DE CEUSTER RECYCLING: 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 RECYCLING
Largest movements
- Tangible fixed assets -€559,007
down €559,007 (-29.0%), from €1.9m to €1.4m
of which Land and buildings: -€521,332
- Receivables within one year -€252,596
down €252,596 (-40.4%), from €624,925 to €372,330
of which Other amounts receivable: -€355,567
- Cash -€63,060
down €63,060 (-23.4%), from €268,931 to €205,871
mainly Contributions, distributions and other (-€805,782) and Debts after one year (-€461,131)
- Debts after one year -€461,131
down €461,131 (-88.5%), from €520,823 to €59,691
- Reserves -€429,934
down €429,934 (-22.0%), from €2.0m to €1.5m
of which Distributable reserves: -€546,158
- Current portion of long-term debt -€93,786
down €93,786 (-66.1%), from €141,878 to €48,092
- Tax, wage and social debts +€43,411
up €43,411 (+53.1%), from €81,812 to €125,223
of which Taxes: +€28,219
- Provisions +€38,742
up €38,742 (+59.9%), from €64,727 to €103,469
of which Deferred taxes: +€38,742
- Gross operating margin +€402,484
up €402,484 (+40.4%), from €996,529 to €1.4m
- Staff costs +€97,635
up €97,635 (+20.7%), from €470,633 to €568,269
- Taxes +€46,851
up €46,851 (+65.2%), from €71,807 to €118,658
- Depreciation -€26,763
down €26,763 (-10.1%), from €264,288 to €237,526
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 | €2,841,740 | €1,952,455 | -€889,285 | -31.3% |
| Fixed assets | 21/28 | €1,929,079 | €1,370,072 | -€559,007 | -29.0% |
| Tangible fixed assets | 22/27 | €1,928,134 | €1,369,127 | -€559,007 | -29.0% |
| Land and buildings | 22 | €1,353,834 | €832,502 | -€521,332 | -38.5% |
| Plant, machinery and equipment | 23 | €281,454 | €352,427 | +€70,973 | +25.2% |
| Furniture and vehicles | 24 | €292,846 | €184,199 | -€108,647 | -37.1% |
| Financial fixed assets | 28 | €945 | €945 | = | 0.0% |
| Current assets | 29/58 | €912,661 | €582,383 | -€330,279 | -36.2% |
| Amounts receivable within one year | 40/41 | €624,925 | €372,330 | -€252,596 | -40.4% |
| Trade receivables | 40 | €256,727 | €359,698 | +€102,971 | +40.1% |
| Other amounts receivable | 41 | €368,198 | €12,631 | -€355,567 | -96.6% |
| Cash at bank and in hand | 54/58 | €268,931 | €205,871 | -€63,060 | -23.4% |
| Deferred charges and accrued income | 490/1 | €18,805 | €4,183 | -€14,623 | -77.8% |
| Total equity and liabilities | 10/49 | €2,841,740 | €1,952,455 | -€889,285 | -31.3% |
| Equity | 10/15 | €1,962,381 | €1,532,447 | -€429,934 | -21.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,956,181 | €1,526,247 | -€429,934 | -22.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,951 | €157,175 | +€116,224 | +284% |
| Distributable reserves | 133 | €1,913,370 | €1,367,211 | -€546,158 | -28.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €64,727 | €103,469 | +€38,742 | +59.9% |
| Provisions for liabilities and charges | 160/5 | €49,576 | €49,576 | = | 0.0% |
| Pensions and similar obligations | 160 | €49,576 | €49,576 | = | 0.0% |
| Deferred taxes | 168 | €15,150 | €53,892 | +€38,742 | +256% |
| Amounts payable | 17/49 | €814,633 | €316,540 | -€498,093 | -61.1% |
| Amounts payable after more than one year | 17 | €520,823 | €59,691 | -€461,131 | -88.5% |
| Financial debts | 170/4 | €520,823 | €59,691 | -€461,131 | -88.5% |
| Amounts payable within one year | 42/48 | €293,810 | €256,848 | -€36,962 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €141,878 | €48,092 | -€93,786 | -66.1% |
| Trade debts | 44 | €70,119 | €82,916 | +€12,797 | +18.2% |
| Suppliers | 440/4 | €70,119 | €82,916 | +€12,797 | +18.2% |
| Advances received on contracts in progress | 46 | - | €617 | +€617 | |
| Taxes, remuneration and social security | 45 | €81,812 | €125,223 | +€43,411 | +53.1% |
| Taxes | 450/3 | €30,020 | €58,239 | +€28,219 | +94.0% |
| Remuneration and social security | 454/9 | €51,793 | €66,984 | +€15,192 | +29.3% |
| Non-recurring operating income | 76A | €0 | €183,109 | +€183,109 | |
| Remuneration, social security and pensions | 62 | €470,633 | €568,269 | +€97,635 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264,288 | €237,526 | -€26,763 | -10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €28,485 | €27,575 | -€910 | -3.2% |
| Non-recurring operating charges | 66A | - | €13,175 | +€13,175 | |
| Gross operating margin | 9900 | €996,529 | €1,399,013 | +€402,484 | +40.4% |
| Operating profit (loss) | 9901 | €233,122 | €552,469 | +€319,346 | +137% |
| Financial income | 75/76B | €12,413 | €6 | -€12,407 | -100.0% |
| Recurring financial income | 75 | €12,413 | €6 | -€12,407 | -100.0% |
| Financial charges | 65/66B | €32,864 | €19,227 | -€13,637 | -41.5% |
| Recurring financial charges | 65 | €32,864 | €19,227 | -€13,637 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €212,671 | €533,247 | +€320,576 | +151% |
| Transfer from deferred taxes | 780 | €4,500 | €5,572 | +€1,072 | +23.8% |
| Transfer to deferred taxes | 680 | €0 | €44,314 | +€44,314 | |
| Income taxes | 67/77 | €71,807 | €118,658 | +€46,851 | +65.2% |
| Profit (loss) for the period | 9904 | €145,364 | €375,848 | +€230,483 | +159% |
| Transfer from tax-exempt reserves | 789 | €18,000 | €16,715 | -€1,285 | -7.1% |
| Transfer to tax-exempt reserves | 689 | €0 | €132,939 | +€132,939 | |
| Profit (loss) for the period to be appropriated | 9905 | €163,364 | €259,623 | +€96,259 | +58.9% |
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 27 October 2026 via checked.be.