CHRIS CEYSSENS: 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.
CHRIS CEYSSENS
Largest movements
- Tangible fixed assets -€246,378
down €246,378 (-32.5%), from €757,366 to €510,988
of which Leasing and similar rights: -€219,400
- Receivables within one year +€89,706
up €89,706 (+27.2%), from €330,085 to €419,791
of which Other amounts receivable: +€141,187
- Cash -€77,435
down €77,435 (-34.6%), from €223,860 to €146,425
mainly Debts after one year (-€150,988) and Receivables within one year (-€89,706)
- Debts after one year -€150,988
down €150,988 (-29.6%), from €509,427 to €358,439
- Profit (loss) carried forward -€59,288
down €59,288 (-223%), from -€26,550 to -€85,838
- Tax, wage and social debts -€22,414
down €22,414 (-100%), from €22,414 to €0
- Gross operating margin -€20,575
down €20,575 (-7.3%), from €283,272 to €262,697
- Depreciation +€13,638
up €13,638 (+4.8%), from €283,021 to €296,659
- Taxes -€5,183
down €5,183, from €5,098 to -€85
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.
Derived cash bridge
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 | €1,346,054 | €1,107,262 | -€238,792 | -17.7% |
| Formation expenses | 20 | €141 | €0 | -€141 | -100% |
| Fixed assets | 21/28 | €769,919 | €522,401 | -€247,518 | -32.1% |
| Intangible fixed assets | 21 | €3,523 | €2,383 | -€1,140 | -32.4% |
| Tangible fixed assets | 22/27 | €757,366 | €510,988 | -€246,378 | -32.5% |
| Plant, machinery and equipment | 23 | €14,205 | €38,613 | +€24,408 | +172% |
| Furniture and vehicles | 24 | €121,372 | €69,986 | -€51,386 | -42.3% |
| Leasing and similar rights | 25 | €621,790 | €402,390 | -€219,400 | -35.3% |
| Financial fixed assets | 28 | €9,030 | €9,030 | = | 0.0% |
| Current assets | 29/58 | €575,994 | €584,861 | +€8,867 | +1.5% |
| Stocks and contracts in progress | 3 | €4,780 | €3,800 | -€980 | -20.5% |
| Stocks | 30/36 | €4,780 | €3,800 | -€980 | -20.5% |
| Amounts receivable within one year | 40/41 | €330,085 | €419,791 | +€89,706 | +27.2% |
| Trade receivables | 40 | €193,180 | €141,698 | -€51,482 | -26.6% |
| Other amounts receivable | 41 | €136,905 | €278,093 | +€141,187 | +103% |
| Cash at bank and in hand | 54/58 | €223,860 | €146,425 | -€77,435 | -34.6% |
| Deferred charges and accrued income | 490/1 | €17,269 | €14,845 | -€2,423 | -14.0% |
| Total equity and liabilities | 10/49 | €1,346,054 | €1,107,262 | -€238,792 | -17.7% |
| Equity | 10/15 | €563,837 | €504,549 | -€59,288 | -10.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €540,387 | €540,387 | = | 0.0% |
| Distributable reserves | 133 | €540,387 | €540,387 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,550 | -€85,838 | -€59,288 | -223% |
| Amounts payable | 17/49 | €782,217 | €602,713 | -€179,504 | -22.9% |
| Amounts payable after more than one year | 17 | €509,427 | €358,439 | -€150,988 | -29.6% |
| Financial debts | 170/4 | €509,427 | €358,439 | -€150,988 | -29.6% |
| Amounts payable within one year | 42/48 | €270,187 | €241,530 | -€28,658 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €140,814 | €146,003 | +€5,189 | +3.7% |
| Trade debts | 44 | €72,941 | €59,873 | -€13,068 | -17.9% |
| Suppliers | 440/4 | €72,941 | €59,873 | -€13,068 | -17.9% |
| Taxes, remuneration and social security | 45 | €22,414 | €0 | -€22,414 | -100% |
| Taxes | 450/3 | €22,414 | €0 | -€22,414 | -100% |
| Other amounts payable | 47/48 | €34,019 | €35,654 | +€1,635 | +4.8% |
| Accrued charges and deferred income | 492/3 | €2,602 | €2,744 | +€142 | +5.5% |
| Non-recurring operating income | 76A | - | €4,695 | +€4,695 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,021 | €296,659 | +€13,638 | +4.8% |
| Other operating charges | 640/8 | €3,287 | €4,489 | +€1,202 | +36.6% |
| Non-recurring operating charges | 66A | €250 | €3,032 | +€2,782 | +1,113% |
| Gross operating margin | 9900 | €283,272 | €262,697 | -€20,575 | -7.3% |
| Operating profit (loss) | 9901 | -€3,286 | -€41,483 | -€38,197 | -1,162% |
| Financial income | 75/76B | €1,324 | €456 | -€867 | -65.5% |
| Recurring financial income | 75 | €1,324 | €456 | -€867 | -65.5% |
| Financial charges | 65/66B | €19,489 | €18,346 | -€1,143 | -5.9% |
| Recurring financial charges | 65 | €19,489 | €18,346 | -€1,143 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,452 | -€59,373 | -€37,921 | -177% |
| Income taxes | 67/77 | €5,098 | -€85 | -€5,183 | |
| Profit (loss) for the period | 9904 | -€26,550 | -€59,288 | -€32,738 | -123% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,550 | -€59,288 | -€32,738 | -123% |
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 29 October 2026 via checked.be.