CERTOR: 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.
CERTOR
Largest movements
- Current investments +€266,700
up €266,700 (+470.0%), from €56,742 to €323,442
- Cash -€212,507
down €212,507 (-92.9%), from €228,828 to €16,321
mainly Current investments (-€266,700) and Tax, wage and social debts (-€37,854)
- Tangible fixed assets -€28,928
down €28,928 (-35.6%), from €81,201 to €52,273
of which Furniture and vehicles: -€25,661
- Receivables within one year -€22,072
down €22,072 (-34.3%), from €64,398 to €42,326
of which Trade receivables: -€34,534
- Reserves +€63,586
up €63,586 (+18.0%), from €353,221 to €416,807
- Tax, wage and social debts -€37,854
no longer reported in 2025 (was €37,854)
of which Taxes: -€31,085
- Other debts -€21,257
down €21,257 (-90.5%), from €23,479 to €2,222
- Financial income -€26,932
down €26,932 (-99.5%), from €27,071 to €139
- Gross operating margin -€24,310
down €24,310 (-17.1%), from €142,319 to €118,009
- Taxes -€15,409
down €15,409 (-38.1%), from €40,441 to €25,032
- Depreciation +€3,992
up €3,992 (+26.7%), from €14,936 to €18,928
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 | €431,969 | €435,208 | +€3,239 | +0.7% |
| Fixed assets | 21/28 | €81,201 | €52,273 | -€28,928 | -35.6% |
| Tangible fixed assets | 22/27 | €81,201 | €52,273 | -€28,928 | -35.6% |
| Land and buildings | 22 | €1,849 | - | -€1,849 | |
| Plant, machinery and equipment | 23 | €2,640 | €1,223 | -€1,417 | -53.7% |
| Furniture and vehicles | 24 | €76,712 | €51,051 | -€25,661 | -33.5% |
| Current assets | 29/58 | €350,768 | €382,935 | +€32,166 | +9.2% |
| Amounts receivable within one year | 40/41 | €64,398 | €42,326 | -€22,072 | -34.3% |
| Trade receivables | 40 | €64,377 | €29,844 | -€34,534 | -53.6% |
| Other amounts receivable | 41 | €21 | €12,482 | +€12,461 | +59339.3% |
| Current investments | 50/53 | €56,742 | €323,442 | +€266,700 | +470.0% |
| Cash at bank and in hand | 54/58 | €228,828 | €16,321 | -€212,507 | -92.9% |
| Deferred charges and accrued income | 490/1 | €800 | €846 | +€46 | +5.7% |
| Total equity and liabilities | 10/49 | €431,969 | €435,208 | +€3,239 | +0.7% |
| Equity | 10/15 | €366,273 | €429,859 | +€63,586 | +17.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €353,221 | €416,807 | +€63,586 | +18.0% |
| Distributable reserves | 133 | €353,221 | €416,807 | +€63,586 | +18.0% |
| Profit (loss) carried forward | 14 | €652 | €652 | = | 0.0% |
| Amounts payable | 17/49 | €65,696 | €5,349 | -€60,347 | -91.9% |
| Amounts payable within one year | 42/48 | €65,696 | €5,349 | -€60,347 | -91.9% |
| Trade debts | 44 | €4,363 | €3,127 | -€1,236 | -28.3% |
| Suppliers | 440/4 | €4,363 | €3,127 | -€1,236 | -28.3% |
| Taxes, remuneration and social security | 45 | €37,854 | - | -€37,854 | |
| Taxes | 450/3 | €31,085 | - | -€31,085 | |
| Remuneration and social security | 454/9 | €6,769 | - | -€6,769 | |
| Other amounts payable | 47/48 | €23,479 | €2,222 | -€21,257 | -90.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,936 | €18,928 | +€3,992 | +26.7% |
| Other operating charges | 640/8 | €907 | €535 | -€372 | -41.0% |
| Non-recurring operating charges | 66A | - | €10,000 | +€10,000 | |
| Gross operating margin | 9900 | €142,319 | €118,009 | -€24,310 | -17.1% |
| Operating profit (loss) | 9901 | €126,476 | €88,546 | -€37,930 | -30.0% |
| Financial income | 75/76B | €27,071 | €139 | -€26,932 | -99.5% |
| Recurring financial income | 75 | €27,071 | €139 | -€26,932 | -99.5% |
| Financial charges | 65/66B | €57 | €67 | +€10 | +18.5% |
| Recurring financial charges | 65 | €57 | €67 | +€10 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €153,490 | €88,618 | -€64,872 | -42.3% |
| Income taxes | 67/77 | €40,441 | €25,032 | -€15,409 | -38.1% |
| Profit (loss) for the period | 9904 | €113,049 | €63,586 | -€49,463 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €113,049 | €63,586 | -€49,463 | -43.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.