CERTICAR: 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.
CERTICAR
Largest movements
- Tangible fixed assets +€423,921
up €423,921 (+154.6%), from €274,268 to €698,189
of which Other tangible fixed assets: +€406,982
- Stocks and contracts -€277,221
down €277,221 (-82.9%), from €334,309 to €57,088
- Cash -€128,068
down €128,068 (-69.8%), from €183,582 to €55,514
mainly Investment in fixed assets (net) (-€584,625) and Other debts (-€258,076)
- Receivables within one year -€39,009
down €39,009 (-13.5%), from €289,669 to €250,660
of which Trade receivables: -€22,177
- Other debts -€258,076
down €258,076 (-47.0%), from €548,517 to €290,441
- Debts after one year +€180,022
up €180,022 (+72.0%), from €250,000 to €430,022
- Current portion of long-term debt +€136,239
new in 2025: €136,239
- Trade debts -€104,506
down €104,506 (-54.8%), from €190,540 to €86,034
- Profit (loss) carried forward +€27,581
up €27,581 (+63.4%), from €43,536 to €71,117
- Gross operating margin +€93,247
up €93,247 (+53.5%), from €174,322 to €267,570
- Depreciation +€80,020
up €80,020 (+99.5%), from €80,429 to €160,449
- Staff costs -€27,854
down €27,854 (-45.1%), from €61,809 to €33,955
- Write-downs +€9,587
new in 2025: €9,587
- Taxes +€7,607
up €7,607 (+234.1%), from €3,249 to €10,856
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 | €1,084,919 | €1,064,627 | -€20,292 | -1.9% |
| Fixed assets | 21/28 | €274,268 | €698,444 | +€424,176 | +154.7% |
| Tangible fixed assets | 22/27 | €274,268 | €698,189 | +€423,921 | +154.6% |
| Plant, machinery and equipment | 23 | €5,008 | €2,783 | -€2,225 | -44.4% |
| Furniture and vehicles | 24 | €118 | €19,283 | +€19,165 | +16201.3% |
| Other tangible fixed assets | 26 | €269,141 | €676,123 | +€406,982 | +151.2% |
| Financial fixed assets | 28 | - | €255 | +€255 | |
| Current assets | 29/58 | €810,652 | €366,183 | -€444,468 | -54.8% |
| Stocks and contracts in progress | 3 | €334,309 | €57,088 | -€277,221 | -82.9% |
| Stocks | 30/36 | €334,309 | €57,088 | -€277,221 | -82.9% |
| Amounts receivable within one year | 40/41 | €289,669 | €250,660 | -€39,009 | -13.5% |
| Trade receivables | 40 | €255,409 | €233,233 | -€22,177 | -8.7% |
| Other amounts receivable | 41 | €34,260 | €17,428 | -€16,832 | -49.1% |
| Cash at bank and in hand | 54/58 | €183,582 | €55,514 | -€128,068 | -69.8% |
| Deferred charges and accrued income | 490/1 | €3,092 | €2,922 | -€170 | -5.5% |
| Total equity and liabilities | 10/49 | €1,084,919 | €1,064,627 | -€20,292 | -1.9% |
| Equity | 10/15 | €49,768 | €77,349 | +€27,581 | +55.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €33 | €33 | = | 0.0% |
| Distributable reserves | 133 | €33 | €33 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,536 | €71,117 | +€27,581 | +63.4% |
| Amounts payable | 17/49 | €1,035,151 | €987,278 | -€47,873 | -4.6% |
| Amounts payable after more than one year | 17 | €250,000 | €430,022 | +€180,022 | +72.0% |
| Financial debts | 170/4 | €250,000 | €430,022 | +€180,022 | +72.0% |
| Amounts payable within one year | 42/48 | €773,801 | €547,271 | -€226,530 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | - | €136,239 | +€136,239 | |
| Trade debts | 44 | €190,540 | €86,034 | -€104,506 | -54.8% |
| Suppliers | 440/4 | €190,540 | €86,034 | -€104,506 | -54.8% |
| Taxes, remuneration and social security | 45 | €34,744 | €34,556 | -€187 | -0.5% |
| Taxes | 450/3 | €29,460 | €29,682 | +€222 | +0.8% |
| Remuneration and social security | 454/9 | €5,283 | €4,874 | -€409 | -7.7% |
| Other amounts payable | 47/48 | €548,517 | €290,441 | -€258,076 | -47.0% |
| Accrued charges and deferred income | 492/3 | €11,350 | €9,985 | -€1,365 | -12.0% |
| Remuneration, social security and pensions | 62 | €61,809 | €33,955 | -€27,854 | -45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,429 | €160,449 | +€80,020 | +99.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,587 | +€9,587 | |
| Other operating charges | 640/8 | €11,425 | €6,672 | -€4,753 | -41.6% |
| Gross operating margin | 9900 | €174,322 | €267,570 | +€93,247 | +53.5% |
| Operating profit (loss) | 9901 | €20,659 | €56,907 | +€36,248 | +175.5% |
| Financial income | 75/76B | €0 | €3 | +€3 | +14750.0% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +14750.0% |
| Financial charges | 65/66B | €11,801 | €18,473 | +€6,672 | +56.5% |
| Recurring financial charges | 65 | €11,801 | €18,473 | +€6,672 | +56.5% |
| Profit (loss) for the period before taxes | 9903 | €8,858 | €38,437 | +€29,579 | +333.9% |
| Income taxes | 67/77 | €3,249 | €10,856 | +€7,607 | +234.1% |
| Profit (loss) for the period | 9904 | €5,609 | €27,581 | +€21,972 | +391.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,609 | €27,581 | +€21,972 | +391.7% |
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 29 September 2026 via checked.be.