CERTIMHOLD: 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.
CERTIMHOLD
Largest movements
- Receivables within one year +€164,859
up €164,859 (+220.7%), from €74,699 to €239,559
of which Other amounts receivable: +€144,713
- Financial fixed assets -€120,000
down €120,000 (-3.5%), from €3.4m to €3.3m
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€47,145
down €47,145 (-55.2%), from €85,351 to €38,207
- Depreciation +€16,794
up €16,794 (+188.3%), from €8,920 to €25,713
- Gross operating margin -€15,029
down €15,029 (-29.0%), from €51,754 to €36,725
- Taxes -€7,788
down €7,788 (-42.6%), from €18,264 to €10,476
- Financial charges +€4,701
up €4,701 (+13.3%), from €35,403 to €40,104
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 | €4,008,920 | €4,043,827 | +€34,907 | +0.9% |
| Fixed assets | 21/28 | €3,505,033 | €3,359,320 | -€145,713 | -4.2% |
| Tangible fixed assets | 22/27 | €119,033 | €93,320 | -€25,713 | -21.6% |
| Furniture and vehicles | 24 | €117,533 | €91,820 | -€25,713 | -21.9% |
| Other tangible fixed assets | 26 | €1,500 | €1,500 | = | 0.0% |
| Financial fixed assets | 28 | €3,386,000 | €3,266,000 | -€120,000 | -3.5% |
| Current assets | 29/58 | €503,887 | €684,507 | +€180,620 | +35.8% |
| Amounts receivable after more than one year | 29 | €400,000 | €400,000 | = | 0.0% |
| Other amounts receivable | 291 | €400,000 | €400,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €74,699 | €239,559 | +€164,859 | +220.7% |
| Trade receivables | 40 | €38,297 | €58,443 | +€20,147 | +52.6% |
| Other amounts receivable | 41 | €36,403 | €181,116 | +€144,713 | +397.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €24,541 | €40,280 | +€15,739 | +64.1% |
| Deferred charges and accrued income | 490/1 | €4,647 | €4,669 | +€22 | +0.5% |
| Total equity and liabilities | 10/49 | €4,008,920 | €4,043,827 | +€34,907 | +0.9% |
| Equity | 10/15 | €3,414,988 | €3,410,890 | -€4,099 | -0.1% |
| Contributions | 10/11 | €2,671,000 | €2,671,000 | = | 0.0% |
| Reserves | 13 | €743,988 | €739,890 | -€4,099 | -0.6% |
| Distributable reserves | 133 | €743,988 | €739,890 | -€4,099 | -0.6% |
| Amounts payable | 17/49 | €593,932 | €632,938 | +€39,006 | +6.6% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Other amounts payable | 178/9 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €93,932 | €132,938 | +€39,006 | +41.5% |
| Trade debts | 44 | €2,676 | €2,639 | -€37 | -1.4% |
| Suppliers | 440/4 | €2,676 | €2,639 | -€37 | -1.4% |
| Taxes, remuneration and social security | 45 | €5,256 | €14,602 | +€9,346 | +177.8% |
| Taxes | 450/3 | €5,256 | €14,602 | +€9,346 | +177.8% |
| Other amounts payable | 47/48 | €86,001 | €115,697 | +€29,696 | +34.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €16,290 | €0 | -€16,290 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,920 | €25,713 | +€16,794 | +188.3% |
| Other operating charges | 640/8 | €6,575 | €2,737 | -€3,838 | -58.4% |
| Gross operating margin | 9900 | €51,754 | €36,725 | -€15,029 | -29.0% |
| Operating profit (loss) | 9901 | €36,259 | €8,275 | -€27,984 | -77.2% |
| Financial income | 75/76B | €85,351 | €38,207 | -€47,145 | -55.2% |
| Recurring financial income | 75 | €85,351 | €38,207 | -€47,145 | -55.2% |
| Financial charges | 65/66B | €35,403 | €40,104 | +€4,701 | +13.3% |
| Recurring financial charges | 65 | €35,403 | €40,104 | +€4,701 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €86,208 | €6,377 | -€79,830 | -92.6% |
| Income taxes | 67/77 | €18,264 | €10,476 | -€7,788 | -42.6% |
| Profit (loss) for the period | 9904 | €67,944 | -€4,099 | -€72,042 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,944 | -€4,099 | -€72,042 |
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.