CEWLIG: 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.
CEWLIG
Largest movements
- Deferred charges and accrued income +€122,108
new in 2025: €122,108
- Tangible fixed assets -€29,807
down €29,807 (-15.3%), from €194,244 to €164,437
of which Land and buildings: -€19,617
- Cash -€16,458
down €16,458 (-78.9%), from €20,870 to €4,411
mainly Deferred charges and accrued income (-€122,108) and Contributions, distributions and other (-€35,000)
- Receivables within one year +€10,134
up €10,134 (+1170.0%), from €866 to €11,001
- Stocks and contracts -€5,240
down €5,240 (-43.4%), from €12,067 to €6,827
- Trade debts +€41,462
up €41,462 (+1039.0%), from €3,991 to €45,452
- Tax, wage and social debts +€23,088
up €23,088 (+94.3%), from €24,495 to €47,583
of which Taxes: +€17,973
- Reserves +€21,094
up €21,094 (+21.1%), from €100,105 to €121,199
of which Distributable reserves: +€21,094
- Debts after one year -€9,534
down €9,534 (-13.6%), from €70,123 to €60,589
- Other debts +€3,282
new in 2025: €3,282
- Gross operating margin +€70,120
up €70,120 (+58.6%), from €119,670 to €189,790
- Staff costs +€45,357
up €45,357 (+148.4%), from €30,572 to €75,929
- Taxes +€6,678
up €6,678 (+40.1%), from €16,669 to €23,346
- Depreciation -€2,001
down €2,001 (-6.2%), from €32,058 to €30,057
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 | €228,297 | €308,784 | +€80,487 | +35.3% |
| Fixed assets | 21/28 | €194,494 | €164,437 | -€30,057 | -15.5% |
| Intangible fixed assets | 21 | €250 | - | -€250 | |
| Tangible fixed assets | 22/27 | €194,244 | €164,437 | -€29,807 | -15.3% |
| Land and buildings | 22 | €132,895 | €113,278 | -€19,617 | -14.8% |
| Plant, machinery and equipment | 23 | €47,625 | €40,500 | -€7,125 | -15.0% |
| Furniture and vehicles | 24 | €13,724 | €10,659 | -€3,065 | -22.3% |
| Current assets | 29/58 | €33,803 | €144,347 | +€110,545 | +327.0% |
| Stocks and contracts in progress | 3 | €12,067 | €6,827 | -€5,240 | -43.4% |
| Stocks | 30/36 | €12,067 | €6,827 | -€5,240 | -43.4% |
| Amounts receivable within one year | 40/41 | €866 | €11,001 | +€10,134 | +1170.0% |
| Other amounts receivable | 41 | €866 | €11,001 | +€10,134 | +1170.0% |
| Cash at bank and in hand | 54/58 | €20,870 | €4,411 | -€16,458 | -78.9% |
| Deferred charges and accrued income | 490/1 | - | €122,108 | +€122,108 | |
| Total equity and liabilities | 10/49 | €228,297 | €308,784 | +€80,487 | +35.3% |
| Equity | 10/15 | €118,705 | €139,799 | +€21,094 | +17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100,105 | €121,199 | +€21,094 | +21.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €98,245 | €119,339 | +€21,094 | +21.5% |
| Amounts payable | 17/49 | €109,591 | €168,985 | +€59,394 | +54.2% |
| Amounts payable after more than one year | 17 | €70,123 | €60,589 | -€9,534 | -13.6% |
| Financial debts | 170/4 | €70,123 | €60,589 | -€9,534 | -13.6% |
| Amounts payable within one year | 42/48 | €37,786 | €105,851 | +€68,066 | +180.1% |
| Current portion of amounts payable after more than one year | 42 | €9,301 | €9,534 | +€234 | +2.5% |
| Trade debts | 44 | €3,991 | €45,452 | +€41,462 | +1039.0% |
| Suppliers | 440/4 | €3,991 | €45,452 | +€41,462 | +1039.0% |
| Taxes, remuneration and social security | 45 | €24,495 | €47,583 | +€23,088 | +94.3% |
| Taxes | 450/3 | €22,200 | €40,173 | +€17,973 | +81.0% |
| Remuneration and social security | 454/9 | €2,294 | €7,409 | +€5,115 | +223.0% |
| Other amounts payable | 47/48 | - | €3,282 | +€3,282 | |
| Accrued charges and deferred income | 492/3 | €1,683 | €2,545 | +€863 | +51.3% |
| Remuneration, social security and pensions | 62 | €30,572 | €75,929 | +€45,357 | +148.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,058 | €30,057 | -€2,001 | -6.2% |
| Other operating charges | 640/8 | €4,159 | €3,136 | -€1,023 | -24.6% |
| Gross operating margin | 9900 | €119,670 | €189,790 | +€70,120 | +58.6% |
| Operating profit (loss) | 9901 | €52,881 | €80,668 | +€27,787 | +52.5% |
| Financial income | 75/76B | €1,608 | €1,777 | +€169 | +10.5% |
| Recurring financial income | 75 | €1,608 | €1,777 | +€169 | +10.5% |
| Financial charges | 65/66B | €3,486 | €3,006 | -€480 | -13.8% |
| Recurring financial charges | 65 | €3,486 | €3,006 | -€480 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €51,003 | €79,440 | +€28,436 | +55.8% |
| Income taxes | 67/77 | €16,669 | €23,346 | +€6,678 | +40.1% |
| Profit (loss) for the period | 9904 | €34,335 | €56,094 | +€21,759 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,335 | €56,094 | +€21,759 | +63.4% |
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.