CERTION: 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.
CERTION
Largest movements
- Current investments +€77,252
up €77,252 (+8.6%), from €900,710 to €977,962
- Receivables within one year +€34,876
up €34,876 (+187.9%), from €18,561 to €53,437
of which Trade receivables: +€20,520
- Cash +€34,615
up €34,615 (+170.1%), from €20,353 to €54,968
mainly Net result for the year (+€142,798) and Tax, wage and social debts (+€4,899)
- Reserves +€142,798
up €142,798 (+16.4%), from €868,819 to €1.0m
- Gross operating margin -€45,785
down €45,785 (-19.7%), from €232,735 to €186,950
- Financial income +€14,671
up €14,671 (+90.4%), from €16,237 to €30,908
- Taxes -€7,572
down €7,572 (-10.1%), from €74,893 to €67,321
- Depreciation -€3,128
down €3,128 (-67.5%), from €4,633 to €1,505
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 | €944,954 | €1,092,727 | +€147,773 | +15.6% |
| Fixed assets | 21/28 | €3,373 | €6,143 | +€2,770 | +82.1% |
| Tangible fixed assets | 22/27 | €3,373 | €6,143 | +€2,770 | +82.1% |
| Plant, machinery and equipment | 23 | €3,117 | €3,739 | +€622 | +19.9% |
| Furniture and vehicles | 24 | €256 | €2,404 | +€2,148 | +840.1% |
| Current assets | 29/58 | €941,581 | €1,086,583 | +€145,003 | +15.4% |
| Amounts receivable within one year | 40/41 | €18,561 | €53,437 | +€34,876 | +187.9% |
| Trade receivables | 40 | €16,560 | €37,080 | +€20,520 | +123.9% |
| Other amounts receivable | 41 | €2,001 | €16,357 | +€14,356 | +717.5% |
| Current investments | 50/53 | €900,710 | €977,962 | +€77,252 | +8.6% |
| Cash at bank and in hand | 54/58 | €20,353 | €54,968 | +€34,615 | +170.1% |
| Deferred charges and accrued income | 490/1 | €1,957 | €217 | -€1,740 | -88.9% |
| Total equity and liabilities | 10/49 | €944,954 | €1,092,727 | +€147,773 | +15.6% |
| Equity | 10/15 | €934,075 | €1,076,872 | +€142,798 | +15.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €868,819 | €1,011,616 | +€142,798 | +16.4% |
| Distributable reserves | 133 | €868,819 | €1,011,616 | +€142,798 | +16.4% |
| Profit (loss) carried forward | 14 | €52,856 | €52,856 | = | 0.0% |
| Amounts payable | 17/49 | €10,879 | €15,854 | +€4,975 | +45.7% |
| Amounts payable within one year | 42/48 | €10,879 | €15,854 | +€4,975 | +45.7% |
| Trade debts | 44 | €1,124 | €1,200 | +€76 | +6.8% |
| Suppliers | 440/4 | €1,124 | €1,200 | +€76 | +6.8% |
| Taxes, remuneration and social security | 45 | €9,755 | €14,654 | +€4,899 | +50.2% |
| Taxes | 450/3 | €9,755 | €14,654 | +€4,899 | +50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,633 | €1,505 | -€3,128 | -67.5% |
| Other operating charges | 640/8 | €1,533 | €649 | -€884 | -57.7% |
| Gross operating margin | 9900 | €232,735 | €186,950 | -€45,785 | -19.7% |
| Operating profit (loss) | 9901 | €226,569 | €184,796 | -€41,773 | -18.4% |
| Financial income | 75/76B | €16,237 | €30,908 | +€14,671 | +90.4% |
| Recurring financial income | 75 | €16,237 | €30,908 | +€14,671 | +90.4% |
| Financial charges | 65/66B | €4,113 | €5,585 | +€1,472 | +35.8% |
| Recurring financial charges | 65 | €4,113 | €5,585 | +€1,472 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €238,692 | €210,119 | -€28,574 | -12.0% |
| Income taxes | 67/77 | €74,893 | €67,321 | -€7,572 | -10.1% |
| Profit (loss) for the period | 9904 | €163,800 | €142,798 | -€21,002 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €163,800 | €142,798 | -€21,002 | -12.8% |
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 8 October 2026 via checked.be.