Cézali: what changed
Two fiscal 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.
Cézali
Largest movements
- Receivables within one year -€63,453
down €63,453 (-62.9%), from €100,857 to €37,405
of which Trade receivables: -€77,307
- Cash -€61,337
down €61,337 (-24.1%), from €255,008 to €193,671
mainly Contributions, distributions and other (-€200,000) and Other debts (-€141,375)
- Tangible fixed assets -€30,802
down €30,802 (-2.4%), from €1.3m to €1.3m
of which Leasing and similar rights: -€19,329
- Other debts -€141,375
down €141,375 (-44.9%), from €315,026 to €173,651
- Reserves +€76,325
up €76,325 (+12.3%), from €619,867 to €696,192
- Debts after one year -€69,682
down €69,682 (-11.9%), from €586,698 to €517,016
- Tax, wage and social debts -€24,954
down €24,954 (-40.1%), from €62,170 to €37,216
of which Taxes: -€19,354
- Gross operating margin -€90,289
down €90,289 (-16.4%), from €551,187 to €460,898
- Taxes -€18,905
down €18,905 (-16.2%), from €116,488 to €97,584
- Depreciation +€12,950
up €12,950 (+36.6%), from €35,369 to €48,320
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 | €1,661,435 | €1,502,513 | -€158,922 | -9.6% |
| Fixed assets | 21/28 | €1,298,709 | €1,267,907 | -€30,802 | -2.4% |
| Tangible fixed assets | 22/27 | €1,298,709 | €1,267,907 | -€30,802 | -2.4% |
| Land and buildings | 22 | €1,178,011 | €1,169,263 | -€8,749 | -0.7% |
| Plant, machinery and equipment | 23 | €4,671 | €4,916 | +€244 | +5.2% |
| Furniture and vehicles | 24 | €21,548 | €18,579 | -€2,969 | -13.8% |
| Leasing and similar rights | 25 | €94,478 | €75,149 | -€19,329 | -20.5% |
| Current assets | 29/58 | €362,727 | €234,606 | -€128,120 | -35.3% |
| Amounts receivable within one year | 40/41 | €100,857 | €37,405 | -€63,453 | -62.9% |
| Trade receivables | 40 | €90,750 | €13,443 | -€77,307 | -85.2% |
| Other amounts receivable | 41 | €10,107 | €23,962 | +€13,854 | +137.1% |
| Cash at bank and in hand | 54/58 | €255,008 | €193,671 | -€61,337 | -24.1% |
| Deferred charges and accrued income | 490/1 | €6,861 | €3,530 | -€3,331 | -48.5% |
| Total equity and liabilities | 10/49 | €1,661,435 | €1,502,513 | -€158,922 | -9.6% |
| Equity | 10/15 | €621,867 | €698,192 | +€76,325 | +12.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €619,867 | €696,192 | +€76,325 | +12.3% |
| Distributable reserves | 133 | €619,867 | €696,192 | +€76,325 | +12.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,039,568 | €804,321 | -€235,248 | -22.6% |
| Amounts payable after more than one year | 17 | €586,698 | €517,016 | -€69,682 | -11.9% |
| Financial debts | 170/4 | €586,698 | €517,016 | -€69,682 | -11.9% |
| Amounts payable within one year | 42/48 | €451,948 | €287,305 | -€164,643 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €66,554 | €69,682 | +€3,128 | +4.7% |
| Trade debts | 44 | €8,199 | €6,756 | -€1,442 | -17.6% |
| Suppliers | 440/4 | €8,199 | €6,756 | -€1,442 | -17.6% |
| Taxes, remuneration and social security | 45 | €62,170 | €37,216 | -€24,954 | -40.1% |
| Taxes | 450/3 | €56,570 | €37,216 | -€19,354 | -34.2% |
| Remuneration and social security | 454/9 | €5,600 | €0 | -€5,600 | -100.0% |
| Other amounts payable | 47/48 | €315,026 | €173,651 | -€141,375 | -44.9% |
| Accrued charges and deferred income | 492/3 | €923 | €0 | -€923 | -100.0% |
| Non-recurring operating income | 76A | - | €8,164 | +€8,164 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,369 | €48,320 | +€12,950 | +36.6% |
| Other operating charges | 640/8 | €10,649 | €13,411 | +€2,763 | +25.9% |
| Gross operating margin | 9900 | €551,187 | €460,898 | -€90,289 | -16.4% |
| Operating profit (loss) | 9901 | €505,169 | €399,167 | -€106,002 | -21.0% |
| Financial income | 75/76B | - | €3,312 | +€3,312 | |
| Recurring financial income | 75 | - | €3,312 | +€3,312 | |
| Financial charges | 65/66B | €31,199 | €28,570 | -€2,629 | -8.4% |
| Recurring financial charges | 65 | €31,199 | €28,570 | -€2,629 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €473,970 | €373,909 | -€100,061 | -21.1% |
| Income taxes | 67/77 | €116,488 | €97,584 | -€18,905 | -16.2% |
| Profit (loss) for the period | 9904 | €357,482 | €276,325 | -€81,156 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €357,482 | €276,325 | -€81,156 | -22.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.