DE CEULAER: 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.
DE CEULAER
Largest movements
- Tangible fixed assets +€55,119
up €55,119 (+30.7%), from €179,579 to €234,699
of which Land and buildings: +€64,744
- Receivables within one year +€18,278
up €18,278 (+49.6%), from €36,825 to €55,103
of which Trade receivables: +€25,599
- Cash -€12,396
down €12,396 (-79.6%), from €15,568 to €3,172
mainly Investment in fixed assets (net) (-€85,871) and Receivables within one year (-€18,278)
- Other debts +€43,293
new in 2025: €43,293
- Reserves +€21,480
up €21,480 (+25.4%), from €84,594 to €106,074
- Short-term financial debts +€13,439
up €13,439 (+43.3%), from €31,014 to €44,453
of which Credit institutions: +€44,453
- Debts after one year -€12,595
down €12,595 (-15.6%), from €80,740 to €68,145
- Gross operating margin -€48,938
down €48,938 (-43.4%), from €112,856 to €63,918
- Taxes -€19,920
down €19,920 (-69.2%), from €28,792 to €8,872
- Depreciation +€8,622
up €8,622 (+42.4%), from €20,331 to €28,952
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 | €236,389 | €300,541 | +€64,152 | +27.1% |
| Fixed assets | 21/28 | €179,714 | €236,634 | +€56,919 | +31.7% |
| Tangible fixed assets | 22/27 | €179,579 | €234,699 | +€55,119 | +30.7% |
| Land and buildings | 22 | €84,664 | €149,409 | +€64,744 | +76.5% |
| Plant, machinery and equipment | 23 | €30,966 | €36,177 | +€5,211 | +16.8% |
| Furniture and vehicles | 24 | €30,009 | €23,884 | -€6,124 | -20.4% |
| Leasing and similar rights | 25 | €33,941 | €25,229 | -€8,712 | -25.7% |
| Financial fixed assets | 28 | €135 | €1,935 | +€1,800 | +1,333% |
| Current assets | 29/58 | €56,674 | €63,907 | +€7,233 | +12.8% |
| Stocks and contracts in progress | 3 | €928 | €1,458 | +€530 | +57.1% |
| Stocks | 30/36 | €928 | €1,458 | +€530 | +57.1% |
| Amounts receivable within one year | 40/41 | €36,825 | €55,103 | +€18,278 | +49.6% |
| Trade receivables | 40 | €14,595 | €40,194 | +€25,599 | +175% |
| Other amounts receivable | 41 | €22,230 | €14,909 | -€7,321 | -32.9% |
| Cash at bank and in hand | 54/58 | €15,568 | €3,172 | -€12,396 | -79.6% |
| Deferred charges and accrued income | 490/1 | €3,354 | €4,174 | +€821 | +24.5% |
| Total equity and liabilities | 10/49 | €236,389 | €300,541 | +€64,152 | +27.1% |
| Equity | 10/15 | €109,594 | €131,074 | +€21,480 | +19.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €84,594 | €106,074 | +€21,480 | +25.4% |
| Distributable reserves | 133 | €84,594 | €106,074 | +€21,480 | +25.4% |
| Amounts payable | 17/49 | €126,795 | €169,467 | +€42,672 | +33.7% |
| Amounts payable after more than one year | 17 | €80,740 | €68,145 | -€12,595 | -15.6% |
| Financial debts | 170/4 | €80,740 | €68,145 | -€12,595 | -15.6% |
| Amounts payable within one year | 42/48 | €45,037 | €99,908 | +€54,871 | +122% |
| Current portion of amounts payable after more than one year | 42 | €11,562 | €12,161 | +€600 | +5.2% |
| Financial debts | 43 | €31,014 | €44,453 | +€13,439 | +43.3% |
| Credit institutions | 430/8 | - | €44,453 | +€44,453 | |
| Other loans | 439 | €31,014 | - | -€31,014 | |
| Trade debts | 44 | €2,462 | - | -€2,462 | |
| Suppliers | 440/4 | €2,462 | - | -€2,462 | |
| Other amounts payable | 47/48 | - | €43,293 | +€43,293 | |
| Accrued charges and deferred income | 492/3 | €1,018 | €1,414 | +€396 | +38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,331 | €28,952 | +€8,622 | +42.4% |
| Other operating charges | 640/8 | €1,343 | €781 | -€561 | -41.8% |
| Gross operating margin | 9900 | €112,856 | €63,918 | -€48,938 | -43.4% |
| Operating profit (loss) | 9901 | €91,182 | €34,184 | -€56,998 | -62.5% |
| Financial income | 75/76B | €89 | €10 | -€79 | -88.6% |
| Recurring financial income | 75 | €89 | €10 | -€79 | -88.6% |
| Financial charges | 65/66B | €3,848 | €3,842 | -€7 | -0.2% |
| Recurring financial charges | 65 | €3,848 | €3,842 | -€7 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €87,423 | €30,353 | -€57,070 | -65.3% |
| Income taxes | 67/77 | €28,792 | €8,872 | -€19,920 | -69.2% |
| Profit (loss) for the period | 9904 | €58,631 | €21,480 | -€37,151 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,631 | €21,480 | -€37,151 | -63.4% |
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 14 October 2026 via checked.be.