CERSA: 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.
CERSA
Largest movements
- Cash -€419,436
down €419,436 (-69.1%), from €606,742 to €187,305
mainly Other debts (-€250,000) and Contributions, distributions and other (-€249,598)
- Stocks and contracts +€132,350
up €132,350 (+55.6%), from €237,990 to €370,341
- Tangible fixed assets -€29,678
down €29,678 (-33.0%), from €89,842 to €60,164
of which Furniture and vehicles: -€19,886
- Receivables within one year +€27,401
up €27,401 (+4.0%), from €691,746 to €719,147
of which Other amounts receivable: +€48,136
- Other debts -€250,000
down €250,000 (-41.7%), from €600,000 to €350,000
- Advances received -€131,775
down €131,775 (-100.0%), from €131,775 to €0
- Trade debts +€93,994
up €93,994 (+24.3%), from €387,169 to €481,164
- Short-term financial debts +€50,210
new in 2025: €50,210
- Provisions -€25,411
down €25,411 (-7.0%), from €360,679 to €335,268
- Gross operating margin -€141,585
down €141,585 (-20.8%), from €680,784 to €539,198
- Provisions -€48,374
down €48,374, from €22,962 to -€25,411
- Staff costs +€46,805
up €46,805 (+35.5%), from €131,815 to €178,620
- Taxes -€35,405
down €35,405 (-28.9%), from €122,488 to €87,083
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 | €1,695,644 | €1,416,407 | -€279,236 | -16.5% |
| Fixed assets | 21/28 | €98,325 | €66,467 | -€31,858 | -32.4% |
| Intangible fixed assets | 21 | €8,333 | €6,153 | -€2,180 | -26.2% |
| Tangible fixed assets | 22/27 | €89,842 | €60,164 | -€29,678 | -33.0% |
| Plant, machinery and equipment | 23 | €60,110 | €50,319 | -€9,792 | -16.3% |
| Furniture and vehicles | 24 | €29,732 | €9,845 | -€19,886 | -66.9% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €1,597,319 | €1,349,940 | -€247,378 | -15.5% |
| Stocks and contracts in progress | 3 | €237,990 | €370,341 | +€132,350 | +55.6% |
| Stocks | 30/36 | €237,990 | €370,341 | +€132,350 | +55.6% |
| Amounts receivable within one year | 40/41 | €691,746 | €719,147 | +€27,401 | +4.0% |
| Trade receivables | 40 | €632,247 | €611,513 | -€20,734 | -3.3% |
| Other amounts receivable | 41 | €59,499 | €107,635 | +€48,136 | +80.9% |
| Current investments | 50/53 | €56,244 | €56,798 | +€554 | +1.0% |
| Cash at bank and in hand | 54/58 | €606,742 | €187,305 | -€419,436 | -69.1% |
| Deferred charges and accrued income | 490/1 | €4,597 | €16,349 | +€11,752 | +255.6% |
| Total equity and liabilities | 10/49 | €1,695,644 | €1,416,407 | -€279,236 | -16.5% |
| Equity | 10/15 | €155,403 | €157,655 | +€2,252 | +1.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €40,883 | €40,883 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,654 | €16,654 | = | 0.0% |
| Distributable reserves | 133 | €18,079 | €18,079 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,020 | €54,870 | +€1,850 | +3.5% |
| Investment grants | 15 | - | €402 | +€402 | |
| Provisions and deferred taxes | 16 | €360,679 | €335,268 | -€25,411 | -7.0% |
| Provisions for liabilities and charges | 160/5 | €360,679 | €335,268 | -€25,411 | -7.0% |
| Other liabilities and charges | 164/5 | €360,679 | €335,268 | -€25,411 | -7.0% |
| Amounts payable | 17/49 | €1,179,562 | €923,485 | -€256,077 | -21.7% |
| Amounts payable within one year | 42/48 | €1,179,562 | €923,485 | -€256,077 | -21.7% |
| Financial debts | 43 | - | €50,210 | +€50,210 | |
| Credit institutions | 430/8 | - | €50,210 | +€50,210 | |
| Trade debts | 44 | €387,169 | €481,164 | +€93,994 | +24.3% |
| Suppliers | 440/4 | €387,169 | €481,164 | +€93,994 | +24.3% |
| Advances received on contracts in progress | 46 | €131,775 | €0 | -€131,775 | -100.0% |
| Taxes, remuneration and social security | 45 | €60,618 | €42,111 | -€18,506 | -30.5% |
| Taxes | 450/3 | €28,240 | €22,357 | -€5,884 | -20.8% |
| Remuneration and social security | 454/9 | €32,377 | €19,754 | -€12,623 | -39.0% |
| Other amounts payable | 47/48 | €600,000 | €350,000 | -€250,000 | -41.7% |
| Non-recurring operating income | 76A | €0 | €17,644 | +€17,644 | |
| Remuneration, social security and pensions | 62 | €131,815 | €178,620 | +€46,805 | +35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,345 | €33,706 | +€361 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,899 | €0 | -€3,899 | -100.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €22,962 | -€25,411 | -€48,374 | |
| Other operating charges | 640/8 | €2,868 | €3,630 | +€762 | +26.6% |
| Non-recurring operating charges | 66A | - | €1,759 | +€1,759 | |
| Gross operating margin | 9900 | €680,784 | €539,198 | -€141,585 | -20.8% |
| Operating profit (loss) | 9901 | €485,895 | €346,894 | -€139,000 | -28.6% |
| Financial income | 75/76B | €2,081 | €4,664 | +€2,583 | +124.1% |
| Recurring financial income | 75 | €2,081 | €4,664 | +€2,583 | +124.1% |
| Financial charges | 65/66B | €10,305 | €12,625 | +€2,320 | +22.5% |
| Recurring financial charges | 65 | €10,305 | €12,625 | +€2,320 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €477,670 | €338,933 | -€138,737 | -29.0% |
| Income taxes | 67/77 | €122,488 | €87,083 | -€35,405 | -28.9% |
| Profit (loss) for the period | 9904 | €355,182 | €251,850 | -€103,332 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €355,182 | €251,850 | -€103,332 | -29.1% |
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 3 October 2026 via checked.be.