CERTAFIN: 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.
CERTAFIN
Largest movements
- Receivables within one year -€237,193
down €237,193 (-28.6%), from €830,525 to €593,332
of which Other amounts receivable: -€165,000
- Cash -€67,384
down €67,384 (-45.1%), from €149,471 to €82,086
mainly Contributions, distributions and other (-€160,000) and Other debts (-€146,500)
- Stocks and contracts +€56,894
up €56,894 (+114.5%), from €49,707 to €106,601
- Intangible fixed assets +€44,585
up €44,585 (+203.3%), from €21,935 to €66,519
- Deferred charges and accrued income +€18,664
up €18,664 (+43.1%), from €43,285 to €61,949
- Other debts -€146,500
down €146,500 (-81.4%), from €180,000 to €33,500
- Tax, wage and social debts -€113,661
down €113,661 (-46.1%), from €246,490 to €132,829
of which Taxes: -€86,760
- Debts after one year -€75,038
down €75,038 (-35.3%), from €212,829 to €137,792
- Short-term financial debts +€68,139
up €68,139 (+27.4%), from €248,910 to €317,049
- Trade debts +€34,997
up €34,997 (+18.8%), from €186,299 to €221,295
- Gross operating margin -€217,452
down €217,452 (-22.7%), from €957,301 to €739,849
- Staff costs -€188,693
down €188,693 (-31.0%), from €609,004 to €420,311
- Other operating charges -€17,165
down €17,165 (-99.6%), from €17,227 to €62
- Write-downs +€12,827
up €12,827 (+262.2%), from €4,893 to €17,719
- Depreciation -€11,676
down €11,676 (-29.2%), from €39,996 to €28,320
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 | €1,186,004 | €991,063 | -€194,941 | -16.4% |
| Fixed assets | 21/28 | €113,017 | €147,095 | +€34,078 | +30.2% |
| Intangible fixed assets | 21 | €21,935 | €66,519 | +€44,585 | +203.3% |
| Tangible fixed assets | 22/27 | €88,532 | €78,025 | -€10,507 | -11.9% |
| Plant, machinery and equipment | 23 | €2,756 | €2,150 | -€605 | -22.0% |
| Furniture and vehicles | 24 | €40,867 | €40,494 | -€374 | -0.9% |
| Leasing and similar rights | 25 | €36,616 | €28,460 | -€8,156 | -22.3% |
| Other tangible fixed assets | 26 | €8,293 | €6,921 | -€1,372 | -16.5% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €1,072,988 | €843,968 | -€229,019 | -21.3% |
| Stocks and contracts in progress | 3 | €49,707 | €106,601 | +€56,894 | +114.5% |
| Contracts in progress | 37 | €49,707 | €106,601 | +€56,894 | +114.5% |
| Amounts receivable within one year | 40/41 | €830,525 | €593,332 | -€237,193 | -28.6% |
| Trade receivables | 40 | €665,525 | €593,332 | -€72,193 | -10.8% |
| Other amounts receivable | 41 | €165,000 | €0 | -€165,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €149,471 | €82,086 | -€67,384 | -45.1% |
| Deferred charges and accrued income | 490/1 | €43,285 | €61,949 | +€18,664 | +43.1% |
| Total equity and liabilities | 10/49 | €1,186,004 | €991,063 | -€194,941 | -16.4% |
| Equity | 10/15 | €49,332 | €67,945 | +€18,613 | +37.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €29,332 | €47,945 | +€18,613 | +63.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €29,332 | €47,945 | +€18,613 | +63.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,136,673 | €923,118 | -€213,555 | -18.8% |
| Amounts payable after more than one year | 17 | €212,829 | €137,792 | -€75,038 | -35.3% |
| Financial debts | 170/4 | €212,829 | €137,792 | -€75,038 | -35.3% |
| Amounts payable within one year | 42/48 | €923,843 | €768,903 | -€154,940 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €62,145 | €64,230 | +€2,085 | +3.4% |
| Financial debts | 43 | €248,910 | €317,049 | +€68,139 | +27.4% |
| Credit institutions | 430/8 | €248,910 | €317,049 | +€68,139 | +27.4% |
| Trade debts | 44 | €186,299 | €221,295 | +€34,997 | +18.8% |
| Suppliers | 440/4 | €186,299 | €221,295 | +€34,997 | +18.8% |
| Taxes, remuneration and social security | 45 | €246,490 | €132,829 | -€113,661 | -46.1% |
| Taxes | 450/3 | €138,271 | €51,511 | -€86,760 | -62.7% |
| Remuneration and social security | 454/9 | €108,218 | €81,318 | -€26,900 | -24.9% |
| Other amounts payable | 47/48 | €180,000 | €33,500 | -€146,500 | -81.4% |
| Accrued charges and deferred income | 492/3 | - | €16,423 | +€16,423 | |
| Non-recurring operating income | 76A | €0 | €16,732 | +€16,732 | |
| Remuneration, social security and pensions | 62 | €609,004 | €420,311 | -€188,693 | -31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,996 | €28,320 | -€11,676 | -29.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,893 | €17,719 | +€12,827 | +262.2% |
| Other operating charges | 640/8 | €17,227 | €62 | -€17,165 | -99.6% |
| Non-recurring operating charges | 66A | - | €9,611 | +€9,611 | |
| Gross operating margin | 9900 | €957,301 | €739,849 | -€217,452 | -22.7% |
| Operating profit (loss) | 9901 | €286,181 | €263,825 | -€22,356 | -7.8% |
| Financial income | 75/76B | €1,013 | €1 | -€1,012 | -99.9% |
| Recurring financial income | 75 | €1,013 | €1 | -€1,012 | -99.9% |
| Financial charges | 65/66B | €30,611 | €21,219 | -€9,392 | -30.7% |
| Recurring financial charges | 65 | €30,611 | €21,219 | -€9,392 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €256,583 | €242,608 | -€13,975 | -5.4% |
| Income taxes | 67/77 | €71,636 | €63,995 | -€7,641 | -10.7% |
| Profit (loss) for the period | 9904 | €184,947 | €178,613 | -€6,334 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €184,947 | €178,613 | -€6,334 | -3.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.