Cera: 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.
What changed
Cera
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€185.4m
2024 · €223.0m-€37.6m
Equity
€3.25bn
2024 · €3.13bn+€126.4m
Cash
€2.0m
2024 · €2.9m-€899,794
Balance sheet total
€3.29bn
2024 · €3.16bn+€126.0m
Largest movements
Assets
- Current investments +€76.0m
up €76.0m (+12.2%), from €621.0m to €697.0m
- Financial fixed assets +€58.4m
up €58.4m (+2.4%), from €2.48bn to €2.54bn
of which Affiliated companies: +€58.2m
Equity and liabilities
- Reserves +€102.7m
up €102.7m (+4.2%), from €2.43bn to €2.53bn
Income statement
- Financial income -€35.8m
down €35.8m (-13.9%), from €258.1m to €222.3m
of which Financial income: -€35.8m
- Services and other goods +€4.3m
up €4.3m (+9.8%), from €44.5m to €48.9m
- Turnover +€2.9m
up €2.9m (+17.3%), from €16.8m to €19.7m
- Staff costs +€236,629
up €236,629 (+2.5%), from €9.3m to €9.5m
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.
Result 2024
€223.0m
Turnover
+€2.9m
Other operating income
-€65,896
Services and other goods
-€4.3m
Staff costs
-€236,629
Depreciation
+€3,792
Other operating charges
-€77,082
Financial income
-€35.8m
Financial charges
+€10,392
Taxes
+€113
Result 2025
€185.4m
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.
From operations
+€192.6m
Investment
-€134.5m
Financing
-€59.0m
Cash 2024
€2.9m
From operations (derived)
+€192.6m
Net result for the year
+€185.4m
Depreciation
+€953,068
Receivables within one year
+€3.9m
Deferred charges and accrued income
+€2.7m
Trade debts
-€752,732
Smaller working-capital items
-€164,989
Other debts
+€568,924
Investment (derived)
-€134.5m
Investment in fixed assets (net)
-€58.5m
Current investments
-€76.0m
Financing
-€59.0m
Contributions, distributions and other
-€59.0m
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,164,791,874 | €3,290,831,745 | +€126.0m | +4.0% |
| Fixed assets | 21/28 | €2,505,039,344 | €2,562,575,407 | +€57.5m | +2.3% |
| Tangible fixed assets | 22/27 | €23,006,731 | €22,127,674 | -€879,057 | -3.8% |
| Land and buildings | 22 | €20,677,869 | €19,848,188 | -€829,682 | -4.0% |
| Plant, machinery and equipment | 23 | €42,436 | €39,733 | -€2,703 | -6.4% |
| Furniture and vehicles | 24 | €315,410 | €238,278 | -€77,132 | -24.5% |
| Other tangible fixed assets | 26 | €1,971,016 | €2,001,476 | +€30,460 | +1.5% |
| Financial fixed assets | 28 | €2,482,032,613 | €2,540,447,732 | +€58.4m | +2.4% |
| Affiliated companies | 280/1 | €1,777,686,772 | €1,835,926,552 | +€58.2m | +3.3% |
| Participating interests | 280 | €1,777,686,772 | €1,835,926,552 | +€58.2m | +3.3% |
| Companies linked by participating interests | 282/3 | €703,740,040 | €703,740,040 | = | 0.0% |
| Participating interests | 282 | €703,740,040 | €703,740,040 | = | 0.0% |
| Other financial fixed assets | 284/8 | €605,801 | €781,140 | +€175,339 | +28.9% |
| Shares | 284 | €562,546 | €737,570 | +€175,025 | +31.1% |
| Amounts receivable and cash guarantees | 285/8 | €43,256 | €43,570 | +€314 | +0.7% |
| Current assets | 29/58 | €659,752,529 | €728,256,339 | +€68.5m | +10.4% |
| Amounts receivable within one year | 40/41 | €29,194,644 | €25,273,172 | -€3.9m | -13.4% |
| Trade receivables | 40 | €36,955 | €184,197 | +€147,242 | +398.4% |
| Other amounts receivable | 41 | €29,157,689 | €25,088,976 | -€4.1m | -14.0% |
| Current investments | 50/53 | €621,000,000 | €697,000,000 | +€76.0m | +12.2% |
| Other investments | 51/53 | €621,000,000 | €697,000,000 | +€76.0m | +12.2% |
| Cash at bank and in hand | 54/58 | €2,942,281 | €2,042,487 | -€899,794 | -30.6% |
| Deferred charges and accrued income | 490/1 | €6,615,604 | €3,940,679 | -€2.7m | -40.4% |
| Total equity and liabilities | 10/49 | €3,164,791,874 | €3,290,831,745 | +€126.0m | +4.0% |
| Equity | 10/15 | €3,125,216,167 | €3,251,604,836 | +€126.4m | +4.0% |
| Contributions | 10/11 | €694,425,716 | €718,132,277 | +€23.7m | +3.4% |
| Reserves | 13 | €2,430,367,772 | €2,533,066,137 | +€102.7m | +4.2% |
| Distributable reserves | 133 | €2,430,367,772 | €2,533,066,137 | +€102.7m | +4.2% |
| Investment grants | 15 | €422,679 | €406,422 | -€16,257 | -3.8% |
| Amounts payable | 17/49 | €39,575,706 | €39,226,909 | -€348,797 | -0.9% |
| Amounts payable within one year | 42/48 | €39,197,750 | €38,936,981 | -€260,770 | -0.7% |
| Trade debts | 44 | €6,570,162 | €5,817,429 | -€752,732 | -11.5% |
| Suppliers | 440/4 | €6,570,162 | €5,817,429 | -€752,732 | -11.5% |
| Taxes, remuneration and social security | 45 | €2,442,378 | €2,365,416 | -€76,961 | -3.2% |
| Taxes | 450/3 | €368,795 | €357,667 | -€11,128 | -3.0% |
| Remuneration and social security | 454/9 | €2,073,583 | €2,007,749 | -€65,834 | -3.2% |
| Other amounts payable | 47/48 | €30,185,211 | €30,754,135 | +€568,924 | +1.9% |
| Accrued charges and deferred income | 492/3 | €377,956 | €289,929 | -€88,027 | -23.3% |
| Operating income | 70/76A | €20,124,212 | €22,971,015 | +€2.8m | +14.1% |
| Turnover | 70 | €16,796,810 | €19,709,510 | +€2.9m | +17.3% |
| Other operating income | 74 | €3,327,401 | €3,261,505 | -€65,896 | -2.0% |
| Operating charges | 60/66A | €54,936,265 | €59,591,524 | +€4.7m | +8.5% |
| Services and other goods | 61 | €44,523,721 | €48,869,061 | +€4.3m | +9.8% |
| Remuneration, social security and pensions | 62 | €9,281,462 | €9,518,091 | +€236,629 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €956,860 | €953,068 | -€3,792 | -0.4% |
| Other operating charges | 640/8 | €174,222 | €251,304 | +€77,082 | +44.2% |
| Operating profit (loss) | 9901 | -€34,812,053 | -€36,620,509 | -€1.8m | -5.2% |
| Financial income | 75/76B | €258,093,823 | €222,282,947 | -€35.8m | -13.9% |
| Recurring financial income | 75 | €258,002,802 | €222,242,546 | -€35.8m | -13.9% |
| Income from financial fixed assets | 750 | €237,829,155 | €207,917,126 | -€29.9m | -12.6% |
| Income from current assets | 751 | €20,157,356 | €14,309,158 | -€5.8m | -29.0% |
| Other financial income | 752/9 | €16,291 | €16,262 | -€29 | -0.2% |
| Non-recurring financial income | 76B | €91,021 | €40,401 | -€50,619 | -55.6% |
| Financial charges | 65/66B | €237,845 | €227,453 | -€10,392 | -4.4% |
| Recurring financial charges | 65 | €231,825 | €226,203 | -€5,622 | -2.4% |
| Other financial charges | 652/9 | €231,825 | €226,203 | -€5,622 | -2.4% |
| Non-recurring financial charges | 66B | €6,020 | €1,250 | -€4,770 | -79.2% |
| Profit (loss) for the period before taxes | 9903 | €223,043,924 | €185,434,985 | -€37.6m | -16.9% |
| Income taxes | 67/77 | €4,727 | €4,614 | -€113 | -2.4% |
| Taxes | 670/3 | €4,727 | €4,614 | -€113 | -2.4% |
| Profit (loss) for the period | 9904 | €223,039,198 | €185,430,372 | -€37.6m | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €223,039,198 | €185,430,372 | -€37.6m | -16.9% |
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.