CTEC: 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.
CTEC
Largest movements
- Stocks and contracts +€90,811
up €90,811 (+43.4%), from €209,005 to €299,815
- Receivables within one year +€86,850
up €86,850 (+31.0%), from €279,873 to €366,723
of which Other amounts receivable: +€45,599
- Tangible fixed assets +€26,431
up €26,431 (+24.0%), from €110,321 to €136,753
of which Furniture and vehicles: +€25,056
- Cash -€20,315
down €20,315 (-20.4%), from €99,620 to €79,305
mainly Stocks and contracts (-€90,811) and Receivables within one year (-€86,850)
- Short-term financial debts +€187,000
up €187,000, from €0 to €187,000
- Trade debts -€42,456
down €42,456 (-15.8%), from €268,170 to €225,714
- Debts after one year +€41,615
up €41,615 (+185.1%), from €22,486 to €64,100
- Staff costs +€160,932
up €160,932 (+37.7%), from €427,038 to €587,970
- Gross operating margin +€49,563
up €49,563 (+8.2%), from €604,939 to €654,502
- Taxes -€29,712
down €29,712 (-96.6%), from €30,743 to €1,031
- Depreciation -€19,664
down €19,664 (-31.4%), from €62,527 to €42,863
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 | €698,819 | €883,993 | +€185,174 | +26.5% |
| Fixed assets | 21/28 | €110,321 | €136,753 | +€26,431 | +24.0% |
| Tangible fixed assets | 22/27 | €110,321 | €136,753 | +€26,431 | +24.0% |
| Plant, machinery and equipment | 23 | €20,542 | €18,257 | -€2,285 | -11.1% |
| Furniture and vehicles | 24 | €85,002 | €110,058 | +€25,056 | +29.5% |
| Other tangible fixed assets | 26 | €4,777 | €8,438 | +€3,660 | +76.6% |
| Current assets | 29/58 | €588,498 | €747,241 | +€158,743 | +27.0% |
| Stocks and contracts in progress | 3 | €209,005 | €299,815 | +€90,811 | +43.4% |
| Stocks | 30/36 | €209,005 | €299,815 | +€90,811 | +43.4% |
| Amounts receivable within one year | 40/41 | €279,873 | €366,723 | +€86,850 | +31.0% |
| Trade receivables | 40 | €273,774 | €315,025 | +€41,251 | +15.1% |
| Other amounts receivable | 41 | €6,099 | €51,697 | +€45,599 | +747.7% |
| Cash at bank and in hand | 54/58 | €99,620 | €79,305 | -€20,315 | -20.4% |
| Deferred charges and accrued income | 490/1 | - | €1,397 | +€1,397 | |
| Total equity and liabilities | 10/49 | €698,819 | €883,993 | +€185,174 | +26.5% |
| Equity | 10/15 | €308,112 | €310,645 | +€2,534 | +0.8% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €277,125 | €279,659 | +€2,534 | +0.9% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €274,026 | €276,560 | +€2,534 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €390,708 | €573,348 | +€182,640 | +46.7% |
| Amounts payable after more than one year | 17 | €22,486 | €64,100 | +€41,615 | +185.1% |
| Financial debts | 170/4 | €22,486 | €64,100 | +€41,615 | +185.1% |
| Amounts payable within one year | 42/48 | €368,222 | €509,248 | +€141,026 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €28,254 | €29,166 | +€912 | +3.2% |
| Financial debts | 43 | €0 | €187,000 | +€187,000 | |
| Credit institutions | 430/8 | €0 | €187,000 | +€187,000 | |
| Trade debts | 44 | €268,170 | €225,714 | -€42,456 | -15.8% |
| Suppliers | 440/4 | €268,170 | €225,714 | -€42,456 | -15.8% |
| Taxes, remuneration and social security | 45 | €71,798 | €67,368 | -€4,430 | -6.2% |
| Taxes | 450/3 | €5,662 | €3,311 | -€2,351 | -41.5% |
| Remuneration and social security | 454/9 | €66,136 | €64,057 | -€2,079 | -3.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €427,038 | €587,970 | +€160,932 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,527 | €42,863 | -€19,664 | -31.4% |
| Other operating charges | 640/8 | €7,461 | €8,128 | +€667 | +8.9% |
| Non-recurring operating charges | 66A | €1,942 | - | -€1,942 | |
| Gross operating margin | 9900 | €604,939 | €654,502 | +€49,563 | +8.2% |
| Operating profit (loss) | 9901 | €105,971 | €15,540 | -€90,431 | -85.3% |
| Financial income | 75/76B | €1,498 | €195 | -€1,304 | -87.0% |
| Recurring financial income | 75 | €1,498 | €195 | -€1,304 | -87.0% |
| Financial charges | 65/66B | €7,706 | €12,170 | +€4,465 | +57.9% |
| Recurring financial charges | 65 | €7,706 | €8,213 | +€507 | +6.6% |
| Non-recurring financial charges | 66B | - | €3,958 | +€3,958 | |
| Profit (loss) for the period before taxes | 9903 | €99,764 | €3,564 | -€96,199 | -96.4% |
| Income taxes | 67/77 | €30,743 | €1,031 | -€29,712 | -96.6% |
| Profit (loss) for the period | 9904 | €69,021 | €2,534 | -€66,487 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,021 | €2,534 | -€66,487 | -96.3% |
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 29 September 2026 via checked.be.