CERcuits: 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.
CERcuits
Largest movements
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Intangible fixed assets +€72,173
up €72,173 (+35.7%), from €202,084 to €274,257
- Cash +€57,585
up €57,585 (+60.1%), from €95,833 to €153,417
mainly Current investments (+€250,000) and Depreciation (+€110,662)
- Receivables within one year +€47,276
up €47,276 (+119.3%), from €39,628 to €86,904
of which Trade receivables: +€45,462
- Stocks and contracts +€19,156
up €19,156 (+43.8%), from €43,733 to €62,889
- Profit (loss) carried forward -€109,056
new in 2025: -€109,056
- Trade debts +€87,474
up €87,474 (+84.5%), from €103,484 to €190,959
- Debts after one year -€42,337
down €42,337 (-34.8%), from €121,734 to €79,397
- Current portion of long-term debt +€21,358
up €21,358 (+101.8%), from €20,979 to €42,337
- Reserves -€12,067
no longer reported in 2025 (was €12,067)
- Staff costs +€83,250
up €83,250 (+28.6%), from €290,660 to €373,909
- Depreciation +€30,519
up €30,519 (+38.1%), from €80,143 to €110,662
- Gross operating margin +€17,623
up €17,623 (+4.9%), from €360,836 to €378,459
- Financial charges +€4,539
up €4,539 (+43.4%), from €10,470 to €15,008
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 | €808,725 | €753,884 | -€54,842 | -6.8% |
| Fixed assets | 21/28 | €367,633 | €429,801 | +€62,168 | +16.9% |
| Intangible fixed assets | 21 | €202,084 | €274,257 | +€72,173 | +35.7% |
| Tangible fixed assets | 22/27 | €161,378 | €151,373 | -€10,005 | -6.2% |
| Plant, machinery and equipment | 23 | €158,794 | €141,462 | -€17,332 | -10.9% |
| Furniture and vehicles | 24 | €1,000 | €5,296 | +€4,296 | +429.5% |
| Other tangible fixed assets | 26 | €1,584 | €4,615 | +€3,031 | +191.4% |
| Financial fixed assets | 28 | €4,171 | €4,171 | = | 0.0% |
| Current assets | 29/58 | €441,092 | €324,082 | -€117,009 | -26.5% |
| Stocks and contracts in progress | 3 | €43,733 | €62,889 | +€19,156 | +43.8% |
| Stocks | 30/36 | €43,733 | €62,889 | +€19,156 | +43.8% |
| Amounts receivable within one year | 40/41 | €39,628 | €86,904 | +€47,276 | +119.3% |
| Trade receivables | 40 | €32,965 | €78,427 | +€45,462 | +137.9% |
| Other amounts receivable | 41 | €6,663 | €8,476 | +€1,813 | +27.2% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €95,833 | €153,417 | +€57,585 | +60.1% |
| Deferred charges and accrued income | 490/1 | €11,899 | €20,872 | +€8,974 | +75.4% |
| Total equity and liabilities | 10/49 | €808,725 | €753,884 | -€54,842 | -6.8% |
| Equity | 10/15 | €519,566 | €398,443 | -€121,123 | -23.3% |
| Contributions | 10/11 | €507,499 | €507,499 | = | 0.0% |
| Reserves | 13 | €12,067 | - | -€12,067 | |
| Distributable reserves | 133 | €12,067 | - | -€12,067 | |
| Profit (loss) carried forward | 14 | - | -€109,056 | -€109,056 | |
| Amounts payable | 17/49 | €289,160 | €355,441 | +€66,281 | +22.9% |
| Amounts payable after more than one year | 17 | €121,734 | €79,397 | -€42,337 | -34.8% |
| Financial debts | 170/4 | €121,734 | €79,397 | -€42,337 | -34.8% |
| Amounts payable within one year | 42/48 | €161,906 | €270,521 | +€108,615 | +67.1% |
| Current portion of amounts payable after more than one year | 42 | €20,979 | €42,337 | +€21,358 | +101.8% |
| Trade debts | 44 | €103,484 | €190,959 | +€87,474 | +84.5% |
| Suppliers | 440/4 | €103,484 | €190,959 | +€87,474 | +84.5% |
| Taxes, remuneration and social security | 45 | €35,984 | €33,248 | -€2,736 | -7.6% |
| Taxes | 450/3 | €475 | €458 | -€17 | -3.6% |
| Remuneration and social security | 454/9 | €35,509 | €32,790 | -€2,719 | -7.7% |
| Other amounts payable | 47/48 | €1,458 | €3,977 | +€2,518 | +172.7% |
| Accrued charges and deferred income | 492/3 | €5,519 | €5,523 | +€4 | +0.1% |
| Non-recurring operating income | 76A | €3,025 | - | -€3,025 | |
| Remuneration, social security and pensions | 62 | €290,660 | €373,909 | +€83,250 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,143 | €110,662 | +€30,519 | +38.1% |
| Other operating charges | 640/8 | €3,518 | €4,262 | +€744 | +21.2% |
| Non-recurring operating charges | 66A | €154 | €81 | -€74 | -47.6% |
| Gross operating margin | 9900 | €360,836 | €378,459 | +€17,623 | +4.9% |
| Operating profit (loss) | 9901 | -€13,640 | -€110,455 | -€96,815 | -709.8% |
| Financial income | 75/76B | €1,540 | €4,968 | +€3,427 | +222.5% |
| Recurring financial income | 75 | €1,540 | €4,968 | +€3,427 | +222.5% |
| Financial charges | 65/66B | €10,470 | €15,008 | +€4,539 | +43.4% |
| Recurring financial charges | 65 | €10,470 | €15,008 | +€4,539 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,569 | -€120,496 | -€97,927 | -433.9% |
| Income taxes | 67/77 | €510 | €627 | +€117 | +23.0% |
| Profit (loss) for the period | 9904 | -€23,079 | -€121,123 | -€98,044 | -424.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,079 | -€121,123 | -€98,044 | -424.8% |
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 11 October 2026 via checked.be.