Cézco: 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.
Cézco
Largest movements
- Cash -€12,244
down €12,244 (-12.9%), from €95,031 to €82,787
mainly Investment in fixed assets (net) (-€45,543) and Other debts (-€39,835)
- Tangible fixed assets +€9,179
up €9,179 (+1.4%), from €644,872 to €654,051
of which Furniture and vehicles: +€39,169
- Reserves +€58,488
up €58,488 (+28.4%), from €206,024 to €264,511
of which Distributable reserves: +€58,488
- Other debts -€39,835
down €39,835 (-96.0%), from €41,501 to €1,666
- Debts after one year -€21,439
down €21,439 (-5.0%), from €428,517 to €407,078
- Current portion of long-term debt -€8,965
down €8,965 (-11.9%), from €75,039 to €66,074
- Depreciation -€26,058
down €26,058 (-40.8%), from €63,889 to €37,831
- Other operating charges +€8,727
up €8,727 (+180.3%), from €4,840 to €13,567
- Taxes +€5,518
up €5,518 (+27.0%), from €20,415 to €25,932
- Gross operating margin +€2,367
up €2,367 (+1.7%), from €143,001 to €145,368
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 | €787,741 | €778,946 | -€8,794 | -1.1% |
| Fixed assets | 21/28 | €646,338 | €654,051 | +€7,712 | +1.2% |
| Intangible fixed assets | 21 | €1,467 | €0 | -€1,467 | -100.0% |
| Tangible fixed assets | 22/27 | €644,872 | €654,051 | +€9,179 | +1.4% |
| Plant, machinery and equipment | 23 | €1,311 | €2,242 | +€931 | +71.0% |
| Furniture and vehicles | 24 | €34,307 | €73,476 | +€39,169 | +114.2% |
| Other tangible fixed assets | 26 | €609,254 | €578,334 | -€30,921 | -5.1% |
| Current assets | 29/58 | €141,402 | €124,896 | -€16,507 | -11.7% |
| Amounts receivable within one year | 40/41 | €43,043 | €37,744 | -€5,299 | -12.3% |
| Trade receivables | 40 | €17,574 | €22,178 | +€4,604 | +26.2% |
| Other amounts receivable | 41 | €25,470 | €15,567 | -€9,903 | -38.9% |
| Cash at bank and in hand | 54/58 | €95,031 | €82,787 | -€12,244 | -12.9% |
| Deferred charges and accrued income | 490/1 | €3,329 | €4,365 | +€1,036 | +31.1% |
| Total equity and liabilities | 10/49 | €787,741 | €778,946 | -€8,794 | -1.1% |
| Equity | 10/15 | €224,574 | €283,061 | +€58,488 | +26.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €206,024 | €264,511 | +€58,488 | +28.4% |
| Tax-exempt reserves | 132 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €195,024 | €253,511 | +€58,488 | +30.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €563,167 | €495,885 | -€67,282 | -11.9% |
| Amounts payable after more than one year | 17 | €428,517 | €407,078 | -€21,439 | -5.0% |
| Financial debts | 170/4 | €428,517 | €407,078 | -€21,439 | -5.0% |
| Amounts payable within one year | 42/48 | €134,650 | €88,807 | -€45,843 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €75,039 | €66,074 | -€8,965 | -11.9% |
| Trade debts | 44 | €5,284 | €5,019 | -€265 | -5.0% |
| Suppliers | 440/4 | €5,284 | €5,019 | -€265 | -5.0% |
| Taxes, remuneration and social security | 45 | €12,826 | €16,048 | +€3,222 | +25.1% |
| Taxes | 450/3 | €12,826 | €16,048 | +€3,222 | +25.1% |
| Other amounts payable | 47/48 | €41,501 | €1,666 | -€39,835 | -96.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,889 | €37,831 | -€26,058 | -40.8% |
| Other operating charges | 640/8 | €4,840 | €13,567 | +€8,727 | +180.3% |
| Gross operating margin | 9900 | €143,001 | €145,368 | +€2,367 | +1.7% |
| Operating profit (loss) | 9901 | €74,272 | €93,970 | +€19,698 | +26.5% |
| Financial income | 75/76B | €1,512 | €1,475 | -€37 | -2.4% |
| Recurring financial income | 75 | €1,512 | €1,475 | -€37 | -2.4% |
| Financial charges | 65/66B | €9,642 | €9,359 | -€283 | -2.9% |
| Recurring financial charges | 65 | €9,642 | €9,359 | -€283 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €66,142 | €86,086 | +€19,944 | +30.2% |
| Income taxes | 67/77 | €20,415 | €25,932 | +€5,518 | +27.0% |
| Profit (loss) for the period | 9904 | €45,727 | €60,154 | +€14,427 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,727 | €60,154 | +€14,427 | +31.5% |
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 4 October 2026 via checked.be.