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.
DE CEUSTER
Largest movements
- Stocks and contracts +€56,007
up €56,007 (+15.5%), from €362,015 to €418,022
- Cash +€20,094
up €20,094 (+330%), from €6,091 to €26,186
mainly Trade debts (+€39,345) and Other debts (+€25,443)
- Trade debts +€39,345
up €39,345 (+401%), from €9,802 to €49,147
- Other debts +€25,443
up €25,443 (+27.9%), from €91,107 to €116,550
- Reserves +€7,992
up €7,992 (+5.8%), from €138,193 to €146,185
of which Distributable reserves: +€7,992
- Tax, wage and social debts +€6,763
up €6,763 (+66.9%), from €10,108 to €16,871
of which Remuneration and social security: +€4,029
- Gross operating margin -€8,346
down €8,346 (-33.7%), from €24,785 to €16,439
- Financial charges +€1,548
up €1,548 (+210%), from €737 to €2,285
- Depreciation -€1,517
no longer reported in 2025 (was €1,517)
- Taxes -€868
down €868 (-14.5%), from €6,005 to €5,137
- Financial income -€288
down €288 (-61.2%), from €471 to €183
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 | €371,824 | €449,883 | +€78,059 | +21.0% |
| Current assets | 29/58 | €371,824 | €449,883 | +€78,059 | +21.0% |
| Stocks and contracts in progress | 3 | €362,015 | €418,022 | +€56,007 | +15.5% |
| Stocks | 30/36 | €362,015 | €418,022 | +€56,007 | +15.5% |
| Amounts receivable within one year | 40/41 | €1,303 | €3,530 | +€2,227 | +171% |
| Trade receivables | 40 | €1,303 | - | -€1,303 | |
| Other amounts receivable | 41 | - | €3,530 | +€3,530 | |
| Cash at bank and in hand | 54/58 | €6,091 | €26,186 | +€20,094 | +330% |
| Deferred charges and accrued income | 490/1 | €2,415 | €2,145 | -€270 | -11.2% |
| Total equity and liabilities | 10/49 | €371,824 | €449,883 | +€78,059 | +21.0% |
| Equity | 10/15 | €259,323 | €267,315 | +€7,992 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,193 | €146,185 | +€7,992 | +5.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €136,333 | €144,325 | +€7,992 | +5.9% |
| Profit (loss) carried forward | 14 | €102,530 | €102,530 | = | 0.0% |
| Amounts payable | 17/49 | €112,501 | €182,568 | +€70,067 | +62.3% |
| Amounts payable within one year | 42/48 | €112,501 | €182,568 | +€70,067 | +62.3% |
| Trade debts | 44 | €9,802 | €49,147 | +€39,345 | +401% |
| Suppliers | 440/4 | €9,802 | €49,147 | +€39,345 | +401% |
| Advances received on contracts in progress | 46 | €1,484 | - | -€1,484 | |
| Taxes, remuneration and social security | 45 | €10,108 | €16,871 | +€6,763 | +66.9% |
| Taxes | 450/3 | €8,436 | €11,170 | +€2,734 | +32.4% |
| Remuneration and social security | 454/9 | €1,672 | €5,701 | +€4,029 | +241% |
| Other amounts payable | 47/48 | €91,107 | €116,550 | +€25,443 | +27.9% |
| Non-recurring operating income | 76A | - | €9,267 | +€9,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,517 | - | -€1,517 | |
| Other operating charges | 640/8 | €1,149 | €1,208 | +€59 | +5.1% |
| Gross operating margin | 9900 | €24,785 | €16,439 | -€8,346 | -33.7% |
| Operating profit (loss) | 9901 | €22,119 | €15,231 | -€6,888 | -31.1% |
| Financial income | 75/76B | €471 | €183 | -€288 | -61.2% |
| Recurring financial income | 75 | €471 | €183 | -€288 | -61.2% |
| Financial charges | 65/66B | €737 | €2,285 | +€1,548 | +210% |
| Recurring financial charges | 65 | €737 | €2,285 | +€1,548 | +210% |
| Profit (loss) for the period before taxes | 9903 | €21,853 | €13,129 | -€8,724 | -39.9% |
| Income taxes | 67/77 | €6,005 | €5,137 | -€868 | -14.5% |
| Profit (loss) for the period | 9904 | €15,848 | €7,992 | -€7,856 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,848 | €7,992 | -€7,856 | -49.6% |
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 23 October 2026 via checked.be.