EL CERRO: 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.
EL CERRO
Largest movements
- Financial fixed assets -€464,535
down €464,535 (-37.4%), from €1.2m to €777,015
- Receivables within one year +€151,248
up €151,248 (+12.1%), from €1.3m to €1.4m
of which Other amounts receivable: +€147,663
- Short-term financial debts -€450,000
no longer reported in 2025 (was €450,000)
- Debts after one year +€175,000
up €175,000 (+34.0%), from €515,000 to €690,000
- Other debts -€130,356
down €130,356 (-55.1%), from €236,694 to €106,339
- Reserves +€81,839
up €81,839 (+14.8%), from €554,363 to €636,203
of which Distributable reserves: +€81,839
- Revaluation surpluses -€41,695
down €41,695 (-39.0%), from €106,779 to €65,085
- Financial income +€153,527
up €153,527 (+539.8%), from €28,441 to €181,968
- Financial charges +€11,787
up €11,787 (+11.7%), from €100,671 to €112,459
- Taxes +€8,184
new in 2025: €8,184
- Gross operating margin +€7,414
up €7,414 (+25.1%), from €29,575 to €36,989
- Other operating charges -€850
down €850 (-16.3%), from €5,212 to €4,362
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 | €2,650,110 | €2,324,618 | -€325,492 | -12.3% |
| Fixed assets | 21/28 | €1,395,275 | €918,627 | -€476,648 | -34.2% |
| Tangible fixed assets | 22/27 | €153,725 | €141,612 | -€12,114 | -7.9% |
| Land and buildings | 22 | €152,271 | €140,521 | -€11,750 | -7.7% |
| Furniture and vehicles | 24 | €1,455 | €1,091 | -€364 | -25.0% |
| Financial fixed assets | 28 | €1,241,550 | €777,015 | -€464,535 | -37.4% |
| Current assets | 29/58 | €1,254,835 | €1,405,991 | +€151,156 | +12.0% |
| Amounts receivable within one year | 40/41 | €1,253,168 | €1,404,416 | +€151,248 | +12.1% |
| Trade receivables | 40 | - | €3,584 | +€3,584 | |
| Other amounts receivable | 41 | €1,253,168 | €1,400,832 | +€147,663 | +11.8% |
| Cash at bank and in hand | 54/58 | €453 | €361 | -€92 | -20.3% |
| Deferred charges and accrued income | 490/1 | €1,214 | €1,214 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,650,110 | €2,324,618 | -€325,492 | -12.3% |
| Equity | 10/15 | €1,061,213 | €1,101,358 | +€40,145 | +3.8% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €106,779 | €65,085 | -€41,695 | -39.0% |
| Reserves | 13 | €554,363 | €636,203 | +€81,839 | +14.8% |
| Non-distributable reserves | 130/1 | €140,000 | €140,000 | = | 0.0% |
| Legal reserve | 130 | €140,000 | €140,000 | = | 0.0% |
| Distributable reserves | 133 | €414,363 | €496,203 | +€81,839 | +19.8% |
| Profit (loss) carried forward | 14 | €70 | €70 | = | 0.0% |
| Amounts payable | 17/49 | €1,588,897 | €1,223,260 | -€365,637 | -23.0% |
| Amounts payable after more than one year | 17 | €515,000 | €690,000 | +€175,000 | +34.0% |
| Financial debts | 170/4 | €515,000 | €690,000 | +€175,000 | +34.0% |
| Amounts payable within one year | 42/48 | €686,694 | €115,521 | -€571,173 | -83.2% |
| Financial debts | 43 | €450,000 | - | -€450,000 | |
| Credit institutions | 430/8 | €450,000 | - | -€450,000 | |
| Trade debts | 44 | - | €998 | +€998 | |
| Suppliers | 440/4 | - | €998 | +€998 | |
| Taxes, remuneration and social security | 45 | - | €8,184 | +€8,184 | |
| Taxes | 450/3 | - | €8,184 | +€8,184 | |
| Other amounts payable | 47/48 | €236,694 | €106,339 | -€130,356 | -55.1% |
| Accrued charges and deferred income | 492/3 | €387,202 | €417,739 | +€30,537 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,114 | €12,114 | = | 0.0% |
| Other operating charges | 640/8 | €5,212 | €4,362 | -€850 | -16.3% |
| Gross operating margin | 9900 | €29,575 | €36,989 | +€7,414 | +25.1% |
| Operating profit (loss) | 9901 | €12,249 | €20,514 | +€8,264 | +67.5% |
| Financial income | 75/76B | €28,441 | €181,968 | +€153,527 | +539.8% |
| Recurring financial income | 75 | €28,441 | €181,968 | +€153,527 | +539.8% |
| Financial charges | 65/66B | €100,671 | €112,459 | +€11,787 | +11.7% |
| Recurring financial charges | 65 | €100,671 | €112,459 | +€11,787 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€59,981 | €90,023 | +€150,004 | |
| Income taxes | 67/77 | - | €8,184 | +€8,184 | |
| Profit (loss) for the period | 9904 | -€59,981 | €81,839 | +€141,820 | |
| Profit (loss) for the period to be appropriated | 9905 | -€59,981 | €81,839 | +€141,820 |
Source: filed annual accounts (NBB), fiscal years ended 15 December 2024 and 15 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.