CELAX: 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.
CELAX
Largest movements
- Receivables after one year -€85,084
no longer reported in 2025 (was €85,084)
- Cash -€32,533
down €32,533 (-14.2%), from €229,007 to €196,474
mainly Net result for the year (-€73,342) and Tax, wage and social debts (-€17,586)
- Receivables within one year +€6,576
up €6,576 (+141%), from €4,675 to €11,251
of which Trade receivables: +€6,430
- Deferred charges and accrued income +€4,735
new in 2025: €4,735
- Reserves -€73,342
down €73,342 (-33.3%), from €220,384 to €147,041
- Tax, wage and social debts -€17,586
down €17,586 (-48.8%), from €36,027 to €18,441
- Other debts -€10,162
down €10,162 (-54.2%), from €18,740 to €8,578
- Financial charges +€86,732
up €86,732 (+24,553%), from €353 to €87,085
- Gross operating margin +€9,440
up €9,440 (+53.8%), from €17,537 to €26,977
- Other operating charges -€1,733
down €1,733 (-44.1%), from €3,927 to €2,194
- Depreciation +€651
up €651 (+16.9%), from €3,849 to €4,500
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 | €339,191 | €236,057 | -€103,134 | -30.4% |
| Fixed assets | 21/28 | €20,425 | €23,598 | +€3,173 | +15.5% |
| Tangible fixed assets | 22/27 | €20,425 | €23,598 | +€3,173 | +15.5% |
| Plant, machinery and equipment | 23 | €479 | €5,896 | +€5,418 | +1,132% |
| Furniture and vehicles | 24 | €8,852 | €8,204 | -€647 | -7.3% |
| Other tangible fixed assets | 26 | €11,095 | €9,497 | -€1,598 | -14.4% |
| Current assets | 29/58 | €318,766 | €212,459 | -€106,307 | -33.3% |
| Amounts receivable after more than one year | 29 | €85,084 | - | -€85,084 | |
| Other amounts receivable | 291 | €85,084 | - | -€85,084 | |
| Amounts receivable within one year | 40/41 | €4,675 | €11,251 | +€6,576 | +141% |
| Trade receivables | 40 | €290 | €6,721 | +€6,430 | +2,214% |
| Other amounts receivable | 41 | €4,385 | €4,530 | +€145 | +3.3% |
| Cash at bank and in hand | 54/58 | €229,007 | €196,474 | -€32,533 | -14.2% |
| Deferred charges and accrued income | 490/1 | - | €4,735 | +€4,735 | |
| Total equity and liabilities | 10/49 | €339,191 | €236,057 | -€103,134 | -30.4% |
| Equity | 10/15 | €276,184 | €202,841 | -€73,342 | -26.6% |
| Contributions | 10/11 | €55,800 | €55,800 | = | 0.0% |
| Reserves | 13 | €220,384 | €147,041 | -€73,342 | -33.3% |
| Distributable reserves | 133 | €220,384 | €147,041 | -€73,342 | -33.3% |
| Amounts payable | 17/49 | €63,008 | €33,216 | -€29,791 | -47.3% |
| Amounts payable within one year | 42/48 | €63,008 | €33,216 | -€29,791 | -47.3% |
| Trade debts | 44 | €8,241 | €6,197 | -€2,043 | -24.8% |
| Suppliers | 440/4 | €8,241 | €6,197 | -€2,043 | -24.8% |
| Taxes, remuneration and social security | 45 | €36,027 | €18,441 | -€17,586 | -48.8% |
| Taxes | 450/3 | €36,027 | €18,441 | -€17,586 | -48.8% |
| Other amounts payable | 47/48 | €18,740 | €8,578 | -€10,162 | -54.2% |
| Non-recurring operating income | 76A | - | €6,978 | +€6,978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,849 | €4,500 | +€651 | +16.9% |
| Other operating charges | 640/8 | €3,927 | €2,194 | -€1,733 | -44.1% |
| Gross operating margin | 9900 | €17,537 | €26,977 | +€9,440 | +53.8% |
| Operating profit (loss) | 9901 | €9,761 | €20,283 | +€10,522 | +108% |
| Financial income | 75/76B | €906 | €1,061 | +€155 | +17.1% |
| Recurring financial income | 75 | €906 | €1,061 | +€155 | +17.1% |
| Financial charges | 65/66B | €353 | €87,085 | +€86,732 | +24,553% |
| Recurring financial charges | 65 | €353 | €87,085 | +€86,732 | +24,553% |
| Profit (loss) for the period before taxes | 9903 | €10,314 | -€65,741 | -€76,055 | |
| Income taxes | 67/77 | €7,437 | €7,601 | +€165 | +2.2% |
| Profit (loss) for the period | 9904 | €2,877 | -€73,342 | -€76,220 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,877 | -€73,342 | -€76,220 |
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.