CETINA: 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.
CETINA
Largest movements
- Receivables within one year +€196,299
up €196,299 (+56.2%), from €349,449 to €545,748
of which Trade receivables: +€123,171
- Cash -€175,195
down €175,195 (-75.2%), from €232,949 to €57,754
mainly Receivables within one year (-€196,299) and Investment in fixed assets (net) (-€170,202)
- Tangible fixed assets +€120,825
up €120,825 (+57.1%), from €211,690 to €332,514
of which Land and buildings: +€132,063
- Receivables after one year -€17,957
down €17,957 (-36.0%), from €49,909 to €31,952
- Debts after one year +€83,904
new in 2025: €83,904
- Reserves +€73,138
up €73,138 (+9.7%), from €756,014 to €829,153
- Other debts -€60,000
down €60,000 (-100%), from €60,000 to €0
- Tax, wage and social debts +€13,462
up €13,462 (+119%), from €11,337 to €24,800
of which Taxes: +€13,462
- Current portion of long-term debt +€12,931
new in 2025: €12,931
- Gross operating margin +€38,456
up €38,456 (+45.4%), from €84,612 to €123,068
- Other operating charges +€13,060
up €13,060 (+1,117%), from €1,170 to €14,230
- Depreciation +€8,781
up €8,781 (+21.6%), from €40,597 to €49,377
- Taxes +€4,246
up €4,246 (+22.4%), from €18,993 to €23,239
- Financial income +€4,110
up €4,110 (+11.8%), from €34,827 to €38,938
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 | €847,689 | €972,298 | +€124,608 | +14.7% |
| Fixed assets | 21/28 | €215,030 | €335,854 | +€120,825 | +56.2% |
| Tangible fixed assets | 22/27 | €211,690 | €332,514 | +€120,825 | +57.1% |
| Land and buildings | 22 | €26,424 | €158,487 | +€132,063 | +500% |
| Plant, machinery and equipment | 23 | €3,750 | €21,965 | +€18,215 | +486% |
| Furniture and vehicles | 24 | €62,420 | €42,128 | -€20,293 | -32.5% |
| Other tangible fixed assets | 26 | €119,095 | €109,934 | -€9,161 | -7.7% |
| Financial fixed assets | 28 | €3,340 | €3,340 | = | 0.0% |
| Current assets | 29/58 | €632,660 | €636,443 | +€3,784 | +0.6% |
| Amounts receivable after more than one year | 29 | €49,909 | €31,952 | -€17,957 | -36.0% |
| Trade receivables | 290 | €49,909 | €31,952 | -€17,957 | -36.0% |
| Amounts receivable within one year | 40/41 | €349,449 | €545,748 | +€196,299 | +56.2% |
| Trade receivables | 40 | €88,167 | €211,338 | +€123,171 | +140% |
| Other amounts receivable | 41 | €261,282 | €334,410 | +€73,129 | +28.0% |
| Cash at bank and in hand | 54/58 | €232,949 | €57,754 | -€175,195 | -75.2% |
| Deferred charges and accrued income | 490/1 | €353 | €990 | +€636 | +180% |
| Total equity and liabilities | 10/49 | €847,689 | €972,298 | +€124,608 | +14.7% |
| Equity | 10/15 | €768,414 | €841,553 | +€73,138 | +9.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €756,014 | €829,153 | +€73,138 | +9.7% |
| Distributable reserves | 133 | €756,014 | €829,153 | +€73,138 | +9.7% |
| Amounts payable | 17/49 | €79,275 | €130,745 | +€51,470 | +64.9% |
| Amounts payable after more than one year | 17 | - | €83,904 | +€83,904 | |
| Financial debts | 170/4 | - | €83,904 | +€83,904 | |
| Amounts payable within one year | 42/48 | €79,275 | €46,841 | -€32,434 | -40.9% |
| Current portion of amounts payable after more than one year | 42 | - | €12,931 | +€12,931 | |
| Trade debts | 44 | €7,938 | €9,110 | +€1,172 | +14.8% |
| Suppliers | 440/4 | €7,938 | €9,110 | +€1,172 | +14.8% |
| Taxes, remuneration and social security | 45 | €11,337 | €24,800 | +€13,462 | +119% |
| Taxes | 450/3 | €8,637 | €22,100 | +€13,462 | +156% |
| Remuneration and social security | 454/9 | €2,700 | €2,700 | = | 0.0% |
| Other amounts payable | 47/48 | €60,000 | €0 | -€60,000 | -100% |
| Non-recurring operating income | 76A | €3,167 | €0 | -€3,167 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,597 | €49,377 | +€8,781 | +21.6% |
| Other operating charges | 640/8 | €1,170 | €14,230 | +€13,060 | +1,117% |
| Gross operating margin | 9900 | €84,612 | €123,068 | +€38,456 | +45.4% |
| Operating profit (loss) | 9901 | €42,846 | €59,461 | +€16,615 | +38.8% |
| Financial income | 75/76B | €34,827 | €38,938 | +€4,110 | +11.8% |
| Recurring financial income | 75 | €34,827 | €38,938 | +€4,110 | +11.8% |
| Financial charges | 65/66B | €750 | €2,021 | +€1,271 | +170% |
| Recurring financial charges | 65 | €750 | €2,021 | +€1,271 | +170% |
| Profit (loss) for the period before taxes | 9903 | €76,923 | €96,378 | +€19,454 | +25.3% |
| Income taxes | 67/77 | €18,993 | €23,239 | +€4,246 | +22.4% |
| Profit (loss) for the period | 9904 | €57,930 | €73,138 | +€15,208 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,930 | €73,138 | +€15,208 | +26.3% |
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 15 October 2026 via checked.be.