CERSTIAENS: 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.
CERSTIAENS
Largest movements
- Tangible fixed assets +€656,155
up €656,155 (+462%), from €141,964 to €798,119
of which Land and buildings: +€668,789
- Cash +€110,196
up €110,196 (+105%), from €104,649 to €214,845
mainly Debts after one year (+€572,034) and Net result for the year (+€217,764)
- Receivables within one year -€47,704
down €47,704 (-27.9%), from €170,751 to €123,047
- Debts after one year +€572,034
up €572,034 (+2,671%), from €21,420 to €593,454
- Reserves +€167,764
up €167,764 (+41.7%), from €401,910 to €569,674
- Tax, wage and social debts -€50,506
down €50,506 (-88.2%), from €57,284 to €6,778
- Current portion of long-term debt +€30,406
up €30,406 (+181%), from €16,831 to €47,237
- Gross operating margin +€218,337
up €218,337 (+143%), from €152,194 to €370,531
- Taxes +€46,453
up €46,453 (+155%), from €29,901 to €76,354
- Financial charges +€14,825
up €14,825 (+818%), from €1,811 to €16,636
- Depreciation +€14,058
up €14,058 (+31.6%), from €44,515 to €58,573
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 | €518,121 | €1,242,542 | +€724,421 | +140% |
| Fixed assets | 21/28 | €142,029 | €798,184 | +€656,155 | +462% |
| Tangible fixed assets | 22/27 | €141,964 | €798,119 | +€656,155 | +462% |
| Land and buildings | 22 | - | €668,789 | +€668,789 | |
| Plant, machinery and equipment | 23 | €14,455 | €36,767 | +€22,312 | +154% |
| Furniture and vehicles | 24 | €79,161 | €49,731 | -€29,430 | -37.2% |
| Other tangible fixed assets | 26 | €48,349 | €42,832 | -€5,517 | -11.4% |
| Financial fixed assets | 28 | €65 | €65 | = | 0.0% |
| Current assets | 29/58 | €376,091 | €444,358 | +€68,267 | +18.2% |
| Amounts receivable after more than one year | 29 | €56,400 | €56,400 | = | 0.0% |
| Other amounts receivable | 291 | €56,400 | €56,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €170,751 | €123,047 | -€47,704 | -27.9% |
| Trade receivables | 40 | €170,751 | €123,047 | -€47,704 | -27.9% |
| Current investments | 50/53 | €40,377 | €46,667 | +€6,290 | +15.6% |
| Cash at bank and in hand | 54/58 | €104,649 | €214,845 | +€110,196 | +105% |
| Deferred charges and accrued income | 490/1 | €3,913 | €3,399 | -€514 | -13.1% |
| Total equity and liabilities | 10/49 | €518,121 | €1,242,542 | +€724,421 | +140% |
| Equity | 10/15 | €421,272 | €589,036 | +€167,764 | +39.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €401,910 | €569,674 | +€167,764 | +41.7% |
| Distributable reserves | 133 | €401,910 | €569,674 | +€167,764 | +41.7% |
| Profit (loss) carried forward | 14 | €6,962 | €6,962 | = | 0.0% |
| Amounts payable | 17/49 | €96,848 | €653,506 | +€556,658 | +575% |
| Amounts payable after more than one year | 17 | €21,420 | €593,454 | +€572,034 | +2,671% |
| Financial debts | 170/4 | €21,420 | €593,454 | +€572,034 | +2,671% |
| Amounts payable within one year | 42/48 | €75,428 | €60,052 | -€15,376 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €16,831 | €47,237 | +€30,406 | +181% |
| Trade debts | 44 | €824 | €5,590 | +€4,766 | +579% |
| Suppliers | 440/4 | €824 | €5,590 | +€4,766 | +579% |
| Taxes, remuneration and social security | 45 | €57,284 | €6,778 | -€50,506 | -88.2% |
| Taxes | 450/3 | €57,284 | €6,778 | -€50,506 | -88.2% |
| Other amounts payable | 47/48 | €490 | €447 | -€43 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,515 | €58,573 | +€14,058 | +31.6% |
| Other operating charges | 640/8 | €1,024 | €2,802 | +€1,779 | +174% |
| Gross operating margin | 9900 | €152,194 | €370,531 | +€218,337 | +143% |
| Operating profit (loss) | 9901 | €106,655 | €309,156 | +€202,501 | +190% |
| Financial income | 75/76B | €991 | €1,599 | +€607 | +61.3% |
| Recurring financial income | 75 | €991 | €1,599 | +€607 | +61.3% |
| Financial charges | 65/66B | €1,811 | €16,636 | +€14,825 | +818% |
| Recurring financial charges | 65 | €1,811 | €16,636 | +€14,825 | +818% |
| Profit (loss) for the period before taxes | 9903 | €105,835 | €294,118 | +€188,283 | +178% |
| Income taxes | 67/77 | €29,901 | €76,354 | +€46,453 | +155% |
| Profit (loss) for the period | 9904 | €75,934 | €217,764 | +€141,830 | +187% |
| Profit (loss) for the period to be appropriated | 9905 | €75,934 | €217,764 | +€141,830 | +187% |
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 24 October 2026 via checked.be.