CEREX: what changed
Two fiscal 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.
CEREX
Largest movements
- Receivables within one year -€46,598
down €46,598 (-66.8%), from €69,808 to €23,209
of which Trade receivables: -€49,075
- Current investments +€45,776
up €45,776 (+9.4%), from €484,687 to €530,463
- Cash +€24,950
up €24,950 (+49.9%), from €49,960 to €74,910
mainly Net result for the year (+€50,166) and Receivables within one year (+€46,598)
- Tangible fixed assets -€9,742
down €9,742 (-9.6%), from €101,362 to €91,620
of which Furniture and vehicles: -€5,075
- Reserves +€50,166
up €50,166 (+8.5%), from €593,100 to €643,266
of which Distributable reserves: +€50,166
- Accrued charges and deferred income -€36,640
down €36,640 (-90.2%), from €40,621 to €3,982
- Gross operating margin +€61,236
up €61,236 (+24.7%), from €247,490 to €308,726
- Taxes +€21,003
up €21,003 (+593.7%), from €3,537 to €24,541
- Financial charges +€17,056
up €17,056 (+134.1%), from €12,716 to €29,773
- Staff costs +€7,583
up €7,583 (+3.7%), from €204,238 to €211,821
- Depreciation -€4,615
down €4,615 (-29.6%), from €15,617 to €11,002
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 | €706,724 | €721,110 | +€14,385 | +2.0% |
| Fixed assets | 21/28 | €101,362 | €91,620 | -€9,742 | -9.6% |
| Tangible fixed assets | 22/27 | €101,362 | €91,620 | -€9,742 | -9.6% |
| Land and buildings | 22 | €81,695 | €77,028 | -€4,667 | -5.7% |
| Furniture and vehicles | 24 | €19,667 | €14,592 | -€5,075 | -25.8% |
| Current assets | 29/58 | €605,363 | €629,490 | +€24,127 | +4.0% |
| Amounts receivable within one year | 40/41 | €69,808 | €23,209 | -€46,598 | -66.8% |
| Trade receivables | 40 | €57,634 | €8,560 | -€49,075 | -85.1% |
| Other amounts receivable | 41 | €12,174 | €14,650 | +€2,476 | +20.3% |
| Current investments | 50/53 | €484,687 | €530,463 | +€45,776 | +9.4% |
| Cash at bank and in hand | 54/58 | €49,960 | €74,910 | +€24,950 | +49.9% |
| Deferred charges and accrued income | 490/1 | €908 | €908 | = | 0.0% |
| Total equity and liabilities | 10/49 | €706,724 | €721,110 | +€14,385 | +2.0% |
| Equity | 10/15 | €619,291 | €669,457 | +€50,166 | +8.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €593,100 | €643,266 | +€50,166 | +8.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €586,900 | €637,066 | +€50,166 | +8.5% |
| Profit (loss) carried forward | 14 | -€35,809 | -€35,809 | = | 0.0% |
| Amounts payable | 17/49 | €87,434 | €51,653 | -€35,781 | -40.9% |
| Amounts payable within one year | 42/48 | €46,812 | €47,671 | +€859 | +1.8% |
| Trade debts | 44 | €4,570 | €2,383 | -€2,187 | -47.9% |
| Suppliers | 440/4 | €4,570 | €2,383 | -€2,187 | -47.9% |
| Taxes, remuneration and social security | 45 | €39,467 | €45,288 | +€5,821 | +14.8% |
| Taxes | 450/3 | €11,632 | €16,971 | +€5,339 | +45.9% |
| Remuneration and social security | 454/9 | €27,835 | €28,317 | +€482 | +1.7% |
| Other amounts payable | 47/48 | €2,776 | - | -€2,776 | |
| Accrued charges and deferred income | 492/3 | €40,621 | €3,982 | -€36,640 | -90.2% |
| Remuneration, social security and pensions | 62 | €204,238 | €211,821 | +€7,583 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,617 | €11,002 | -€4,615 | -29.6% |
| Other operating charges | 640/8 | €4,151 | €4,277 | +€126 | +3.0% |
| Gross operating margin | 9900 | €247,490 | €308,726 | +€61,236 | +24.7% |
| Operating profit (loss) | 9901 | €23,483 | €81,626 | +€58,143 | +247.6% |
| Financial income | 75/76B | €22,894 | €22,854 | -€40 | -0.2% |
| Recurring financial income | 75 | €22,894 | €22,854 | -€40 | -0.2% |
| Financial charges | 65/66B | €12,716 | €29,773 | +€17,056 | +134.1% |
| Recurring financial charges | 65 | €12,716 | €29,773 | +€17,056 | +134.1% |
| Profit (loss) for the period before taxes | 9903 | €33,661 | €74,707 | +€41,046 | +121.9% |
| Income taxes | 67/77 | €3,537 | €24,541 | +€21,003 | +593.7% |
| Profit (loss) for the period | 9904 | €30,124 | €50,166 | +€20,043 | +66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,124 | €50,166 | +€20,043 | +66.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.