J. Ceuppens: 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.
J. Ceuppens
Largest movements
- Cash -€94,601
down €94,601 (-42.1%), from €224,717 to €130,116
mainly Debts after one year (-€77,698) and Current investments (-€75,000)
- Current investments +€75,000
up €75,000 (+254,410%), from €29 to €75,030
- Receivables within one year +€19,806
up €19,806 (+10.2%), from €195,078 to €214,884
of which Other amounts receivable: +€11,436
- Reserves +€97,894
up €97,894 (+18.0%), from €544,046 to €641,940
- Debts after one year -€77,698
down €77,698 (-11.3%), from €689,379 to €611,681
- Tax, wage and social debts -€27,442
down €27,442 (-51.4%), from €53,437 to €25,995
of which Taxes: -€21,680
- Depreciation -€27,323
down €27,323 (-35.3%), from €77,319 to €49,995
- Gross operating margin -€11,218
down €11,218 (-3.2%), from €348,266 to €337,048
- Taxes +€6,893
up €6,893 (+10.3%), from €66,914 to €73,808
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 | €1,533,530 | €1,525,420 | -€8,109 | -0.5% |
| Fixed assets | 21/28 | €1,102,851 | €1,093,882 | -€8,969 | -0.8% |
| Tangible fixed assets | 22/27 | €1,102,851 | €1,093,882 | -€8,969 | -0.8% |
| Land and buildings | 22 | €994,811 | €984,220 | -€10,591 | -1.1% |
| Plant, machinery and equipment | 23 | €69,608 | €72,476 | +€2,868 | +4.1% |
| Furniture and vehicles | 24 | €38,433 | €37,186 | -€1,247 | -3.2% |
| Current assets | 29/58 | €430,678 | €431,538 | +€860 | +0.2% |
| Amounts receivable within one year | 40/41 | €195,078 | €214,884 | +€19,806 | +10.2% |
| Trade receivables | 40 | - | €8,370 | +€8,370 | |
| Other amounts receivable | 41 | €195,078 | €206,514 | +€11,436 | +5.9% |
| Current investments | 50/53 | €29 | €75,030 | +€75,000 | +254,410% |
| Cash at bank and in hand | 54/58 | €224,717 | €130,116 | -€94,601 | -42.1% |
| Deferred charges and accrued income | 490/1 | €10,854 | €11,508 | +€655 | +6.0% |
| Total equity and liabilities | 10/49 | €1,533,530 | €1,525,420 | -€8,109 | -0.5% |
| Equity | 10/15 | €556,446 | €654,340 | +€97,894 | +17.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €544,046 | €641,940 | +€97,894 | +18.0% |
| Distributable reserves | 133 | €544,046 | €641,940 | +€97,894 | +18.0% |
| Amounts payable | 17/49 | €977,084 | €871,081 | -€106,003 | -10.8% |
| Amounts payable after more than one year | 17 | €689,379 | €611,681 | -€77,698 | -11.3% |
| Financial debts | 170/4 | €689,379 | €611,681 | -€77,698 | -11.3% |
| Amounts payable within one year | 42/48 | €283,548 | €253,964 | -€29,585 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €76,607 | €77,698 | +€1,092 | +1.4% |
| Financial debts | 43 | €2,162 | €4,797 | +€2,634 | +122% |
| Credit institutions | 430/8 | €2,162 | €4,797 | +€2,634 | +122% |
| Trade debts | 44 | €41,052 | €38,673 | -€2,379 | -5.8% |
| Suppliers | 440/4 | €41,052 | €38,673 | -€2,379 | -5.8% |
| Taxes, remuneration and social security | 45 | €53,437 | €25,995 | -€27,442 | -51.4% |
| Taxes | 450/3 | €47,675 | €25,995 | -€21,680 | -45.5% |
| Remuneration and social security | 454/9 | €5,762 | - | -€5,762 | |
| Other amounts payable | 47/48 | €110,290 | €106,801 | -€3,489 | -3.2% |
| Accrued charges and deferred income | 492/3 | €4,156 | €5,436 | +€1,280 | +30.8% |
| Non-recurring operating income | 76A | - | €15,153 | +€15,153 | |
| Remuneration, social security and pensions | 62 | €32,272 | €30,011 | -€2,262 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,319 | €49,995 | -€27,323 | -35.3% |
| Other operating charges | 640/8 | €6,197 | €6,405 | +€208 | +3.4% |
| Gross operating margin | 9900 | €348,266 | €337,048 | -€11,218 | -3.2% |
| Operating profit (loss) | 9901 | €232,477 | €250,636 | +€18,159 | +7.8% |
| Financial income | 75/76B | €32 | €479 | +€447 | +1,412% |
| Recurring financial income | 75 | €32 | €479 | +€447 | +1,412% |
| Financial charges | 65/66B | €17,676 | €19,127 | +€1,450 | +8.2% |
| Recurring financial charges | 65 | €17,676 | €19,127 | +€1,450 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €214,833 | €231,989 | +€17,156 | +8.0% |
| Income taxes | 67/77 | €66,914 | €73,808 | +€6,893 | +10.3% |
| Profit (loss) for the period | 9904 | €147,918 | €158,181 | +€10,263 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €147,918 | €158,181 | +€10,263 | +6.9% |
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 23 October 2026 via checked.be.