Cevea: 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
Cevea
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€213,411
2024 · €228,378-€14,967
Equity
€795,244
2024 · €1.1m-€276,376
Cash
€477,418
2024 · €458,632+€18,786
Balance sheet total
€922,989
2024 · €1.2m-€278,479
Largest movements
Assets
- Receivables after one year -€150,000
down €150,000 (-32.6%), from €460,000 to €310,000
- Current investments -€130,000
down €130,000 (-83.9%), from €155,000 to €25,000
- Cash +€18,786
up €18,786 (+4.1%), from €458,632 to €477,418
mainly Net result for the year (+€213,411) and Receivables after one year (+€150,000)
Equity and liabilities
- Reserves -€276,376
down €276,376 (-27.4%), from €1.0m to €733,244
of which Distributable reserves: -€276,376
- Provisions +€37,335
new in 2025: €37,335
- Current portion of long-term debt -€13,682
down €13,682 (-83.3%), from €16,432 to €2,751
Income statement
- Gross operating margin +€89,320
up €89,320 (+14.5%), from €615,177 to €704,497
- Staff costs +€59,205
up €59,205 (+21.8%), from €270,979 to €330,184
- Provisions +€37,335
new in 2025: €37,335
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
€228,378
Gross operating margin
+€89,320
Staff costs
-€59,205
Depreciation
-€647
Provisions
-€37,335
Other operating charges
+€307
Financial income
-€206
Financial charges
-€612
Taxes
-€6,588
Result 2025
€213,411
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
+€403,299
Investment
+€121,769
Financing
-€506,282
Cash 2024
€458,632
From operations (derived)
+€403,299
Net result for the year
+€213,411
Depreciation
+€18,246
Receivables after one year
+€150,000
Receivables within one year
+€6,598
Deferred charges and accrued income
+€652
Provisions
+€37,335
Trade debts
-€10,063
Tax, wage and social debts
-€11,374
Other debts
-€1,507
Investment (derived)
+€121,769
Investment in fixed assets (net)
-€8,231
Current investments
+€130,000
Financing
-€506,282
Debts after one year
-€2,751
Current portion of long-term debt
-€13,682
Short-term financial debts
-€63
Contributions, distributions and other
-€489,787
Cash 2025
€477,418
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,201,468 | €922,989 | -€278,479 | -23.2% |
| Fixed assets | 21/28 | €49,764 | €39,749 | -€10,015 | -20.1% |
| Tangible fixed assets | 22/27 | €49,764 | €39,749 | -€10,015 | -20.1% |
| Plant, machinery and equipment | 23 | €11,427 | €11,362 | -€65 | -0.6% |
| Furniture and vehicles | 24 | €31,698 | €22,590 | -€9,108 | -28.7% |
| Other tangible fixed assets | 26 | €6,639 | €5,797 | -€842 | -12.7% |
| Current assets | 29/58 | €1,151,704 | €883,240 | -€268,464 | -23.3% |
| Amounts receivable after more than one year | 29 | €460,000 | €310,000 | -€150,000 | -32.6% |
| Other amounts receivable | 291 | €460,000 | €310,000 | -€150,000 | -32.6% |
| Amounts receivable within one year | 40/41 | €75,073 | €68,475 | -€6,598 | -8.8% |
| Trade receivables | 40 | €63,817 | €68,475 | +€4,658 | +7.3% |
| Other amounts receivable | 41 | €11,256 | €0 | -€11,256 | -100.0% |
| Current investments | 50/53 | €155,000 | €25,000 | -€130,000 | -83.9% |
| Cash at bank and in hand | 54/58 | €458,632 | €477,418 | +€18,786 | +4.1% |
| Deferred charges and accrued income | 490/1 | €2,999 | €2,347 | -€652 | -21.7% |
| Total equity and liabilities | 10/49 | €1,201,468 | €922,989 | -€278,479 | -23.2% |
| Equity | 10/15 | €1,071,620 | €795,244 | -€276,376 | -25.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,009,620 | €733,244 | -€276,376 | -27.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,003,420 | €727,044 | -€276,376 | -27.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €37,335 | +€37,335 | |
| Provisions for liabilities and charges | 160/5 | - | €37,335 | +€37,335 | |
| Other liabilities and charges | 164/5 | - | €37,335 | +€37,335 | |
| Amounts payable | 17/49 | €129,848 | €90,409 | -€39,439 | -30.4% |
| Amounts payable after more than one year | 17 | €2,751 | €0 | -€2,751 | -100.0% |
| Financial debts | 170/4 | €2,751 | €0 | -€2,751 | -100.0% |
| Amounts payable within one year | 42/48 | €127,098 | €90,409 | -€36,688 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €16,432 | €2,751 | -€13,682 | -83.3% |
| Financial debts | 43 | €63 | €0 | -€63 | -100.0% |
| Credit institutions | 430/8 | €63 | €0 | -€63 | -100.0% |
| Trade debts | 44 | €22,981 | €12,919 | -€10,063 | -43.8% |
| Suppliers | 440/4 | €22,981 | €12,919 | -€10,063 | -43.8% |
| Taxes, remuneration and social security | 45 | €63,121 | €51,747 | -€11,374 | -18.0% |
| Taxes | 450/3 | €12,766 | €18,615 | +€5,849 | +45.8% |
| Remuneration and social security | 454/9 | €50,355 | €33,132 | -€17,223 | -34.2% |
| Other amounts payable | 47/48 | €24,500 | €22,993 | -€1,507 | -6.2% |
| Remuneration, social security and pensions | 62 | €270,979 | €330,184 | +€59,205 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,599 | €18,246 | +€647 | +3.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €37,335 | +€37,335 | |
| Other operating charges | 640/8 | €3,157 | €2,849 | -€307 | -9.7% |
| Gross operating margin | 9900 | €615,177 | €704,497 | +€89,320 | +14.5% |
| Operating profit (loss) | 9901 | €323,443 | €315,883 | -€7,560 | -2.3% |
| Financial income | 75/76B | €8,340 | €8,134 | -€206 | -2.5% |
| Recurring financial income | 75 | €8,340 | €8,134 | -€206 | -2.5% |
| Financial charges | 65/66B | €332 | €945 | +€612 | +184.3% |
| Recurring financial charges | 65 | €332 | €945 | +€612 | +184.3% |
| Profit (loss) for the period before taxes | 9903 | €331,451 | €323,073 | -€8,379 | -2.5% |
| Income taxes | 67/77 | €103,073 | €109,661 | +€6,588 | +6.4% |
| Profit (loss) for the period | 9904 | €228,378 | €213,411 | -€14,967 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €228,378 | €213,411 | -€14,967 | -6.6% |
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 11 October 2026 via checked.be.