CERES: 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
CERES
NACE 10.610, Manufacture of food products
financial year 2025 compared with 2022not consecutivefiled annual accounts (NBB)
Net result for the year
-€13.2m
2022 · -€4.8m-€8.4m
Equity
€6.5m
2022 · -+€6.5m
Cash
€2.6m
2022 · €484,096+€2.1m
Balance sheet total
€36.1m
2022 · €20.3m+€15.7m
Largest movements
Assets
- Tangible fixed assets +€10.3m
up €10.3m (+243%), from €4.2m to €14.6m
of which Assets under construction and advance payments: +€10.7m
- Receivables within one year +€6.1m
up €6.1m (+88.6%), from €6.8m to €12.9m
of which Other amounts receivable: +€6.2m
- Stocks and contracts -€3.3m
down €3.3m (-38.5%), from €8.7m to €5.3m
- Cash +€2.1m
up €2.1m (+434%), from €484,096 to €2.6m
- Intangible fixed assets +€502,270
up €502,270 (+1,287%), from €39,022 to €541,292
Equity and liabilities
- Contributions +€34.7m
up €34.7m (+698%), from €5.0m to €39.7m
of which Capital: +€34.7m
- Profit (loss) carried forward -€26.9m
down €26.9m (-98.3%), from -€27.4m to -€54.3m
- Other debts +€7.8m
up €7.8m (+103%), from €7.6m to €15.4m
- Trade debts -€6.2m
down €6.2m (-52.9%), from €11.7m to €5.5m
- Short-term financial debts +€3.9m
up €3.9m (+386%), from €1.0m to €5.0m
of which Credit institutions: +€5.0m
Income statement
- Turnover +€29.1m
up €29.1m (+32.4%), from €89.7m to €118.8m
- Goods and materials +€18.4m
up €18.4m (+25.0%), from €73.7m to €92.1m
of which Purchases: +€91.9m
- Services and other goods +€9.2m
up €9.2m (+56.9%), from €16.2m to €25.4m
- Financial income +€5.1m
new in 2025: €5.1m
of which Non-recurring financial income: +€4.7m
- Staff costs +€3.9m
up €3.9m (+63.2%), from €6.1m to €10.0m
From the 2022 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 2022
-€4.8m
Turnover
+€29.1m
Other operating income
-€2.9m
Goods and materials
-€18.4m
Services and other goods
-€9.2m
Staff costs
-€3.9m
Depreciation
-€154,126
Write-downs
-€265,634
Provisions
-€72,271
Other operating charges
+€1.9m
Other operating items
-€7.1m
Financial income
+€5.1m
Financial charges
-€2.5m
Other financial items
-€20,495
Taxes
-€2,585
Result 2025
-€13.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,349,454 | €36,071,636 | +€15.7m | +77.3% |
| Fixed assets | 21/28 | €4,325,063 | €15,119,153 | +€10.8m | +250% |
| Intangible fixed assets | 21 | €39,022 | €541,292 | +€502,270 | +1,287% |
| Tangible fixed assets | 22/27 | €4,245,221 | €14,577,861 | +€10.3m | +243% |
| Land and buildings | 22 | €3,208,787 | €2,487,027 | -€721,760 | -22.5% |
| Plant, machinery and equipment | 23 | €696,900 | €813,764 | +€116,864 | +16.8% |
| Furniture and vehicles | 24 | - | €221,560 | +€221,560 | |
| Leasing and similar rights | 25 | €1,363 | €0 | -€1,363 | -100% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Assets under construction and advance payments | 27 | €338,171 | €11,055,509 | +€10.7m | +3,169% |
| Financial fixed assets | 28 | €40,820 | €0 | -€40,820 | -100% |
| Other financial fixed assets | 284/8 | €40,820 | €0 | -€40,820 | -100% |
| Amounts receivable and cash guarantees | 285/8 | €40,820 | €0 | -€40,820 | -100% |
| Current assets | 29/58 | €16,024,391 | €20,952,483 | +€4.9m | +30.8% |
| Stocks and contracts in progress | 3 | €8,683,773 | €5,337,783 | -€3.3m | -38.5% |
| Stocks | 30/36 | €8,683,773 | €5,337,783 | -€3.3m | -38.5% |
| Raw materials and consumables | 30/31 | €5,432,746 | €3,854,499 | -€1.6m | -29.1% |
| Finished goods | 33 | €2,966,983 | €1,483,285 | -€1.5m | -50.0% |
| Goods purchased for resale | 34 | €284,044 | €0 | -€284,044 | -100% |
| Amounts receivable within one year | 40/41 | €6,833,778 | €12,888,837 | +€6.1m | +88.6% |
| Trade receivables | 40 | €6,833,778 | €6,669,606 | -€164,172 | -2.4% |
| Other amounts receivable | 41 | - | €6,219,230 | +€6.2m | |
| Current investments | 50/53 | - | €0 | = | |
| Other investments | 51/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €484,096 | €2,583,638 | +€2.1m | +434% |
| Deferred charges and accrued income | 490/1 | €22,744 | €142,225 | +€119,481 | +525% |
| Total equity and liabilities | 10/49 | €20,349,454 | €36,071,636 | +€15.7m | +77.3% |
| Equity | 10/15 | - | €6,527,641 | +€6.5m | |
| Contributions | 10/11 | €4,970,030 | €39,650,030 | +€34.7m | +698% |
| Capital | 10 | €4,970,000 | €39,650,000 | +€34.7m | +698% |
| Issued capital | 100 | €4,970,000 | €39,650,000 | +€34.7m | +698% |
| Contributions outside capital | 11 | €30 | €30 | -€0 | -0.1% |
| Share premium | 1100/10 | €30 | €30 | -€0 | -0.1% |
| Reserves | 13 | €21,131,641 | €21,131,641 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €724,828 | €724,827 | -€1 | 0.0% |
| Legal reserve | 130 | €724,828 | €724,827 | -€1 | 0.0% |
| Tax-exempt reserves | 132 | €29,352 | €29,352 | +€0 | 0.0% |
| Distributable reserves | 133 | €20,377,461 | €20,377,461 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€27,362,386 | -€54,254,030 | -€26.9m | -98.3% |
| Investment grants | 15 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €11,004 | €1,825,224 | +€1.8m | +16,487% |
| Provisions for liabilities and charges | 160/5 | €11,004 | €1,825,224 | +€1.8m | +16,487% |
| Pensions and similar obligations | 160 | €11,004 | - | -€11,004 | |
| Other liabilities and charges | 164/5 | - | €1,825,224 | +€1.8m | |
| Amounts payable | 17/49 | €21,599,165 | €27,718,771 | +€6.1m | +28.3% |
| Amounts payable within one year | 42/48 | €21,587,071 | €27,711,158 | +€6.1m | +28.4% |
| Financial debts | 43 | €1,023,996 | €4,973,070 | +€3.9m | +386% |
| Credit institutions | 430/8 | - | €4,973,070 | +€5.0m | |
| Other loans | 439 | €1,023,996 | - | -€1.0m | |
| Trade debts | 44 | €11,730,820 | €5,521,630 | -€6.2m | -52.9% |
| Suppliers | 440/4 | €11,730,820 | €5,521,630 | -€6.2m | -52.9% |
| Taxes, remuneration and social security | 45 | €1,246,741 | €1,795,638 | +€548,897 | +44.0% |
| Taxes | 450/3 | €204,268 | €1,070,094 | +€865,826 | +424% |
| Remuneration and social security | 454/9 | €1,042,473 | €725,544 | -€316,929 | -30.4% |
| Other amounts payable | 47/48 | €7,585,514 | €15,420,820 | +€7.8m | +103% |
| Accrued charges and deferred income | 492/3 | €12,094 | €7,613 | -€4,481 | -37.1% |
| Operating income | 70/76A | €94,514,004 | €119,255,981 | +€24.7m | +26.2% |
| Turnover | 70 | €89,690,440 | €118,753,210 | +€29.1m | +32.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,508,011 | -€128,224 | -€1.6m | |
| Other operating income | 74 | €3,315,553 | €446,256 | -€2.9m | -86.5% |
| Non-recurring operating income | 76A | - | €184,739 | +€184,739 | |
| Operating charges | 60/66A | €99,110,742 | €134,881,117 | +€35.8m | +36.1% |
| Goods for resale, raw materials and consumables | 60 | €73,711,783 | €92,149,374 | +€18.4m | +25.0% |
| Purchases | 600/8 | - | €91,938,497 | +€91.9m | |
| Change in stocks: decrease (increase) | 609 | -€1,963,615 | €210,878 | +€2.2m | |
| Services and other goods | 61 | €16,222,370 | €25,445,122 | +€9.2m | +56.9% |
| Remuneration, social security and pensions | 62 | €6,097,011 | €9,950,850 | +€3.9m | +63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €693,234 | €847,360 | +€154,126 | +22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€341,845 | -€76,211 | +€265,634 | +77.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€72,271 | - | +€72,271 | |
| Other operating charges | 640/8 | €2,444,449 | €532,755 | -€1.9m | -78.2% |
| Non-recurring operating charges | 66A | €356,011 | €6,031,867 | +€5.7m | +1,594% |
| Operating profit (loss) | 9901 | -€4,596,738 | -€15,625,136 | -€11.0m | -240% |
| Financial income | 75/76B | - | €5,127,302 | +€5.1m | |
| Recurring financial income | 75 | €20,495 | €427,302 | +€406,807 | +1,985% |
| Income from current assets | 751 | €68 | - | -€68 | |
| Other financial income | 752/9 | €20,427 | €427,302 | +€406,875 | +1,992% |
| Non-recurring financial income | 76B | - | €4,700,000 | +€4.7m | |
| Financial charges | 65/66B | €243,133 | €2,695,919 | +€2.5m | +1,009% |
| Recurring financial charges | 65 | €243,133 | €2,695,919 | +€2.5m | +1,009% |
| Debt charges | 650 | €229,918 | €974,813 | +€744,895 | +324% |
| Other financial charges | 652/9 | €13,215 | €1,721,105 | +€1.7m | +12,924% |
| Profit (loss) for the period before taxes | 9903 | -€4,819,376 | -€13,193,753 | -€8.4m | -174% |
| Income taxes | 67/77 | €3,768 | €6,353 | +€2,585 | +68.6% |
| Taxes | 670/3 | €3,768 | €6,353 | +€2,585 | +68.6% |
| Profit (loss) for the period | 9904 | -€4,823,144 | -€13,200,106 | -€8.4m | -174% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,823,144 | -€13,200,106 | -€8.4m | -174% |
Source: filed annual accounts (NBB), financial years ended 30 June 2022 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.