CEROAR: 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.
CEROAR
Largest movements
- Receivables within one year -€47,883
down €47,883 (-75.6%), from €63,378 to €15,495
of which Trade receivables: -€45,462
- Cash +€17,264
up €17,264 (+95.5%), from €18,084 to €35,347
mainly Receivables within one year (+€47,883) and Depreciation (+€1,944)
- Tangible fixed assets +€7,315
up €7,315 (+1081.6%), from €676 to €7,991
of which Furniture and vehicles: +€6,798
- Deferred charges and accrued income +€1,257
up €1,257 (+120.2%), from €1,046 to €2,302
- Trade debts -€24,185
down €24,185 (-47.2%), from €51,288 to €27,103
- Tax, wage and social debts +€1,036
up €1,036 (+23.9%), from €4,341 to €5,377
- Gross operating margin -€15,341
down €15,341 (-79.2%), from €19,368 to €4,027
- Taxes -€3,527
down €3,527 (-81.2%), from €4,341 to €814
- Depreciation +€1,630
up €1,630 (+519.5%), from €314 to €1,944
- Financial charges +€805
up €805 (+875.7%), from €92 to €896
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 | €83,183 | €61,136 | -€22,047 | -26.5% |
| Fixed assets | 21/28 | €676 | €7,991 | +€7,315 | +1081.6% |
| Tangible fixed assets | 22/27 | €676 | €7,991 | +€7,315 | +1081.6% |
| Furniture and vehicles | 24 | €676 | €7,475 | +€6,798 | +1005.2% |
| Other tangible fixed assets | 26 | - | €517 | +€517 | |
| Current assets | 29/58 | €82,507 | €53,145 | -€29,362 | -35.6% |
| Amounts receivable within one year | 40/41 | €63,378 | €15,495 | -€47,883 | -75.6% |
| Trade receivables | 40 | €60,955 | €15,493 | -€45,462 | -74.6% |
| Other amounts receivable | 41 | €2,423 | €2 | -€2,421 | -99.9% |
| Cash at bank and in hand | 54/58 | €18,084 | €35,347 | +€17,264 | +95.5% |
| Deferred charges and accrued income | 490/1 | €1,046 | €2,302 | +€1,257 | +120.2% |
| Total equity and liabilities | 10/49 | €83,183 | €61,136 | -€22,047 | -26.5% |
| Equity | 10/15 | €17,630 | €18,029 | +€399 | +2.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,630 | €15,029 | +€399 | +2.7% |
| Amounts payable | 17/49 | €65,554 | €43,107 | -€22,446 | -34.2% |
| Amounts payable within one year | 42/48 | €65,554 | €42,405 | -€23,149 | -35.3% |
| Trade debts | 44 | €51,288 | €27,103 | -€24,185 | -47.2% |
| Suppliers | 440/4 | €51,288 | €27,103 | -€24,185 | -47.2% |
| Taxes, remuneration and social security | 45 | €4,341 | €5,377 | +€1,036 | +23.9% |
| Taxes | 450/3 | €4,341 | €5,377 | +€1,036 | +23.9% |
| Other amounts payable | 47/48 | €9,925 | €9,925 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €703 | +€703 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €314 | €1,944 | +€1,630 | +519.5% |
| Gross operating margin | 9900 | €19,368 | €4,027 | -€15,341 | -79.2% |
| Operating profit (loss) | 9901 | €19,054 | €2,083 | -€16,971 | -89.1% |
| Financial income | 75/76B | €8 | €27 | +€19 | +240.3% |
| Recurring financial income | 75 | €8 | €27 | +€19 | +240.3% |
| Financial charges | 65/66B | €92 | €896 | +€805 | +875.7% |
| Recurring financial charges | 65 | €92 | €896 | +€805 | +875.7% |
| Profit (loss) for the period before taxes | 9903 | €18,970 | €1,214 | -€17,757 | -93.6% |
| Income taxes | 67/77 | €4,341 | €814 | -€3,527 | -81.2% |
| Profit (loss) for the period | 9904 | €14,630 | €399 | -€14,230 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,630 | €399 | -€14,230 | -97.3% |
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 5 October 2026 via checked.be.