CERTERRA: 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.
CERTERRA
Largest movements
- Tangible fixed assets +€924,218
up €924,218 (+22.4%), from €4.1m to €5.1m
of which Land and buildings: +€963,698
- Cash -€243,059
down €243,059 (-89.1%), from €272,864 to €29,804
mainly Investment in fixed assets (net) (-€979,049) and Receivables within one year (-€23,122)
- Debts after one year +€495,557
up €495,557 (+13.1%), from €3.8m to €4.3m
- Reserves +€204,439
up €204,439 (+58.5%), from €349,521 to €553,960
of which Distributable reserves: +€204,439
- Gross operating margin +€272,389
up €272,389 (+585.3%), from €46,538 to €318,928
- Depreciation +€14,051
up €14,051 (+34.9%), from €40,280 to €54,331
- Financial charges +€6,289
up €6,289 (+11.2%), from €55,978 to €62,268
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 | €5,065,576 | €5,770,357 | +€704,782 | +13.9% |
| Fixed assets | 21/28 | €4,139,046 | €5,063,764 | +€924,718 | +22.3% |
| Tangible fixed assets | 22/27 | €4,128,546 | €5,052,764 | +€924,218 | +22.4% |
| Land and buildings | 22 | €3,386,932 | €4,350,629 | +€963,698 | +28.5% |
| Plant, machinery and equipment | 23 | €741,614 | €702,135 | -€39,480 | -5.3% |
| Financial fixed assets | 28 | €10,500 | €11,000 | +€500 | +4.8% |
| Current assets | 29/58 | €926,530 | €706,593 | -€219,936 | -23.7% |
| Amounts receivable within one year | 40/41 | €653,637 | €676,760 | +€23,122 | +3.5% |
| Trade receivables | 40 | €5,257 | €10,000 | +€4,743 | +90.2% |
| Other amounts receivable | 41 | €648,380 | €666,760 | +€18,380 | +2.8% |
| Cash at bank and in hand | 54/58 | €272,864 | €29,804 | -€243,059 | -89.1% |
| Deferred charges and accrued income | 490/1 | €29 | €29 | +€1 | +2.8% |
| Total equity and liabilities | 10/49 | €5,065,576 | €5,770,357 | +€704,782 | +13.9% |
| Equity | 10/15 | €1,279,467 | €1,483,906 | +€204,439 | +16.0% |
| Contributions | 10/11 | €929,946 | €929,946 | = | 0.0% |
| Capital | 10 | €929,946 | €929,946 | = | 0.0% |
| Issued capital | 100 | €929,946 | €929,946 | = | 0.0% |
| Reserves | 13 | €349,521 | €553,960 | +€204,439 | +58.5% |
| Non-distributable reserves | 130/1 | €92,995 | €92,995 | = | 0.0% |
| Legal reserve | 130 | €92,995 | €92,995 | = | 0.0% |
| Distributable reserves | 133 | €256,526 | €460,965 | +€204,439 | +79.7% |
| Amounts payable | 17/49 | €3,786,109 | €4,286,451 | +€500,342 | +13.2% |
| Amounts payable after more than one year | 17 | €3,781,149 | €4,276,705 | +€495,557 | +13.1% |
| Other amounts payable | 178/9 | €3,781,149 | €4,276,705 | +€495,557 | +13.1% |
| Amounts payable within one year | 42/48 | €4,960 | €9,746 | +€4,786 | +96.5% |
| Trade debts | 44 | €4,560 | €7,850 | +€3,290 | +72.1% |
| Suppliers | 440/4 | €4,560 | €7,850 | +€3,290 | +72.1% |
| Advances received on contracts in progress | 46 | €400 | €0 | -€400 | -100.0% |
| Other amounts payable | 47/48 | - | €1,896 | +€1,896 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,280 | €54,331 | +€14,051 | +34.9% |
| Other operating charges | 640/8 | €7,019 | €9,246 | +€2,227 | +31.7% |
| Gross operating margin | 9900 | €46,538 | €318,928 | +€272,389 | +585.3% |
| Operating profit (loss) | 9901 | -€760 | €255,352 | +€256,111 | |
| Financial income | 75/76B | €9,502 | €11,355 | +€1,854 | +19.5% |
| Recurring financial income | 75 | €9,502 | €11,355 | +€1,854 | +19.5% |
| Financial charges | 65/66B | €55,978 | €62,268 | +€6,289 | +11.2% |
| Recurring financial charges | 65 | €55,978 | €62,268 | +€6,289 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | -€47,236 | €204,439 | +€251,676 | |
| Profit (loss) for the period | 9904 | -€47,236 | €204,439 | +€251,676 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,236 | €204,439 | +€251,676 |
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 11 October 2026 via checked.be.