CERTEX: 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.
CERTEX
Largest movements
- Tangible fixed assets +€139,419
up €139,419 (+248.3%), from €56,146 to €195,566
of which Land and buildings: +€142,725
- Receivables within one year -€7,418
down €7,418 (-15.3%), from €48,365 to €40,947
of which Trade receivables: -€16,181
- Debts after one year +€123,028
up €123,028, from €0 to €123,028
- Current portion of long-term debt +€12,068
new in 2025: €12,068
- Trade debts -€3,323
down €3,323 (-31.0%), from €10,723 to €7,400
- Gross operating margin -€44,016
down €44,016 (-69.3%), from €63,524 to €19,508
- Financial charges -€3,575
down €3,575 (-30.5%), from €11,708 to €8,133
- Depreciation -€1,758
down €1,758 (-26.0%), from €6,773 to €5,015
- Other operating charges +€1,192
up €1,192 (+48.1%), from €2,477 to €3,670
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 | €142,520 | €278,275 | +€135,755 | +95.3% |
| Fixed assets | 21/28 | €61,096 | €200,516 | +€139,419 | +228.2% |
| Tangible fixed assets | 22/27 | €56,146 | €195,566 | +€139,419 | +248.3% |
| Land and buildings | 22 | €52,792 | €195,516 | +€142,725 | +270.4% |
| Furniture and vehicles | 24 | €3,355 | €49 | -€3,305 | -98.5% |
| Financial fixed assets | 28 | €4,950 | €4,950 | = | 0.0% |
| Current assets | 29/58 | €81,424 | €77,759 | -€3,664 | -4.5% |
| Stocks and contracts in progress | 3 | €21,205 | €22,420 | +€1,215 | +5.7% |
| Stocks | 30/36 | €21,205 | €22,420 | +€1,215 | +5.7% |
| Amounts receivable within one year | 40/41 | €48,365 | €40,947 | -€7,418 | -15.3% |
| Trade receivables | 40 | €48,109 | €31,928 | -€16,181 | -33.6% |
| Other amounts receivable | 41 | €256 | €9,019 | +€8,763 | +3421.6% |
| Cash at bank and in hand | 54/58 | €9,665 | €11,996 | +€2,331 | +24.1% |
| Deferred charges and accrued income | 490/1 | €2,188 | €2,396 | +€208 | +9.5% |
| Total equity and liabilities | 10/49 | €142,520 | €278,275 | +€135,755 | +95.3% |
| Equity | 10/15 | €74,198 | €75,139 | +€941 | +1.3% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €4,500 | €4,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,698 | €25,639 | +€941 | +3.8% |
| Amounts payable | 17/49 | €68,322 | €203,136 | +€134,814 | +197.3% |
| Amounts payable after more than one year | 17 | €0 | €123,028 | +€123,028 | |
| Financial debts | 170/4 | €0 | €123,028 | +€123,028 | |
| Amounts payable within one year | 42/48 | €68,322 | €80,108 | +€11,786 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | - | €12,068 | +€12,068 | |
| Trade debts | 44 | €10,723 | €7,400 | -€3,323 | -31.0% |
| Suppliers | 440/4 | €10,723 | €7,400 | -€3,323 | -31.0% |
| Taxes, remuneration and social security | 45 | €4,961 | €7,210 | +€2,249 | +45.3% |
| Taxes | 450/3 | €4,961 | €6,210 | +€1,249 | +25.2% |
| Remuneration and social security | 454/9 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €52,638 | €53,430 | +€792 | +1.5% |
| Non-recurring operating income | 76A | €18,264 | €0 | -€18,264 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,773 | €5,015 | -€1,758 | -26.0% |
| Other operating charges | 640/8 | €2,477 | €3,670 | +€1,192 | +48.1% |
| Non-recurring operating charges | 66A | - | €1,750 | +€1,750 | |
| Gross operating margin | 9900 | €63,524 | €19,508 | -€44,016 | -69.3% |
| Operating profit (loss) | 9901 | €54,273 | €9,073 | -€45,200 | -83.3% |
| Financial income | 75/76B | €1 | €1 | -€0 | -48.0% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -48.0% |
| Financial charges | 65/66B | €11,708 | €8,133 | -€3,575 | -30.5% |
| Recurring financial charges | 65 | €11,708 | €8,133 | -€3,575 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €42,566 | €941 | -€41,626 | -97.8% |
| Profit (loss) for the period | 9904 | €42,566 | €941 | -€41,626 | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,566 | €941 | -€41,626 | -97.8% |
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 5 October 2026 via checked.be.