 | €16,217 | +€10,860 | +202.7% |
| Taxes, remuneration and social security | 45 | €77,985 | €55,217 | -€22,768 | -29.2% |
| Taxes | 450/3 | €77,985 | €51,517 | -€26,468 | -33.9% |
| Remuneration and social security | 454/9 | - | €3,700 | +€3,700 | |
| Other amounts payable | 47/48 | €37,728 | €23,708 | -€14,020 | -37.2% |
| Accrued charges and deferred income | 492/3 | €410 | €484 | +€74 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667 | €10,520 | +€8,853 | +531.0% |
| Other operating charges | 640/8 | €1,503 | €6,286 | +€4,783 | +318.4% |
| Gross operating margin | 9900 | €80,706 | €63,926 | -€16,780 | -20.8% |
| Operating profit (loss) | 9901 | €77,536 | €47,120 | -€30,416 | -39.2% |
| Financial income | 75/76B | €911 | €13 | -€899 | -98.6% |
| Recurring financial income | 75 | €911 | €13 | -€899 | -98.6% |
| Financial charges | 65/66B | €2,847 | €5,039 | +€2,192 | +77.0% |
| Recurring financial charges | 65 | €2,847 | €5,039 | +€2,192 | +77.0% |
| Profit (loss) for the period before taxes | 9903 | €75,600 | €42,094 | -€33,506 | -44.3% |
| Income taxes | 67/77 | €25,805 | €13,604 | -€12,201 | -47.3% |
| Profit (loss) for the period | 9904 | €49,795 | €28,489 | -€21,305 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €49,795 | €28,489 | -€21,305 | -42.8% |
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 3 October 2026 via checked.be.