Cezar 2.0: 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.
Cezar 2.0
Largest movements
- Stocks and contracts +€30,226
up €30,226 (+24.6%), from €122,930 to €153,156
- Tangible fixed assets -€7,087
down €7,087 (-13.1%), from €54,119 to €47,032
of which Other tangible fixed assets: -€4,272
- Intangible fixed assets +€4,823
up €4,823 (+106%), from €4,538 to €9,361
- Cash -€4,817
down €4,817 (-76.4%), from €6,309 to €1,492
mainly Debts after one year (-€50,000) and Stocks and contracts (-€30,226)
- Receivables within one year -€2,969
down €2,969 (-91.0%), from €3,262 to €293
of which Trade receivables: -€3,039
- Debts after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Current portion of long-term debt +€50,000
new in 2025: €50,000
- Other debts +€28,605
up €28,605 (+17.3%), from €165,046 to €193,651
- Short-term financial debts -€10,000
down €10,000 (-20.0%), from €50,000 to €40,000
- Trade debts +€3,719
up €3,719 (+6.2%), from €59,847 to €63,566
- Gross operating margin +€136,962
up €136,962, from -€118,669 to €18,293
- Depreciation +€2,330
up €2,330 (+35.1%), from €6,634 to €8,964
- Other operating charges +€1,582
up €1,582 (+172%), from €922 to €2,504
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 | €193,944 | €212,256 | +€18,311 | +9.4% |
| Fixed assets | 21/28 | €59,657 | €56,393 | -€3,264 | -5.5% |
| Intangible fixed assets | 21 | €4,538 | €9,361 | +€4,823 | +106% |
| Tangible fixed assets | 22/27 | €54,119 | €47,032 | -€7,087 | -13.1% |
| Plant, machinery and equipment | 23 | €13,920 | €11,287 | -€2,634 | -18.9% |
| Furniture and vehicles | 24 | €767 | €585 | -€182 | -23.7% |
| Other tangible fixed assets | 26 | €39,432 | €35,160 | -€4,272 | -10.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,000 | €0 | -€1,000 | -100% |
| Current assets | 29/58 | €134,287 | €155,862 | +€21,575 | +16.1% |
| Stocks and contracts in progress | 3 | €122,930 | €153,156 | +€30,226 | +24.6% |
| Stocks | 30/36 | €122,930 | €153,156 | +€30,226 | +24.6% |
| Amounts receivable within one year | 40/41 | €3,262 | €293 | -€2,969 | -91.0% |
| Trade receivables | 40 | €3,039 | €0 | -€3,039 | -100% |
| Other amounts receivable | 41 | €223 | €293 | +€70 | +31.5% |
| Cash at bank and in hand | 54/58 | €6,309 | €1,492 | -€4,817 | -76.4% |
| Deferred charges and accrued income | 490/1 | €1,786 | €921 | -€865 | -48.4% |
| Total equity and liabilities | 10/49 | €193,944 | €212,256 | +€18,311 | +9.4% |
| Equity | 10/15 | -€144,190 | -€147,864 | -€3,673 | -2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €70 | €70 | = | 0.0% |
| Tax-exempt reserves | 132 | €70 | €70 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,661 | -€160,334 | -€3,673 | -2.3% |
| Amounts payable | 17/49 | €338,135 | €360,119 | +€21,985 | +6.5% |
| Amounts payable after more than one year | 17 | €50,000 | €0 | -€50,000 | -100% |
| Financial debts | 170/4 | €50,000 | €0 | -€50,000 | -100% |
| Amounts payable within one year | 42/48 | €286,134 | €358,986 | +€72,852 | +25.5% |
| Current portion of amounts payable after more than one year | 42 | - | €50,000 | +€50,000 | |
| Financial debts | 43 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Credit institutions | 430/8 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Trade debts | 44 | €59,847 | €63,566 | +€3,719 | +6.2% |
| Suppliers | 440/4 | €59,847 | €63,566 | +€3,719 | +6.2% |
| Taxes, remuneration and social security | 45 | €11,241 | €11,769 | +€528 | +4.7% |
| Taxes | 450/3 | €11,135 | €10,481 | -€654 | -5.9% |
| Remuneration and social security | 454/9 | €106 | €1,287 | +€1,182 | +1,118% |
| Other amounts payable | 47/48 | €165,046 | €193,651 | +€28,605 | +17.3% |
| Accrued charges and deferred income | 492/3 | €2,001 | €1,133 | -€867 | -43.3% |
| Remuneration, social security and pensions | 62 | €3,452 | €4,426 | +€974 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,634 | €8,964 | +€2,330 | +35.1% |
| Other operating charges | 640/8 | €922 | €2,504 | +€1,582 | +172% |
| Gross operating margin | 9900 | -€118,669 | €18,293 | +€136,962 | |
| Operating profit (loss) | 9901 | -€129,678 | €2,399 | +€132,076 | |
| Financial income | 75/76B | €87 | €267 | +€181 | +209% |
| Recurring financial income | 75 | €87 | €267 | +€181 | +209% |
| Financial charges | 65/66B | €6,460 | €6,209 | -€251 | -3.9% |
| Recurring financial charges | 65 | €6,460 | €6,209 | -€251 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | -€136,051 | -€3,543 | +€132,508 | +97.4% |
| Income taxes | 67/77 | €125 | €130 | +€6 | +4.5% |
| Profit (loss) for the period | 9904 | -€136,176 | -€3,673 | +€132,502 | +97.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€136,176 | -€3,673 | +€132,502 | +97.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.