DAVID CEULEMANS: 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.
DAVID CEULEMANS
Largest movements
- Financial fixed assets -€200,325
down €200,325 (-99.3%), from €201,825 to €1,500
- Receivables within one year +€12,973
up €12,973 (+1836.0%), from €707 to €13,679
of which Trade receivables: +€7,018
- Tangible fixed assets -€11,516
down €11,516 (-10.5%), from €109,994 to €98,478
of which Land and buildings: -€9,459
- Cash +€6,632
up €6,632 (+3363.5%), from €197 to €6,829
mainly Investment in fixed assets (net) (+€199,706) and Depreciation (+€12,135)
- Profit (loss) carried forward -€114,850
down €114,850 (-508.4%), from -€22,590 to -€137,440
- Other debts -€35,612
down €35,612 (-46.2%), from €77,148 to €41,536
- Tax, wage and social debts -€19,443
down €19,443 (-97.8%), from €19,880 to €437
- Advances received -€13,834
no longer reported in 2025 (was €13,834)
- Debts after one year -€7,901
down €7,901 (-8.0%), from €98,187 to €90,287
- Financial charges +€130,258
up €130,258 (+1738.8%), from €7,491 to €137,749
of which Non-recurring financial charges: +€130,325
- Gross operating margin +€30,671
up €30,671 (+339.0%), from €9,047 to €39,718
- Other operating charges -€7,805
down €7,805 (-65.6%), from €11,902 to €4,096
- Depreciation -€602
down €602 (-4.7%), from €12,737 to €12,135
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 | €315,625 | €123,612 | -€192,013 | -60.8% |
| Fixed assets | 21/28 | €311,819 | €99,978 | -€211,841 | -67.9% |
| Tangible fixed assets | 22/27 | €109,994 | €98,478 | -€11,516 | -10.5% |
| Land and buildings | 22 | €104,692 | €95,233 | -€9,459 | -9.0% |
| Plant, machinery and equipment | 23 | €1,295 | €897 | -€398 | -30.7% |
| Furniture and vehicles | 24 | €4,007 | €2,347 | -€1,659 | -41.4% |
| Financial fixed assets | 28 | €201,825 | €1,500 | -€200,325 | -99.3% |
| Current assets | 29/58 | €3,806 | €23,634 | +€19,828 | +521.0% |
| Amounts receivable within one year | 40/41 | €707 | €13,679 | +€12,973 | +1836.0% |
| Trade receivables | 40 | - | €7,018 | +€7,018 | |
| Other amounts receivable | 41 | €707 | €6,661 | +€5,955 | +842.7% |
| Cash at bank and in hand | 54/58 | €197 | €6,829 | +€6,632 | +3363.5% |
| Deferred charges and accrued income | 490/1 | €2,902 | €3,126 | +€223 | +7.7% |
| Total equity and liabilities | 10/49 | €315,625 | €123,612 | -€192,013 | -60.8% |
| Equity | 10/15 | €92,330 | -€22,520 | -€114,850 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €108,720 | €108,720 | = | 0.0% |
| Distributable reserves | 133 | €108,720 | €108,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,590 | -€137,440 | -€114,850 | -508.4% |
| Amounts payable | 17/49 | €223,295 | €146,132 | -€77,163 | -34.6% |
| Amounts payable after more than one year | 17 | €98,187 | €90,287 | -€7,901 | -8.0% |
| Financial debts | 170/4 | €98,187 | €90,287 | -€7,901 | -8.0% |
| Amounts payable within one year | 42/48 | €121,857 | €51,644 | -€70,213 | -57.6% |
| Current portion of amounts payable after more than one year | 42 | €7,763 | €7,901 | +€137 | +1.8% |
| Trade debts | 44 | €3,232 | €1,770 | -€1,462 | -45.2% |
| Suppliers | 440/4 | €3,232 | €1,770 | -€1,462 | -45.2% |
| Advances received on contracts in progress | 46 | €13,834 | - | -€13,834 | |
| Taxes, remuneration and social security | 45 | €19,880 | €437 | -€19,443 | -97.8% |
| Taxes | 450/3 | €19,880 | €437 | -€19,443 | -97.8% |
| Other amounts payable | 47/48 | €77,148 | €41,536 | -€35,612 | -46.2% |
| Accrued charges and deferred income | 492/3 | €3,251 | €4,201 | +€951 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,737 | €12,135 | -€602 | -4.7% |
| Other operating charges | 640/8 | €11,902 | €4,096 | -€7,805 | -65.6% |
| Gross operating margin | 9900 | €9,047 | €39,718 | +€30,671 | +339.0% |
| Operating profit (loss) | 9901 | -€15,591 | €23,487 | +€39,078 | |
| Financial income | 75/76B | €6 | €19 | +€13 | +207.9% |
| Recurring financial income | 75 | €6 | €19 | +€13 | +207.9% |
| Financial charges | 65/66B | €7,491 | €137,749 | +€130,258 | +1738.8% |
| Recurring financial charges | 65 | €7,491 | €7,424 | -€68 | -0.9% |
| Non-recurring financial charges | 66B | - | €130,325 | +€130,325 | |
| Profit (loss) for the period before taxes | 9903 | -€23,076 | -€114,243 | -€91,167 | -395.1% |
| Income taxes | 67/77 | €260 | €607 | +€347 | +133.7% |
| Profit (loss) for the period | 9904 | -€23,336 | -€114,850 | -€91,514 | -392.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,336 | -€114,850 | -€91,514 | -392.2% |
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.