DR. H. CELEN: 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. H. CELEN
Largest movements
- Current investments +€240,000
new in 2025: €240,000
- Cash -€34,951
down €34,951 (-26.2%), from €133,591 to €98,640
mainly Current investments (-€240,000) and Contributions, distributions and other (-€53,292)
- Tangible fixed assets -€28,816
down €28,816 (-4.0%), from €713,650 to €684,835
of which Land and buildings: -€25,784
- Receivables within one year -€11,815
down €11,815 (-76.5%), from €15,446 to €3,631
of which Other amounts receivable: -€13,047
- Reserves +€142,439
up €142,439 (+27.8%), from €511,717 to €654,156
- Other debts +€43,329
up €43,329 (+119%), from €36,417 to €79,746
- Debts after one year -€41,252
down €41,252 (-12.4%), from €332,666 to €291,414
- Short-term financial debts +€16,291
up €16,291 (+3,159%), from €516 to €16,807
- Gross operating margin -€11,281
down €11,281 (-3.2%), from €348,432 to €337,151
- Depreciation -€4,461
down €4,461 (-9.6%), from €46,567 to €42,106
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 | €979,559 | €1,130,963 | +€151,404 | +15.5% |
| Fixed assets | 21/28 | €719,650 | €684,835 | -€34,816 | -4.8% |
| Intangible fixed assets | 21 | €6,000 | - | -€6,000 | |
| Tangible fixed assets | 22/27 | €713,650 | €684,835 | -€28,816 | -4.0% |
| Land and buildings | 22 | €684,017 | €658,233 | -€25,784 | -3.8% |
| Plant, machinery and equipment | 23 | €17,927 | €13,776 | -€4,151 | -23.2% |
| Furniture and vehicles | 24 | €11,096 | €12,521 | +€1,425 | +12.8% |
| Other tangible fixed assets | 26 | €610 | €305 | -€305 | -50.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €259,909 | €446,128 | +€186,219 | +71.6% |
| Amounts receivable within one year | 40/41 | €15,446 | €3,631 | -€11,815 | -76.5% |
| Trade receivables | 40 | €2,399 | €3,631 | +€1,232 | +51.3% |
| Other amounts receivable | 41 | €13,047 | - | -€13,047 | |
| Current investments | 50/53 | - | €240,000 | +€240,000 | |
| Cash at bank and in hand | 54/58 | €133,591 | €98,640 | -€34,951 | -26.2% |
| Deferred charges and accrued income | 490/1 | €110,872 | €103,858 | -€7,014 | -6.3% |
| Total equity and liabilities | 10/49 | €979,559 | €1,130,963 | +€151,404 | +15.5% |
| Equity | 10/15 | €524,117 | €666,556 | +€142,439 | +27.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €511,717 | €654,156 | +€142,439 | +27.8% |
| Distributable reserves | 133 | €511,717 | €654,156 | +€142,439 | +27.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €455,443 | €464,407 | +€8,964 | +2.0% |
| Amounts payable after more than one year | 17 | €332,666 | €291,414 | -€41,252 | -12.4% |
| Financial debts | 170/4 | €332,666 | €291,414 | -€41,252 | -12.4% |
| Amounts payable within one year | 42/48 | €122,580 | €172,758 | +€50,178 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €39,753 | €41,252 | +€1,498 | +3.8% |
| Financial debts | 43 | €516 | €16,807 | +€16,291 | +3,159% |
| Credit institutions | 430/8 | €516 | €16,807 | +€16,291 | +3,159% |
| Trade debts | 44 | €3,413 | €2,158 | -€1,255 | -36.8% |
| Suppliers | 440/4 | €3,413 | €2,158 | -€1,255 | -36.8% |
| Taxes, remuneration and social security | 45 | €42,482 | €32,797 | -€9,685 | -22.8% |
| Taxes | 450/3 | €40,347 | €31,797 | -€8,550 | -21.2% |
| Remuneration and social security | 454/9 | €2,135 | €1,000 | -€1,135 | -53.2% |
| Other amounts payable | 47/48 | €36,417 | €79,746 | +€43,329 | +119% |
| Accrued charges and deferred income | 492/3 | €197 | €235 | +€38 | +19.4% |
| Non-recurring operating income | 76A | €18,317 | - | -€18,317 | |
| Remuneration, social security and pensions | 62 | €3,639 | €628 | -€3,010 | -82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,567 | €42,106 | -€4,461 | -9.6% |
| Other operating charges | 640/8 | €3,400 | €3,750 | +€350 | +10.3% |
| Non-recurring operating charges | 66A | €3,100 | - | -€3,100 | |
| Gross operating margin | 9900 | €348,432 | €337,151 | -€11,281 | -3.2% |
| Operating profit (loss) | 9901 | €291,727 | €290,667 | -€1,060 | -0.4% |
| Financial income | 75/76B | €853 | €274 | -€579 | -67.9% |
| Recurring financial income | 75 | €853 | €274 | -€579 | -67.9% |
| Financial charges | 65/66B | €17,193 | €15,287 | -€1,907 | -11.1% |
| Recurring financial charges | 65 | €17,193 | €15,287 | -€1,907 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €275,386 | €275,654 | +€268 | +0.1% |
| Income taxes | 67/77 | €82,847 | €79,923 | -€2,924 | -3.5% |
| Profit (loss) for the period | 9904 | €192,540 | €195,732 | +€3,192 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €192,540 | €195,732 | +€3,192 | +1.7% |
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 19 October 2026 via checked.be.