DR DE CEUNINCK: 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.
DR DE CEUNINCK
Largest movements
- Receivables after one year -€169,644
no longer reported in 2025 (was €169,644)
- Cash +€32,125
up €32,125 (+19.7%), from €163,004 to €195,129
mainly Receivables after one year (+€169,644) and Net result for the year (+€82,263)
- Tangible fixed assets -€19,774
down €19,774 (-13.8%), from €143,264 to €123,490
of which Land and buildings: -€14,098
- Reserves -€145,200
down €145,200 (-46.8%), from €310,081 to €164,881
- Debts after one year -€17,500
down €17,500 (-16.9%), from €103,542 to €86,042
- Tax, wage and social debts +€8,907
up €8,907 (+334.3%), from €2,664 to €11,570
- Other debts -€6,919
down €6,919 (-11.7%), from €59,003 to €52,084
- Gross operating margin -€10,424
down €10,424 (-6.8%), from €153,672 to €143,247
- Taxes +€7,721
up €7,721 (+29.5%), from €26,164 to €33,885
- Financial income +€2,671
up €2,671 (+176.3%), from €1,515 to €4,185
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 | €514,692 | €354,829 | -€159,863 | -31.1% |
| Fixed assets | 21/28 | €143,264 | €123,490 | -€19,774 | -13.8% |
| Tangible fixed assets | 22/27 | €143,264 | €123,490 | -€19,774 | -13.8% |
| Land and buildings | 22 | €121,458 | €107,360 | -€14,098 | -11.6% |
| Plant, machinery and equipment | 23 | €3,554 | €1,362 | -€2,192 | -61.7% |
| Furniture and vehicles | 24 | €18,253 | €14,769 | -€3,484 | -19.1% |
| Current assets | 29/58 | €371,428 | €231,339 | -€140,089 | -37.7% |
| Amounts receivable after more than one year | 29 | €169,644 | - | -€169,644 | |
| Trade receivables | 290 | €169,644 | - | -€169,644 | |
| Amounts receivable within one year | 40/41 | €29,599 | €26,663 | -€2,936 | -9.9% |
| Other amounts receivable | 41 | €29,599 | €26,663 | -€2,936 | -9.9% |
| Cash at bank and in hand | 54/58 | €163,004 | €195,129 | +€32,125 | +19.7% |
| Deferred charges and accrued income | 490/1 | €9,182 | €9,548 | +€366 | +4.0% |
| Total equity and liabilities | 10/49 | €514,692 | €354,829 | -€159,863 | -31.1% |
| Equity | 10/15 | €328,681 | €183,481 | -€145,200 | -44.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €310,081 | €164,881 | -€145,200 | -46.8% |
| Distributable reserves | 133 | €310,081 | €164,881 | -€145,200 | -46.8% |
| Amounts payable | 17/49 | €186,012 | €171,348 | -€14,664 | -7.9% |
| Amounts payable after more than one year | 17 | €103,542 | €86,042 | -€17,500 | -16.9% |
| Financial debts | 170/4 | €103,542 | €86,042 | -€17,500 | -16.9% |
| Amounts payable within one year | 42/48 | €79,223 | €81,607 | +€2,384 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €17,500 | €17,500 | = | 0.0% |
| Trade debts | 44 | €56 | €452 | +€396 | +708.2% |
| Suppliers | 440/4 | €56 | €452 | +€396 | +708.2% |
| Taxes, remuneration and social security | 45 | €2,664 | €11,570 | +€8,907 | +334.3% |
| Taxes | 450/3 | €2,664 | €11,570 | +€8,907 | +334.3% |
| Other amounts payable | 47/48 | €59,003 | €52,084 | -€6,919 | -11.7% |
| Accrued charges and deferred income | 492/3 | €3,246 | €3,699 | +€453 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,040 | €23,373 | +€333 | +1.4% |
| Other operating charges | 640/8 | €4,477 | €4,673 | +€195 | +4.4% |
| Non-recurring operating charges | 66A | €5,791 | - | -€5,791 | |
| Gross operating margin | 9900 | €153,672 | €143,247 | -€10,424 | -6.8% |
| Operating profit (loss) | 9901 | €120,363 | €115,202 | -€5,162 | -4.3% |
| Financial income | 75/76B | €1,515 | €4,185 | +€2,671 | +176.3% |
| Recurring financial income | 75 | €1,515 | €4,185 | +€2,671 | +176.3% |
| Financial charges | 65/66B | €2,920 | €3,239 | +€320 | +10.9% |
| Recurring financial charges | 65 | €2,920 | €3,239 | +€320 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €118,958 | €116,148 | -€2,810 | -2.4% |
| Income taxes | 67/77 | €26,164 | €33,885 | +€7,721 | +29.5% |
| Profit (loss) for the period | 9904 | €92,794 | €82,263 | -€10,531 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €92,794 | €82,263 | -€10,531 | -11.3% |
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.