CEVES: 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.
CEVES
Largest movements
- Tangible fixed assets +€241,243
up €241,243 (+21.9%), from €1.1m to €1.3m
of which Land and buildings: +€246,092
- Current investments -€165,000
down €165,000 (-86.8%), from €190,000 to €25,000
- Cash -€14,621
down €14,621 (-20.4%), from €71,649 to €57,028
mainly Investment in fixed assets (net) (-€350,193) and Net result for the year (-€34,565)
- Debts after one year +€100,000
new in 2025: €100,000
- Reserves -€34,565
down €34,565 (-2.7%), from €1.3m to €1.3m
of which Distributable reserves: -€30,586
- Gross operating margin +€13,560
up €13,560 (+12.8%), from €105,832 to €119,392
- Depreciation +€5,412
up €5,412 (+5.2%), from €103,537 to €108,949
- Financial income +€3,364
up €3,364 (+131%), from €2,566 to €5,930
- Financial charges +€3,102
up €3,102 (+1,670%), from €186 to €3,288
- Taxes -€1,455
down €1,455 (-82.9%), from €1,756 to €301
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 | €1,373,234 | €1,435,617 | +€62,382 | +4.5% |
| Fixed assets | 21/28 | €1,105,571 | €1,346,815 | +€241,243 | +21.8% |
| Tangible fixed assets | 22/27 | €1,103,836 | €1,345,079 | +€241,243 | +21.9% |
| Land and buildings | 22 | €1,098,311 | €1,344,404 | +€246,092 | +22.4% |
| Furniture and vehicles | 24 | €5,525 | €676 | -€4,849 | -87.8% |
| Financial fixed assets | 28 | €1,735 | €1,735 | = | 0.0% |
| Current assets | 29/58 | €267,663 | €88,802 | -€178,861 | -66.8% |
| Amounts receivable within one year | 40/41 | €1,014 | €1,478 | +€464 | +45.8% |
| Other amounts receivable | 41 | €1,014 | €1,478 | +€464 | +45.8% |
| Current investments | 50/53 | €190,000 | €25,000 | -€165,000 | -86.8% |
| Cash at bank and in hand | 54/58 | €71,649 | €57,028 | -€14,621 | -20.4% |
| Deferred charges and accrued income | 490/1 | €5,000 | €5,296 | +€296 | +5.9% |
| Total equity and liabilities | 10/49 | €1,373,234 | €1,435,617 | +€62,382 | +4.5% |
| Equity | 10/15 | €1,363,895 | €1,329,330 | -€34,565 | -2.5% |
| 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 | €1,301,895 | €1,267,330 | -€34,565 | -2.7% |
| Non-distributable reserves | 130/1 | €60,200 | €60,200 | = | 0.0% |
| Legal reserve | 130 | €60,200 | €60,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,938 | €7,958 | -€3,979 | -33.3% |
| Distributable reserves | 133 | €1,229,757 | €1,199,171 | -€30,586 | -2.5% |
| Provisions and deferred taxes | 16 | €6,147 | €4,098 | -€2,049 | -33.3% |
| Deferred taxes | 168 | €6,147 | €4,098 | -€2,049 | -33.3% |
| Amounts payable | 17/49 | €3,192 | €102,189 | +€98,997 | +3,101% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €1,440 | €1,440 | = | 0.0% |
| Other amounts payable | 47/48 | €1,440 | €1,440 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,752 | €749 | -€1,003 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,537 | €108,949 | +€5,412 | +5.2% |
| Other operating charges | 640/8 | €7,548 | €7,395 | -€153 | -2.0% |
| Non-recurring operating charges | 66A | - | €42,003 | +€42,003 | |
| Gross operating margin | 9900 | €105,832 | €119,392 | +€13,560 | +12.8% |
| Operating profit (loss) | 9901 | -€5,254 | -€38,956 | -€33,702 | -642% |
| Financial income | 75/76B | €2,566 | €5,930 | +€3,364 | +131% |
| Recurring financial income | 75 | €2,566 | €5,930 | +€3,364 | +131% |
| Financial charges | 65/66B | €186 | €3,288 | +€3,102 | +1,670% |
| Recurring financial charges | 65 | €186 | €3,288 | +€3,102 | +1,670% |
| Profit (loss) for the period before taxes | 9903 | -€2,873 | -€36,314 | -€33,440 | -1,164% |
| Transfer from deferred taxes | 780 | €2,049 | €2,049 | = | 0.0% |
| Income taxes | 67/77 | €1,756 | €301 | -€1,455 | -82.9% |
| Profit (loss) for the period | 9904 | -€2,580 | -€34,565 | -€31,986 | -1,240% |
| Transfer from tax-exempt reserves | 789 | €3,979 | €3,979 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,400 | -€30,586 | -€31,986 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.