CERAGRES: 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.
CERAGRES
Largest movements
- Tangible fixed assets +€385,167
up €385,167 (+148.1%), from €260,097 to €645,264
of which Plant, machinery and equipment: +€377,367
- Receivables within one year -€130,359
down €130,359 (-15.5%), from €841,407 to €711,048
of which Trade receivables: -€145,626
- Stocks and contracts -€48,479
down €48,479 (-3.3%), from €1.5m to €1.4m
- Cash -€37,856
down €37,856 (-21.0%), from €179,900 to €142,043
mainly Investment in fixed assets (net) (-€489,392) and Net result for the year (-€114,299)
- Debts after one year +€167,621
up €167,621 (+225.0%), from €74,483 to €242,104
- Reserves -€114,299
down €114,299 (-10.5%), from €1.1m to €977,677
of which Distributable reserves: -€114,299
- Short-term financial debts +€105,000
up €105,000 (+10.0%), from €1.0m to €1.2m
- Trade debts -€39,579
down €39,579 (-14.9%), from €266,130 to €226,551
- Current portion of long-term debt +€35,904
up €35,904 (+71.3%), from €50,375 to €86,279
- Gross operating margin +€152,893
up €152,893 (+57.3%), from €266,703 to €419,596
- Write-downs -€85,857
down €85,857, from €36,736 to -€49,120
- Other operating charges +€72,607
up €72,607 (+282.7%), from €25,680 to €98,287
- Depreciation +€31,794
up €31,794 (+39.7%), from €80,017 to €111,811
- Financial charges +€24,891
up €24,891 (+28.3%), from €87,997 to €112,888
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 | €2,782,595 | €2,945,080 | +€162,485 | +5.8% |
| Fixed assets | 21/28 | €268,596 | €646,177 | +€377,581 | +140.6% |
| Intangible fixed assets | 21 | €8,004 | €418 | -€7,586 | -94.8% |
| Tangible fixed assets | 22/27 | €260,097 | €645,264 | +€385,167 | +148.1% |
| Land and buildings | 22 | €24,312 | €20,508 | -€3,804 | -15.6% |
| Plant, machinery and equipment | 23 | €79,180 | €456,547 | +€377,367 | +476.6% |
| Furniture and vehicles | 24 | €30,175 | €20,636 | -€9,539 | -31.6% |
| Other tangible fixed assets | 26 | €126,430 | €147,573 | +€21,143 | +16.7% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €2,513,999 | €2,298,903 | -€215,096 | -8.6% |
| Stocks and contracts in progress | 3 | €1,478,592 | €1,430,113 | -€48,479 | -3.3% |
| Stocks | 30/36 | €1,478,592 | €1,430,113 | -€48,479 | -3.3% |
| Amounts receivable within one year | 40/41 | €841,407 | €711,048 | -€130,359 | -15.5% |
| Trade receivables | 40 | €793,067 | €647,441 | -€145,626 | -18.4% |
| Other amounts receivable | 41 | €48,340 | €63,607 | +€15,267 | +31.6% |
| Cash at bank and in hand | 54/58 | €179,900 | €142,043 | -€37,856 | -21.0% |
| Deferred charges and accrued income | 490/1 | €14,100 | €15,698 | +€1,598 | +11.3% |
| Total equity and liabilities | 10/49 | €2,782,595 | €2,945,080 | +€162,485 | +5.8% |
| Equity | 10/15 | €1,246,977 | €1,132,677 | -€114,299 | -9.2% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Capital | 10 | €155,000 | €155,000 | = | 0.0% |
| Issued capital | 100 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €1,091,977 | €977,677 | -€114,299 | -10.5% |
| Non-distributable reserves | 130/1 | €15,500 | €15,500 | = | 0.0% |
| Legal reserve | 130 | €15,500 | €15,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,076,477 | €962,177 | -€114,299 | -10.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,535,618 | €1,812,402 | +€276,785 | +18.0% |
| Amounts payable after more than one year | 17 | €74,483 | €242,104 | +€167,621 | +225.0% |
| Financial debts | 170/4 | €74,483 | €242,104 | +€167,621 | +225.0% |
| Amounts payable within one year | 42/48 | €1,442,070 | €1,555,729 | +€113,659 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €50,375 | €86,279 | +€35,904 | +71.3% |
| Financial debts | 43 | €1,045,000 | €1,150,000 | +€105,000 | +10.0% |
| Credit institutions | 430/8 | €1,045,000 | €1,150,000 | +€105,000 | +10.0% |
| Trade debts | 44 | €266,130 | €226,551 | -€39,579 | -14.9% |
| Suppliers | 440/4 | €266,130 | €226,551 | -€39,579 | -14.9% |
| Taxes, remuneration and social security | 45 | €39,714 | €28,487 | -€11,227 | -28.3% |
| Taxes | 450/3 | €19,211 | €15,803 | -€3,408 | -17.7% |
| Remuneration and social security | 454/9 | €20,503 | €12,684 | -€7,819 | -38.1% |
| Other amounts payable | 47/48 | €40,851 | €64,413 | +€23,561 | +57.7% |
| Accrued charges and deferred income | 492/3 | €19,065 | €14,570 | -€4,496 | -23.6% |
| Remuneration, social security and pensions | 62 | €284,965 | €290,427 | +€5,462 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,017 | €111,811 | +€31,794 | +39.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €36,736 | -€49,120 | -€85,857 | |
| Other operating charges | 640/8 | €25,680 | €98,287 | +€72,607 | +282.7% |
| Gross operating margin | 9900 | €266,703 | €419,596 | +€152,893 | +57.3% |
| Operating profit (loss) | 9901 | -€160,695 | -€31,809 | +€128,886 | +80.2% |
| Financial income | 75/76B | €24,463 | €31,345 | +€6,882 | +28.1% |
| Recurring financial income | 75 | €24,463 | €31,345 | +€6,882 | +28.1% |
| Financial charges | 65/66B | €87,997 | €112,888 | +€24,891 | +28.3% |
| Recurring financial charges | 65 | €87,997 | €112,888 | +€24,891 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | -€224,229 | -€113,352 | +€110,877 | +49.4% |
| Transfer from deferred taxes | 780 | €838 | €0 | -€838 | -100.0% |
| Income taxes | 67/77 | €6,867 | €948 | -€5,919 | -86.2% |
| Profit (loss) for the period | 9904 | -€230,258 | -€114,299 | +€115,959 | +50.4% |
| Transfer from tax-exempt reserves | 789 | €418,328 | €0 | -€418,328 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €188,071 | -€114,299 | -€302,370 |
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 8 October 2026 via checked.be.