Ceef: 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.
Ceef
Largest movements
- Tangible fixed assets -€20,069
down €20,069 (-31.5%), from €63,721 to €43,652
of which Furniture and vehicles: -€17,135
- Receivables within one year -€6,455
down €6,455 (-43.6%), from €14,797 to €8,342
of which Trade receivables: -€9,127
- Cash +€4,110
up €4,110 (+13.0%), from €31,523 to €35,633
mainly Depreciation (+€20,069) and Receivables within one year (+€6,455)
- Debts after one year -€17,187
down €17,187 (-40.6%), from €42,281 to €25,094
- Advances received -€11,180
no longer reported in 2025 (was €11,180)
- Trade debts +€4,571
new in 2025: €4,571
- Profit (loss) carried forward +€2,229
new in 2025: €2,229
- Tax, wage and social debts -€1,194
down €1,194 (-29.7%), from €4,014 to €2,820
- Gross operating margin -€3,293
down €3,293 (-10.3%), from €32,109 to €28,816
- Depreciation -€1,988
down €1,988 (-9.0%), from €22,057 to €20,069
- Taxes -€954
down €954 (-22.9%), from €4,167 to €3,213
- Financial charges -€337
down €337 (-18.7%), from €1,803 to €1,466
- Other operating charges -€325
down €325 (-13.9%), from €2,334 to €2,009
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 | €110,802 | €88,555 | -€22,247 | -20.1% |
| Fixed assets | 21/28 | €63,730 | €43,652 | -€20,078 | -31.5% |
| Tangible fixed assets | 22/27 | €63,721 | €43,652 | -€20,069 | -31.5% |
| Plant, machinery and equipment | 23 | €4,896 | €1,962 | -€2,934 | -59.9% |
| Furniture and vehicles | 24 | €58,825 | €41,690 | -€17,135 | -29.1% |
| Financial fixed assets | 28 | €9 | - | -€9 | |
| Current assets | 29/58 | €47,072 | €44,903 | -€2,169 | -4.6% |
| Amounts receivable within one year | 40/41 | €14,797 | €8,342 | -€6,455 | -43.6% |
| Trade receivables | 40 | €12,101 | €2,974 | -€9,127 | -75.4% |
| Other amounts receivable | 41 | €2,696 | €5,368 | +€2,672 | +99.1% |
| Cash at bank and in hand | 54/58 | €31,523 | €35,633 | +€4,110 | +13.0% |
| Deferred charges and accrued income | 490/1 | €752 | €928 | +€176 | +23.4% |
| Total equity and liabilities | 10/49 | €110,802 | €88,555 | -€22,247 | -20.1% |
| Equity | 10/15 | €36,563 | €38,792 | +€2,229 | +6.1% |
| Reserves | 13 | €36,563 | €36,563 | +€0 | 0.0% |
| Distributable reserves | 133 | €36,563 | €36,563 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,229 | +€2,229 | |
| Amounts payable | 17/49 | €74,239 | €49,763 | -€24,476 | -33.0% |
| Amounts payable after more than one year | 17 | €42,281 | €25,094 | -€17,187 | -40.6% |
| Financial debts | 170/4 | €42,281 | €25,094 | -€17,187 | -40.6% |
| Amounts payable within one year | 42/48 | €31,958 | €24,579 | -€7,379 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €16,764 | €17,187 | +€423 | +2.5% |
| Trade debts | 44 | - | €4,571 | +€4,571 | |
| Suppliers | 440/4 | - | €4,571 | +€4,571 | |
| Advances received on contracts in progress | 46 | €11,180 | - | -€11,180 | |
| Taxes, remuneration and social security | 45 | €4,014 | €2,820 | -€1,194 | -29.7% |
| Taxes | 450/3 | €4,014 | €2,820 | -€1,194 | -29.7% |
| Accrued charges and deferred income | 492/3 | - | €89 | +€89 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,057 | €20,069 | -€1,988 | -9.0% |
| Other operating charges | 640/8 | €2,334 | €2,009 | -€325 | -13.9% |
| Gross operating margin | 9900 | €32,109 | €28,816 | -€3,293 | -10.3% |
| Operating profit (loss) | 9901 | €7,718 | €6,739 | -€979 | -12.7% |
| Financial income | 75/76B | - | €169 | +€169 | |
| Recurring financial income | 75 | - | €169 | +€169 | |
| Financial charges | 65/66B | €1,803 | €1,466 | -€337 | -18.7% |
| Recurring financial charges | 65 | €1,803 | €1,466 | -€337 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €5,915 | €5,442 | -€473 | -8.0% |
| Income taxes | 67/77 | €4,167 | €3,213 | -€954 | -22.9% |
| Profit (loss) for the period | 9904 | €1,748 | €2,229 | +€481 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,748 | €2,229 | +€481 | +27.5% |
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 6 October 2026 via checked.be.