CERUM: 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.
CERUM
Largest movements
- Financial fixed assets +€2.4m
new in 2025: €2.4m
- Tangible fixed assets +€1.7m
up €1.7m (+305%), from €547,059 to €2.2m
of which Land and buildings: +€1.7m
- Receivables within one year -€53,839
down €53,839 (-84.9%), from €63,425 to €9,586
- Debts after one year +€3.7m
up €3.7m (+1,148%), from €321,375 to €4.0m
- Reserves +€158,000
up €158,000 (+106%), from €148,635 to €306,635
- Current portion of long-term debt +€91,953
up €91,953 (+157%), from €58,477 to €150,430
- Gross operating margin +€413,707
up €413,707 (+359%), from €115,345 to €529,052
- Depreciation +€227,267
up €227,267 (+1,581%), from €14,378 to €241,645
- Taxes +€44,199
up €44,199 (+172%), from €25,733 to €69,931
- Financial charges +€26,993
up €26,993 (+337%), from €8,005 to €34,999
- Other operating charges +€23,813
up €23,813 (+4,614%), from €516 to €24,329
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €700,147 | €4,697,474 | +€4.0m | +571% |
| Fixed assets | 21/28 | €552,572 | €4,614,926 | +€4.1m | +735% |
| Intangible fixed assets | 21 | €5,513 | €1,925 | -€3,588 | -65.1% |
| Tangible fixed assets | 22/27 | €547,059 | €2,213,001 | +€1.7m | +305% |
| Land and buildings | 22 | €546,518 | €2,213,001 | +€1.7m | +305% |
| Plant, machinery and equipment | 23 | €541 | €0 | -€541 | -100% |
| Financial fixed assets | 28 | - | €2,400,000 | +€2.4m | |
| Current assets | 29/58 | €147,576 | €82,548 | -€65,028 | -44.1% |
| Stocks and contracts in progress | 3 | €1,250 | €1,250 | = | 0.0% |
| Stocks | 30/36 | €1,250 | €1,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €63,425 | €9,586 | -€53,839 | -84.9% |
| Trade receivables | 40 | €63,425 | €9,586 | -€53,839 | -84.9% |
| Cash at bank and in hand | 54/58 | €60,901 | €70,608 | +€9,707 | +15.9% |
| Deferred charges and accrued income | 490/1 | €22,000 | €1,104 | -€20,896 | -95.0% |
| Total equity and liabilities | 10/49 | €700,147 | €4,697,474 | +€4.0m | +571% |
| Equity | 10/15 | €155,268 | €313,415 | +€158,148 | +102% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €148,635 | €306,635 | +€158,000 | +106% |
| Distributable reserves | 133 | €148,635 | €306,635 | +€158,000 | +106% |
| Profit (loss) carried forward | 14 | €1,632 | €1,780 | +€148 | +9.0% |
| Amounts payable | 17/49 | €544,880 | €4,384,058 | +€3.8m | +705% |
| Amounts payable after more than one year | 17 | €321,375 | €4,011,481 | +€3.7m | +1,148% |
| Financial debts | 170/4 | €321,375 | €4,011,481 | +€3.7m | +1,148% |
| Amounts payable within one year | 42/48 | €219,440 | €364,028 | +€144,588 | +65.9% |
| Current portion of amounts payable after more than one year | 42 | €58,477 | €150,430 | +€91,953 | +157% |
| Trade debts | 44 | €39,265 | €60,081 | +€20,817 | +53.0% |
| Suppliers | 440/4 | €39,265 | €60,081 | +€20,817 | +53.0% |
| Taxes, remuneration and social security | 45 | €50,691 | €61,937 | +€11,246 | +22.2% |
| Taxes | 450/3 | €47,351 | €58,937 | +€11,586 | +24.5% |
| Remuneration and social security | 454/9 | €3,340 | €3,000 | -€340 | -10.2% |
| Other amounts payable | 47/48 | €71,007 | €91,580 | +€20,573 | +29.0% |
| Accrued charges and deferred income | 492/3 | €4,065 | €8,550 | +€4,485 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,378 | €241,645 | +€227,267 | +1,581% |
| Other operating charges | 640/8 | €516 | €24,329 | +€23,813 | +4,614% |
| Gross operating margin | 9900 | €115,345 | €529,052 | +€413,707 | +359% |
| Operating profit (loss) | 9901 | €100,451 | €263,077 | +€162,627 | +162% |
| Financial charges | 65/66B | €8,005 | €34,999 | +€26,993 | +337% |
| Recurring financial charges | 65 | €8,005 | €34,999 | +€26,993 | +337% |
| Profit (loss) for the period before taxes | 9903 | €92,446 | €228,079 | +€135,633 | +147% |
| Income taxes | 67/77 | €25,733 | €69,931 | +€44,199 | +172% |
| Profit (loss) for the period | 9904 | €66,713 | €158,148 | +€91,435 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €66,713 | €158,148 | +€91,435 | +137% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.