Certi: 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.
Certi
Largest movements
- Tangible fixed assets +€719,454
up €719,454 (+6.4%), from €11.3m to €12.0m
of which Land and buildings: +€721,379
- Cash -€247,418
down €247,418 (-81.1%), from €304,896 to €57,479
mainly Investment in fixed assets (net) (-€925,576) and Tax, wage and social debts (-€51,278)
- Current portion of long-term debt +€249,364
new in 2025: €249,364
- Debts after one year +€149,039
up €149,039 (+318.5%), from €46,788 to €195,827
of which Financial debts: +€148,869
- Depreciation +€116,994
up €116,994 (+131.3%), from €89,128 to €206,121
- Gross operating margin +€41,947
up €41,947 (+13.2%), from €317,587 to €359,535
- Taxes -€25,267
down €25,267 (-38.6%), from €65,543 to €40,276
- Financial charges +€5,203
up €5,203 (+155.8%), from €3,340 to €8,543
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 | €11,689,336 | €12,119,369 | +€430,033 | +3.7% |
| Fixed assets | 21/28 | €11,284,600 | €12,004,054 | +€719,454 | +6.4% |
| Tangible fixed assets | 22/27 | €11,284,600 | €12,004,054 | +€719,454 | +6.4% |
| Land and buildings | 22 | €11,242,073 | €11,963,452 | +€721,379 | +6.4% |
| Plant, machinery and equipment | 23 | €10,200 | €14,714 | +€4,514 | +44.3% |
| Furniture and vehicles | 24 | €1,830 | €894 | -€935 | -51.1% |
| Other tangible fixed assets | 26 | €30,498 | €24,994 | -€5,504 | -18.0% |
| Current assets | 29/58 | €404,735 | €115,315 | -€289,421 | -71.5% |
| Amounts receivable within one year | 40/41 | €97,400 | €56,087 | -€41,312 | -42.4% |
| Other amounts receivable | 41 | €97,400 | €56,087 | -€41,312 | -42.4% |
| Cash at bank and in hand | 54/58 | €304,896 | €57,479 | -€247,418 | -81.1% |
| Deferred charges and accrued income | 490/1 | €2,439 | €1,749 | -€691 | -28.3% |
| Total equity and liabilities | 10/49 | €11,689,336 | €12,119,369 | +€430,033 | +3.7% |
| Equity | 10/15 | €11,468,629 | €11,554,935 | +€86,306 | +0.8% |
| Contributions | 10/11 | €99,000 | €99,000 | = | 0.0% |
| Contributions outside capital | 11 | €99,000 | €99,000 | = | 0.0% |
| Other | 1109/19 | €99,000 | €99,000 | = | 0.0% |
| Revaluation surpluses | 12 | €10,400,000 | €10,400,000 | = | 0.0% |
| Reserves | 13 | €820,249 | €906,555 | +€86,306 | +10.5% |
| Distributable reserves | 133 | €820,249 | €906,555 | +€86,306 | +10.5% |
| Profit (loss) carried forward | 14 | €149,380 | €149,380 | -€0 | 0.0% |
| Amounts payable | 17/49 | €220,707 | €564,434 | +€343,728 | +155.7% |
| Amounts payable after more than one year | 17 | €46,788 | €195,827 | +€149,039 | +318.5% |
| Financial debts | 170/4 | - | €148,869 | +€148,869 | |
| Other amounts payable | 178/9 | €46,788 | €46,958 | +€170 | +0.4% |
| Amounts payable within one year | 42/48 | €98,096 | €292,824 | +€194,728 | +198.5% |
| Current portion of amounts payable after more than one year | 42 | - | €249,364 | +€249,364 | |
| Trade debts | 44 | €6,542 | €3,184 | -€3,358 | -51.3% |
| Suppliers | 440/4 | €6,542 | €3,184 | -€3,358 | -51.3% |
| Taxes, remuneration and social security | 45 | €91,554 | €40,276 | -€51,278 | -56.0% |
| Taxes | 450/3 | €91,554 | €40,276 | -€51,278 | -56.0% |
| Accrued charges and deferred income | 492/3 | €75,822 | €75,784 | -€38 | -0.1% |
| Non-recurring operating income | 76A | - | €4,380 | +€4,380 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,128 | €206,121 | +€116,994 | +131.3% |
| Other operating charges | 640/8 | €19,824 | €18,321 | -€1,503 | -7.6% |
| Gross operating margin | 9900 | €317,587 | €359,535 | +€41,947 | +13.2% |
| Operating profit (loss) | 9901 | €208,635 | €135,092 | -€73,544 | -35.2% |
| Financial income | 75/76B | €699 | €33 | -€665 | -95.2% |
| Recurring financial income | 75 | €699 | €33 | -€665 | -95.2% |
| Financial charges | 65/66B | €3,340 | €8,543 | +€5,203 | +155.8% |
| Recurring financial charges | 65 | €3,340 | €8,543 | +€5,203 | +155.8% |
| Profit (loss) for the period before taxes | 9903 | €205,994 | €126,582 | -€79,412 | -38.6% |
| Income taxes | 67/77 | €65,543 | €40,276 | -€25,267 | -38.6% |
| Profit (loss) for the period | 9904 | €140,450 | €86,306 | -€54,145 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €140,450 | €86,306 | -€54,145 | -38.6% |
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.