CETERMER: 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.
CETERMER
Largest movements
- Tangible fixed assets -€8,786
down €8,786 (-29.3%), from €29,969 to €21,183
- Receivables within one year -€4,211
down €4,211 (-16.8%), from €25,120 to €20,909
of which Trade receivables: -€4,211
- Cash +€1,424
up €1,424 (+28.0%), from €5,084 to €6,508
mainly Depreciation (+€9,952) and Receivables within one year (+€4,211)
- Intangible fixed assets -€1,166
down €1,166 (-80.0%), from €1,458 to €291
- Tax, wage and social debts -€7,126
down €7,126 (-43.6%), from €16,361 to €9,235
of which Taxes: -€10,485
- Other debts -€3,492
down €3,492 (-57.5%), from €6,075 to €2,583
- Trade debts -€3,401
down €3,401 (-10.1%), from €33,728 to €30,327
- Profit (loss) carried forward +€1,308
up €1,308 (+10.3%), from -€12,644 to -€11,337
- Staff costs +€7,787
up €7,787 (+15.5%), from €50,279 to €58,066
- Gross operating margin +€5,114
up €5,114 (+7.0%), from €73,066 to €78,180
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 | €62,120 | €49,409 | -€12,711 | -20.5% |
| Fixed assets | 21/28 | €31,627 | €21,675 | -€9,952 | -31.5% |
| Intangible fixed assets | 21 | €1,458 | €291 | -€1,166 | -80.0% |
| Tangible fixed assets | 22/27 | €29,969 | €21,183 | -€8,786 | -29.3% |
| Furniture and vehicles | 24 | €29,969 | €21,183 | -€8,786 | -29.3% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €30,493 | €27,734 | -€2,759 | -9.0% |
| Amounts receivable within one year | 40/41 | €25,120 | €20,909 | -€4,211 | -16.8% |
| Trade receivables | 40 | €25,120 | €20,909 | -€4,211 | -16.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €5,084 | €6,508 | +€1,424 | +28.0% |
| Deferred charges and accrued income | 490/1 | €289 | €317 | +€28 | +9.8% |
| Total equity and liabilities | 10/49 | €62,120 | €49,409 | -€12,711 | -20.5% |
| Equity | 10/15 | €5,956 | €7,263 | +€1,308 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €0 | - | = | |
| Issued capital | 100 | €0 | - | = | |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,644 | -€11,337 | +€1,308 | +10.3% |
| Amounts payable | 17/49 | €56,164 | €42,145 | -€14,019 | -25.0% |
| Amounts payable within one year | 42/48 | €56,164 | €42,145 | -€14,019 | -25.0% |
| Trade debts | 44 | €33,728 | €30,327 | -€3,401 | -10.1% |
| Suppliers | 440/4 | €33,728 | €30,327 | -€3,401 | -10.1% |
| Taxes, remuneration and social security | 45 | €16,361 | €9,235 | -€7,126 | -43.6% |
| Taxes | 450/3 | €12,413 | €1,928 | -€10,485 | -84.5% |
| Remuneration and social security | 454/9 | €3,948 | €7,307 | +€3,359 | +85.1% |
| Other amounts payable | 47/48 | €6,075 | €2,583 | -€3,492 | -57.5% |
| Remuneration, social security and pensions | 62 | €50,279 | €58,066 | +€7,787 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,952 | €9,952 | = | 0.0% |
| Other operating charges | 640/8 | €851 | €1,005 | +€154 | +18.1% |
| Gross operating margin | 9900 | €73,066 | €78,180 | +€5,114 | +7.0% |
| Operating profit (loss) | 9901 | €11,984 | €9,157 | -€2,827 | -23.6% |
| Financial charges | 65/66B | €208 | €208 | = | 0.0% |
| Recurring financial charges | 65 | €208 | €208 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €11,776 | €8,949 | -€2,827 | -24.0% |
| Income taxes | 67/77 | €7,306 | €7,641 | +€335 | +4.6% |
| Profit (loss) for the period | 9904 | €4,470 | €1,308 | -€3,163 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,470 | €1,308 | -€3,163 | -70.7% |
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 30 September 2026 via checked.be.