CEVESAN: 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.
CEVESAN
Largest movements
- Cash +€109,544
up €109,544 (+50.2%), from €218,202 to €327,746
mainly Depreciation (+€41,221) and Receivables within one year (+€40,323)
- Tangible fixed assets -€41,221
down €41,221 (-38.6%), from €106,887 to €65,666
- Receivables within one year -€40,323
down €40,323 (-36.4%), from €110,898 to €70,576
of which Trade receivables: -€33,833
- Reserves +€31,052
up €31,052 (+13.4%), from €231,261 to €262,313
of which Distributable reserves: +€31,052
- Debts after one year -€10,346
down €10,346 (-74.7%), from €13,842 to €3,496
- Trade debts +€9,740
up €9,740 (+18.7%), from €52,111 to €61,851
- Tax, wage and social debts -€4,975
down €4,975 (-24.3%), from €20,466 to €15,491
of which Taxes: -€4,975
- Gross operating margin -€6,705
down €6,705 (-7.1%), from €94,274 to €87,569
- Depreciation +€1,477
up €1,477 (+3.7%), from €39,744 to €41,221
- Taxes -€1,325
down €1,325 (-9.7%), from €13,612 to €12,287
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 | €446,263 | €473,500 | +€27,237 | +6.1% |
| Fixed assets | 21/28 | €106,887 | €65,666 | -€41,221 | -38.6% |
| Tangible fixed assets | 22/27 | €106,887 | €65,666 | -€41,221 | -38.6% |
| Furniture and vehicles | 24 | €106,887 | €65,666 | -€41,221 | -38.6% |
| Current assets | 29/58 | €339,376 | €407,834 | +€68,458 | +20.2% |
| Stocks and contracts in progress | 3 | €6,139 | €5,042 | -€1,096 | -17.9% |
| Stocks | 30/36 | €6,139 | €5,042 | -€1,096 | -17.9% |
| Amounts receivable within one year | 40/41 | €110,898 | €70,576 | -€40,323 | -36.4% |
| Trade receivables | 40 | €98,962 | €65,129 | -€33,833 | -34.2% |
| Other amounts receivable | 41 | €11,937 | €5,447 | -€6,490 | -54.4% |
| Cash at bank and in hand | 54/58 | €218,202 | €327,746 | +€109,544 | +50.2% |
| Deferred charges and accrued income | 490/1 | €4,137 | €4,470 | +€333 | +8.1% |
| Total equity and liabilities | 10/49 | €446,263 | €473,500 | +€27,237 | +6.1% |
| Equity | 10/15 | €339,524 | €370,576 | +€31,052 | +9.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €231,261 | €262,313 | +€31,052 | +13.4% |
| Non-distributable reserves | 130/1 | €108 | €108 | = | 0.0% |
| Reserves not available under the articles | 1311 | €108 | €108 | = | 0.0% |
| Distributable reserves | 133 | €231,152 | €262,205 | +€31,052 | +13.4% |
| Profit (loss) carried forward | 14 | €46,290 | €46,290 | = | 0.0% |
| Amounts payable | 17/49 | €106,739 | €102,924 | -€3,815 | -3.6% |
| Amounts payable after more than one year | 17 | €13,842 | €3,496 | -€10,346 | -74.7% |
| Financial debts | 170/4 | €13,842 | €3,496 | -€10,346 | -74.7% |
| Amounts payable within one year | 42/48 | €92,657 | €99,307 | +€6,651 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €10,134 | €10,346 | +€212 | +2.1% |
| Financial debts | 43 | €2,733 | €3,363 | +€630 | +23.0% |
| Credit institutions | 430/8 | €2,733 | €3,363 | +€630 | +23.0% |
| Trade debts | 44 | €52,111 | €61,851 | +€9,740 | +18.7% |
| Suppliers | 440/4 | €52,111 | €61,851 | +€9,740 | +18.7% |
| Taxes, remuneration and social security | 45 | €20,466 | €15,491 | -€4,975 | -24.3% |
| Taxes | 450/3 | €15,966 | €10,991 | -€4,975 | -31.2% |
| Remuneration and social security | 454/9 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 47/48 | €7,212 | €8,256 | +€1,045 | +14.5% |
| Accrued charges and deferred income | 492/3 | €240 | €120 | -€120 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,744 | €41,221 | +€1,477 | +3.7% |
| Other operating charges | 640/8 | €2,005 | €2,119 | +€114 | +5.7% |
| Gross operating margin | 9900 | €94,274 | €87,569 | -€6,705 | -7.1% |
| Operating profit (loss) | 9901 | €52,526 | €44,229 | -€8,297 | -15.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,526 | €890 | -€636 | -41.7% |
| Recurring financial charges | 65 | €1,526 | €890 | -€636 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €51,000 | €43,340 | -€7,660 | -15.0% |
| Income taxes | 67/77 | €13,612 | €12,287 | -€1,325 | -9.7% |
| Profit (loss) for the period | 9904 | €37,388 | €31,052 | -€6,335 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,388 | €31,052 | -€6,335 | -16.9% |
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 9 October 2026 via checked.be.