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
- Cash +€28,913
up €28,913 (+27.3%), from €105,811 to €134,725
mainly Net result for the year (+€11,445) and Receivables within one year (+€10,379)
- Receivables within one year -€10,379
down €10,379 (-80.1%), from €12,950 to €2,571
of which Other amounts receivable: -€10,510
- Tangible fixed assets -€7,058
down €7,058 (-28.3%), from €24,926 to €17,868
of which Furniture and vehicles: -€6,885
- Reserves +€11,400
up €11,400 (+11.3%), from €101,226 to €112,626
of which Non-distributable reserves: +€11,400
- Turnover -€73,949
no longer reported in 2025 (was €73,949)
- Purchases and services -€56,482
no longer reported in 2025 (was €56,482)
- Taxes +€3,787
up €3,787 (+151.6%), from €2,498 to €6,285
- Depreciation +€3,377
up €3,377 (+86.4%), from €3,906 to €7,282
- Gross operating margin +€3,303
up €3,303 (+14.4%), from €22,981 to €26,284
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 | €143,687 | €155,483 | +€11,796 | +8.2% |
| Fixed assets | 21/28 | €24,926 | €17,868 | -€7,058 | -28.3% |
| Tangible fixed assets | 22/27 | €24,926 | €17,868 | -€7,058 | -28.3% |
| Plant, machinery and equipment | 23 | €388 | €215 | -€173 | -44.7% |
| Furniture and vehicles | 24 | €24,538 | €17,653 | -€6,885 | -28.1% |
| Current assets | 29/58 | €118,761 | €137,615 | +€18,854 | +15.9% |
| Amounts receivable within one year | 40/41 | €12,950 | €2,571 | -€10,379 | -80.1% |
| Trade receivables | 40 | - | €131 | +€131 | |
| Other amounts receivable | 41 | €12,950 | €2,440 | -€10,510 | -81.2% |
| Cash at bank and in hand | 54/58 | €105,811 | €134,725 | +€28,913 | +27.3% |
| Deferred charges and accrued income | 490/1 | - | €320 | +€320 | |
| Total equity and liabilities | 10/49 | €143,687 | €155,483 | +€11,796 | +8.2% |
| Equity | 10/15 | €130,479 | €141,924 | +€11,445 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,226 | €112,626 | +€11,400 | +11.3% |
| Non-distributable reserves | 130/1 | €85,860 | €97,260 | +€11,400 | +13.3% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €84,000 | €95,400 | +€11,400 | +13.6% |
| Tax-exempt reserves | 132 | €15,366 | €15,366 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,653 | €10,698 | +€45 | +0.4% |
| Amounts payable | 17/49 | €13,208 | €13,559 | +€351 | +2.7% |
| Amounts payable within one year | 42/48 | €13,208 | €13,559 | +€351 | +2.7% |
| Taxes, remuneration and social security | 45 | €7,240 | €6,240 | -€1,000 | -13.8% |
| Taxes | 450/3 | €7,240 | €6,240 | -€1,000 | -13.8% |
| Other amounts payable | 47/48 | €5,968 | €7,319 | +€1,351 | +22.6% |
| Turnover | 70 | €73,949 | - | -€73,949 | |
| Goods, raw materials, services and sundry goods | 60/61 | €56,482 | - | -€56,482 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,906 | €7,282 | +€3,377 | +86.4% |
| Other operating charges | 640/8 | €1,234 | €1,163 | -€71 | -5.7% |
| Gross operating margin | 9900 | €22,981 | €26,284 | +€3,303 | +14.4% |
| Operating profit (loss) | 9901 | €17,841 | €17,838 | -€3 | 0.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €147 | €108 | -€39 | -26.3% |
| Recurring financial charges | 65 | €147 | €108 | -€39 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €17,694 | €17,730 | +€36 | +0.2% |
| Income taxes | 67/77 | €2,498 | €6,285 | +€3,787 | +151.6% |
| Profit (loss) for the period | 9904 | €15,196 | €11,445 | -€3,751 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,196 | €11,445 | -€3,751 | -24.7% |
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 4 October 2026 via checked.be.