CERASI: 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.
CERASI
Largest movements
- Current investments +€1.2m
up €1.2m (+209.5%), from €550,000 to €1.7m
- Tangible fixed assets +€238,164
up €238,164 (+32.6%), from €731,063 to €969,227
of which Land and buildings: +€223,607
- Receivables within one year -€237,959
down €237,959 (-84.4%), from €282,020 to €44,061
of which Trade receivables: -€217,946
- Debts after one year +€1.4m
new in 2025: €1.4m
- Other debts -€226,468
down €226,468 (-14.0%), from €1.6m to €1.4m
- Gross operating margin +€141,660
up €141,660 (+233.8%), from €60,579 to €202,238
- Staff costs +€33,587
up €33,587 (+57.8%), from €58,131 to €91,718
- Depreciation +€26,013
up €26,013 (+25.2%), from €103,108 to €129,121
- Financial income +€2,309
up €2,309 (+48.3%), from €4,783 to €7,092
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 | €1,569,002 | €2,723,401 | +€1.2m | +73.6% |
| Fixed assets | 21/28 | €731,063 | €969,227 | +€238,164 | +32.6% |
| Tangible fixed assets | 22/27 | €731,063 | €969,227 | +€238,164 | +32.6% |
| Land and buildings | 22 | €463,071 | €686,679 | +€223,607 | +48.3% |
| Plant, machinery and equipment | 23 | €261,051 | €196,744 | -€64,307 | -24.6% |
| Furniture and vehicles | 24 | €6,941 | €85,805 | +€78,864 | +1136.3% |
| Current assets | 29/58 | €837,940 | €1,754,174 | +€916,234 | +109.3% |
| Amounts receivable within one year | 40/41 | €282,020 | €44,061 | -€237,959 | -84.4% |
| Trade receivables | 40 | €256,622 | €38,676 | -€217,946 | -84.9% |
| Other amounts receivable | 41 | €25,398 | €5,385 | -€20,013 | -78.8% |
| Current investments | 50/53 | €550,000 | €1,702,000 | +€1.2m | +209.5% |
| Cash at bank and in hand | 54/58 | €5,920 | €3,317 | -€2,603 | -44.0% |
| Deferred charges and accrued income | 490/1 | - | €4,795 | +€4,795 | |
| Total equity and liabilities | 10/49 | €1,569,002 | €2,723,401 | +€1.2m | +73.6% |
| Equity | 10/15 | -€50,050 | -€67,215 | -€17,165 | -34.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €17,154 | €17,154 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €7,154 | €7,154 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,804 | -€102,969 | -€17,165 | -20.0% |
| Amounts payable | 17/49 | €1,619,052 | €2,790,616 | +€1.2m | +72.4% |
| Amounts payable after more than one year | 17 | - | €1,400,000 | +€1.4m | |
| Other amounts payable | 178/9 | - | €1,400,000 | +€1.4m | |
| Amounts payable within one year | 42/48 | €1,619,052 | €1,390,616 | -€228,436 | -14.1% |
| Trade debts | 44 | €6,477 | €1,624 | -€4,852 | -74.9% |
| Suppliers | 440/4 | €6,477 | €1,624 | -€4,852 | -74.9% |
| Taxes, remuneration and social security | 45 | - | €2,885 | +€2,885 | |
| Taxes | 450/3 | - | €2,885 | +€2,885 | |
| Other amounts payable | 47/48 | €1,612,576 | €1,386,107 | -€226,468 | -14.0% |
| Remuneration, social security and pensions | 62 | €58,131 | €91,718 | +€33,587 | +57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,108 | €129,121 | +€26,013 | +25.2% |
| Other operating charges | 640/8 | €2,581 | €4,133 | +€1,552 | +60.1% |
| Gross operating margin | 9900 | €60,579 | €202,238 | +€141,660 | +233.8% |
| Operating profit (loss) | 9901 | -€103,241 | -€22,733 | +€80,508 | +78.0% |
| Financial income | 75/76B | €4,783 | €7,092 | +€2,309 | +48.3% |
| Recurring financial income | 75 | €4,783 | €7,092 | +€2,309 | +48.3% |
| Financial charges | 65/66B | €74 | €112 | +€39 | +52.7% |
| Recurring financial charges | 65 | €74 | €112 | +€39 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | -€98,531 | -€15,753 | +€82,778 | +84.0% |
| Income taxes | 67/77 | - | €1,412 | +€1,412 | |
| Profit (loss) for the period | 9904 | -€98,531 | -€17,165 | +€81,366 | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,531 | -€17,165 | +€81,366 | +82.6% |
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 10 October 2026 via checked.be.