CERTUS RAIL SOLUTIONS: 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.
CERTUS RAIL SOLUTIONS
Largest movements
- Receivables within one year +€246,629
up €246,629 (+176%), from €140,511 to €387,140
of which Trade receivables: +€254,697
- Cash +€114,024
up €114,024 (+68.3%), from €166,838 to €280,862
mainly Contributions, distributions and other (+€400,000) and Trade debts (+€255,076)
- Tangible fixed assets -€112,099
down €112,099 (-39.9%), from €281,157 to €169,058
of which Plant, machinery and equipment: -€101,183
- Deferred charges and accrued income +€25,276
up €25,276 (+89.1%), from €28,359 to €53,635
- Intangible fixed assets +€10,132
new in 2025: €10,132
- Contributions +€400,000
up €400,000 (+193%), from €206,909 to €606,909
- Other debts -€315,000
no longer reported in 2025 (was €315,000)
- Trade debts +€255,076
up €255,076 (+124%), from €206,259 to €461,335
- Profit (loss) carried forward -€196,923
down €196,923 (-104%), from -€188,619 to -€385,542
- Accrued charges and deferred income +€109,204
up €109,204 (+285%), from €38,333 to €147,537
- Staff costs +€338,339
up €338,339 (+147%), from €230,932 to €569,271
- Gross operating margin +€330,864
up €330,864 (+212%), from €155,845 to €486,709
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 | €616,866 | €900,827 | +€283,961 | +46.0% |
| Fixed assets | 21/28 | €281,157 | €179,190 | -€101,967 | -36.3% |
| Intangible fixed assets | 21 | - | €10,132 | +€10,132 | |
| Tangible fixed assets | 22/27 | €281,157 | €169,058 | -€112,099 | -39.9% |
| Plant, machinery and equipment | 23 | €244,226 | €143,043 | -€101,183 | -41.4% |
| Furniture and vehicles | 24 | €36,932 | €26,016 | -€10,916 | -29.6% |
| Current assets | 29/58 | €335,708 | €721,637 | +€385,928 | +115% |
| Amounts receivable within one year | 40/41 | €140,511 | €387,140 | +€246,629 | +176% |
| Trade receivables | 40 | €126,089 | €380,787 | +€254,697 | +202% |
| Other amounts receivable | 41 | €14,422 | €6,353 | -€8,069 | -55.9% |
| Cash at bank and in hand | 54/58 | €166,838 | €280,862 | +€114,024 | +68.3% |
| Deferred charges and accrued income | 490/1 | €28,359 | €53,635 | +€25,276 | +89.1% |
| Total equity and liabilities | 10/49 | €616,866 | €900,827 | +€283,961 | +46.0% |
| Equity | 10/15 | €18,290 | €221,367 | +€203,077 | +1,110% |
| Contributions | 10/11 | €206,909 | €606,909 | +€400,000 | +193% |
| Capital | 10 | €206,909 | €606,909 | +€400,000 | +193% |
| Issued capital | 100 | €606,909 | €606,909 | = | 0.0% |
| Uncalled capital | 101 | €400,000 | - | -€400,000 | |
| Profit (loss) carried forward | 14 | -€188,619 | -€385,542 | -€196,923 | -104% |
| Amounts payable | 17/49 | €598,576 | €679,460 | +€80,884 | +13.5% |
| Amounts payable within one year | 42/48 | €560,243 | €531,923 | -€28,320 | -5.1% |
| Trade debts | 44 | €206,259 | €461,335 | +€255,076 | +124% |
| Suppliers | 440/4 | €206,259 | €461,335 | +€255,076 | +124% |
| Taxes, remuneration and social security | 45 | €38,984 | €70,588 | +€31,605 | +81.1% |
| Taxes | 450/3 | €191 | €831 | +€640 | +335% |
| Remuneration and social security | 454/9 | €38,792 | €69,757 | +€30,965 | +79.8% |
| Other amounts payable | 47/48 | €315,000 | - | -€315,000 | |
| Accrued charges and deferred income | 492/3 | €38,333 | €147,537 | +€109,204 | +285% |
| Remuneration, social security and pensions | 62 | €230,932 | €569,271 | +€338,339 | +147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,067 | €112,967 | +€900 | +0.8% |
| Other operating charges | 640/8 | €917 | €332 | -€585 | -63.8% |
| Gross operating margin | 9900 | €155,845 | €486,709 | +€330,864 | +212% |
| Operating profit (loss) | 9901 | -€188,071 | -€195,861 | -€7,790 | -4.1% |
| Financial charges | 65/66B | €329 | €422 | +€93 | +28.2% |
| Recurring financial charges | 65 | €329 | €422 | +€93 | +28.2% |
| Profit (loss) for the period before taxes | 9903 | -€188,400 | -€196,283 | -€7,883 | -4.2% |
| Income taxes | 67/77 | €219 | €640 | +€421 | +193% |
| Profit (loss) for the period | 9904 | -€188,619 | -€196,923 | -€8,304 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€188,619 | -€196,923 | -€8,304 | -4.4% |
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 15 October 2026 via checked.be.