CERTIMAX: what changed
What changed
CERTIMAX
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€102,597
2024 · €78,473+€24,125
Equity
€421,809
2024 · €319,211+€102,597
Cash
€167,709
2024 · €63,151+€104,558
Balance sheet total
€670,470
2024 · €522,761+€147,709
Largest movements
Assets
- Stocks and contracts +€209,879
new in 2025: €209,879
- Current investments -€153,000
down €153,000 (-100%), from €153,000 to €0
- Cash +€104,558
up €104,558 (+166%), from €63,151 to €167,709
mainly Current investments (+€153,000) and Net result for the year (+€102,597)
- Receivables within one year -€12,065
down €12,065 (-5.5%), from €218,949 to €206,884
of which Other amounts receivable: -€64,568
Equity and liabilities
- Reserves +€102,597
up €102,597 (+32.8%), from €313,011 to €415,609
- Other debts +€44,252
up €44,252 (+6,439%), from €687 to €44,940
- Tax, wage and social debts +€13,917
up €13,917 (+91.5%), from €15,215 to €29,132
- Debts after one year -€7,229
down €7,229 (-16.3%), from €44,453 to €37,223
Income statement
- Gross operating margin +€51,327
up €51,327 (+46.0%), from €111,545 to €162,873
- Taxes +€18,037
up €18,037 (+67.4%), from €26,749 to €44,786
- Financial charges +€5,944
up €5,944 (+171%), from €3,485 to €9,429
- Financial income -€2,683
down €2,683 (-37.8%), from €7,101 to €4,418
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€78,473
Gross operating margin
+€51,327
Depreciation
+€18
Other operating charges
-€558
Financial income
-€2,683
Financial charges
-€5,944
Taxes
-€18,037
Result 2025
€102,597
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€29,152
Investment
+€150,685
Financing
-€16,975
Cash 2024
€63,151
From operations (derived)
-€29,152
Net result for the year
+€102,597
Depreciation
+€7,701
Stocks and contracts
-€209,879
Receivables within one year
+€12,065
Deferred charges and accrued income
-€3,724
Trade debts
+€3,917
Tax, wage and social debts
+€13,917
Other debts
+€44,252
Investment (derived)
+€150,685
Investment in fixed assets (net)
-€2,315
Current investments
+€153,000
Financing
-€16,975
Debts after one year
-€7,229
Current portion of long-term debt
-€6,474
Short-term financial debts
-€3,271
Cash 2025
€167,709
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €522,761 | €670,470 | +€147,709 | +28.3% |
| Fixed assets | 21/28 | €83,864 | €78,478 | -€5,386 | -6.4% |
| Intangible fixed assets | 21 | €1,344 | €856 | -€488 | -36.3% |
| Tangible fixed assets | 22/27 | €82,519 | €77,622 | -€4,898 | -5.9% |
| Land and buildings | 22 | €77,676 | €75,162 | -€2,514 | -3.2% |
| Plant, machinery and equipment | 23 | €84 | €0 | -€84 | -100% |
| Furniture and vehicles | 24 | €4,759 | €2,459 | -€2,300 | -48.3% |
| Current assets | 29/58 | €438,898 | €591,993 | +€153,095 | +34.9% |
| Stocks and contracts in progress | 3 | - | €209,879 | +€209,879 | |
| Stocks | 30/36 | - | €209,879 | +€209,879 | |
| Amounts receivable within one year | 40/41 | €218,949 | €206,884 | -€12,065 | -5.5% |
| Trade receivables | 40 | €87,898 | €140,401 | +€52,503 | +59.7% |
| Other amounts receivable | 41 | €131,051 | €66,483 | -€64,568 | -49.3% |
| Current investments | 50/53 | €153,000 | €0 | -€153,000 | -100% |
| Cash at bank and in hand | 54/58 | €63,151 | €167,709 | +€104,558 | +166% |
| Deferred charges and accrued income | 490/1 | €3,797 | €7,521 | +€3,724 | +98.1% |
| Total equity and liabilities | 10/49 | €522,761 | €670,470 | +€147,709 | +28.3% |
| Equity | 10/15 | €319,211 | €421,809 | +€102,597 | +32.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €313,011 | €415,609 | +€102,597 | +32.8% |
| Distributable reserves | 133 | €313,011 | €415,609 | +€102,597 | +32.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €39,907 | €39,907 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €39,907 | €39,907 | = | 0.0% |
| Major repairs and maintenance | 162 | €39,907 | €39,907 | = | 0.0% |
| Amounts payable | 17/49 | €163,643 | €208,755 | +€45,112 | +27.6% |
| Amounts payable after more than one year | 17 | €44,453 | €37,223 | -€7,229 | -16.3% |
| Financial debts | 170/4 | €44,453 | €37,223 | -€7,229 | -16.3% |
| Amounts payable within one year | 42/48 | €119,190 | €171,532 | +€52,341 | +43.9% |
| Current portion of amounts payable after more than one year | 42 | €13,703 | €7,229 | -€6,474 | -47.2% |
| Financial debts | 43 | €40,000 | €36,729 | -€3,271 | -8.2% |
| Credit institutions | 430/8 | €40,000 | €36,729 | -€3,271 | -8.2% |
| Trade debts | 44 | €49,584 | €53,502 | +€3,917 | +7.9% |
| Suppliers | 440/4 | €49,584 | €53,502 | +€3,917 | +7.9% |
| Taxes, remuneration and social security | 45 | €15,215 | €29,132 | +€13,917 | +91.5% |
| Taxes | 450/3 | €15,215 | €29,132 | +€13,917 | +91.5% |
| Other amounts payable | 47/48 | €687 | €44,940 | +€44,252 | +6,439% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,719 | €7,701 | -€18 | -0.2% |
| Other operating charges | 640/8 | €2,221 | €2,778 | +€558 | +25.1% |
| Gross operating margin | 9900 | €111,545 | €162,873 | +€51,327 | +46.0% |
| Operating profit (loss) | 9901 | €101,606 | €152,394 | +€50,788 | +50.0% |
| Financial income | 75/76B | €7,101 | €4,418 | -€2,683 | -37.8% |
| Recurring financial income | 75 | €7,101 | €4,418 | -€2,683 | -37.8% |
| Financial charges | 65/66B | €3,485 | €9,429 | +€5,944 | +171% |
| Recurring financial charges | 65 | €3,485 | €9,429 | +€5,944 | +171% |
| Profit (loss) for the period before taxes | 9903 | €105,222 | €147,383 | +€42,161 | +40.1% |
| Income taxes | 67/77 | €26,749 | €44,786 | +€18,037 | +67.4% |
| Profit (loss) for the period | 9904 | €78,473 | €102,597 | +€24,125 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,473 | €102,597 | +€24,125 | +30.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.