CERTIGREEN: 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.
CERTIGREEN
Largest movements
- Receivables after one year +€400,000
new in 2025: €400,000
- Receivables within one year -€262,665
down €262,665 (-41.6%), from €630,872 to €368,206
of which Other amounts receivable: -€308,130
- Cash -€171,171
down €171,171 (-67.4%), from €254,079 to €82,908
mainly Receivables after one year (-€400,000) and Contributions, distributions and other (-€100,000)
- Deferred charges and accrued income +€19,640
up €19,640 (+207%), from €9,503 to €29,144
- Tangible fixed assets +€10,920
up €10,920 (+14.9%), from €73,449 to €84,369
of which Assets under construction and advance payments: +€50,600
- Profit (loss) carried forward -€458,950
down €458,950 (-82.0%), from €559,998 to €101,047
- Reserves +€400,000
up €400,000 (+330%), from €121,119 to €521,119
of which Non-distributable reserves: +€397,521
- Other debts +€99,061
up €99,061 (+10,552%), from €939 to €100,000
- Tax, wage and social debts -€45,747
down €45,747 (-47.1%), from €97,190 to €51,443
of which Taxes: -€64,245
- Short-term financial debts +€21,089
new in 2025: €21,089
- Staff costs +€53,516
up €53,516 (+23.7%), from €226,068 to €279,584
- Financial income +€22,452
up €22,452 (+64.2%), from €34,985 to €57,436
- Write-downs +€12,264
up €12,264 (+54.6%), from €22,469 to €34,733
- Depreciation -€8,544
down €8,544 (-21.8%), from €39,214 to €30,670
- Taxes -€7,144
down €7,144 (-23.4%), from €30,489 to €23,345
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.
Derived cash bridge
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 | €969,953 | €971,575 | +€1,621 | +0.2% |
| Fixed assets | 21/28 | €75,500 | €91,317 | +€15,817 | +21.0% |
| Intangible fixed assets | 21 | €2,000 | €6,898 | +€4,897 | +245% |
| Tangible fixed assets | 22/27 | €73,449 | €84,369 | +€10,920 | +14.9% |
| Plant, machinery and equipment | 23 | €9,118 | €5,694 | -€3,424 | -37.6% |
| Furniture and vehicles | 24 | €64,331 | €28,075 | -€36,256 | -56.4% |
| Assets under construction and advance payments | 27 | - | €50,600 | +€50,600 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €894,454 | €880,258 | -€14,196 | -1.6% |
| Amounts receivable after more than one year | 29 | - | €400,000 | +€400,000 | |
| Other amounts receivable | 291 | - | €400,000 | +€400,000 | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €630,872 | €368,206 | -€262,665 | -41.6% |
| Trade receivables | 40 | €172,509 | €217,973 | +€45,464 | +26.4% |
| Other amounts receivable | 41 | €458,362 | €150,233 | -€308,130 | -67.2% |
| Cash at bank and in hand | 54/58 | €254,079 | €82,908 | -€171,171 | -67.4% |
| Deferred charges and accrued income | 490/1 | €9,503 | €29,144 | +€19,640 | +207% |
| Total equity and liabilities | 10/49 | €969,953 | €971,575 | +€1,621 | +0.2% |
| Equity | 10/15 | €705,906 | €646,956 | -€58,950 | -8.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €121,119 | €521,119 | +€400,000 | +330% |
| Non-distributable reserves | 130/1 | €2,479 | €400,000 | +€397,521 | +16,036% |
| Reserves not available under the articles | 1311 | €2,479 | €0 | -€2,479 | -100% |
| Financial assistance | 1313 | - | €400,000 | +€400,000 | |
| Distributable reserves | 133 | €118,640 | €121,119 | +€2,479 | +2.1% |
| Profit (loss) carried forward | 14 | €559,998 | €101,047 | -€458,950 | -82.0% |
| Amounts payable | 17/49 | €264,047 | €324,619 | +€60,572 | +22.9% |
| Amounts payable after more than one year | 17 | €37,350 | €17,981 | -€19,369 | -51.9% |
| Financial debts | 170/4 | €37,350 | €17,981 | -€19,369 | -51.9% |
| Amounts payable within one year | 42/48 | €226,697 | €303,830 | +€77,133 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €20,034 | €19,369 | -€665 | -3.3% |
| Financial debts | 43 | - | €21,089 | +€21,089 | |
| Credit institutions | 430/8 | - | €21,089 | +€21,089 | |
| Trade debts | 44 | €108,534 | €111,928 | +€3,395 | +3.1% |
| Suppliers | 440/4 | €108,534 | €111,928 | +€3,395 | +3.1% |
| Taxes, remuneration and social security | 45 | €97,190 | €51,443 | -€45,747 | -47.1% |
| Taxes | 450/3 | €73,022 | €8,777 | -€64,245 | -88.0% |
| Remuneration and social security | 454/9 | €24,168 | €42,666 | +€18,498 | +76.5% |
| Other amounts payable | 47/48 | €939 | €100,000 | +€99,061 | +10,552% |
| Accrued charges and deferred income | 492/3 | €0 | €2,808 | +€2,808 | |
| Non-recurring operating income | 76A | €0 | €827 | +€827 | |
| Remuneration, social security and pensions | 62 | €226,068 | €279,584 | +€53,516 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,214 | €30,670 | -€8,544 | -21.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,469 | €34,733 | +€12,264 | +54.6% |
| Other operating charges | 640/8 | €5,036 | €7,359 | +€2,322 | +46.1% |
| Non-recurring operating charges | 66A | €26,875 | €7,079 | -€19,796 | -73.7% |
| Gross operating margin | 9900 | €369,185 | €375,035 | +€5,850 | +1.6% |
| Operating profit (loss) | 9901 | €49,523 | €15,611 | -€33,912 | -68.5% |
| Financial income | 75/76B | €34,985 | €57,436 | +€22,452 | +64.2% |
| Recurring financial income | 75 | €34,985 | €57,436 | +€22,452 | +64.2% |
| Financial charges | 65/66B | €9,487 | €8,652 | -€834 | -8.8% |
| Recurring financial charges | 65 | €9,487 | €8,652 | -€834 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €75,021 | €64,395 | -€10,626 | -14.2% |
| Income taxes | 67/77 | €30,489 | €23,345 | -€7,144 | -23.4% |
| Profit (loss) for the period | 9904 | €44,532 | €41,050 | -€3,482 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €44,532 | €41,050 | -€3,482 | -7.8% |
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 27 October 2026 via checked.be.