CERTA: 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.
What changed
CERTA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€232,717
2024 · -€46,526+€279,243
Equity
€732,086
2024 · €660,445+€71,641
Cash
€124,164
2024 · €84,389+€39,775
Balance sheet total
€2.5m
2024 · €2.3m+€151,140
Largest movements
Assets
- Receivables within one year +€125,596
up €125,596 (+456.3%), from €27,528 to €153,123
of which Other amounts receivable: +€124,998
- Cash +€39,775
up €39,775 (+47.1%), from €84,389 to €124,164
mainly Net result for the year (+€232,717) and Depreciation (+€220,634)
Equity and liabilities
- Reserves +€71,641
up €71,641 (+11.0%), from €654,245 to €725,886
of which Tax-exempt reserves: +€185,898
- Provisions +€61,966
new in 2025: €61,966
Income statement
- Gross operating margin +€371,805
up €371,805 (+216.9%), from €171,401 to €543,205
- Depreciation +€17,681
up €17,681 (+8.7%), from €202,952 to €220,634
- Financial income -€8,395
down €8,395 (-99.8%), from €8,408 to €13
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.
Result 2024
-€46,526
Gross operating margin
+€371,805
Depreciation
-€17,681
Other operating charges
-€3,058
Other operating items
+€125
Financial income
-€8,395
Financial charges
-€2,456
Taxes
+€869
Deferred taxes and other
-€61,966
Result 2025
€232,717
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.
From operations
+€405,984
Investment
-€210,809
Financing
-€155,400
Cash 2024
€84,389
From operations (derived)
+€405,984
Net result for the year
+€232,717
Depreciation
+€220,634
Receivables within one year
-€125,596
Deferred charges and accrued income
+€4,407
Provisions
+€61,966
Trade debts
+€11,226
Tax, wage and social debts
-€7,320
Other debts
+€3,121
Accrued charges and deferred income
+€4,831
Investment (derived)
-€210,809
Investment in fixed assets (net)
-€210,809
Financing
-€155,400
Debts after one year
+€16,129
Current portion of long-term debt
-€10,453
Contributions, distributions and other
-€161,076
Cash 2025
€124,164
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,319,791 | €2,470,931 | +€151,140 | +6.5% |
| Fixed assets | 21/28 | €2,198,450 | €2,188,626 | -€9,824 | -0.4% |
| Tangible fixed assets | 22/27 | €2,198,450 | €2,188,626 | -€9,824 | -0.4% |
| Land and buildings | 22 | €2,119,278 | €2,124,170 | +€4,892 | +0.2% |
| Plant, machinery and equipment | 23 | €11,041 | €12,960 | +€1,919 | +17.4% |
| Furniture and vehicles | 24 | €68,132 | €51,496 | -€16,635 | -24.4% |
| Current assets | 29/58 | €121,341 | €282,305 | +€160,964 | +132.7% |
| Amounts receivable within one year | 40/41 | €27,528 | €153,123 | +€125,596 | +456.3% |
| Trade receivables | 40 | €20,105 | €20,703 | +€598 | +3.0% |
| Other amounts receivable | 41 | €7,422 | €132,420 | +€124,998 | +1684.1% |
| Cash at bank and in hand | 54/58 | €84,389 | €124,164 | +€39,775 | +47.1% |
| Deferred charges and accrued income | 490/1 | €9,424 | €5,017 | -€4,407 | -46.8% |
| Total equity and liabilities | 10/49 | €2,319,791 | €2,470,931 | +€151,140 | +6.5% |
| Equity | 10/15 | €660,445 | €732,086 | +€71,641 | +10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €654,245 | €725,886 | +€71,641 | +11.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | - | €185,898 | +€185,898 | |
| Distributable reserves | 133 | €652,385 | €538,128 | -€114,257 | -17.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €61,966 | +€61,966 | |
| Deferred taxes | 168 | - | €61,966 | +€61,966 | |
| Amounts payable | 17/49 | €1,659,346 | €1,676,878 | +€17,533 | +1.1% |
| Amounts payable after more than one year | 17 | €1,297,995 | €1,314,124 | +€16,129 | +1.2% |
| Financial debts | 170/4 | €1,297,995 | €1,314,124 | +€16,129 | +1.2% |
| Amounts payable within one year | 42/48 | €359,324 | €355,897 | -€3,427 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €119,325 | €108,872 | -€10,453 | -8.8% |
| Trade debts | 44 | €5,998 | €17,224 | +€11,226 | +187.2% |
| Suppliers | 440/4 | €5,998 | €17,224 | +€11,226 | +187.2% |
| Taxes, remuneration and social security | 45 | €11,620 | €4,300 | -€7,320 | -63.0% |
| Taxes | 450/3 | €11,620 | €4,300 | -€7,320 | -63.0% |
| Other amounts payable | 47/48 | €222,381 | €225,502 | +€3,121 | +1.4% |
| Accrued charges and deferred income | 492/3 | €2,027 | €6,857 | +€4,831 | +238.4% |
| Non-recurring operating income | 76A | €426 | €259,286 | +€258,860 | +60811.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,952 | €220,634 | +€17,681 | +8.7% |
| Other operating charges | 640/8 | €4,636 | €7,694 | +€3,058 | +65.9% |
| Non-recurring operating charges | 66A | €125 | €0 | -€125 | -100.0% |
| Gross operating margin | 9900 | €171,401 | €543,205 | +€371,805 | +216.9% |
| Operating profit (loss) | 9901 | -€36,313 | €314,878 | +€351,191 | |
| Financial income | 75/76B | €8,408 | €13 | -€8,395 | -99.8% |
| Recurring financial income | 75 | €8,408 | €13 | -€8,395 | -99.8% |
| Financial charges | 65/66B | €14,777 | €17,233 | +€2,456 | +16.6% |
| Recurring financial charges | 65 | €14,777 | €17,233 | +€2,456 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | -€42,682 | €297,658 | +€340,340 | |
| Transfer from deferred taxes | 780 | - | €1,066 | +€1,066 | |
| Transfer to deferred taxes | 680 | - | €63,032 | +€63,032 | |
| Income taxes | 67/77 | €3,844 | €2,975 | -€869 | -22.6% |
| Profit (loss) for the period | 9904 | -€46,526 | €232,717 | +€279,243 | |
| Transfer from tax-exempt reserves | 789 | - | €3,199 | +€3,199 | |
| Transfer to tax-exempt reserves | 689 | - | €189,097 | +€189,097 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46,526 | €46,819 | +€93,345 |
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 8 October 2026 via checked.be.