CERFOURS: 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.
CERFOURS
Largest movements
- Tangible fixed assets +€545,193
up €545,193 (+76.1%), from €716,122 to €1.3m
of which Land and buildings: +€539,897
- Receivables after one year +€38,274
new in 2025: €38,274
- Debts after one year +€660,487
up €660,487 (+82.5%), from €800,552 to €1.5m
of which Financial debts: +€634,487
- Profit (loss) carried forward -€78,131
down €78,131 (-101.1%), from -€77,285 to -€155,416
- Financial charges +€6,033
up €6,033 (+42.3%), from €14,254 to €20,287
- Depreciation -€3,469
down €3,469 (-6.8%), from €51,288 to €47,819
- Gross operating margin +€2,011
up €2,011 (+21.9%), from -€9,183 to -€7,173
- Other operating charges +€293
up €293 (+11.4%), from €2,560 to €2,853
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 | €730,369 | €1,310,794 | +€580,425 | +79.5% |
| Fixed assets | 21/28 | €716,122 | €1,261,315 | +€545,193 | +76.1% |
| Tangible fixed assets | 22/27 | €716,122 | €1,261,315 | +€545,193 | +76.1% |
| Land and buildings | 22 | €716,122 | €1,256,019 | +€539,897 | +75.4% |
| Furniture and vehicles | 24 | - | €5,296 | +€5,296 | |
| Current assets | 29/58 | €14,248 | €49,479 | +€35,232 | +247.3% |
| Amounts receivable after more than one year | 29 | - | €38,274 | +€38,274 | |
| Trade receivables | 290 | - | €38,274 | +€38,274 | |
| Amounts receivable within one year | 40/41 | €320 | €3,283 | +€2,962 | +924.4% |
| Trade receivables | 40 | €320 | €3,283 | +€2,962 | +924.4% |
| Cash at bank and in hand | 54/58 | €13,927 | €7,138 | -€6,789 | -48.7% |
| Deferred charges and accrued income | 490/1 | - | €784 | +€784 | |
| Total equity and liabilities | 10/49 | €730,369 | €1,310,794 | +€580,425 | +79.5% |
| Equity | 10/15 | -€76,285 | -€154,416 | -€78,131 | -102.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,285 | -€155,416 | -€78,131 | -101.1% |
| Amounts payable | 17/49 | €806,654 | €1,465,210 | +€658,556 | +81.6% |
| Amounts payable after more than one year | 17 | €800,552 | €1,461,039 | +€660,487 | +82.5% |
| Financial debts | 170/4 | €23,037 | €657,524 | +€634,487 | +2754.3% |
| Other amounts payable | 178/9 | €777,515 | €803,515 | +€26,000 | +3.3% |
| Amounts payable within one year | 42/48 | €6,103 | €3,882 | -€2,220 | -36.4% |
| Trade debts | 44 | €6,103 | €3,882 | -€2,220 | -36.4% |
| Suppliers | 440/4 | €6,103 | €3,882 | -€2,220 | -36.4% |
| Accrued charges and deferred income | 492/3 | - | €288 | +€288 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,288 | €47,819 | -€3,469 | -6.8% |
| Other operating charges | 640/8 | €2,560 | €2,853 | +€293 | +11.4% |
| Gross operating margin | 9900 | -€9,183 | -€7,173 | +€2,011 | +21.9% |
| Operating profit (loss) | 9901 | -€63,031 | -€57,844 | +€5,187 | +8.2% |
| Financial charges | 65/66B | €14,254 | €20,287 | +€6,033 | +42.3% |
| Recurring financial charges | 65 | €14,254 | €20,287 | +€6,033 | +42.3% |
| Profit (loss) for the period before taxes | 9903 | -€77,285 | -€78,131 | -€846 | -1.1% |
| Profit (loss) for the period | 9904 | -€77,285 | -€78,131 | -€846 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,285 | -€78,131 | -€846 | -1.1% |
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 2 October 2026 via checked.be.