CeRo: 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.
CeRo
Largest movements
- Receivables within one year +€39,203
up €39,203 (+229%), from €17,123 to €56,325
of which Trade receivables: +€33,651
- Cash -€10,975
down €10,975 (-91.1%), from €12,041 to €1,066
mainly Receivables within one year (-€39,203) and Investment in fixed assets (net) (-€11,415)
- Tangible fixed assets +€9,208
up €9,208 (+919%), from €1,003 to €10,211
of which Land and buildings: +€4,657
- Profit (loss) carried forward +€30,807
up €30,807 (+225%), from €13,667 to €44,474
- Tax, wage and social debts +€12,367
up €12,367 (+141%), from €8,761 to €21,129
of which Taxes: +€10,034
- Trade debts -€5,738
down €5,738 (-100%), from €5,738 to €0
- Gross operating margin +€24,027
up €24,027 (+128%), from €18,706 to €42,733
- Taxes +€5,017
up €5,017 (+106%), from €4,713 to €9,730
- Depreciation +€1,900
up €1,900 (+620%), from €306 to €2,207
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 | €30,166 | €67,602 | +€37,436 | +124% |
| Fixed assets | 21/28 | €1,003 | €10,211 | +€9,208 | +919% |
| Tangible fixed assets | 22/27 | €1,003 | €10,211 | +€9,208 | +919% |
| Land and buildings | 22 | - | €4,657 | +€4,657 | |
| Furniture and vehicles | 24 | €1,003 | €5,554 | +€4,552 | +454% |
| Current assets | 29/58 | €29,164 | €57,392 | +€28,228 | +96.8% |
| Amounts receivable within one year | 40/41 | €17,123 | €56,325 | +€39,203 | +229% |
| Trade receivables | 40 | €15,156 | €48,807 | +€33,651 | +222% |
| Other amounts receivable | 41 | €1,966 | €7,518 | +€5,552 | +282% |
| Cash at bank and in hand | 54/58 | €12,041 | €1,066 | -€10,975 | -91.1% |
| Total equity and liabilities | 10/49 | €30,166 | €67,602 | +€37,436 | +124% |
| Equity | 10/15 | €15,667 | €46,474 | +€30,807 | +197% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,667 | €44,474 | +€30,807 | +225% |
| Amounts payable | 17/49 | €14,500 | €21,129 | +€6,629 | +45.7% |
| Amounts payable within one year | 42/48 | €14,500 | €21,129 | +€6,629 | +45.7% |
| Trade debts | 44 | €5,738 | €0 | -€5,738 | -100% |
| Suppliers | 440/4 | €5,738 | €0 | -€5,738 | -100% |
| Taxes, remuneration and social security | 45 | €8,761 | €21,129 | +€12,367 | +141% |
| Taxes | 450/3 | €8,761 | €18,795 | +€10,034 | +115% |
| Remuneration and social security | 454/9 | - | €2,334 | +€2,334 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306 | €2,207 | +€1,900 | +620% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €18,706 | €42,733 | +€24,027 | +128% |
| Operating profit (loss) | 9901 | €18,400 | €40,407 | +€22,007 | +120% |
| Financial income | 75/76B | €30 | €203 | +€174 | +579% |
| Recurring financial income | 75 | €30 | €203 | +€174 | +579% |
| Financial charges | 65/66B | €50 | €73 | +€23 | +46.0% |
| Recurring financial charges | 65 | €50 | €73 | +€23 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €18,380 | €40,537 | +€22,157 | +121% |
| Income taxes | 67/77 | €4,713 | €9,730 | +€5,017 | +106% |
| Profit (loss) for the period | 9904 | €13,667 | €30,807 | +€17,140 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €13,667 | €30,807 | +€17,140 | +125% |
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 15 October 2026 via checked.be.