CEPAL: 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.
CEPAL
Largest movements
- Receivables within one year -€26,380
down €26,380 (-32.2%), from €81,837 to €55,457
of which Trade receivables: -€14,915
- Cash +€4,635
up €4,635 (+34.7%), from €13,343 to €17,978
mainly Receivables within one year (+€26,380) and Net result for the year (+€19,215)
- Other debts -€16,000
down €16,000 (-47.1%), from €34,000 to €18,000
- Tax, wage and social debts -€3,361
down €3,361 (-16.2%), from €20,737 to €17,376
of which Taxes: -€3,361
- Reserves -€1,961
down €1,961 (-5.3%), from €37,157 to €35,196
- Gross operating margin +€1,886
up €1,886 (+6.6%), from €28,424 to €30,310
- Financial charges +€1,875
up €1,875 (+130%), from €1,441 to €3,316
- Other operating charges +€1,649
up €1,649 (+426%), from €387 to €2,036
- Financial income -€1,076
down €1,076 (-43.2%), from €2,489 to €1,413
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 | €95,653 | €74,249 | -€21,404 | -22.4% |
| Fixed assets | 21/28 | €473 | €814 | +€341 | +72.1% |
| Tangible fixed assets | 22/27 | €473 | €814 | +€341 | +72.1% |
| Furniture and vehicles | 24 | €473 | €814 | +€341 | +72.1% |
| Current assets | 29/58 | €95,180 | €73,435 | -€21,745 | -22.8% |
| Amounts receivable within one year | 40/41 | €81,837 | €55,457 | -€26,380 | -32.2% |
| Trade receivables | 40 | €26,028 | €11,113 | -€14,915 | -57.3% |
| Other amounts receivable | 41 | €55,809 | €44,344 | -€11,465 | -20.5% |
| Cash at bank and in hand | 54/58 | €13,343 | €17,978 | +€4,635 | +34.7% |
| Total equity and liabilities | 10/49 | €95,653 | €74,249 | -€21,404 | -22.4% |
| Equity | 10/15 | €39,157 | €37,196 | -€1,961 | -5.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €37,157 | €35,196 | -€1,961 | -5.3% |
| Distributable reserves | 133 | €37,157 | €35,196 | -€1,961 | -5.3% |
| Amounts payable | 17/49 | €56,496 | €37,053 | -€19,443 | -34.4% |
| Amounts payable within one year | 42/48 | €56,496 | €37,053 | -€19,443 | -34.4% |
| Trade debts | 44 | €1,759 | €1,677 | -€82 | -4.7% |
| Suppliers | 440/4 | €1,759 | €1,677 | -€82 | -4.7% |
| Taxes, remuneration and social security | 45 | €20,737 | €17,376 | -€3,361 | -16.2% |
| Taxes | 450/3 | €18,957 | €15,596 | -€3,361 | -17.7% |
| Remuneration and social security | 454/9 | €1,780 | €1,780 | = | 0.0% |
| Other amounts payable | 47/48 | €34,000 | €18,000 | -€16,000 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427 | €690 | +€263 | +61.6% |
| Other operating charges | 640/8 | €387 | €2,036 | +€1,649 | +426% |
| Gross operating margin | 9900 | €28,424 | €30,310 | +€1,886 | +6.6% |
| Operating profit (loss) | 9901 | €27,610 | €27,584 | -€26 | -0.1% |
| Financial income | 75/76B | €2,489 | €1,413 | -€1,076 | -43.2% |
| Recurring financial income | 75 | €2,489 | €1,413 | -€1,076 | -43.2% |
| Financial charges | 65/66B | €1,441 | €3,316 | +€1,875 | +130% |
| Recurring financial charges | 65 | €1,441 | €3,316 | +€1,875 | +130% |
| Profit (loss) for the period before taxes | 9903 | €28,658 | €25,681 | -€2,977 | -10.4% |
| Income taxes | 67/77 | €6,524 | €6,466 | -€58 | -0.9% |
| Profit (loss) for the period | 9904 | €22,134 | €19,215 | -€2,919 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,134 | €19,215 | -€2,919 | -13.2% |
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 24 October 2026 via checked.be.