Fietsen 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.
Fietsen Ceulemans
Largest movements
- Receivables within one year +€20,816
up €20,816 (+184%), from €11,312 to €32,128
of which Trade receivables: +€22,395
- Cash +€4,708
up €4,708 (+30.6%), from €15,405 to €20,114
mainly Short-term financial debts (+€41,451) and Depreciation (+€3,937)
- Tangible fixed assets -€3,937
down €3,937 (-42.2%), from €9,327 to €5,390
of which Plant, machinery and equipment: -€2,224
- Short-term financial debts +€41,451
up €41,451 (+336%), from €12,343 to €53,794
of which Credit institutions: +€37,526
- Debts after one year -€7,425
down €7,425 (-95.2%), from €7,798 to €373
- Tax, wage and social debts -€6,057
down €6,057 (-27.0%), from €22,459 to €16,402
of which Taxes: -€9,530
- Trade debts -€4,978
down €4,978 (-64.0%), from €7,781 to €2,803
- Other debts -€2,945
down €2,945 (-11.7%), from €25,091 to €22,146
- Staff costs +€11,791
up €11,791 (+30.3%), from €38,920 to €50,711
- Gross operating margin -€8,990
down €8,990 (-13.0%), from €69,041 to €60,051
- Other operating charges -€4,691
down €4,691 (-92.8%), from €5,058 to €367
- Taxes -€4,670
down €4,670 (-79.3%), from €5,889 to €1,219
- Financial charges +€3,758
up €3,758 (+365%), from €1,028 to €4,787
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 | €138,810 | €160,032 | +€21,222 | +15.3% |
| Fixed assets | 21/28 | €9,327 | €5,390 | -€3,937 | -42.2% |
| Tangible fixed assets | 22/27 | €9,327 | €5,390 | -€3,937 | -42.2% |
| Land and buildings | 22 | €6,298 | €4,647 | -€1,651 | -26.2% |
| Plant, machinery and equipment | 23 | €2,908 | €685 | -€2,224 | -76.5% |
| Furniture and vehicles | 24 | €121 | €59 | -€62 | -51.1% |
| Current assets | 29/58 | €129,483 | €154,642 | +€25,159 | +19.4% |
| Stocks and contracts in progress | 3 | €100,485 | €100,485 | = | 0.0% |
| Stocks | 30/36 | €100,485 | €100,485 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,312 | €32,128 | +€20,816 | +184% |
| Trade receivables | 40 | €620 | €23,015 | +€22,395 | +3,614% |
| Other amounts receivable | 41 | €10,692 | €9,113 | -€1,579 | -14.8% |
| Cash at bank and in hand | 54/58 | €15,405 | €20,114 | +€4,708 | +30.6% |
| Deferred charges and accrued income | 490/1 | €2,281 | €1,915 | -€366 | -16.0% |
| Total equity and liabilities | 10/49 | €138,810 | €160,032 | +€21,222 | +15.3% |
| Equity | 10/15 | €63,338 | €64,514 | +€1,176 | +1.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €831 | €831 | = | 0.0% |
| Non-distributable reserves | 130/1 | €831 | €831 | = | 0.0% |
| Reserves not available under the articles | 1311 | €831 | €831 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,507 | €48,683 | +€1,176 | +2.5% |
| Amounts payable | 17/49 | €75,472 | €95,518 | +€20,046 | +26.6% |
| Amounts payable after more than one year | 17 | €7,798 | €373 | -€7,425 | -95.2% |
| Financial debts | 170/4 | €7,798 | €373 | -€7,425 | -95.2% |
| Amounts payable within one year | 42/48 | €67,674 | €95,146 | +€27,471 | +40.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €12,343 | €53,794 | +€41,451 | +336% |
| Credit institutions | 430/8 | €12,343 | €49,869 | +€37,526 | +304% |
| Other loans | 439 | €0 | €3,925 | +€3,925 | |
| Trade debts | 44 | €7,781 | €2,803 | -€4,978 | -64.0% |
| Suppliers | 440/4 | €7,781 | €2,803 | -€4,978 | -64.0% |
| Taxes, remuneration and social security | 45 | €22,459 | €16,402 | -€6,057 | -27.0% |
| Taxes | 450/3 | €17,528 | €7,998 | -€9,530 | -54.4% |
| Remuneration and social security | 454/9 | €4,932 | €8,404 | +€3,473 | +70.4% |
| Other amounts payable | 47/48 | €25,091 | €22,146 | -€2,945 | -11.7% |
| Remuneration, social security and pensions | 62 | €38,920 | €50,711 | +€11,791 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,652 | €3,937 | +€1,285 | +48.4% |
| Other operating charges | 640/8 | €5,058 | €367 | -€4,691 | -92.8% |
| Gross operating margin | 9900 | €69,041 | €60,051 | -€8,990 | -13.0% |
| Operating profit (loss) | 9901 | €22,412 | €5,037 | -€17,375 | -77.5% |
| Financial income | 75/76B | €2,123 | €2,145 | +€22 | +1.1% |
| Recurring financial income | 75 | €2,123 | €2,145 | +€22 | +1.1% |
| Financial charges | 65/66B | €1,028 | €4,787 | +€3,758 | +365% |
| Recurring financial charges | 65 | €1,028 | €4,787 | +€3,758 | +365% |
| Profit (loss) for the period before taxes | 9903 | €23,506 | €2,395 | -€21,111 | -89.8% |
| Income taxes | 67/77 | €5,889 | €1,219 | -€4,670 | -79.3% |
| Profit (loss) for the period | 9904 | €17,617 | €1,176 | -€16,440 | -93.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,617 | €1,176 | -€16,440 | -93.3% |
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 15 October 2026 via checked.be.