CESAER: 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.
CESAER
Largest movements
- Intangible fixed assets -€13,000
down €13,000 (-21.1%), from €61,500 to €48,500
- Cash +€7,292
up €7,292 (+82.9%), from €8,792 to €16,084
mainly Depreciation (+€26,828) and Trade debts (+€4,925)
- Debts after one year -€12,601
down €12,601 (-17.0%), from €74,172 to €61,571
- Profit (loss) carried forward -€5,173
down €5,173 (-43.3%), from -€11,954 to -€17,128
- Trade debts +€4,925
up €4,925 (+60.2%), from €8,184 to €13,109
- Tax, wage and social debts +€3,922
up €3,922 (+238%), from €1,650 to €5,572
of which Remuneration and social security: +€3,752
- Current portion of long-term debt +€2,839
up €2,839 (+26.2%), from €10,828 to €13,667
- Gross operating margin +€73,377
up €73,377 (+771%), from €9,520 to €82,896
- Staff costs +€44,602
up €44,602 (+340%), from €13,105 to €57,707
- Depreciation +€20,405
up €20,405 (+318%), from €6,422 to €26,828
- Financial charges +€1,388
up €1,388 (+71.3%), from €1,947 to €3,334
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 | €134,897 | €127,863 | -€7,034 | -5.2% |
| Fixed assets | 21/28 | €111,722 | €97,752 | -€13,969 | -12.5% |
| Intangible fixed assets | 21 | €61,500 | €48,500 | -€13,000 | -21.1% |
| Tangible fixed assets | 22/27 | €46,772 | €45,802 | -€969 | -2.1% |
| Plant, machinery and equipment | 23 | - | €1,353 | +€1,353 | |
| Furniture and vehicles | 24 | €32,813 | €33,429 | +€617 | +1.9% |
| Other tangible fixed assets | 26 | €13,959 | €11,021 | -€2,939 | -21.1% |
| Financial fixed assets | 28 | €3,450 | €3,450 | = | 0.0% |
| Current assets | 29/58 | €23,175 | €30,110 | +€6,935 | +29.9% |
| Amounts receivable within one year | 40/41 | €12,299 | €12,638 | +€339 | +2.8% |
| Trade receivables | 40 | €8,980 | €12,575 | +€3,595 | +40.0% |
| Other amounts receivable | 41 | €3,319 | €63 | -€3,256 | -98.1% |
| Cash at bank and in hand | 54/58 | €8,792 | €16,084 | +€7,292 | +82.9% |
| Deferred charges and accrued income | 490/1 | €2,085 | €1,389 | -€696 | -33.4% |
| Total equity and liabilities | 10/49 | €134,897 | €127,863 | -€7,034 | -5.2% |
| Equity | 10/15 | -€9,954 | -€15,128 | -€5,173 | -52.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,954 | -€17,128 | -€5,173 | -43.3% |
| Amounts payable | 17/49 | €144,851 | €142,990 | -€1,861 | -1.3% |
| Amounts payable after more than one year | 17 | €74,172 | €61,571 | -€12,601 | -17.0% |
| Financial debts | 170/4 | €74,172 | €61,571 | -€12,601 | -17.0% |
| Amounts payable within one year | 42/48 | €70,679 | €81,419 | +€10,740 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €10,828 | €13,667 | +€2,839 | +26.2% |
| Trade debts | 44 | €8,184 | €13,109 | +€4,925 | +60.2% |
| Suppliers | 440/4 | €8,184 | €13,109 | +€4,925 | +60.2% |
| Taxes, remuneration and social security | 45 | €1,650 | €5,572 | +€3,922 | +238% |
| Taxes | 450/3 | €1,650 | €1,820 | +€170 | +10.3% |
| Remuneration and social security | 454/9 | - | €3,752 | +€3,752 | |
| Other amounts payable | 47/48 | €50,017 | €49,071 | -€946 | -1.9% |
| Remuneration, social security and pensions | 62 | €13,105 | €57,707 | +€44,602 | +340% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,422 | €26,828 | +€20,405 | +318% |
| Other operating charges | 640/8 | - | €143 | +€143 | |
| Gross operating margin | 9900 | €9,520 | €82,896 | +€73,377 | +771% |
| Operating profit (loss) | 9901 | -€10,008 | -€1,781 | +€8,227 | +82.2% |
| Financial income | 75/76B | €0 | €19 | +€19 | +191,600% |
| Recurring financial income | 75 | €0 | €19 | +€19 | +191,600% |
| Financial charges | 65/66B | €1,947 | €3,334 | +€1,388 | +71.3% |
| Recurring financial charges | 65 | €1,947 | €3,334 | +€1,388 | +71.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,954 | -€5,096 | +€6,858 | +57.4% |
| Income taxes | 67/77 | - | €77 | +€77 | |
| Profit (loss) for the period | 9904 | -€11,954 | -€5,173 | +€6,781 | +56.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,954 | -€5,173 | +€6,781 | +56.7% |
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 21 October 2026 via checked.be.