Cercatrova: 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.
Cercatrova
Largest movements
- Receivables within one year +€77,323
up €77,323 (+776%), from €9,958 to €87,282
of which Other amounts receivable: +€40,517
- Cash +€52,834
up €52,834 (+7,418%), from €712 to €53,546
mainly Net result for the year (+€85,654) and Debts after one year (+€56,618)
- Stocks and contracts +€12,332
up €12,332 (+57.0%), from €21,643 to €33,974
- Tangible fixed assets +€2,439
up €2,439 (+21.9%), from €11,118 to €13,557
of which Plant, machinery and equipment: +€2,617
- Profit (loss) carried forward +€73,432
no longer reported in 2025 (was -€73,432)
- Other debts -€71,301
down €71,301 (-98.8%), from €72,134 to €833
- Debts after one year +€56,618
new in 2025: €56,618
- Advances received +€31,951
up €31,951 (+150%), from €21,369 to €53,320
- Tax, wage and social debts +€22,111
up €22,111 (+1,443%), from €1,532 to €23,643
- Gross operating margin +€102,068
up €102,068, from -€3,497 to €98,572
- Taxes +€7,430
new in 2025: €7,430
- Other operating charges +€1,353
up €1,353 (+186%), from €729 to €2,081
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 | €43,431 | €188,859 | +€145,427 | +335% |
| Fixed assets | 21/28 | €11,118 | €13,557 | +€2,439 | +21.9% |
| Tangible fixed assets | 22/27 | €11,118 | €13,557 | +€2,439 | +21.9% |
| Plant, machinery and equipment | 23 | €10,600 | €13,217 | +€2,617 | +24.7% |
| Furniture and vehicles | 24 | €518 | €340 | -€179 | -34.4% |
| Current assets | 29/58 | €32,313 | €175,302 | +€142,989 | +443% |
| Stocks and contracts in progress | 3 | €21,643 | €33,974 | +€12,332 | +57.0% |
| Stocks | 30/36 | €21,643 | €33,974 | +€12,332 | +57.0% |
| Amounts receivable within one year | 40/41 | €9,958 | €87,282 | +€77,323 | +776% |
| Trade receivables | 40 | €658 | €37,464 | +€36,806 | +5,594% |
| Other amounts receivable | 41 | €9,300 | €49,818 | +€40,517 | +436% |
| Cash at bank and in hand | 54/58 | €712 | €53,546 | +€52,834 | +7,418% |
| Deferred charges and accrued income | 490/1 | - | €500 | +€500 | |
| Total equity and liabilities | 10/49 | €43,431 | €188,859 | +€145,427 | +335% |
| Equity | 10/15 | -€61,032 | €23,788 | +€84,821 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | - | €11,388 | +€11,388 | |
| Distributable reserves | 133 | - | €11,388 | +€11,388 | |
| Profit (loss) carried forward | 14 | -€73,432 | - | +€73,432 | |
| Amounts payable | 17/49 | €104,464 | €165,070 | +€60,606 | +58.0% |
| Amounts payable after more than one year | 17 | - | €56,618 | +€56,618 | |
| Financial debts | 170/4 | - | €56,618 | +€56,618 | |
| Amounts payable within one year | 42/48 | €104,400 | €100,422 | -€3,979 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | - | €13,382 | +€13,382 | |
| Trade debts | 44 | €9,365 | €9,244 | -€121 | -1.3% |
| Suppliers | 440/4 | €9,365 | €9,244 | -€121 | -1.3% |
| Advances received on contracts in progress | 46 | €21,369 | €53,320 | +€31,951 | +150% |
| Taxes, remuneration and social security | 45 | €1,532 | €23,643 | +€22,111 | +1,443% |
| Taxes | 450/3 | €1,532 | €23,643 | +€22,111 | +1,443% |
| Other amounts payable | 47/48 | €72,134 | €833 | -€71,301 | -98.8% |
| Accrued charges and deferred income | 492/3 | €64 | €8,031 | +€7,967 | +12,487% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,301 | €1,792 | +€491 | +37.8% |
| Other operating charges | 640/8 | €729 | €2,081 | +€1,353 | +186% |
| Gross operating margin | 9900 | -€3,497 | €98,572 | +€102,068 | |
| Operating profit (loss) | 9901 | -€5,526 | €94,698 | +€100,224 | |
| Financial charges | 65/66B | €1,915 | €1,615 | -€300 | -15.7% |
| Recurring financial charges | 65 | €1,915 | €1,615 | -€300 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,441 | €93,084 | +€100,524 | |
| Income taxes | 67/77 | - | €7,430 | +€7,430 | |
| Profit (loss) for the period | 9904 | -€7,441 | €85,654 | +€93,095 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,441 | €85,654 | +€93,095 |
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 18 October 2026 via checked.be.