WIM CEELEN: 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.
WIM CEELEN
Largest movements
- Current investments +€95,271
up €95,271 (+67.1%), from €142,005 to €237,276
- Receivables after one year +€60,000
up €60,000 (+20.0%), from €300,000 to €360,000
- Tangible fixed assets -€32,493
down €32,493 (-6.1%), from €536,019 to €503,527
of which Land and buildings: -€27,882
- Cash +€22,680
up €22,680 (+181%), from €12,551 to €35,231
mainly Net result for the year (+€161,722) and Tax, wage and social debts (+€33,933)
- Receivables within one year +€14,932
up €14,932 (+7.6%), from €195,610 to €210,542
- Reserves +€161,722
up €161,722 (+19.5%), from €830,345 to €992,067
of which Distributable reserves: +€171,877
- Debts after one year -€51,416
down €51,416 (-23.6%), from €217,774 to €166,358
- Tax, wage and social debts +€33,933
up €33,933 (+2,722%), from €1,246 to €35,180
- Other debts +€29,906
up €29,906 (+835%), from €3,581 to €33,487
- Current portion of long-term debt -€21,290
down €21,290 (-29.3%), from €72,706 to €51,416
- Financial charges -€107,328
down €107,328, from €27,484 to -€79,844
- Financial income +€100,054
up €100,054 (+713%), from €14,026 to €114,080
- Taxes +€40,632
up €40,632 (+622%), from €6,532 to €47,164
- Depreciation -€10,457
down €10,457 (-24.3%), from €42,950 to €32,493
- Gross operating margin -€1,672
down €1,672 (-3.3%), from €50,978 to €49,306
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 | €1,202,927 | €1,362,791 | +€159,864 | +13.3% |
| Fixed assets | 21/28 | €548,519 | €516,027 | -€32,493 | -5.9% |
| Tangible fixed assets | 22/27 | €536,019 | €503,527 | -€32,493 | -6.1% |
| Land and buildings | 22 | €528,840 | €500,958 | -€27,882 | -5.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €7,180 | €2,569 | -€4,611 | -64.2% |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €654,408 | €846,764 | +€192,356 | +29.4% |
| Amounts receivable after more than one year | 29 | €300,000 | €360,000 | +€60,000 | +20.0% |
| Other amounts receivable | 291 | €300,000 | €360,000 | +€60,000 | +20.0% |
| Amounts receivable within one year | 40/41 | €195,610 | €210,542 | +€14,932 | +7.6% |
| Other amounts receivable | 41 | €195,610 | €210,542 | +€14,932 | +7.6% |
| Current investments | 50/53 | €142,005 | €237,276 | +€95,271 | +67.1% |
| Cash at bank and in hand | 54/58 | €12,551 | €35,231 | +€22,680 | +181% |
| Deferred charges and accrued income | 490/1 | €4,242 | €3,715 | -€527 | -12.4% |
| Total equity and liabilities | 10/49 | €1,202,927 | €1,362,791 | +€159,864 | +13.3% |
| Equity | 10/15 | €842,745 | €1,004,467 | +€161,722 | +19.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €830,345 | €992,067 | +€161,722 | +19.5% |
| Tax-exempt reserves | 132 | €243,540 | €233,384 | -€10,155 | -4.2% |
| Distributable reserves | 133 | €586,805 | €758,683 | +€171,877 | +29.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €60,777 | €58,238 | -€2,539 | -4.2% |
| Deferred taxes | 168 | €60,777 | €58,238 | -€2,539 | -4.2% |
| Amounts payable | 17/49 | €299,405 | €300,086 | +€680 | +0.2% |
| Amounts payable after more than one year | 17 | €217,774 | €166,358 | -€51,416 | -23.6% |
| Financial debts | 170/4 | €217,774 | €166,358 | -€51,416 | -23.6% |
| Amounts payable within one year | 42/48 | €78,686 | €130,813 | +€52,128 | +66.2% |
| Current portion of amounts payable after more than one year | 42 | €72,706 | €51,416 | -€21,290 | -29.3% |
| Trade debts | 44 | €1,152 | €10,731 | +€9,579 | +831% |
| Suppliers | 440/4 | €1,152 | €10,731 | +€9,579 | +831% |
| Taxes, remuneration and social security | 45 | €1,246 | €35,180 | +€33,933 | +2,722% |
| Taxes | 450/3 | €1,246 | €35,180 | +€33,933 | +2,722% |
| Other amounts payable | 47/48 | €3,581 | €33,487 | +€29,906 | +835% |
| Accrued charges and deferred income | 492/3 | €2,946 | €2,914 | -€31 | -1.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,950 | €32,493 | -€10,457 | -24.3% |
| Other operating charges | 640/8 | €4,463 | €4,389 | -€74 | -1.7% |
| Gross operating margin | 9900 | €50,978 | €49,306 | -€1,672 | -3.3% |
| Operating profit (loss) | 9901 | €3,565 | €12,424 | +€8,859 | +248% |
| Financial income | 75/76B | €14,026 | €114,080 | +€100,054 | +713% |
| Recurring financial income | 75 | €14,026 | €114,080 | +€100,054 | +713% |
| Financial charges | 65/66B | €27,484 | -€79,844 | -€107,328 | |
| Recurring financial charges | 65 | €27,484 | -€79,844 | -€107,328 | |
| Profit (loss) for the period before taxes | 9903 | -€9,894 | €206,348 | +€216,241 | |
| Transfer from deferred taxes | 780 | €2,535 | €2,539 | +€3 | +0.1% |
| Income taxes | 67/77 | €6,532 | €47,164 | +€40,632 | +622% |
| Profit (loss) for the period | 9904 | -€13,891 | €161,722 | +€175,613 | |
| Transfer from tax-exempt reserves | 789 | €10,141 | €10,155 | +€14 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,749 | €171,877 | +€175,627 |
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 30 October 2026 via checked.be.