CEVO: 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.
CEVO
Largest movements
- Receivables within one year -€73,348
down €73,348 (-42.6%), from €172,278 to €98,930
of which Trade receivables: -€74,264
- Cash -€17,430
down €17,430 (-46.4%), from €37,525 to €20,095
mainly Investment in fixed assets (net) (-€122,600) and Net result for the year (-€79,098)
- Tangible fixed assets +€8,221
up €8,221 (+2.3%), from €364,299 to €372,520
of which Furniture and vehicles: +€36,325
- Profit (loss) carried forward -€79,098
down €79,098, from €74,668 to -€4,429
- Other debts +€44,452
up €44,452 (+35.4%), from €125,612 to €170,065
- Trade debts -€25,604
down €25,604 (-55.0%), from €46,546 to €20,943
- Debts after one year -€19,407
down €19,407 (-17.8%), from €109,113 to €89,707
- Tax, wage and social debts -€8,315
down €8,315 (-65.8%), from €12,634 to €4,319
of which Taxes: -€8,315
- Gross operating margin -€171,511
down €171,511 (-79.2%), from €216,542 to €45,031
- Depreciation +€6,030
up €6,030 (+5.6%), from €108,350 to €114,380
- Taxes -€3,250
no longer reported in 2025 (was €3,250)
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 | €583,370 | €499,783 | -€83,587 | -14.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €364,989 | €373,210 | +€8,221 | +2.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €364,299 | €372,520 | +€8,221 | +2.3% |
| Land and buildings | 22 | €3,606 | €3,606 | = | 0.0% |
| Plant, machinery and equipment | 23 | €124,423 | €112,569 | -€11,854 | -9.5% |
| Furniture and vehicles | 24 | €137,301 | €173,625 | +€36,325 | +26.5% |
| Leasing and similar rights | 25 | €98,969 | €82,719 | -€16,250 | -16.4% |
| Financial fixed assets | 28 | €690 | €690 | = | 0.0% |
| Current assets | 29/58 | €218,381 | €126,574 | -€91,808 | -42.0% |
| Amounts receivable within one year | 40/41 | €172,278 | €98,930 | -€73,348 | -42.6% |
| Trade receivables | 40 | €172,278 | €98,014 | -€74,264 | -43.1% |
| Other amounts receivable | 41 | - | €916 | +€916 | |
| Cash at bank and in hand | 54/58 | €37,525 | €20,095 | -€17,430 | -46.4% |
| Deferred charges and accrued income | 490/1 | €8,578 | €7,548 | -€1,030 | -12.0% |
| Total equity and liabilities | 10/49 | €583,370 | €499,783 | -€83,587 | -14.3% |
| Equity | 10/15 | €205,916 | €126,298 | -€79,618 | -38.7% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €124,159 | €124,159 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,249 | €52,249 | = | 0.0% |
| Distributable reserves | 133 | €70,050 | €70,050 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,668 | -€4,429 | -€79,098 | |
| Investment grants | 15 | €883 | €363 | -€520 | -58.9% |
| Amounts payable | 17/49 | €377,454 | €373,485 | -€3,969 | -1.1% |
| Amounts payable after more than one year | 17 | €109,113 | €89,707 | -€19,407 | -17.8% |
| Financial debts | 170/4 | €109,113 | €89,707 | -€19,407 | -17.8% |
| Amounts payable within one year | 42/48 | €267,700 | €283,733 | +€16,033 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €82,907 | €88,407 | +€5,500 | +6.6% |
| Trade debts | 44 | €46,546 | €20,943 | -€25,604 | -55.0% |
| Suppliers | 440/4 | €46,546 | €20,943 | -€25,604 | -55.0% |
| Taxes, remuneration and social security | 45 | €12,634 | €4,319 | -€8,315 | -65.8% |
| Taxes | 450/3 | €11,634 | €3,319 | -€8,315 | -71.5% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €125,612 | €170,065 | +€44,452 | +35.4% |
| Accrued charges and deferred income | 492/3 | €641 | €45 | -€596 | -92.9% |
| Non-recurring operating income | 76A | €38,500 | €16,000 | -€22,500 | -58.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,350 | €114,380 | +€6,030 | +5.6% |
| Other operating charges | 640/8 | €4,464 | €5,166 | +€703 | +15.7% |
| Non-recurring operating charges | 66A | €1,712 | - | -€1,712 | |
| Gross operating margin | 9900 | €216,542 | €45,031 | -€171,511 | -79.2% |
| Operating profit (loss) | 9901 | €102,017 | -€74,515 | -€176,532 | |
| Financial income | 75/76B | €1,357 | €520 | -€837 | -61.7% |
| Recurring financial income | 75 | €1,357 | €520 | -€837 | -61.7% |
| Financial charges | 65/66B | €4,835 | €5,103 | +€268 | +5.5% |
| Recurring financial charges | 65 | €4,835 | €5,103 | +€268 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €98,539 | -€79,098 | -€177,636 | |
| Income taxes | 67/77 | €3,250 | - | -€3,250 | |
| Profit (loss) for the period | 9904 | €95,289 | -€79,098 | -€174,386 | |
| Transfer from tax-exempt reserves | 789 | €8,953 | - | -€8,953 | |
| Transfer to tax-exempt reserves | 689 | €38,500 | - | -€38,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,741 | -€79,098 | -€144,839 |
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 10 October 2026 via checked.be.