ERIK CEULEMANS: 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.
ERIK CEULEMANS
Largest movements
- Receivables within one year +€65,272
up €65,272 (+39.7%), from €164,603 to €229,875
of which Other amounts receivable: +€49,435
- Tangible fixed assets -€10,770
down €10,770 (-6.3%), from €171,482 to €160,712
of which Land and buildings: -€14,991
- Reserves +€74,103
up €74,103 (+21.0%), from €353,134 to €427,238
of which Distributable reserves: +€74,103
- Current portion of long-term debt +€31,348
up €31,348 (+98.2%), from €31,927 to €63,275
- Tax, wage and social debts -€19,623
down €19,623 (-23.1%), from €84,833 to €65,210
of which Taxes: -€18,490
- Trade debts -€18,899
down €18,899 (-54.5%), from €34,709 to €15,809
- Debts after one year -€13,802
down €13,802 (-19.1%), from €72,262 to €58,460
- Gross operating margin +€79,016
up €79,016 (+16.1%), from €489,914 to €568,931
- Taxes +€23,712
up €23,712 (+64.6%), from €36,689 to €60,401
- Staff costs +€12,110
up €12,110 (+3.4%), from €357,721 to €369,831
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 | €583,209 | €636,469 | +€53,260 | +9.1% |
| Fixed assets | 21/28 | €172,372 | €161,442 | -€10,930 | -6.3% |
| Tangible fixed assets | 22/27 | €171,482 | €160,712 | -€10,770 | -6.3% |
| Land and buildings | 22 | €143,395 | €128,404 | -€14,991 | -10.5% |
| Plant, machinery and equipment | 23 | €14,292 | €11,555 | -€2,738 | -19.2% |
| Furniture and vehicles | 24 | €13,794 | €14,121 | +€327 | +2.4% |
| Other tangible fixed assets | 26 | - | €6,632 | +€6,632 | |
| Financial fixed assets | 28 | €890 | €730 | -€160 | -18.0% |
| Current assets | 29/58 | €410,837 | €475,027 | +€64,190 | +15.6% |
| Amounts receivable after more than one year | 29 | €134,000 | €131,000 | -€3,000 | -2.2% |
| Other amounts receivable | 291 | €134,000 | €131,000 | -€3,000 | -2.2% |
| Amounts receivable within one year | 40/41 | €164,603 | €229,875 | +€65,272 | +39.7% |
| Trade receivables | 40 | €84,776 | €100,612 | +€15,837 | +18.7% |
| Other amounts receivable | 41 | €79,828 | €129,263 | +€49,435 | +61.9% |
| Cash at bank and in hand | 54/58 | €111,490 | €112,332 | +€842 | +0.8% |
| Deferred charges and accrued income | 490/1 | €743 | €1,819 | +€1,076 | +145% |
| Total equity and liabilities | 10/49 | €583,209 | €636,469 | +€53,260 | +9.1% |
| Equity | 10/15 | €359,334 | €433,438 | +€74,103 | +20.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €353,134 | €427,238 | +€74,103 | +21.0% |
| Tax-exempt reserves | 132 | €8,680 | €8,680 | = | 0.0% |
| Distributable reserves | 133 | €344,454 | €418,558 | +€74,103 | +21.5% |
| Amounts payable | 17/49 | €223,874 | €203,031 | -€20,843 | -9.3% |
| Amounts payable after more than one year | 17 | €72,262 | €58,460 | -€13,802 | -19.1% |
| Financial debts | 170/4 | €72,262 | €58,460 | -€13,802 | -19.1% |
| Amounts payable within one year | 42/48 | €151,468 | €144,427 | -€7,041 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €31,927 | €63,275 | +€31,348 | +98.2% |
| Trade debts | 44 | €34,709 | €15,809 | -€18,899 | -54.5% |
| Suppliers | 440/4 | €34,709 | €15,809 | -€18,899 | -54.5% |
| Taxes, remuneration and social security | 45 | €84,833 | €65,210 | -€19,623 | -23.1% |
| Taxes | 450/3 | €49,731 | €31,241 | -€18,490 | -37.2% |
| Remuneration and social security | 454/9 | €35,103 | €33,969 | -€1,134 | -3.2% |
| Other amounts payable | 47/48 | - | €133 | +€133 | |
| Accrued charges and deferred income | 492/3 | €144 | €144 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €357,721 | €369,831 | +€12,110 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,203 | €23,164 | -€5,039 | -17.9% |
| Other operating charges | 640/8 | €1,308 | €1,366 | +€58 | +4.4% |
| Gross operating margin | 9900 | €489,914 | €568,931 | +€79,016 | +16.1% |
| Operating profit (loss) | 9901 | €102,682 | €174,570 | +€71,887 | +70.0% |
| Financial income | 75/76B | €3,094 | €6,102 | +€3,008 | +97.2% |
| Recurring financial income | 75 | €3,094 | €6,102 | +€3,008 | +97.2% |
| Financial charges | 65/66B | €3,493 | €3,311 | -€182 | -5.2% |
| Recurring financial charges | 65 | €3,493 | €3,311 | -€182 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €102,284 | €177,361 | +€75,077 | +73.4% |
| Income taxes | 67/77 | €36,689 | €60,401 | +€23,712 | +64.6% |
| Profit (loss) for the period | 9904 | €65,595 | €116,960 | +€51,365 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,595 | €116,960 | +€51,365 | +78.3% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.