CEDER (0420.689.097): financials and annual accounts

CEDER

Antwerp ·KBO/BCE: BE 0420.689.097

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	364,168	381,352	388,326	407,025	425,035	438,500	448,181	372,681	417,483	439,678	466,406	228,994	167,858	174,167	193,658	200,756	222,307	241,111	241,519	259,101
Fixed assets`21/28`	362,217	378,407	386,330	405,042	423,754	433,504	411,771	207,973	208,649	203,137	64,665	63,228	155,740	166,333	180,798	194,491	209,162	225,970	230,804	249,591
Tangible fixed assets`22/27`	362,217	378,407	386,330	405,042	423,754	433,504	411,771	207,973	208,649	203,137	64,665	63,228	155,740	166,333	180,798	194,491	209,162	225,970	230,804	249,107
Land and buildings`22`	362,217	378,407	386,330	405,042	423,754	433,504	411,771	205,473	203,649	195,637	54,665	63,228	155,740	166,259	177,774	188,516	200,088	214,166	230,358	248,513
Furniture and vehicles`24`	-	-	-	-	-	-	-	2,500	5,000	7,500	10,000	-	-	74	3,024	5,975	9,074	11,804	446	594
Financial fixed assets`28`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	485
Current assets`29/58`	1,951	2,945	1,997	1,984	1,281	4,996	36,410	164,708	208,834	236,541	401,742	165,766	12,117	7,834	12,860	6,265	13,144	15,141	10,715	9,509
Amounts receivable after more than one year`29`	-	-	-	-	-	-	-	160,000	160,000	190,000	180,000	130,000	-	-	-	-	-	-	-	-
Trade receivables`290`	-	-	-	-	-	-	-	120,000	120,000	150,000	150,000	100,000	-	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	-	-	-	-	-	40,000	40,000	40,000	30,000	30,000	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	89	1,689	47	647	447	884	3,000	3,000	3,011	5,062	6,479	11,310	9,703	3,112	6,141	1,491	6,547	9,555	4,398	4,874
Trade receivables`40`	89	1,689	47	590	447	884	3,000	3,000	3,000	3,900	3,931	8,950	9,500	3,000	6,000	1,450	5,814	9,000	3,750	4,500
Other amounts receivable`41`	-	-	-	57	-	-	-	-	11	1,162	2,548	2,360	203	112	141	41	733	555	648	374
Cash at bank and in hand`54/58`	1,227	630	1,371	815	380	2,974	32,298	363	41,251	40,255	214,695	15,387	6	2,443	5,085	2,776	5,458	4,229	5,119	3,493
Deferred charges and accrued income`490/1`	634	626	579	522	453	1,138	1,112	1,345	4,572	1,224	568	9,069	2,409	2,279	1,635	1,998	1,140	1,357	1,199	1,143
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	364,168	381,352	388,326	407,025	425,035	438,500	448,181	372,681	417,483	439,678	466,406	228,994	167,858	174,167	193,658	200,756	222,307	241,111	241,519	259,101
Equity`10/15`	139,013	151,886	174,151	196,505	212,510	209,748	232,019	254,062	278,543	299,615	332,499	135,355	33,537	27,635	30,179	34,485	51,090	66,074	87,430	100,209
Contributions`10/11`	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000
Capital`10`	87,000	87,000	87,000	87,000	87,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000	87,000
Reserves`13`	169,798	178,037	188,166	198,294	208,423	193,398	202,312	212,772	219,959	226,804	245,499	48,355	31,502	31,502	31,502	31,502	31,502	31,502	31,502	31,502
Non-distributable reserves`130/1`	8,700	8,700	8,700	8,700	8,700	8,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	8,700	8,700	8,700	8,700	8,700	8,700	8,700	8,700	8,700	8,700	8,700	8,700	8,180	8,180	8,180	8,180	8,180	8,180	8,180	8,180
Tax-exempt reserves`132`	161,098	169,337	179,466	189,594	199,723	184,698	193,612	204,072	211,259	218,104	224,368	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	-	-	-	-	-	-	-	-	-	-	12,431	39,655	23,322	23,322	23,322	23,322	23,322	23,322	23,322	23,322
Profit (loss) carried forward`14`	-117,785	-113,151	-101,015	-88,789	-82,913	-70,650	-57,293	-45,709	-28,415	-14,189	-	-	-84,965	-90,867	-88,323	-84,018	-67,413	-52,428	-31,072	-18,293
Provisions and deferred taxes`16`	53,699	56,446	59,822	63,198	66,574	95,105	99,695	105,081	108,782	112,306	115,532	-	-	-	-	-	-	-	-	-
Deferred taxes`168`	53,699	56,446	59,822	63,198	66,574	95,105	99,695	105,081	108,782	112,306	115,532	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	171,456	173,020	154,353	147,322	145,950	133,648	116,466	13,538	30,158	27,757	18,375	93,638	134,321	146,532	163,479	166,271	171,217	175,037	154,089	158,892
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	-	-	-	-	-	2,623	-	6,894	21,247	34,694	47,292	45,610	54,525
Financial debts`170/4`	-	-	-	-	-	-	-	-	-	-	-	-	2,623	-	6,894	21,247	34,694	47,292	45,610	54,525
Amounts payable within one year`42/48`	171,456	173,020	152,353	147,322	145,950	133,648	116,466	13,538	30,158	27,753	18,270	92,803	131,698	146,036	156,090	144,528	135,945	127,249	107,927	103,707
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	-	-	-	-	2,623	10,135	26,894	14,353	13,447	12,598	11,804	8,915	8,575
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	53	4,614	-	-	-	-	-	-	136
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	53	4,614	-	-	-	-	-	-	136
Trade debts`44`	1,415	1,774	1,314	1,803	1,526	3,379	2,165	1,487	2,791	27,608	9,709	14,001	1,830	2,226	2,085	773	399	907	1,027	949
Suppliers`440/4`	1,415	1,774	1,314	1,803	1,526	3,379	2,165	1,487	2,791	27,608	9,709	14,001	1,830	2,226	2,085	773	399	907	1,027	949
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	-	-	30,582	-	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	311	318	845	1,116	546	-	438	438	545	144	154	134	97	97	-	104	-	-	-	-
Taxes`450/3`	311	318	845	1,116	546	-	438	438	545	144	154	134	97	97	-	104	-	-	-	-
Other amounts payable`47/48`	169,729	170,929	150,195	144,403	143,879	130,269	113,863	11,613	26,822	-	8,407	45,410	115,022	116,819	139,652	130,204	122,948	114,538	97,985	94,047
Accrued charges and deferred income`492/3`	-	-	2,000	-	-	-	-	-	0	4	105	835	-	496	496	496	578	496	552	660
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	353,154	164,240	-	-	-	-	-	450	-	-
Gross operating margin`9900`	3,893	-3,051	-3,560	3,247	-3,697	-4,989	-5,747	-16,901	-14,390	-25,937	-36,512	11,687	22,657	19,112	17,010	5,243	10,105	5,447	13,448	18,922
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	16,190	18,947	18,712	18,712	18,580	18,024	25,837	15,325	14,738	15,672	8,191	6,753	10,593	14,465	14,615	14,671	17,177	19,217	19,052	19,562
Other operating charges`640/8`	2,755	3,053	2,900	3,165	2,701	3,706	2,037	1,830	1,728	1,608	1,933	5,128	4,598	4,680	4,421	4,256	4,242	4,255	4,812	4,438
Operating profit (loss)`9901`	-15,052	-25,051	-25,172	-18,630	-24,977	-26,719	-33,621	-34,057	-30,856	-43,217	-46,637	-194	7,467	-33	-2,026	-13,685	-11,315	-18,025	-10,415	-5,078
Financial income`75/76B`	-	-	-	-	-	0	6,459	6,401	6,857	7,507	6,573	429	0	1	1	2	6	1	93	269
Recurring financial income`75`	-	-	-	-	-	0	6,459	6,401	6,857	7,507	6,573	429	0	1	1	2	6	1	93	269
Financial charges`65/66B`	257	272	248	217	245	143	267	88	97	190	294	833	1,467	2,414	2,281	2,922	3,675	3,782	2,456	3,267
Recurring financial charges`65`	257	272	248	217	245	143	267	88	97	190	294	833	1,467	2,414	2,281	2,922	3,675	3,782	2,456	3,267
Profit (loss) for the period before taxes`9903`	-15,308	-25,323	-25,419	-18,848	-25,222	-26,862	-27,429	-27,743	-24,095	-35,900	312,796	163,643	5,999	-2,447	-4,306	-16,605	-14,984	-21,356	-12,778	-8,076
Transfer from deferred taxes`780`	2,746	3,376	3,376	3,376	3,376	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes`67/77`	311	318	311	533	546	-	0	438	501	210	120	43,824	97	97	0	0	1	0	0	-
Profit (loss) for the period`9904`	-12,873	-22,265	-22,354	-16,005	-22,392	-22,272	-22,043	-24,481	-21,071	-32,885	197,144	119,818	5,902	-2,544	-4,306	-16,605	-14,985	-21,356	-12,779	-8,076
Transfer from tax-exempt reserves`789`	8,239	10,129	10,129	10,129	10,129	8,915	10,459	7,187	6,845	6,264	3,027	-	-	-	-	-	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	-	-	227,395	-	-	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	-4,634	-12,136	-12,226	-5,876	-12,263	-13,357	-11,583	-17,294	-14,226	-26,621	-27,224	119,818	5,902	-2,544	-4,306	-16,605	-14,985	-21,356	-12,779	-8,076
Appropriation of the result
Profit (loss) to be appropriated`9906`	-117,785	-113,151	-101,015	-88,789	-82,913	-70,650	-57,293	-45,709	-28,415	-26,621	-27,224	34,853	-84,965	-90,867	-88,323	-84,018	-67,413	-52,428	-31,072	-18,293
Profit (loss) brought forward from the previous period`14P`	-113,151	-101,015	-88,789	-82,913	-70,650	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	-	-	12,431	27,224	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	16,853	-	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	520	-	-	-	-	-	-	-	-
To other reserves`6921`	-	-	-	-	-	-	-	-	-	-	-	16,333	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	-	18,000	-	-	-	-	-	-	-	-
Directors or managers`695`	-	-	-	-	-	-	-	-	-	-	-	18,000	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	12-06-2026	2026-00158281	PDF
31-12-2024	micro format	18-06-2025	2025-00159862	PDF
31-12-2023	micro format	20-06-2024	2024-00144080	PDF
31-12-2022	micro format	27-07-2023	2023-00288420	PDF
31-12-2021	micro format	27-06-2022	2022-20094027	PDF
31-12-2020	micro format	10-06-2021	2021-19100018	PDF
31-12-2019	micro format	07-07-2020	2020-27400374	PDF
31-12-2018	micro format	06-06-2019	2019-16700120	PDF
31-12-2017	micro format	23-05-2018	2018-13600091	PDF
31-12-2016	abbreviated format	19-05-2017	2017-12700454	PDF
31-12-2015	abbreviated format	24-05-2016	2016-13200532	PDF
31-12-2014	abbreviated format	08-07-2015	2015-29000071	PDF
31-12-2013	abbreviated format	17-06-2014	2014-18700451	PDF
31-12-2012	abbreviated format	19-06-2013	2013-20000323	PDF
31-12-2011	abbreviated format	20-06-2012	2012-19500564	PDF
31-12-2010	abbreviated format	14-06-2011	2011-16600169	PDF
31-12-2009	abbreviated format	10-06-2010	2010-17200257	PDF
31-12-2008	abbreviated format	16-06-2009	2009-23800121	PDF
31-12-2007	abbreviated format	10-06-2008	2008-22000001	PDF
31-12-2006	abbreviated format	14-06-2007	2007-23300076	PDF
31-12-2005	abbreviated format	09-06-2006	2006-22200090	PDF
31-12-2004	abbreviated format	14-06-2005	2005-25502514	PDF
31-12-2003	abbreviated format	09-06-2004	2004-22004648	PDF
31-12-2002	abbreviated format	06-06-2003	2003-20504552	PDF
31-12-2001	abbreviated format	20-06-2002	2002-24600001	PDF
31-12-2000	abbreviated format	13-06-2001	2001-20704961	PDF
31-12-1999	abbreviated format	29-05-2000	2000-16001011	PDF
31-12-1998	abbreviated format	03-06-1999	1999-14004887	PDF
31-12-1997	abbreviated format	02-06-1998	1998-12603375	PDF
31-12-1996	abbreviated format	10-06-1997	1997-13701861	PDF
31-12-1995	abbreviated format	17-06-1996	1996-17101547	PDF
31-12-1994	abbreviated format	19-05-1995	1995-08703028	PDF
31-12-1993	abbreviated format	24-05-1994	1994-09203919	PDF
31-12-1992	abbreviated format	21-06-1993	1993-15202678	PDF
31-12-1991	abbreviated format	12-06-1992	1992-10501226	PDF
31-12-1990	abbreviated format	03-06-1991	1991-07301618	PDF
31-12-1989	abbreviated format	25-05-1990	1990-05502216	PDF
31-12-1988	abbreviated format	29-05-1989	1989-05304212	PDF
31-12-1987	abbreviated format	10-06-1988	1988-07300229	PDF
31-12-1986	abbreviated format	10-06-1987	1987-09101215	PDF
31-12-1985	abbreviated format	11-06-1986	1986-14901604	PDF
31-12-1984	full format	18-06-1985	1985-11901827	PDF
31-12-1983	unclassified schema	08-06-1984	1984-05201052	PDF
31-12-1982	unclassified schema	21-06-1983	1983-06202173	PDF
31-12-1981	unclassified schema	04-06-1982	1982-04300124	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	1,139	-6,104	-6,459	82	-6,398	-8,695	-7,784	-18,732	-16,117	-27,544	-38,445	6,559	18,060	14,432	12,589	986	5,862	1,192	8,637	14,484
Cash flow	3,317	-3,317	-3,642	2,707	-3,812	-4,248	3,794	-9,156	-6,333	-17,212	205,335	126,571	16,495	11,921	10,309	-1,934	2,192	-2,139	6,273	11,485
Investment in fixed assets (approximation)	0	11,025	0	0	8,830	39,757	229,636	14,648	20,250	154,145	46,474	-85,760	0	0	922	0	369	14,383	749	743
Change in cash	597	-740	556	434	-2,594	-29,324	31,935	-40,887	995	-174,439	199,307	15,382	-2,437	-2,642	2,309	-2,683	1,230	-890	1,625	-
Working capital	-169,504	-170,075	-150,357	-145,338	-144,669	-128,651	-80,056	151,171	178,676	208,788	383,472	72,963	-119,581	-138,202	-143,230	-138,264	-122,800	-112,108	-97,212	-94,198
Solvency	38.2%	39.8%	44.8%	48.3%	50.0%	47.8%	51.8%	68.2%	66.7%	68.1%	71.3%	59.1%	20.0%	15.9%	15.6%	17.2%	23.0%	27.4%	36.2%	38.7%
Current ratio	0.01	0.02	0.01	0.01	0.01	0.04	0.31	12.17	6.92	8.52	21.99	1.79	0.09	0.05	0.08	0.04	0.10	0.12	0.10	0.09
Debt to equity	1.23	1.14	0.89	0.75	0.69	0.64	0.50	0.05	0.11	0.09	0.06	0.69	4.01	5.30	5.42	4.82	3.35	2.65	1.76	1.59
ROE	-9.3%	-14.7%	-12.8%	-8.1%	-10.5%	-10.6%	-9.5%	-9.6%	-7.6%	-11.0%	59.3%	88.5%	17.6%	-9.2%	-14.3%	-48.2%	-29.3%	-32.3%	-14.6%	-8.1%
ROA	-3.5%	-5.8%	-5.8%	-3.9%	-5.3%	-5.1%	-4.9%	-6.6%	-5.0%	-7.5%	42.3%	52.3%	3.5%	-1.5%	-2.2%	-8.3%	-6.7%	-8.9%	-5.3%	-3.1%
Interest coverage	4.44	-22.44	-26.07	0.38	-26.13	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	€11,025	-	-	€8,830
Depreciation and write-downs of the year	€16,190	€18,947	€18,712	€18,712	€18,580

CEDER

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on CEDER

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