CESTO: 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.
CESTO
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+57.7%), from €1.9m to €3.1m
of which Other amounts receivable: +€1.2m
- Profit (loss) carried forward +€2.7m
up €2.7m (+352%), from €771,835 to €3.5m
- Advances received -€1.3m
down €1.3m (-100%), from €1.3m to €0
- Short-term financial debts -€196,280
down €196,280 (-96.6%), from €203,177 to €6,898
of which Other loans: -€200,000
- Reserves -€143,540
down €143,540 (-25.5%), from €563,982 to €420,441
of which Distributable reserves: -€143,540
- Other debts +€95,068
up €95,068 (+11.8%), from €802,537 to €897,605
- Gross operating margin +€1.3m
up €1.3m (+235%), from €560,222 to €1.9m
- Financial income +€946,902
up €946,902 (+2,015%), from €47,001 to €993,903
- Taxes -€79,787
down €79,787 (-38.6%), from €206,613 to €126,827
- Depreciation -€46,871
down €46,871 (-71.0%), from €66,058 to €19,187
- Staff costs -€45,433
down €45,433 (-35.2%), from €128,931 to €83,498
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 | €4,831,815 | €5,952,138 | +€1.1m | +23.2% |
| Fixed assets | 21/28 | €1,485,782 | €1,484,047 | -€1,736 | -0.1% |
| Tangible fixed assets | 22/27 | €1,391,802 | €1,392,457 | +€654 | 0.0% |
| Land and buildings | 22 | €1,368,980 | €1,356,488 | -€12,492 | -0.9% |
| Plant, machinery and equipment | 23 | €1,801 | €18,746 | +€16,945 | +941% |
| Furniture and vehicles | 24 | €21,021 | €17,223 | -€3,799 | -18.1% |
| Financial fixed assets | 28 | €93,980 | €91,590 | -€2,390 | -2.5% |
| Current assets | 29/58 | €3,346,033 | €4,468,091 | +€1.1m | +33.5% |
| Amounts receivable after more than one year | 29 | €1,222,000 | €1,222,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,222,000 | €1,222,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,948,221 | €3,073,113 | +€1.1m | +57.7% |
| Trade receivables | 40 | €152,391 | €127,092 | -€25,300 | -16.6% |
| Other amounts receivable | 41 | €1,795,830 | €2,946,021 | +€1.2m | +64.0% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €164,587 | €162,978 | -€1,609 | -1.0% |
| Deferred charges and accrued income | 490/1 | €1,225 | €0 | -€1,225 | -100% |
| Total equity and liabilities | 10/49 | €4,831,815 | €5,952,138 | +€1.1m | +23.2% |
| Equity | 10/15 | €1,367,817 | €3,944,454 | +€2.6m | +188% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €563,982 | €420,441 | -€143,540 | -25.5% |
| Non-distributable reserves | 130/1 | €3,200 | €3,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,200 | €3,200 | = | 0.0% |
| Distributable reserves | 133 | €560,782 | €417,241 | -€143,540 | -25.6% |
| Profit (loss) carried forward | 14 | €771,835 | €3,492,013 | +€2.7m | +352% |
| Amounts payable | 17/49 | €3,463,998 | €2,007,684 | -€1.5m | -42.0% |
| Amounts payable after more than one year | 17 | €772,897 | €713,588 | -€59,309 | -7.7% |
| Financial debts | 170/4 | €772,897 | €713,588 | -€59,309 | -7.7% |
| Amounts payable within one year | 42/48 | €2,691,101 | €1,294,096 | -€1.4m | -51.9% |
| Current portion of amounts payable after more than one year | 42 | €186,811 | €118,452 | -€68,359 | -36.6% |
| Financial debts | 43 | €203,177 | €6,898 | -€196,280 | -96.6% |
| Credit institutions | 430/8 | €3,177 | €6,898 | +€3,720 | +117% |
| Other loans | 439 | €200,000 | €0 | -€200,000 | -100% |
| Trade debts | 44 | €20,452 | €31,591 | +€11,138 | +54.5% |
| Suppliers | 440/4 | €20,452 | €31,591 | +€11,138 | +54.5% |
| Advances received on contracts in progress | 46 | €1,330,326 | €0 | -€1.3m | -100% |
| Taxes, remuneration and social security | 45 | €147,797 | €239,551 | +€91,754 | +62.1% |
| Taxes | 450/3 | €133,531 | €214,575 | +€81,044 | +60.7% |
| Remuneration and social security | 454/9 | €14,266 | €24,976 | +€10,710 | +75.1% |
| Other amounts payable | 47/48 | €802,537 | €897,605 | +€95,068 | +11.8% |
| Non-recurring operating income | 76A | €0 | €1,382,392 | +€1.4m | |
| Remuneration, social security and pensions | 62 | €128,931 | €83,498 | -€45,433 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,058 | €19,187 | -€46,871 | -71.0% |
| Other operating charges | 640/8 | €15,544 | €15,672 | +€127 | +0.8% |
| Gross operating margin | 9900 | €560,222 | €1,874,596 | +€1.3m | +235% |
| Operating profit (loss) | 9901 | €349,689 | €1,756,240 | +€1.4m | +402% |
| Financial income | 75/76B | €47,001 | €993,903 | +€946,902 | +2,015% |
| Recurring financial income | 75 | €47,001 | €993,903 | +€946,902 | +2,015% |
| Financial charges | 65/66B | €46,536 | €46,679 | +€143 | +0.3% |
| Recurring financial charges | 65 | €46,536 | €46,679 | +€143 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €350,154 | €2,703,464 | +€2.4m | +672% |
| Income taxes | 67/77 | €206,613 | €126,827 | -€79,787 | -38.6% |
| Profit (loss) for the period | 9904 | €143,540 | €2,576,637 | +€2.4m | +1,695% |
| Profit (loss) for the period to be appropriated | 9905 | €143,540 | €2,576,637 | +€2.4m | +1,695% |
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 15 October 2026 via checked.be.