CERVAL: 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.
CERVAL
Largest movements
- Receivables after one year -€105,000
down €105,000 (-78.9%), from €133,000 to €28,000
- Cash -€59,832
down €59,832 (-69.7%), from €85,875 to €26,044
mainly Contributions, distributions and other (-€281,002) and Receivables within one year (-€14,842)
- Receivables within one year +€14,842
up €14,842 (+133.7%), from €11,105 to €25,947
of which Trade receivables: +€14,119
- Deferred charges and accrued income -€10,774
down €10,774 (-89.0%), from €12,106 to €1,332
- Tangible fixed assets -€6,919
down €6,919 (-44.6%), from €15,500 to €8,581
- Profit (loss) carried forward -€213,052
down €213,052 (-99.4%), from €214,383 to €1,331
- Other debts +€45,742
up €45,742 (+155.1%), from €29,500 to €75,242
- Gross operating margin +€20,299
up €20,299 (+27.5%), from €73,762 to €94,061
- Financial income -€6,898
down €6,898 (-92.5%), from €7,455 to €556
- Depreciation +€2,227
up €2,227 (+47.4%), from €4,693 to €6,919
- Taxes +€2,025
up €2,025 (+12.2%), from €16,644 to €18,669
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 | €257,586 | €89,903 | -€167,683 | -65.1% |
| Fixed assets | 21/28 | €15,500 | €8,581 | -€6,919 | -44.6% |
| Tangible fixed assets | 22/27 | €15,500 | €8,581 | -€6,919 | -44.6% |
| Furniture and vehicles | 24 | €15,500 | €8,581 | -€6,919 | -44.6% |
| Current assets | 29/58 | €242,086 | €81,322 | -€160,764 | -66.4% |
| Amounts receivable after more than one year | 29 | €133,000 | €28,000 | -€105,000 | -78.9% |
| Other amounts receivable | 291 | €133,000 | €28,000 | -€105,000 | -78.9% |
| Amounts receivable within one year | 40/41 | €11,105 | €25,947 | +€14,842 | +133.7% |
| Trade receivables | 40 | €10,497 | €24,616 | +€14,119 | +134.5% |
| Other amounts receivable | 41 | €607 | €1,331 | +€724 | +119.1% |
| Cash at bank and in hand | 54/58 | €85,875 | €26,044 | -€59,832 | -69.7% |
| Deferred charges and accrued income | 490/1 | €12,106 | €1,332 | -€10,774 | -89.0% |
| Total equity and liabilities | 10/49 | €257,586 | €89,903 | -€167,683 | -65.1% |
| Equity | 10/15 | €217,383 | €4,331 | -€213,052 | -98.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €214,383 | €1,331 | -€213,052 | -99.4% |
| Amounts payable | 17/49 | €40,203 | €85,572 | +€45,369 | +112.9% |
| Amounts payable within one year | 42/48 | €40,203 | €85,572 | +€45,369 | +112.9% |
| Trade debts | 44 | €774 | €58 | -€716 | -92.6% |
| Suppliers | 440/4 | €774 | €58 | -€716 | -92.6% |
| Taxes, remuneration and social security | 45 | €9,929 | €10,272 | +€343 | +3.5% |
| Taxes | 450/3 | €9,929 | €10,272 | +€343 | +3.5% |
| Other amounts payable | 47/48 | €29,500 | €75,242 | +€45,742 | +155.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,693 | €6,919 | +€2,227 | +47.4% |
| Other operating charges | 640/8 | - | €787 | +€787 | |
| Gross operating margin | 9900 | €73,762 | €94,061 | +€20,299 | +27.5% |
| Operating profit (loss) | 9901 | €69,069 | €86,355 | +€17,286 | +25.0% |
| Financial income | 75/76B | €7,455 | €556 | -€6,898 | -92.5% |
| Recurring financial income | 75 | €7,455 | €556 | -€6,898 | -92.5% |
| Financial charges | 65/66B | €262 | €292 | +€30 | +11.3% |
| Recurring financial charges | 65 | €262 | €292 | +€30 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €76,262 | €86,619 | +€10,357 | +13.6% |
| Income taxes | 67/77 | €16,644 | €18,669 | +€2,025 | +12.2% |
| Profit (loss) for the period | 9904 | €59,618 | €67,950 | +€8,332 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,618 | €67,950 | +€8,332 | +14.0% |
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 29 September 2026 via checked.be.