CEZAR & PAWEL: what changed
CEZAR & PAWEL
Largest movements
- Tangible fixed assets +€87,067
up €87,067 (+242%), from €35,905 to €122,972
of which Furniture and vehicles: +€87,475
- Receivables within one year +€15,684
up €15,684 (+38.2%), from €41,109 to €56,793
of which Trade receivables: +€25,677
- Cash -€9,621
down €9,621 (-56.1%), from €17,163 to €7,542
mainly Investment in fixed assets (net) (-€104,489) and Receivables within one year (-€15,684)
- Deferred charges and accrued income +€2,681
up €2,681 (+80.6%), from €3,326 to €6,007
- Debts after one year +€63,904
new in 2025: €63,904
- Current portion of long-term debt +€15,548
new in 2025: €15,548
- Reserves +€9,500
up €9,500 (+48.7%), from €19,500 to €29,000
- Tax, wage and social debts +€4,640
up €4,640 (+78.2%), from €5,930 to €10,570
of which Taxes: +€4,640
- Trade debts +€2,770
up €2,770 (+35.0%), from €7,916 to €10,686
- Gross operating margin +€12,757
up €12,757 (+37.1%), from €34,380 to €47,137
- Other operating charges +€5,325
up €5,325 (+197%), from €2,702 to €8,027
- Depreciation +€2,125
up €2,125 (+13.9%), from €15,297 to €17,422
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,503 | €193,314 | +€95,811 | +98.3% |
| Fixed assets | 21/28 | €35,905 | €122,972 | +€87,067 | +242% |
| Tangible fixed assets | 22/27 | €35,905 | €122,972 | +€87,067 | +242% |
| Plant, machinery and equipment | 23 | €718 | €310 | -€408 | -56.8% |
| Furniture and vehicles | 24 | €35,187 | €122,662 | +€87,475 | +249% |
| Current assets | 29/58 | €61,598 | €70,342 | +€8,744 | +14.2% |
| Amounts receivable within one year | 40/41 | €41,109 | €56,793 | +€15,684 | +38.2% |
| Trade receivables | 40 | €30,108 | €55,785 | +€25,677 | +85.3% |
| Other amounts receivable | 41 | €11,001 | €1,008 | -€9,993 | -90.8% |
| Cash at bank and in hand | 54/58 | €17,163 | €7,542 | -€9,621 | -56.1% |
| Deferred charges and accrued income | 490/1 | €3,326 | €6,007 | +€2,681 | +80.6% |
| Total equity and liabilities | 10/49 | €97,503 | €193,314 | +€95,811 | +98.3% |
| Equity | 10/15 | €82,306 | €92,606 | +€10,300 | +12.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €19,500 | €29,000 | +€9,500 | +48.7% |
| Distributable reserves | 133 | €19,500 | €29,000 | +€9,500 | +48.7% |
| Profit (loss) carried forward | 14 | €42,346 | €43,146 | +€800 | +1.9% |
| Amounts payable | 17/49 | €15,197 | €100,708 | +€85,511 | +563% |
| Amounts payable after more than one year | 17 | - | €63,904 | +€63,904 | |
| Financial debts | 170/4 | - | €63,904 | +€63,904 | |
| Amounts payable within one year | 42/48 | €15,197 | €36,804 | +€21,607 | +142% |
| Current portion of amounts payable after more than one year | 42 | - | €15,548 | +€15,548 | |
| Trade debts | 44 | €7,916 | €10,686 | +€2,770 | +35.0% |
| Suppliers | 440/4 | €7,916 | €10,686 | +€2,770 | +35.0% |
| Taxes, remuneration and social security | 45 | €5,930 | €10,570 | +€4,640 | +78.2% |
| Taxes | 450/3 | €1,830 | €6,470 | +€4,640 | +254% |
| Remuneration and social security | 454/9 | €4,100 | €4,100 | = | 0.0% |
| Other amounts payable | 47/48 | €1,351 | - | -€1,351 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,297 | €17,422 | +€2,125 | +13.9% |
| Other operating charges | 640/8 | €2,702 | €8,027 | +€5,325 | +197% |
| Non-recurring operating charges | 66A | - | €4,840 | +€4,840 | |
| Gross operating margin | 9900 | €34,380 | €47,137 | +€12,757 | +37.1% |
| Operating profit (loss) | 9901 | €16,381 | €16,848 | +€467 | +2.9% |
| Financial income | 75/76B | €79 | - | -€79 | |
| Recurring financial income | 75 | €79 | - | -€79 | |
| Financial charges | 65/66B | €1,422 | €1,759 | +€337 | +23.7% |
| Recurring financial charges | 65 | €1,422 | €1,759 | +€337 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €15,038 | €15,089 | +€51 | +0.3% |
| Income taxes | 67/77 | €4,497 | €4,789 | +€292 | +6.5% |
| Profit (loss) for the period | 9904 | €10,541 | €10,300 | -€241 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,541 | €10,300 | -€241 | -2.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.