CEVE: 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.
CEVE
Largest movements
- Cash +€72,697
up €72,697 (+358.5%), from €20,276 to €92,973
mainly Net result for the year (+€66,707) and Depreciation (+€40,173)
- Reserves +€66,702
up €66,702 (+9.7%), from €686,072 to €752,774
of which Distributable reserves: +€75,625
- Gross operating margin +€29,607
up €29,607 (+24.6%), from €120,556 to €150,162
- Financial income -€8,769
down €8,769 (-100.0%), from €8,771 to €2
- Depreciation +€5,788
up €5,788 (+16.8%), from €34,386 to €40,173
- Taxes +€2,412
up €2,412 (+7.0%), from €34,328 to €36,741
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 | €851,402 | €916,481 | +€65,079 | +7.6% |
| Fixed assets | 21/28 | €446,320 | €447,045 | +€725 | +0.2% |
| Tangible fixed assets | 22/27 | €446,320 | €447,045 | +€725 | +0.2% |
| Land and buildings | 22 | €440,605 | €408,914 | -€31,692 | -7.2% |
| Plant, machinery and equipment | 23 | €0 | €239 | +€239 | |
| Furniture and vehicles | 24 | €5,715 | €37,892 | +€32,177 | +563.1% |
| Current assets | 29/58 | €405,082 | €469,436 | +€64,354 | +15.9% |
| Amounts receivable within one year | 40/41 | €24,382 | €16,149 | -€8,233 | -33.8% |
| Trade receivables | 40 | €24,375 | €16,149 | -€8,226 | -33.7% |
| Other amounts receivable | 41 | €7 | - | -€7 | |
| Current investments | 50/53 | €358,650 | €358,650 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,276 | €92,973 | +€72,697 | +358.5% |
| Deferred charges and accrued income | 490/1 | €1,773 | €1,664 | -€109 | -6.2% |
| Total equity and liabilities | 10/49 | €851,402 | €916,481 | +€65,079 | +7.6% |
| Equity | 10/15 | €789,912 | €856,618 | +€66,707 | +8.4% |
| Contributions | 10/11 | €103,840 | €103,840 | = | 0.0% |
| Reserves | 13 | €686,072 | €752,774 | +€66,702 | +9.7% |
| Tax-exempt reserves | 132 | €49,175 | €40,252 | -€8,923 | -18.1% |
| Distributable reserves | 133 | €636,896 | €712,521 | +€75,625 | +11.9% |
| Profit (loss) carried forward | 14 | - | €4 | +€4 | |
| Provisions and deferred taxes | 16 | €25,334 | €20,737 | -€4,597 | -18.1% |
| Deferred taxes | 168 | €25,334 | €20,737 | -€4,597 | -18.1% |
| Amounts payable | 17/49 | €36,157 | €39,126 | +€2,969 | +8.2% |
| Amounts payable after more than one year | 17 | €11,135 | €11,135 | = | 0.0% |
| Other amounts payable | 178/9 | €11,135 | €11,135 | = | 0.0% |
| Amounts payable within one year | 42/48 | €23,304 | €26,273 | +€2,969 | +12.7% |
| Trade debts | 44 | €163 | €46 | -€117 | -72.0% |
| Suppliers | 440/4 | €163 | €46 | -€117 | -72.0% |
| Taxes, remuneration and social security | 45 | €21,750 | €21,429 | -€321 | -1.5% |
| Taxes | 450/3 | €21,750 | €21,429 | -€321 | -1.5% |
| Other amounts payable | 47/48 | €1,392 | €4,799 | +€3,407 | +244.9% |
| Accrued charges and deferred income | 492/3 | €1,718 | €1,718 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,386 | €40,173 | +€5,788 | +16.8% |
| Other operating charges | 640/8 | €6,766 | €6,217 | -€549 | -8.1% |
| Non-recurring operating charges | 66A | - | €4,420 | +€4,420 | |
| Gross operating margin | 9900 | €120,556 | €150,162 | +€29,607 | +24.6% |
| Operating profit (loss) | 9901 | €79,404 | €99,352 | +€19,948 | +25.1% |
| Financial income | 75/76B | €8,771 | €2 | -€8,769 | -100.0% |
| Recurring financial income | 75 | €8,771 | €2 | -€8,769 | -100.0% |
| Financial charges | 65/66B | €125 | €503 | +€378 | +302.5% |
| Recurring financial charges | 65 | €125 | €503 | +€378 | +302.5% |
| Profit (loss) for the period before taxes | 9903 | €88,050 | €98,851 | +€10,800 | +12.3% |
| Transfer from deferred taxes | 780 | €4,597 | €4,597 | = | 0.0% |
| Income taxes | 67/77 | €34,328 | €36,741 | +€2,412 | +7.0% |
| Profit (loss) for the period | 9904 | €58,319 | €66,707 | +€8,388 | +14.4% |
| Transfer from tax-exempt reserves | 789 | €8,923 | €8,923 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,242 | €75,629 | +€8,388 | +12.5% |
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 30 September 2026 via checked.be.