LE CERF: 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.
LE CERF
Largest movements
- Tangible fixed assets +€17,547
up €17,547 (+40.3%), from €43,552 to €61,099
of which Plant, machinery and equipment: +€18,969
- Cash -€6,286
down €6,286 (-63.0%), from €9,976 to €3,690
mainly Investment in fixed assets (net) (-€30,775) and Net result for the year (-€11,908)
- Stocks and contracts +€6,091
up €6,091 (+71.5%), from €8,519 to €14,610
- Receivables within one year +€2,524
up €2,524 (+5.4%), from €47,029 to €49,553
of which Other amounts receivable: +€2,730
- Intangible fixed assets -€2,017
no longer reported in 2025 (was €2,017)
- Trade debts +€12,158
up €12,158 (+91.2%), from €13,335 to €25,493
- Profit (loss) carried forward -€11,908
down €11,908 (-28.0%), from €42,483 to €30,575
- Tax, wage and social debts +€11,692
up €11,692 (+227.1%), from €5,148 to €16,840
of which Remuneration and social security: +€10,686
- Other debts +€2,781
up €2,781 (+17.2%), from €16,177 to €18,958
- Debts after one year +€2,586
up €2,586 (+35.8%), from €7,217 to €9,803
- Staff costs +€27,823
up €27,823 (+116.5%), from €23,880 to €51,703
- Gross operating margin +€15,899
up €15,899 (+39.2%), from €40,549 to €56,448
- Depreciation +€2,694
up €2,694 (+21.5%), from €12,551 to €15,245
- Financial income +€666
up €666 (+616.7%), from €108 to €774
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 | €112,058 | €129,468 | +€17,410 | +15.5% |
| Fixed assets | 21/28 | €45,694 | €61,224 | +€15,530 | +34.0% |
| Intangible fixed assets | 21 | €2,017 | - | -€2,017 | |
| Tangible fixed assets | 22/27 | €43,552 | €61,099 | +€17,547 | +40.3% |
| Plant, machinery and equipment | 23 | €41,100 | €60,069 | +€18,969 | +46.2% |
| Furniture and vehicles | 24 | €2,452 | €1,030 | -€1,422 | -58.0% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €66,364 | €68,244 | +€1,880 | +2.8% |
| Stocks and contracts in progress | 3 | €8,519 | €14,610 | +€6,091 | +71.5% |
| Stocks | 30/36 | €8,519 | €14,610 | +€6,091 | +71.5% |
| Amounts receivable within one year | 40/41 | €47,029 | €49,553 | +€2,524 | +5.4% |
| Trade receivables | 40 | €46,477 | €46,271 | -€206 | -0.4% |
| Other amounts receivable | 41 | €552 | €3,282 | +€2,730 | +494.6% |
| Cash at bank and in hand | 54/58 | €9,976 | €3,690 | -€6,286 | -63.0% |
| Deferred charges and accrued income | 490/1 | €840 | €391 | -€449 | -53.5% |
| Total equity and liabilities | 10/49 | €112,058 | €129,468 | +€17,410 | +15.5% |
| Equity | 10/15 | €64,483 | €52,575 | -€11,908 | -18.5% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,483 | €30,575 | -€11,908 | -28.0% |
| Amounts payable | 17/49 | €47,575 | €76,893 | +€29,318 | +61.6% |
| Amounts payable after more than one year | 17 | €7,217 | €9,803 | +€2,586 | +35.8% |
| Financial debts | 170/4 | €7,217 | €9,803 | +€2,586 | +35.8% |
| Amounts payable within one year | 42/48 | €40,358 | €67,090 | +€26,732 | +66.2% |
| Current portion of amounts payable after more than one year | 42 | €5,698 | €5,799 | +€101 | +1.8% |
| Trade debts | 44 | €13,335 | €25,493 | +€12,158 | +91.2% |
| Suppliers | 440/4 | €13,335 | €25,493 | +€12,158 | +91.2% |
| Taxes, remuneration and social security | 45 | €5,148 | €16,840 | +€11,692 | +227.1% |
| Taxes | 450/3 | €772 | €1,778 | +€1,006 | +130.3% |
| Remuneration and social security | 454/9 | €4,376 | €15,062 | +€10,686 | +244.2% |
| Other amounts payable | 47/48 | €16,177 | €18,958 | +€2,781 | +17.2% |
| Remuneration, social security and pensions | 62 | €23,880 | €51,703 | +€27,823 | +116.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,551 | €15,245 | +€2,694 | +21.5% |
| Other operating charges | 640/8 | €1,022 | €899 | -€123 | -12.0% |
| Gross operating margin | 9900 | €40,549 | €56,448 | +€15,899 | +39.2% |
| Operating profit (loss) | 9901 | €3,096 | -€11,399 | -€14,495 | |
| Financial income | 75/76B | €108 | €774 | +€666 | +616.7% |
| Recurring financial income | 75 | €108 | €774 | +€666 | +616.7% |
| Financial charges | 65/66B | €1,272 | €1,283 | +€11 | +0.9% |
| Recurring financial charges | 65 | €1,272 | €1,283 | +€11 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €1,932 | -€11,908 | -€13,840 | |
| Profit (loss) for the period | 9904 | €1,932 | -€11,908 | -€13,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,932 | -€11,908 | -€13,840 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.