M. CELIK: what changed
Two fiscal 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.
M. CELIK
Largest movements
- Receivables within one year -€17,452
no longer reported in 2025 (was €17,452)
- Stocks and contracts -€15,669
down €15,669 (-57.4%), from €27,282 to €11,613
- Cash -€6,179
down €6,179 (-82.8%), from €7,458 to €1,280
mainly Trade debts (-€20,634) and Net result for the year (-€20,541)
- Tangible fixed assets -€6,124
down €6,124 (-3.9%), from €156,844 to €150,719
of which Land and buildings: -€5,092
- Trade debts -€20,634
down €20,634 (-94.3%), from €21,888 to €1,254
- Profit (loss) carried forward -€20,541
down €20,541 (-387.7%), from -€5,298 to -€25,839
- Debts after one year -€8,917
down €8,917 (-6.1%), from €145,152 to €136,235
- Other debts +€7,394
up €7,394 (+38.0%), from €19,471 to €26,865
- Tax, wage and social debts -€2,221
down €2,221 (-82.6%), from €2,690 to €469
- Gross operating margin -€15,530
down €15,530, from €8,492 to -€7,037
- Financial charges -€2,128
down €2,128 (-34.1%), from €6,248 to €4,120
- Financial income +€305
up €305 (+2055.9%), from €15 to €320
- Depreciation -€270
down €270 (-4.2%), from €6,394 to €6,124
- Other operating charges +€218
up €218 (+6.5%), from €3,362 to €3,580
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.
Cash bridge derived
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 | €210,382 | €165,654 | -€44,729 | -21.3% |
| Fixed assets | 21/28 | €156,844 | €150,719 | -€6,124 | -3.9% |
| Tangible fixed assets | 22/27 | €156,844 | €150,719 | -€6,124 | -3.9% |
| Land and buildings | 22 | €155,079 | €149,987 | -€5,092 | -3.3% |
| Furniture and vehicles | 24 | €1,765 | €732 | -€1,032 | -58.5% |
| Current assets | 29/58 | €53,538 | €14,934 | -€38,604 | -72.1% |
| Stocks and contracts in progress | 3 | €27,282 | €11,613 | -€15,669 | -57.4% |
| Stocks | 30/36 | €27,282 | €11,613 | -€15,669 | -57.4% |
| Amounts receivable within one year | 40/41 | €17,452 | - | -€17,452 | |
| Trade receivables | 40 | €17,452 | - | -€17,452 | |
| Cash at bank and in hand | 54/58 | €7,458 | €1,280 | -€6,179 | -82.8% |
| Deferred charges and accrued income | 490/1 | €1,346 | €2,042 | +€695 | +51.7% |
| Total equity and liabilities | 10/49 | €210,382 | €165,654 | -€44,729 | -21.3% |
| Equity | 10/15 | €8,962 | -€11,579 | -€20,541 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,298 | -€25,839 | -€20,541 | -387.7% |
| Amounts payable | 17/49 | €201,420 | €177,233 | -€24,187 | -12.0% |
| Amounts payable after more than one year | 17 | €145,152 | €136,235 | -€8,917 | -6.1% |
| Financial debts | 170/4 | €145,152 | €136,235 | -€8,917 | -6.1% |
| Amounts payable within one year | 42/48 | €52,752 | €37,505 | -€15,247 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €8,703 | €8,917 | +€215 | +2.5% |
| Trade debts | 44 | €21,888 | €1,254 | -€20,634 | -94.3% |
| Suppliers | 440/4 | €21,888 | €1,254 | -€20,634 | -94.3% |
| Taxes, remuneration and social security | 45 | €2,690 | €469 | -€2,221 | -82.6% |
| Taxes | 450/3 | €2,690 | €469 | -€2,221 | -82.6% |
| Other amounts payable | 47/48 | €19,471 | €26,865 | +€7,394 | +38.0% |
| Accrued charges and deferred income | 492/3 | €3,516 | €3,493 | -€23 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,394 | €6,124 | -€270 | -4.2% |
| Other operating charges | 640/8 | €3,362 | €3,580 | +€218 | +6.5% |
| Gross operating margin | 9900 | €8,492 | -€7,037 | -€15,530 | |
| Operating profit (loss) | 9901 | -€1,264 | -€16,741 | -€15,477 | -1224.5% |
| Financial income | 75/76B | €15 | €320 | +€305 | +2055.9% |
| Recurring financial income | 75 | €15 | €320 | +€305 | +2055.9% |
| Financial charges | 65/66B | €6,248 | €4,120 | -€2,128 | -34.1% |
| Recurring financial charges | 65 | €6,248 | €4,120 | -€2,128 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,497 | -€20,541 | -€13,044 | -174.0% |
| Profit (loss) for the period | 9904 | -€7,497 | -€20,541 | -€13,044 | -174.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,497 | -€20,541 | -€13,044 | -174.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.