FIRMA 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.
FIRMA CEULEMANS
Largest movements
- Receivables within one year +€312,274
up €312,274 (+19.6%), from €1.6m to €1.9m
of which Other amounts receivable: +€262,625
- Cash -€98,160
down €98,160 (-20.8%), from €471,730 to €373,570
mainly Receivables within one year (-€312,274) and Investment in fixed assets (net) (-€62,237)
- Debts after one year +€98,511
up €98,511 (+120%), from €82,107 to €180,618
- Trade debts +€67,980
up €67,980 (+128%), from €53,150 to €121,130
- Reserves +€52,394
up €52,394 (+4.5%), from €1.2m to €1.2m
- Gross operating margin +€103,516
up €103,516 (+63.5%), from €162,940 to €266,456
- Financial charges -€28,615
down €28,615, from €24,808 to -€3,807
of which Financial charges: -€29,822
- Other operating charges +€16,710
up €16,710 (+128%), from €13,033 to €29,743
- Taxes +€5,892
up €5,892 (+1,045%), from €564 to €6,456
- Staff costs +€3,627
up €3,627 (+2.3%), from €155,546 to €159,174
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 | €2,498,113 | €2,722,750 | +€224,637 | +9.0% |
| Fixed assets | 21/28 | €113,366 | €135,170 | +€21,804 | +19.2% |
| Intangible fixed assets | 21 | €5,334 | €3,196 | -€2,138 | -40.1% |
| Tangible fixed assets | 22/27 | €108,032 | €131,974 | +€23,942 | +22.2% |
| Land and buildings | 22 | €16,730 | €16,038 | -€692 | -4.1% |
| Plant, machinery and equipment | 23 | €1,801 | €392 | -€1,409 | -78.2% |
| Furniture and vehicles | 24 | €46,924 | €79,665 | +€32,741 | +69.8% |
| Other tangible fixed assets | 26 | €42,577 | €35,879 | -€6,699 | -15.7% |
| Current assets | 29/58 | €2,384,747 | €2,587,580 | +€202,833 | +8.5% |
| Stocks and contracts in progress | 3 | €11,621 | €4,246 | -€7,375 | -63.5% |
| Stocks | 30/36 | €11,621 | €4,246 | -€7,375 | -63.5% |
| Amounts receivable within one year | 40/41 | €1,596,369 | €1,908,642 | +€312,274 | +19.6% |
| Trade receivables | 40 | €61,609 | €111,258 | +€49,649 | +80.6% |
| Other amounts receivable | 41 | €1,534,760 | €1,797,384 | +€262,625 | +17.1% |
| Current investments | 50/53 | €279,376 | €289,369 | +€9,993 | +3.6% |
| Cash at bank and in hand | 54/58 | €471,730 | €373,570 | -€98,160 | -20.8% |
| Deferred charges and accrued income | 490/1 | €25,651 | €11,752 | -€13,899 | -54.2% |
| Total equity and liabilities | 10/49 | €2,498,113 | €2,722,750 | +€224,637 | +9.0% |
| Equity | 10/15 | €2,156,770 | €2,209,164 | +€52,394 | +2.4% |
| Contributions | 10/11 | €980,565 | €980,565 | = | 0.0% |
| Reserves | 13 | €1,176,205 | €1,228,599 | +€52,394 | +4.5% |
| Distributable reserves | 133 | €1,176,205 | €1,228,599 | +€52,394 | +4.5% |
| Amounts payable | 17/49 | €341,343 | €513,586 | +€172,243 | +50.5% |
| Amounts payable after more than one year | 17 | €82,107 | €180,618 | +€98,511 | +120% |
| Financial debts | 170/4 | €82,107 | €180,618 | +€98,511 | +120% |
| Amounts payable within one year | 42/48 | €259,135 | €332,968 | +€73,833 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €27,548 | €38,486 | +€10,939 | +39.7% |
| Financial debts | 43 | - | €3,373 | +€3,373 | |
| Credit institutions | 430/8 | - | €3,373 | +€3,373 | |
| Trade debts | 44 | €53,150 | €121,130 | +€67,980 | +128% |
| Suppliers | 440/4 | €53,150 | €121,130 | +€67,980 | +128% |
| Advances received on contracts in progress | 46 | €145,173 | €130,960 | -€14,213 | -9.8% |
| Taxes, remuneration and social security | 45 | €33,190 | €35,862 | +€2,672 | +8.0% |
| Taxes | 450/3 | €1,005 | €3,433 | +€2,428 | +242% |
| Remuneration and social security | 454/9 | €32,185 | €32,429 | +€243 | +0.8% |
| Other amounts payable | 47/48 | €74 | €3,155 | +€3,082 | +4,182% |
| Accrued charges and deferred income | 492/3 | €101 | €0 | -€101 | -100% |
| Remuneration, social security and pensions | 62 | €155,546 | €159,174 | +€3,627 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,894 | €40,433 | -€2,461 | -5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,157 | €0 | +€1,157 | |
| Other operating charges | 640/8 | €13,033 | €29,743 | +€16,710 | +128% |
| Gross operating margin | 9900 | €162,940 | €266,456 | +€103,516 | +63.5% |
| Operating profit (loss) | 9901 | -€47,377 | €37,106 | +€84,483 | |
| Financial income | 75/76B | €15,731 | €17,937 | +€2,206 | +14.0% |
| Recurring financial income | 75 | €15,731 | €17,435 | +€1,704 | +10.8% |
| Non-recurring financial income | 76B | - | €502 | +€502 | |
| Financial charges | 65/66B | €24,808 | -€3,807 | -€28,615 | |
| Recurring financial charges | 65 | €24,808 | -€5,014 | -€29,822 | |
| Non-recurring financial charges | 66B | - | €1,207 | +€1,207 | |
| Profit (loss) for the period before taxes | 9903 | -€56,454 | €58,850 | +€115,304 | |
| Income taxes | 67/77 | €564 | €6,456 | +€5,892 | +1,045% |
| Profit (loss) for the period | 9904 | -€57,017 | €52,394 | +€109,412 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,017 | €52,394 | +€109,412 |
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 17 October 2026 via checked.be.