CDEL MANAGEMENT: 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.
CDEL MANAGEMENT
Largest movements
- Receivables within one year +€69,614
up €69,614 (+75.7%), from €91,960 to €161,574
of which Trade receivables: +€69,575
- Cash +€58,303
up €58,303 (+71.8%), from €81,173 to €139,477
mainly Net result for the year (+€133,814) and Other debts (+€93,500)
- Current investments +€21,518
up €21,518 (+12.7%), from €170,000 to €191,518
- Tangible fixed assets -€5,944
down €5,944 (-38.8%), from €15,326 to €9,382
of which Furniture and vehicles: -€3,947
- Other debts +€93,500
up €93,500 (+23113.8%), from €405 to €93,905
- Tax, wage and social debts +€26,256
up €26,256 (+61.1%), from €42,973 to €69,230
of which Taxes: +€23,256
- Reserves +€23,814
up €23,814 (+7.8%), from €303,550 to €327,364
- Gross operating margin +€49,965
up €49,965 (+38.2%), from €130,913 to €180,878
- Taxes +€8,600
up €8,600 (+24.6%), from €35,026 to €43,625
- Financial income +€5,055
up €5,055 (+1605.7%), from €315 to €5,370
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 | €358,459 | €501,951 | +€143,492 | +40.0% |
| Fixed assets | 21/28 | €15,326 | €9,382 | -€5,944 | -38.8% |
| Tangible fixed assets | 22/27 | €15,326 | €9,382 | -€5,944 | -38.8% |
| Furniture and vehicles | 24 | €10,646 | €6,699 | -€3,947 | -37.1% |
| Other tangible fixed assets | 26 | €4,680 | €2,683 | -€1,997 | -42.7% |
| Current assets | 29/58 | €343,133 | €492,569 | +€149,436 | +43.6% |
| Amounts receivable within one year | 40/41 | €91,960 | €161,574 | +€69,614 | +75.7% |
| Trade receivables | 40 | €91,960 | €161,535 | +€69,575 | +75.7% |
| Other amounts receivable | 41 | - | €39 | +€39 | |
| Current investments | 50/53 | €170,000 | €191,518 | +€21,518 | +12.7% |
| Cash at bank and in hand | 54/58 | €81,173 | €139,477 | +€58,303 | +71.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €358,459 | €501,951 | +€143,492 | +40.0% |
| Equity | 10/15 | €313,550 | €337,364 | +€23,814 | +7.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €303,550 | €327,364 | +€23,814 | +7.8% |
| Distributable reserves | 133 | €303,550 | €327,364 | +€23,814 | +7.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €44,909 | €164,587 | +€119,678 | +266.5% |
| Amounts payable within one year | 42/48 | €44,909 | €164,587 | +€119,678 | +266.5% |
| Trade debts | 44 | €1,531 | €1,453 | -€78 | -5.1% |
| Suppliers | 440/4 | €1,531 | €1,453 | -€78 | -5.1% |
| Taxes, remuneration and social security | 45 | €42,973 | €69,230 | +€26,256 | +61.1% |
| Taxes | 450/3 | €42,973 | €66,230 | +€23,256 | +54.1% |
| Remuneration and social security | 454/9 | €0 | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €405 | €93,905 | +€93,500 | +23113.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,944 | €5,944 | = | 0.0% |
| Other operating charges | 640/8 | €1,024 | €1,153 | +€129 | +12.6% |
| Gross operating margin | 9900 | €130,913 | €180,878 | +€49,965 | +38.2% |
| Operating profit (loss) | 9901 | €123,945 | €173,781 | +€49,836 | +40.2% |
| Financial income | 75/76B | €315 | €5,370 | +€5,055 | +1605.7% |
| Recurring financial income | 75 | €315 | €5,370 | +€5,055 | +1605.7% |
| Financial charges | 65/66B | €1,980 | €1,712 | -€268 | -13.5% |
| Recurring financial charges | 65 | €1,980 | €1,712 | -€268 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €122,280 | €177,439 | +€55,159 | +45.1% |
| Income taxes | 67/77 | €35,026 | €43,625 | +€8,600 | +24.6% |
| Profit (loss) for the period | 9904 | €87,254 | €133,814 | +€46,560 | +53.4% |
| Profit (loss) for the period to be appropriated | 9905 | €87,254 | €133,814 | +€46,560 | +53.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.