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
- Cash -€37,698
down €37,698 (-54.6%), from €69,094 to €31,396
mainly Investment in fixed assets (net) (-€47,893) and Tax, wage and social debts (-€20,782)
- Financial fixed assets +€20,000
up €20,000 (+672.0%), from €2,976 to €22,976
- Tangible fixed assets +€14,471
up €14,471 (+63.5%), from €22,776 to €37,247
of which Plant, machinery and equipment: +€27,331
- Receivables within one year -€14,292
down €14,292 (-17.9%), from €79,976 to €65,684
of which Trade receivables: -€7,302
- Tax, wage and social debts -€20,782
down €20,782 (-42.4%), from €49,040 to €28,258
of which Taxes: -€12,496
- Profit (loss) carried forward +€17,476
up €17,476 (+36.0%), from €48,528 to €66,004
- Other debts -€14,618
down €14,618 (-38.1%), from €38,330 to €23,712
- Current portion of long-term debt +€5,532
up €5,532 (+94.5%), from €5,852 to €11,384
- Trade debts -€5,126
down €5,126 (-17.6%), from €29,145 to €24,020
- Gross operating margin -€72,551
down €72,551 (-37.9%), from €191,566 to €119,015
- Staff costs +€13,130
up €13,130 (+19.6%), from €66,852 to €79,982
- Taxes -€2,782
down €2,782 (-33.2%), from €8,371 to €5,589
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 | €178,956 | €161,437 | -€17,519 | -9.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €25,752 | €60,223 | +€34,471 | +133.9% |
| Tangible fixed assets | 22/27 | €22,776 | €37,247 | +€14,471 | +63.5% |
| Plant, machinery and equipment | 23 | €1,274 | €28,605 | +€27,331 | +2145.7% |
| Furniture and vehicles | 24 | €13,992 | €3,270 | -€10,722 | -76.6% |
| Leasing and similar rights | 25 | €1,911 | €573 | -€1,338 | -70.0% |
| Other tangible fixed assets | 26 | €5,600 | €4,800 | -€800 | -14.3% |
| Financial fixed assets | 28 | €2,976 | €22,976 | +€20,000 | +672.0% |
| Current assets | 29/58 | €153,204 | €101,214 | -€51,990 | -33.9% |
| Stocks and contracts in progress | 3 | €3,783 | €3,783 | = | 0.0% |
| Stocks | 30/36 | €3,783 | €3,783 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €79,976 | €65,684 | -€14,292 | -17.9% |
| Trade receivables | 40 | €8,315 | €1,013 | -€7,302 | -87.8% |
| Other amounts receivable | 41 | €71,661 | €64,671 | -€6,990 | -9.8% |
| Cash at bank and in hand | 54/58 | €69,094 | €31,396 | -€37,698 | -54.6% |
| Deferred charges and accrued income | 490/1 | €351 | €351 | = | 0.0% |
| Total equity and liabilities | 10/49 | €178,956 | €161,437 | -€17,519 | -9.8% |
| Equity | 10/15 | €56,588 | €74,064 | +€17,476 | +30.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,528 | €66,004 | +€17,476 | +36.0% |
| Amounts payable | 17/49 | €122,368 | €87,374 | -€34,994 | -28.6% |
| Amounts payable within one year | 42/48 | €122,368 | €87,374 | -€34,994 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €5,852 | €11,384 | +€5,532 | +94.5% |
| Trade debts | 44 | €29,145 | €24,020 | -€5,126 | -17.6% |
| Suppliers | 440/4 | €29,145 | €24,020 | -€5,126 | -17.6% |
| Taxes, remuneration and social security | 45 | €49,040 | €28,258 | -€20,782 | -42.4% |
| Taxes | 450/3 | €31,244 | €18,748 | -€12,496 | -40.0% |
| Remuneration and social security | 454/9 | €17,796 | €9,510 | -€8,286 | -46.6% |
| Other amounts payable | 47/48 | €38,330 | €23,712 | -€14,618 | -38.1% |
| Remuneration, social security and pensions | 62 | €66,852 | €79,982 | +€13,130 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,978 | €13,421 | -€556 | -4.0% |
| Other operating charges | 640/8 | €1,390 | €1,879 | +€489 | +35.2% |
| Gross operating margin | 9900 | €191,566 | €119,015 | -€72,551 | -37.9% |
| Operating profit (loss) | 9901 | €109,347 | €23,732 | -€85,614 | -78.3% |
| Financial charges | 65/66B | €1,355 | €668 | -€687 | -50.7% |
| Recurring financial charges | 65 | €1,355 | €668 | -€687 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €107,992 | €23,065 | -€84,927 | -78.6% |
| Income taxes | 67/77 | €8,371 | €5,589 | -€2,782 | -33.2% |
| Profit (loss) for the period | 9904 | €99,621 | €17,476 | -€82,145 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €99,621 | €17,476 | -€82,145 | -82.5% |
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 11 October 2026 via checked.be.