CERES LAW: 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.
CERES LAW
Largest movements
- Receivables within one year +€80,411
up €80,411 (+77.2%), from €104,117 to €184,528
of which Other amounts receivable: +€63,621
- Tangible fixed assets -€41,355
down €41,355 (-6.1%), from €674,205 to €632,850
- Reserves +€43,220
up €43,220 (+21.4%), from €201,871 to €245,090
- Debts after one year -€38,325
down €38,325 (-9.3%), from €413,320 to €374,996
- Tax, wage and social debts +€26,067
up €26,067 (+96.9%), from €26,895 to €52,963
- Trade debts +€12,334
up €12,334 (+23.8%), from €51,908 to €64,242
- Advances received +€10,000
new in 2025: €10,000
- Taxes +€9,607
up €9,607 (+54.7%), from €17,556 to €27,163
- Depreciation -€1,766
down €1,766 (-4.1%), from €43,120 to €41,355
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €935,648 | €972,173 | +€36,525 | +3.9% |
| Fixed assets | 21/28 | €674,330 | €632,975 | -€41,355 | -6.1% |
| Tangible fixed assets | 22/27 | €674,205 | €632,850 | -€41,355 | -6.1% |
| Land and buildings | 22 | €528,837 | €513,875 | -€14,963 | -2.8% |
| Plant, machinery and equipment | 23 | €75,344 | €72,205 | -€3,139 | -4.2% |
| Furniture and vehicles | 24 | €45,222 | €27,804 | -€17,418 | -38.5% |
| Leasing and similar rights | 25 | €24,802 | €18,966 | -€5,836 | -23.5% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €261,318 | €339,198 | +€77,880 | +29.8% |
| Amounts receivable after more than one year | 29 | €122,669 | €122,669 | = | 0.0% |
| Other amounts receivable | 291 | €122,669 | €122,669 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,117 | €184,528 | +€80,411 | +77.2% |
| Trade receivables | 40 | €2,450 | €19,240 | +€16,790 | +685% |
| Other amounts receivable | 41 | €101,667 | €165,288 | +€63,621 | +62.6% |
| Deferred charges and accrued income | 490/1 | €34,531 | €32,000 | -€2,531 | -7.3% |
| Total equity and liabilities | 10/49 | €935,648 | €972,173 | +€36,525 | +3.9% |
| Equity | 10/15 | €272,756 | €315,976 | +€43,220 | +15.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €201,871 | €245,090 | +€43,220 | +21.4% |
| Distributable reserves | 133 | €201,871 | €245,090 | +€43,220 | +21.4% |
| Profit (loss) carried forward | 14 | €58,486 | €58,486 | = | 0.0% |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Environmental obligations | 163 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €652,891 | €646,197 | -€6,695 | -1.0% |
| Amounts payable after more than one year | 17 | €413,320 | €374,996 | -€38,325 | -9.3% |
| Financial debts | 170/4 | €413,320 | €374,996 | -€38,325 | -9.3% |
| Amounts payable within one year | 42/48 | €207,571 | €239,201 | +€31,630 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €65,512 | €63,670 | -€1,843 | -2.8% |
| Financial debts | 43 | €12,137 | €6,098 | -€6,039 | -49.8% |
| Credit institutions | 430/8 | €12,137 | €6,098 | -€6,039 | -49.8% |
| Trade debts | 44 | €51,908 | €64,242 | +€12,334 | +23.8% |
| Suppliers | 440/4 | €51,908 | €64,242 | +€12,334 | +23.8% |
| Advances received on contracts in progress | 46 | - | €10,000 | +€10,000 | |
| Taxes, remuneration and social security | 45 | €26,895 | €52,963 | +€26,067 | +96.9% |
| Taxes | 450/3 | €26,895 | €52,963 | +€26,067 | +96.9% |
| Other amounts payable | 47/48 | €51,119 | €42,229 | -€8,890 | -17.4% |
| Accrued charges and deferred income | 492/3 | €32,000 | €32,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,120 | €41,355 | -€1,766 | -4.1% |
| Other operating charges | 640/8 | €4,086 | €4,495 | +€408 | +10.0% |
| Gross operating margin | 9900 | €120,608 | €119,909 | -€699 | -0.6% |
| Operating profit (loss) | 9901 | €73,401 | €74,060 | +€658 | +0.9% |
| Financial income | 75/76B | €4,907 | €4,909 | +€2 | 0.0% |
| Recurring financial income | 75 | €4,907 | €4,909 | +€2 | 0.0% |
| Financial charges | 65/66B | €9,523 | €8,586 | -€936 | -9.8% |
| Recurring financial charges | 65 | €9,523 | €8,586 | -€936 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €68,786 | €70,382 | +€1,597 | +2.3% |
| Income taxes | 67/77 | €17,556 | €27,163 | +€9,607 | +54.7% |
| Profit (loss) for the period | 9904 | €51,230 | €43,220 | -€8,010 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,230 | €43,220 | -€8,010 | -15.6% |
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 29 October 2026 via checked.be.