CECANDE: 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.
CECANDE
Largest movements
- Cash -€1.2m
down €1.2m (-64.0%), from €1.9m to €680,494
mainly Current investments (-€682,385) and Investment in fixed assets (net) (-€432,518)
- Current investments +€682,385
up €682,385 (+168.0%), from €406,105 to €1.1m
- Financial fixed assets +€343,202
up €343,202 (+22.0%), from €1.6m to €1.9m
- Tangible fixed assets +€65,203
up €65,203 (+9.7%), from €671,886 to €737,089
of which Land and buildings: +€73,547
- Profit (loss) carried forward -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Reserves +€130,219
up €130,219 (+3.2%), from €4.0m to €4.1m
of which Distributable reserves: +€130,219
- Tax, wage and social debts +€58,473
up €58,473 (+279.1%), from €20,952 to €79,425
of which Taxes: +€60,582
- Debts after one year -€51,306
down €51,306 (-19.7%), from €260,944 to €209,638
- Financial income +€145,041
up €145,041 (+247.9%), from €58,497 to €203,539
- Taxes +€58,930
up €58,930 (+348.6%), from €16,907 to €75,837
- Gross operating margin +€16,428
up €16,428 (+56.2%), from €29,226 to €45,654
- Financial charges +€11,991
up €11,991 (+303.9%), from €3,946 to €15,937
- Depreciation +€9,402
up €9,402 (+63.9%), from €14,712 to €24,114
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 | €4,602,208 | €4,545,320 | -€56,888 | -1.2% |
| Fixed assets | 21/28 | €2,234,090 | €2,642,494 | +€408,404 | +18.3% |
| Tangible fixed assets | 22/27 | €671,886 | €737,089 | +€65,203 | +9.7% |
| Land and buildings | 22 | €615,778 | €689,325 | +€73,547 | +11.9% |
| Furniture and vehicles | 24 | €33,013 | €39,752 | +€6,740 | +20.4% |
| Other tangible fixed assets | 26 | €23,096 | €8,012 | -€15,084 | -65.3% |
| Financial fixed assets | 28 | €1,562,203 | €1,905,405 | +€343,202 | +22.0% |
| Current assets | 29/58 | €2,368,118 | €1,902,826 | -€465,293 | -19.6% |
| Amounts receivable after more than one year | 29 | - | €37,500 | +€37,500 | |
| Other amounts receivable | 291 | - | €37,500 | +€37,500 | |
| Amounts receivable within one year | 40/41 | €50,652 | €84,382 | +€33,730 | +66.6% |
| Trade receivables | 40 | €40,800 | €84,382 | +€43,582 | +106.8% |
| Other amounts receivable | 41 | €9,852 | €0 | -€9,852 | -100.0% |
| Current investments | 50/53 | €406,105 | €1,088,490 | +€682,385 | +168.0% |
| Cash at bank and in hand | 54/58 | €1,889,575 | €680,494 | -€1.2m | -64.0% |
| Deferred charges and accrued income | 490/1 | €21,786 | €11,959 | -€9,827 | -45.1% |
| Total equity and liabilities | 10/49 | €4,602,208 | €4,545,320 | -€56,888 | -1.2% |
| Equity | 10/15 | €4,230,118 | €4,160,337 | -€69,781 | -1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €4,017,718 | €4,147,937 | +€130,219 | +3.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,015,858 | €4,146,077 | +€130,219 | +3.2% |
| Profit (loss) carried forward | 14 | €200,000 | €0 | -€200,000 | -100.0% |
| Amounts payable | 17/49 | €372,090 | €384,983 | +€12,893 | +3.5% |
| Amounts payable after more than one year | 17 | €260,944 | €209,638 | -€51,306 | -19.7% |
| Financial debts | 170/4 | €260,944 | €209,638 | -€51,306 | -19.7% |
| Amounts payable within one year | 42/48 | €108,290 | €175,345 | +€67,055 | +61.9% |
| Current portion of amounts payable after more than one year | 42 | €55,091 | €51,306 | -€3,786 | -6.9% |
| Financial debts | 43 | - | €8,002 | +€8,002 | |
| Other loans | 439 | - | €8,002 | +€8,002 | |
| Trade debts | 44 | €32,247 | €33,528 | +€1,281 | +4.0% |
| Suppliers | 440/4 | €32,247 | €33,528 | +€1,281 | +4.0% |
| Taxes, remuneration and social security | 45 | €20,952 | €79,425 | +€58,473 | +279.1% |
| Taxes | 450/3 | €18,843 | €79,425 | +€60,582 | +321.5% |
| Remuneration and social security | 454/9 | €2,109 | - | -€2,109 | |
| Other amounts payable | 47/48 | - | €3,084 | +€3,084 | |
| Accrued charges and deferred income | 492/3 | €2,856 | €0 | -€2,856 | -100.0% |
| Non-recurring operating income | 76A | - | €1,144 | +€1,144 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,712 | €24,114 | +€9,402 | +63.9% |
| Other operating charges | 640/8 | €2,132 | €3,085 | +€953 | +44.7% |
| Gross operating margin | 9900 | €29,226 | €45,654 | +€16,428 | +56.2% |
| Operating profit (loss) | 9901 | €12,381 | €18,454 | +€6,073 | +49.0% |
| Financial income | 75/76B | €58,497 | €203,539 | +€145,041 | +247.9% |
| Recurring financial income | 75 | €58,497 | €203,539 | +€145,041 | +247.9% |
| Financial charges | 65/66B | €3,946 | €15,937 | +€11,991 | +303.9% |
| Recurring financial charges | 65 | €3,946 | €15,937 | +€11,991 | +303.9% |
| Profit (loss) for the period before taxes | 9903 | €66,933 | €206,056 | +€139,123 | +207.9% |
| Income taxes | 67/77 | €16,907 | €75,837 | +€58,930 | +348.6% |
| Profit (loss) for the period | 9904 | €50,026 | €130,219 | +€80,192 | +160.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,026 | €130,219 | +€80,192 | +160.3% |
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 3 October 2026 via checked.be.