DE CEUSTER: 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.
What changed
DE CEUSTER
NACE 01.500, Mixed farming
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€289,661
2024 · -€260,530-€29,132
Equity
€1.2m
2024 · €1.5m-€289,661
Cash
€147,898
2024 · €347,823-€199,925
Balance sheet total
€5.5m
2024 · €6.7m-€1.2m
Largest movements
Assets
- Receivables within one year -€897,681
down €897,681 (-39.0%), from €2.3m to €1.4m
of which Trade receivables: -€972,365
- Tangible fixed assets -€332,984
down €332,984 (-11.0%), from €3.0m to €2.7m
- Formation expenses +€235,601
new in 2025: €235,601
- Cash -€199,925
down €199,925 (-57.5%), from €347,823 to €147,898
mainly Investment in fixed assets (net) (-€523,327) and Trade debts (-€454,621)
Equity and liabilities
- Trade debts -€454,621
down €454,621 (-48.0%), from €946,793 to €492,172
- Short-term financial debts -€291,485
down €291,485 (-68.7%), from €424,437 to €132,953
- Reserves -€289,661
down €289,661 (-24.0%), from €1.2m to €918,680
of which Distributable reserves: -€289,661
- Debts after one year -€235,737
down €235,737 (-8.3%), from €2.8m to €2.6m
of which Financial debts: -€238,897
- Other debts +€195,997
up €195,997 (+6755.9%), from €2,901 to €198,898
Income statement
- Gross operating margin -€348,063
down €348,063 (-8.1%), from €4.3m to €3.9m
- Write-downs -€56,246
down €56,246, from €38,636 to -€17,610
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.
Result 2024
-€260,530
Gross operating margin
-€348,063
Staff costs
-€28,025
Depreciation
+€15,863
Write-downs
+€56,246
Other operating charges
-€12,812
Other operating items
+€277,806
Financial income
+€8,411
Financial charges
+€1,156
Taxes
+€286
Result 2025
-€289,661
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.
From operations
+€852,389
Investment
-€523,327
Financing
-€528,987
Cash 2024
€347,823
From operations (derived)
+€852,389
Net result for the year
-€289,661
Depreciation
+€669,141
Stocks and contracts
-€56,262
Receivables within one year
+€897,681
Deferred charges and accrued income
+€29,137
Trade debts
-€454,621
Tax, wage and social debts
-€142,673
Other debts
+€195,997
Accrued charges and deferred income
+€3,650
Investment (derived)
-€523,327
Investment in fixed assets (net)
-€523,327
Financing
-€528,987
Debts after one year
-€235,737
Current portion of long-term debt
-€1,766
Short-term financial debts
-€291,485
Cash 2025
€147,898
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,667,543 | €5,451,248 | -€1.2m | -18.2% |
| Formation expenses | 20 | - | €235,601 | +€235,601 | |
| Fixed assets | 21/28 | €3,158,481 | €2,777,066 | -€381,415 | -12.1% |
| Intangible fixed assets | 21 | €118,817 | €70,386 | -€48,431 | -40.8% |
| Tangible fixed assets | 22/27 | €3,016,153 | €2,683,170 | -€332,984 | -11.0% |
| Land and buildings | 22 | €1,108,670 | €1,019,904 | -€88,766 | -8.0% |
| Plant, machinery and equipment | 23 | €484,431 | €377,766 | -€106,665 | -22.0% |
| Furniture and vehicles | 24 | €304,556 | €311,011 | +€6,454 | +2.1% |
| Leasing and similar rights | 25 | €984,275 | €904,557 | -€79,718 | -8.1% |
| Other tangible fixed assets | 26 | €134,221 | €69,932 | -€64,289 | -47.9% |
| Financial fixed assets | 28 | €23,510 | €23,510 | = | 0.0% |
| Current assets | 29/58 | €3,509,062 | €2,438,581 | -€1.1m | -30.5% |
| Stocks and contracts in progress | 3 | €730,012 | €786,274 | +€56,262 | +7.7% |
| Stocks | 30/36 | €730,012 | €786,274 | +€56,262 | +7.7% |
| Amounts receivable within one year | 40/41 | €2,302,894 | €1,405,213 | -€897,681 | -39.0% |
| Trade receivables | 40 | €2,250,962 | €1,278,597 | -€972,365 | -43.2% |
| Other amounts receivable | 41 | €51,932 | €126,617 | +€74,684 | +143.8% |
| Cash at bank and in hand | 54/58 | €347,823 | €147,898 | -€199,925 | -57.5% |
| Deferred charges and accrued income | 490/1 | €128,333 | €99,196 | -€29,137 | -22.7% |
| Total equity and liabilities | 10/49 | €6,667,543 | €5,451,248 | -€1.2m | -18.2% |
| Equity | 10/15 | €1,521,162 | €1,231,500 | -€289,661 | -19.0% |
| Contributions | 10/11 | €312,820 | €312,820 | = | 0.0% |
| Capital | 10 | €312,820 | €312,820 | = | 0.0% |
| Issued capital | 100 | €312,820 | €312,820 | = | 0.0% |
| Reserves | 13 | €1,208,342 | €918,680 | -€289,661 | -24.0% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €1,173,342 | €883,680 | -€289,661 | -24.7% |
| Amounts payable | 17/49 | €5,146,382 | €4,219,747 | -€926,634 | -18.0% |
| Amounts payable after more than one year | 17 | €2,847,221 | €2,611,484 | -€235,737 | -8.3% |
| Financial debts | 170/4 | €2,847,221 | €2,608,324 | -€238,897 | -8.4% |
| Other amounts payable | 178/9 | - | €3,160 | +€3,160 | |
| Amounts payable within one year | 42/48 | €2,278,761 | €1,584,214 | -€694,547 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €436,521 | €434,756 | -€1,766 | -0.4% |
| Financial debts | 43 | €424,437 | €132,953 | -€291,485 | -68.7% |
| Credit institutions | 430/8 | €424,437 | €132,953 | -€291,485 | -68.7% |
| Trade debts | 44 | €946,793 | €492,172 | -€454,621 | -48.0% |
| Suppliers | 440/4 | €946,793 | €492,172 | -€454,621 | -48.0% |
| Taxes, remuneration and social security | 45 | €468,108 | €325,436 | -€142,673 | -30.5% |
| Taxes | 450/3 | €63,131 | €48,130 | -€15,000 | -23.8% |
| Remuneration and social security | 454/9 | €404,978 | €277,305 | -€127,672 | -31.5% |
| Other amounts payable | 47/48 | €2,901 | €198,898 | +€195,997 | +6755.9% |
| Accrued charges and deferred income | 492/3 | €20,400 | €24,050 | +€3,650 | +17.9% |
| Non-recurring operating income | 76A | €184,514 | €130,888 | -€53,626 | -29.1% |
| Remuneration, social security and pensions | 62 | €3,488,556 | €3,516,581 | +€28,025 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €685,004 | €669,141 | -€15,863 | -2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €38,636 | -€17,610 | -€56,246 | |
| Other operating charges | 640/8 | €129,467 | €142,279 | +€12,812 | +9.9% |
| Operating charges capitalised as restructuring costs | 649 | - | -€257,468 | -€257,468 | |
| Non-recurring operating charges | 66A | €20,338 | €0 | -€20,338 | -100.0% |
| Gross operating margin | 9900 | €4,296,702 | €3,948,639 | -€348,063 | -8.1% |
| Operating profit (loss) | 9901 | -€65,298 | -€104,284 | -€38,985 | -59.7% |
| Financial income | 75/76B | €1,426 | €9,837 | +€8,411 | +589.7% |
| Recurring financial income | 75 | €1,426 | €9,837 | +€8,411 | +589.7% |
| Financial charges | 65/66B | €193,744 | €192,588 | -€1,156 | -0.6% |
| Recurring financial charges | 65 | €193,744 | €192,588 | -€1,156 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | -€257,616 | -€287,034 | -€29,418 | -11.4% |
| Income taxes | 67/77 | €2,914 | €2,627 | -€286 | -9.8% |
| Profit (loss) for the period | 9904 | -€260,530 | -€289,661 | -€29,132 | -11.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€260,530 | -€289,661 | -€29,132 | -11.2% |
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 11 October 2026 via checked.be.