CERDO: 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
CERDO
NACE 43.230, Insulation installation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,146
2024 · €1,081+€12,065
Equity
€589,883
2024 · €731,755-€141,872
Cash
€9,250
2024 · €3,844+€5,406
Balance sheet total
€1.9m
2024 · €1.8m+€67,470
Largest movements
Assets
- Tangible fixed assets +€34,010
up €34,010 (+3.7%), from €921,015 to €955,025
of which Plant, machinery and equipment: +€49,787
- Receivables within one year +€21,144
up €21,144 (+2.8%), from €743,070 to €764,213
of which Other amounts receivable: +€11,986
Equity and liabilities
- Other debts +€210,035
up €210,035 (+6,607%), from €3,179 to €213,214
- Reserves -€141,872
down €141,872 (-19.6%), from €725,400 to €583,528
of which Distributable reserves: -€141,872
- Advances received +€60,000
new in 2025: €60,000
- Trade debts -€32,615
down €32,615 (-8.6%), from €377,735 to €345,121
- Debts after one year -€19,588
down €19,588 (-4.0%), from €493,484 to €473,896
Income statement
- Gross operating margin +€60,669
up €60,669 (+21.0%), from €288,882 to €349,551
- Staff costs +€56,191
up €56,191 (+101%), from €55,765 to €111,956
- Write-downs +€51,239
new in 2025: €51,239
- Taxes -€28,731
down €28,731 (-75.8%), from €37,915 to €9,184
- Depreciation +€18,741
up €18,741 (+16.6%), from €112,658 to €131,399
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
€1,081
Gross operating margin
+€60,669
Staff costs
-€56,191
Depreciation
-€18,741
Write-downs
-€51,239
Other operating charges
-€952
Other operating items
+€50,436
Financial income
+€196
Financial charges
-€843
Taxes
+€28,731
Result 2025
€13,146
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
+€348,790
Investment
-€164,819
Financing
-€178,564
Cash 2024
€3,844
From operations (derived)
+€348,790
Net result for the year
+€13,146
Depreciation
+€131,399
Stocks and contracts
-€7,138
Receivables within one year
-€21,144
Deferred charges and accrued income
-€363
Trade debts
-€32,615
Tax, wage and social debts
-€6,287
Advances received
+€60,000
Other debts
+€210,035
Accrued charges and deferred income
+€1,755
Investment (derived)
-€164,819
Investment in fixed assets (net)
-€164,819
Financing
-€178,564
Debts after one year
-€19,588
Current portion of long-term debt
-€1,000
Short-term financial debts
-€2,958
Contributions, distributions and other
-€155,018
Cash 2025
€9,250
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,782,925 | €1,850,396 | +€67,470 | +3.8% |
| Fixed assets | 21/28 | €923,742 | €957,161 | +€33,420 | +3.6% |
| Intangible fixed assets | 21 | €1,594 | €1,004 | -€590 | -37.0% |
| Tangible fixed assets | 22/27 | €921,015 | €955,025 | +€34,010 | +3.7% |
| Land and buildings | 22 | €30,431 | €43,802 | +€13,371 | +43.9% |
| Plant, machinery and equipment | 23 | €43,544 | €93,330 | +€49,787 | +114% |
| Furniture and vehicles | 24 | €427,268 | €431,469 | +€4,201 | +1.0% |
| Other tangible fixed assets | 26 | €419,272 | €385,923 | -€33,349 | -8.0% |
| Assets under construction and advance payments | 27 | €500 | €500 | = | 0.0% |
| Financial fixed assets | 28 | €1,133 | €1,133 | = | 0.0% |
| Current assets | 29/58 | €859,184 | €893,234 | +€34,051 | +4.0% |
| Stocks and contracts in progress | 3 | €101,360 | €108,498 | +€7,138 | +7.0% |
| Stocks | 30/36 | €101,360 | €108,498 | +€7,138 | +7.0% |
| Amounts receivable within one year | 40/41 | €743,070 | €764,213 | +€21,144 | +2.8% |
| Trade receivables | 40 | €529,050 | €538,207 | +€9,157 | +1.7% |
| Other amounts receivable | 41 | €214,020 | €226,006 | +€11,986 | +5.6% |
| Cash at bank and in hand | 54/58 | €3,844 | €9,250 | +€5,406 | +141% |
| Deferred charges and accrued income | 490/1 | €10,910 | €11,273 | +€363 | +3.3% |
| Total equity and liabilities | 10/49 | €1,782,925 | €1,850,396 | +€67,470 | +3.8% |
| Equity | 10/15 | €731,755 | €589,883 | -€141,872 | -19.4% |
| Contributions | 10/11 | €6,355 | €6,355 | = | 0.0% |
| Reserves | 13 | €725,400 | €583,528 | -€141,872 | -19.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €725,400 | €583,528 | -€141,872 | -19.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,051,170 | €1,260,513 | +€209,342 | +19.9% |
| Amounts payable after more than one year | 17 | €493,484 | €473,896 | -€19,588 | -4.0% |
| Financial debts | 170/4 | €493,484 | €473,896 | -€19,588 | -4.0% |
| Amounts payable within one year | 42/48 | €557,686 | €784,862 | +€227,176 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €139,838 | €138,838 | -€1,000 | -0.7% |
| Financial debts | 43 | €12,217 | €9,259 | -€2,958 | -24.2% |
| Credit institutions | 430/8 | €12,217 | €9,259 | -€2,958 | -24.2% |
| Trade debts | 44 | €377,735 | €345,121 | -€32,615 | -8.6% |
| Suppliers | 440/4 | €377,735 | €345,121 | -€32,615 | -8.6% |
| Advances received on contracts in progress | 46 | - | €60,000 | +€60,000 | |
| Taxes, remuneration and social security | 45 | €24,717 | €18,430 | -€6,287 | -25.4% |
| Taxes | 450/3 | €17,818 | €11,725 | -€6,093 | -34.2% |
| Remuneration and social security | 454/9 | €6,898 | €6,705 | -€194 | -2.8% |
| Other amounts payable | 47/48 | €3,179 | €213,214 | +€210,035 | +6,607% |
| Accrued charges and deferred income | 492/3 | €0 | €1,755 | +€1,755 | |
| Non-recurring operating income | 76A | - | €15,337 | +€15,337 | |
| Remuneration, social security and pensions | 62 | €55,765 | €111,956 | +€56,191 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,658 | €131,399 | +€18,741 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €51,239 | +€51,239 | |
| Other operating charges | 640/8 | €8,195 | €9,148 | +€952 | +11.6% |
| Non-recurring operating charges | 66A | €50,436 | €0 | -€50,436 | -100% |
| Gross operating margin | 9900 | €288,882 | €349,551 | +€60,669 | +21.0% |
| Operating profit (loss) | 9901 | €61,828 | €45,809 | -€16,019 | -25.9% |
| Financial income | 75/76B | €295 | €491 | +€196 | +66.6% |
| Recurring financial income | 75 | €295 | €491 | +€196 | +66.6% |
| Financial charges | 65/66B | €23,127 | €23,970 | +€843 | +3.6% |
| Recurring financial charges | 65 | €23,127 | €23,970 | +€843 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €38,996 | €22,330 | -€16,666 | -42.7% |
| Income taxes | 67/77 | €37,915 | €9,184 | -€28,731 | -75.8% |
| Profit (loss) for the period | 9904 | €1,081 | €13,146 | +€12,065 | +1,116% |
| Profit (loss) for the period to be appropriated | 9905 | €1,081 | €13,146 | +€12,065 | +1,116% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.