CEREP LOI 1: 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.
CEREP LOI 1
Largest movements
- Cash +€1.8m
up €1.8m (+45.3%), from €4.0m to €5.8m
mainly Depreciation (+€1.7m) and Net result for the year (+€1.7m)
- Tangible fixed assets -€1.7m
down €1.7m (-3.6%), from €46.4m to €44.7m
of which Land and buildings: -€1.7m
- Receivables after one year +€1.6m
up €1.6m (+7.6%), from €20.6m to €22.2m
- Profit (loss) carried forward +€1.7m
up €1.7m (+7.2%), from -€23.1m to -€21.4m
- Gross operating margin -€1.8m
down €1.8m (-31.4%), from €5.7m to €3.9m
- Financial charges +€129,133
up €129,133 (+16.6%), from €777,183 to €906,316
- Financial income +€93,341
up €93,341 (+14.9%), from €626,035 to €719,376
- Taxes -€63,048
down €63,048 (-14.8%), from €425,983 to €362,935
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 | €72,185,937 | €73,950,571 | +€1.8m | +2.4% |
| Fixed assets | 21/28 | €47,524,991 | €45,843,078 | -€1.7m | -3.5% |
| Tangible fixed assets | 22/27 | €46,414,790 | €44,732,877 | -€1.7m | -3.6% |
| Land and buildings | 22 | €46,414,790 | €44,732,877 | -€1.7m | -3.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,110,201 | €1,110,201 | = | 0.0% |
| Current assets | 29/58 | €24,660,946 | €28,107,493 | +€3.4m | +14.0% |
| Amounts receivable after more than one year | 29 | €20,639,921 | €22,209,297 | +€1.6m | +7.6% |
| Other amounts receivable | 291 | €20,639,921 | €22,209,297 | +€1.6m | +7.6% |
| Amounts receivable within one year | 40/41 | €22,750 | €92,588 | +€69,838 | +307% |
| Trade receivables | 40 | €22,750 | €0 | -€22,750 | -100% |
| Other amounts receivable | 41 | - | €92,588 | +€92,588 | |
| Cash at bank and in hand | 54/58 | €3,988,088 | €5,795,333 | +€1.8m | +45.3% |
| Deferred charges and accrued income | 490/1 | €10,186 | €10,274 | +€88 | +0.9% |
| Total equity and liabilities | 10/49 | €72,185,937 | €73,950,571 | +€1.8m | +2.4% |
| Equity | 10/15 | €11,703,247 | €13,354,263 | +€1.7m | +14.1% |
| Contributions | 10/11 | €33,825,765 | €33,825,765 | = | 0.0% |
| Capital | 10 | €33,825,765 | €33,825,765 | = | 0.0% |
| Issued capital | 100 | €33,825,765 | €33,825,765 | = | 0.0% |
| Reserves | 13 | €939,705 | €939,705 | = | 0.0% |
| Distributable reserves | 133 | €939,705 | €939,705 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,062,223 | -€21,411,208 | +€1.7m | +7.2% |
| Amounts payable | 17/49 | €60,482,689 | €60,596,308 | +€113,619 | +0.2% |
| Amounts payable after more than one year | 17 | €55,800,000 | €55,800,000 | = | 0.0% |
| Financial debts | 170/4 | €55,800,000 | €55,800,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,044 | €25,307 | -€25,738 | -50.4% |
| Trade debts | 44 | €50,788 | €25,307 | -€25,481 | -50.2% |
| Suppliers | 440/4 | €50,788 | €25,307 | -€25,481 | -50.2% |
| Taxes, remuneration and social security | 45 | €256 | €0 | -€256 | -100% |
| Taxes | 450/3 | €256 | €0 | -€256 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,631,645 | €4,771,002 | +€139,357 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,686,717 | €1,687,358 | +€641 | 0.0% |
| Other operating charges | 640/8 | €36,218 | €37,377 | +€1,159 | +3.2% |
| Gross operating margin | 9900 | €5,725,090 | €3,925,625 | -€1.8m | -31.4% |
| Operating profit (loss) | 9901 | €4,002,156 | €2,200,891 | -€1.8m | -45.0% |
| Financial income | 75/76B | €626,035 | €719,376 | +€93,341 | +14.9% |
| Recurring financial income | 75 | €626,035 | €719,376 | +€93,341 | +14.9% |
| Financial charges | 65/66B | €777,183 | €906,316 | +€129,133 | +16.6% |
| Recurring financial charges | 65 | €777,183 | €906,316 | +€129,133 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €3,851,008 | €2,013,950 | -€1.8m | -47.7% |
| Income taxes | 67/77 | €425,983 | €362,935 | -€63,048 | -14.8% |
| Profit (loss) for the period | 9904 | €3,425,025 | €1,651,015 | -€1.8m | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,425,025 | €1,651,015 | -€1.8m | -51.8% |
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 20 October 2026 via checked.be.