CESAR: 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.
CESAR
Largest movements
- Tangible fixed assets -€202,103
down €202,103 (-4.7%), from €4.3m to €4.1m
of which Land and buildings: -€202,602
- Receivables within one year +€90,036
up €90,036 (+2.2%), from €4.1m to €4.2m
of which Trade receivables: +€136,929
- Other debts -€401,440
down €401,440 (-14.2%), from €2.8m to €2.4m
- Trade debts +€283,479
up €283,479 (+15.7%), from €1.8m to €2.1m
- Short-term financial debts +€273,834
up €273,834 (+882%), from €31,033 to €304,867
of which Credit institutions: +€260,887
- Profit (loss) carried forward -€147,863
down €147,863 (-21.1%), from -€699,656 to -€847,520
- Debts after one year -€118,424
down €118,424 (-4.4%), from €2.7m to €2.6m
of which Financial debts: -€118,424
- Gross operating margin -€49,246
down €49,246 (-12.9%), from €382,966 to €333,720
- Depreciation +€29,970
up €29,970 (+13.1%), from €228,652 to €258,622
- Staff costs -€20,468
down €20,468 (-18.6%), from €110,299 to €89,831
- Financial charges -€11,426
down €11,426 (-9.7%), from €117,705 to €106,279
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 | €8,349,892 | €8,239,335 | -€110,557 | -1.3% |
| Fixed assets | 21/28 | €4,274,705 | €4,071,107 | -€203,599 | -4.8% |
| Intangible fixed assets | 21 | €6,732 | €5,236 | -€1,496 | -22.2% |
| Tangible fixed assets | 22/27 | €4,267,973 | €4,065,871 | -€202,103 | -4.7% |
| Land and buildings | 22 | €4,138,331 | €3,935,729 | -€202,602 | -4.9% |
| Plant, machinery and equipment | 23 | €938 | €48,229 | +€47,291 | +5,041% |
| Furniture and vehicles | 24 | €128,191 | €81,639 | -€46,552 | -36.3% |
| Other tangible fixed assets | 26 | €514 | €273 | -€240 | -46.8% |
| Current assets | 29/58 | €4,075,187 | €4,168,228 | +€93,041 | +2.3% |
| Amounts receivable within one year | 40/41 | €4,061,636 | €4,151,672 | +€90,036 | +2.2% |
| Trade receivables | 40 | €3,963,254 | €4,100,183 | +€136,929 | +3.5% |
| Other amounts receivable | 41 | €98,382 | €51,489 | -€46,893 | -47.7% |
| Cash at bank and in hand | 54/58 | €4,711 | €6,681 | +€1,971 | +41.8% |
| Deferred charges and accrued income | 490/1 | €8,840 | €9,874 | +€1,034 | +11.7% |
| Total equity and liabilities | 10/49 | €8,349,892 | €8,239,335 | -€110,557 | -1.3% |
| Equity | 10/15 | €843,544 | €695,680 | -€147,863 | -17.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,475,000 | €1,475,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€699,656 | -€847,520 | -€147,863 | -21.1% |
| Amounts payable | 17/49 | €7,506,348 | €7,543,654 | +€37,306 | +0.5% |
| Amounts payable after more than one year | 17 | €2,702,202 | €2,583,778 | -€118,424 | -4.4% |
| Financial debts | 170/4 | €2,678,102 | €2,559,678 | -€118,424 | -4.4% |
| Other amounts payable | 178/9 | €24,100 | €24,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,804,146 | €4,959,876 | +€155,730 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €120,024 | €118,424 | -€1,600 | -1.3% |
| Financial debts | 43 | €31,033 | €304,867 | +€273,834 | +882% |
| Credit institutions | 430/8 | €31,033 | €291,920 | +€260,887 | +841% |
| Other loans | 439 | - | €12,946 | +€12,946 | |
| Trade debts | 44 | €1,808,878 | €2,092,357 | +€283,479 | +15.7% |
| Suppliers | 440/4 | €1,808,878 | €2,092,357 | +€283,479 | +15.7% |
| Taxes, remuneration and social security | 45 | €9,517 | €10,975 | +€1,458 | +15.3% |
| Taxes | 450/3 | €1,344 | €1,025 | -€320 | -23.8% |
| Remuneration and social security | 454/9 | €8,173 | €9,951 | +€1,778 | +21.8% |
| Other amounts payable | 47/48 | €2,834,693 | €2,433,253 | -€401,440 | -14.2% |
| Remuneration, social security and pensions | 62 | €110,299 | €89,831 | -€20,468 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228,652 | €258,622 | +€29,970 | +13.1% |
| Other operating charges | 640/8 | €23,939 | €26,173 | +€2,235 | +9.3% |
| Gross operating margin | 9900 | €382,966 | €333,720 | -€49,246 | -12.9% |
| Operating profit (loss) | 9901 | €20,076 | -€40,906 | -€60,982 | |
| Financial income | 75/76B | €586 | €4 | -€582 | -99.3% |
| Recurring financial income | 75 | €586 | €4 | -€582 | -99.3% |
| Financial charges | 65/66B | €117,705 | €106,279 | -€11,426 | -9.7% |
| Recurring financial charges | 65 | €117,705 | €106,279 | -€11,426 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€97,042 | -€147,181 | -€50,139 | -51.7% |
| Income taxes | 67/77 | €705 | €682 | -€23 | -3.3% |
| Profit (loss) for the period | 9904 | -€97,748 | -€147,863 | -€50,115 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,748 | -€147,863 | -€50,115 | -51.3% |
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 20 October 2026 via checked.be.