CLAUDIO CETANI: 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.
CLAUDIO CETANI
Largest movements
- Intangible fixed assets -€7,143
down €7,143 (-16.5%), from €43,404 to €36,261
- Cash -€2,552
no longer reported in 2025 (was €2,552)
mainly Net result for the year (-€24,490) and Trade debts (-€2,204)
- Receivables within one year +€951
up €951 (+7.7%), from €12,399 to €13,350
of which Trade receivables: +€933
- Tangible fixed assets -€773
down €773 (-37.1%), from €2,085 to €1,312
of which Furniture and vehicles: -€482
- Profit (loss) carried forward -€24,490
down €24,490 (-85.6%), from €28,624 to €4,134
- Tax, wage and social debts +€16,919
up €16,919 (+129%), from €13,138 to €30,056
of which Remuneration and social security: +€10,605
- Trade debts -€2,204
down €2,204 (-27.4%), from €8,033 to €5,829
- Other debts -€1,832
down €1,832 (-23.0%), from €7,976 to €6,144
- Short-term financial debts +€1,718
new in 2025: €1,718
- Gross operating margin -€61,406
down €61,406, from €49,991 to -€11,414
- Taxes -€10,143
down €10,143 (-94.9%), from €10,692 to €549
- Financial charges +€2,641
up €2,641 (+2,240%), from €118 to €2,759
- Depreciation -€1,099
down €1,099 (-12.2%), from €9,015 to €7,916
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 | €60,771 | €50,958 | -€9,813 | -16.1% |
| Fixed assets | 21/28 | €45,488 | €37,573 | -€7,916 | -17.4% |
| Intangible fixed assets | 21 | €43,404 | €36,261 | -€7,143 | -16.5% |
| Tangible fixed assets | 22/27 | €2,085 | €1,312 | -€773 | -37.1% |
| Plant, machinery and equipment | 23 | €695 | €404 | -€291 | -41.9% |
| Furniture and vehicles | 24 | €1,390 | €908 | -€482 | -34.7% |
| Current assets | 29/58 | €15,283 | €13,385 | -€1,898 | -12.4% |
| Amounts receivable within one year | 40/41 | €12,399 | €13,350 | +€951 | +7.7% |
| Trade receivables | 40 | €12,399 | €13,332 | +€933 | +7.5% |
| Other amounts receivable | 41 | - | €18 | +€18 | |
| Cash at bank and in hand | 54/58 | €2,552 | - | -€2,552 | |
| Deferred charges and accrued income | 490/1 | €332 | €35 | -€297 | -89.5% |
| Total equity and liabilities | 10/49 | €60,771 | €50,958 | -€9,813 | -16.1% |
| Equity | 10/15 | €31,624 | €7,134 | -€24,490 | -77.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,624 | €4,134 | -€24,490 | -85.6% |
| Amounts payable | 17/49 | €29,147 | €43,824 | +€14,677 | +50.4% |
| Amounts payable within one year | 42/48 | €29,147 | €43,747 | +€14,600 | +50.1% |
| Financial debts | 43 | - | €1,718 | +€1,718 | |
| Credit institutions | 430/8 | - | €1,718 | +€1,718 | |
| Trade debts | 44 | €8,033 | €5,829 | -€2,204 | -27.4% |
| Suppliers | 440/4 | €8,033 | €5,829 | -€2,204 | -27.4% |
| Taxes, remuneration and social security | 45 | €13,138 | €30,056 | +€16,919 | +129% |
| Taxes | 450/3 | €13,138 | €19,451 | +€6,314 | +48.1% |
| Remuneration and social security | 454/9 | - | €10,605 | +€10,605 | |
| Other amounts payable | 47/48 | €7,976 | €6,144 | -€1,832 | -23.0% |
| Accrued charges and deferred income | 492/3 | - | €77 | +€77 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,015 | €7,916 | -€1,099 | -12.2% |
| Other operating charges | 640/8 | €1,543 | €1,852 | +€310 | +20.1% |
| Gross operating margin | 9900 | €49,991 | -€11,414 | -€61,406 | |
| Operating profit (loss) | 9901 | €39,434 | -€21,182 | -€60,617 | |
| Financial charges | 65/66B | €118 | €2,759 | +€2,641 | +2,240% |
| Recurring financial charges | 65 | €118 | €2,759 | +€2,641 | +2,240% |
| Profit (loss) for the period before taxes | 9903 | €39,316 | -€23,941 | -€63,258 | |
| Income taxes | 67/77 | €10,692 | €549 | -€10,143 | -94.9% |
| Profit (loss) for the period | 9904 | €28,624 | -€24,490 | -€53,115 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,624 | -€24,490 | -€53,115 |
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 26 October 2026 via checked.be.