CERCO: 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.
What changed
CERCO
NACE 46.649, Wholesale of other machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€105,914
2024 · €364,945-€259,031
Equity
€5.2m
2024 · €5.1m+€105,914
Cash
€643,949
2024 · €753,359-€109,410
Balance sheet total
€7.8m
2024 · €6.9m+€914,176
Largest movements
Assets
- Financial fixed assets +€1.7m
up €1.7m (+120%), from €1.4m to €3.0m
of which Affiliated companies: +€1.7m
- Current investments -€1.0m
down €1.0m (-62.1%), from €1.6m to €609,708
- Receivables within one year +€284,190
up €284,190 (+14.7%), from €1.9m to €2.2m
of which Other amounts receivable: +€279,770
- Stocks and contracts +€257,748
up €257,748 (+56.9%), from €452,964 to €710,712
- Tangible fixed assets -€156,703
down €156,703 (-20.4%), from €767,409 to €610,706
Equity and liabilities
- Other debts +€1.7m
up €1.7m (+2,647%), from €62,332 to €1.7m
- Trade debts -€563,375
down €563,375 (-52.2%), from €1.1m to €516,402
- Tax, wage and social debts -€155,407
down €155,407 (-58.7%), from €264,886 to €109,479
of which Taxes: -€142,257
- Profit (loss) carried forward +€117,036
up €117,036 (+3.1%), from €3.7m to €3.9m
Income statement
- Turnover -€1.8m
down €1.8m (-25.9%), from €7.0m to €5.2m
- Goods and materials -€1.4m
down €1.4m (-29.3%), from €4.9m to €3.5m
of which Change in stocks: decrease (increase): -€789,956
- Write-downs +€318,138
up €318,138, from -€19,669 to €298,468
- Services and other goods -€301,031
down €301,031 (-30.9%), from €973,329 to €672,298
- Staff costs -€177,519
down €177,519 (-22.0%), from €807,548 to €630,028
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
€364,945
Turnover
-€1.8m
Other operating income
+€39,806
Goods and materials
+€1.4m
Services and other goods
+€301,031
Staff costs
+€177,519
Depreciation
+€3,249
Write-downs
-€318,138
Provisions
-€64,000
Other operating charges
+€6,788
Other operating items
+€94,435
Financial income
-€174,909
Financial charges
-€5,313
Taxes
+€38,799
Result 2025
€105,914
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€595,020
Investment
-€668,470
Financing
-€35,960
Cash 2024
€753,359
From operations (derived)
+€595,020
Net result for the year
+€105,914
Depreciation
+€175,173
Stocks and contracts
-€257,748
Receivables within one year
-€284,190
Deferred charges and accrued income
+€11,649
Provisions
-€72,478
Trade debts
-€563,375
Tax, wage and social debts
-€155,407
Other debts
+€1.7m
Accrued charges and deferred income
-€14,518
Investment (derived)
-€668,470
Investment in fixed assets (net)
-€1.7m
Current investments
+€1.0m
Financing
-€35,960
Debts after one year
-€37,188
Current portion of long-term debt
+€1,228
Cash 2025
€643,949
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,928,085 | €7,842,261 | +€914,176 | +13.2% |
| Fixed assets | 21/28 | €2,141,248 | €3,634,545 | +€1.5m | +69.7% |
| Tangible fixed assets | 22/27 | €767,409 | €610,706 | -€156,703 | -20.4% |
| Land and buildings | 22 | €239,332 | €216,291 | -€23,041 | -9.6% |
| Plant, machinery and equipment | 23 | €297,252 | €255,182 | -€42,070 | -14.2% |
| Furniture and vehicles | 24 | €132,271 | €73,182 | -€59,090 | -44.7% |
| Leasing and similar rights | 25 | €98,554 | €66,052 | -€32,502 | -33.0% |
| Financial fixed assets | 28 | €1,373,838 | €3,023,838 | +€1.7m | +120% |
| Affiliated companies | 280/1 | €531,500 | €2,181,500 | +€1.7m | +310% |
| Participating interests | 280 | €531,500 | €2,181,500 | +€1.7m | +310% |
| Companies linked by participating interests | 282/3 | €842,000 | €842,000 | = | 0.0% |
| Participating interests | 282 | €842,000 | €842,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €338 | €338 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €338 | €338 | = | 0.0% |
| Current assets | 29/58 | €4,786,837 | €4,207,716 | -€579,121 | -12.1% |
| Stocks and contracts in progress | 3 | €452,964 | €710,712 | +€257,748 | +56.9% |
| Stocks | 30/36 | €452,964 | €710,712 | +€257,748 | +56.9% |
| Goods purchased for resale | 34 | €452,964 | €710,712 | +€257,748 | +56.9% |
| Amounts receivable within one year | 40/41 | €1,938,440 | €2,222,630 | +€284,190 | +14.7% |
| Trade receivables | 40 | €1,192,305 | €1,196,724 | +€4,419 | +0.4% |
| Other amounts receivable | 41 | €746,135 | €1,025,905 | +€279,770 | +37.5% |
| Current investments | 50/53 | €1,609,708 | €609,708 | -€1.0m | -62.1% |
| Other investments | 51/53 | €1,609,708 | €609,708 | -€1.0m | -62.1% |
| Cash at bank and in hand | 54/58 | €753,359 | €643,949 | -€109,410 | -14.5% |
| Deferred charges and accrued income | 490/1 | €32,365 | €20,716 | -€11,649 | -36.0% |
| Total equity and liabilities | 10/49 | €6,928,085 | €7,842,261 | +€914,176 | +13.2% |
| Equity | 10/15 | €5,051,054 | €5,156,968 | +€105,914 | +2.1% |
| Contributions | 10/11 | €102,000 | €102,000 | = | 0.0% |
| Capital | 10 | €102,000 | €102,000 | = | 0.0% |
| Issued capital | 100 | €102,000 | €102,000 | = | 0.0% |
| Reserves | 13 | €1,211,312 | €1,200,190 | -€11,122 | -0.9% |
| Non-distributable reserves | 130/1 | €10,200 | €10,200 | = | 0.0% |
| Legal reserve | 130 | €10,200 | €10,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €201,112 | €189,990 | -€11,122 | -5.5% |
| Distributable reserves | 133 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,737,743 | €3,854,779 | +€117,036 | +3.1% |
| Provisions and deferred taxes | 16 | €298,346 | €225,868 | -€72,478 | -24.3% |
| Provisions for liabilities and charges | 160/5 | €260,000 | €193,000 | -€67,000 | -25.8% |
| Other liabilities and charges | 164/5 | €260,000 | €193,000 | -€67,000 | -25.8% |
| Deferred taxes | 168 | €38,346 | €32,868 | -€5,478 | -14.3% |
| Amounts payable | 17/49 | €1,578,684 | €2,459,424 | +€880,740 | +55.8% |
| Amounts payable after more than one year | 17 | €121,212 | €84,024 | -€37,188 | -30.7% |
| Financial debts | 170/4 | €121,212 | €84,024 | -€37,188 | -30.7% |
| Leasing and similar obligations | 172 | €70,171 | €39,366 | -€30,805 | -43.9% |
| Credit institutions | 173 | €51,041 | €44,658 | -€6,383 | -12.5% |
| Amounts payable within one year | 42/48 | €1,442,954 | €2,375,400 | +€932,446 | +64.6% |
| Current portion of amounts payable after more than one year | 42 | €35,960 | €37,188 | +€1,228 | +3.4% |
| Trade debts | 44 | €1,079,776 | €516,402 | -€563,375 | -52.2% |
| Suppliers | 440/4 | €1,079,776 | €516,402 | -€563,375 | -52.2% |
| Taxes, remuneration and social security | 45 | €264,886 | €109,479 | -€155,407 | -58.7% |
| Taxes | 450/3 | €194,236 | €51,979 | -€142,257 | -73.2% |
| Remuneration and social security | 454/9 | €70,649 | €57,500 | -€13,149 | -18.6% |
| Other amounts payable | 47/48 | €62,332 | €1,712,332 | +€1.7m | +2,647% |
| Accrued charges and deferred income | 492/3 | €14,518 | - | -€14,518 | |
| Operating income | 70/76A | €7,072,061 | €5,307,146 | -€1.8m | -25.0% |
| Turnover | 70 | €6,968,382 | €5,163,662 | -€1.8m | -25.9% |
| Other operating income | 74 | €103,678 | €143,484 | +€39,806 | +38.4% |
| Operating charges | 60/66A | €6,891,897 | €5,244,590 | -€1.6m | -23.9% |
| Goods for resale, raw materials and consumables | 60 | €4,939,423 | €3,492,999 | -€1.4m | -29.3% |
| Purchases | 600/8 | €4,705,683 | €4,049,216 | -€656,468 | -14.0% |
| Change in stocks: decrease (increase) | 609 | €233,739 | -€556,217 | -€789,956 | |
| Services and other goods | 61 | €973,329 | €672,298 | -€301,031 | -30.9% |
| Remuneration, social security and pensions | 62 | €807,548 | €630,028 | -€177,519 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,422 | €175,173 | -€3,249 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€19,669 | €298,468 | +€318,138 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€131,000 | -€67,000 | +€64,000 | +48.9% |
| Other operating charges | 640/8 | €49,411 | €42,623 | -€6,788 | -13.7% |
| Non-recurring operating charges | 66A | €94,435 | - | -€94,435 | |
| Operating profit (loss) | 9901 | €180,164 | €62,556 | -€117,608 | -65.3% |
| Financial income | 75/76B | €261,702 | €86,793 | -€174,909 | -66.8% |
| Recurring financial income | 75 | €261,702 | €86,793 | -€174,909 | -66.8% |
| Income from financial fixed assets | 750 | €225,000 | €50,000 | -€175,000 | -77.8% |
| Income from current assets | 751 | €32,592 | €36,751 | +€4,159 | +12.8% |
| Other financial income | 752/9 | €4,110 | €42 | -€4,068 | -99.0% |
| Financial charges | 65/66B | €8,063 | €13,376 | +€5,313 | +65.9% |
| Recurring financial charges | 65 | €8,063 | €13,376 | +€5,313 | +65.9% |
| Debt charges | 650 | €6,233 | €5,026 | -€1,206 | -19.4% |
| Other financial charges | 652/9 | €1,830 | €8,350 | +€6,519 | +356% |
| Profit (loss) for the period before taxes | 9903 | €433,803 | €135,973 | -€297,829 | -68.7% |
| Transfer from deferred taxes | 780 | €5,478 | €5,478 | = | 0.0% |
| Income taxes | 67/77 | €74,336 | €35,537 | -€38,799 | -52.2% |
| Taxes | 670/3 | €75,396 | €35,851 | -€39,545 | -52.5% |
| Tax adjustments and reversals of tax provisions | 77 | €1,060 | €314 | -€747 | -70.4% |
| Profit (loss) for the period | 9904 | €364,945 | €105,914 | -€259,031 | -71.0% |
| Transfer from tax-exempt reserves | 789 | €11,122 | €11,122 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €376,067 | €117,036 | -€259,031 | -68.9% |
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 14 October 2026 via checked.be.