CECODAL: 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.
CECODAL
Largest movements
- Financial fixed assets +€827,609
up €827,609 (+2.9%), from €28.3m to €29.2m
- Cash +€760,204
up €760,204 (+111.1%), from €684,008 to €1.4m
mainly Net result for the year (+€2.7m) and Tax, wage and social debts (+€451,909)
- Profit (loss) carried forward +€2.7m
up €2.7m (+65.0%), from €4.1m to €6.8m
- Debts after one year -€1.0m
down €1.0m (-52.6%), from €1.9m to €900,000
- Tax, wage and social debts +€451,909
up €451,909 (+158.7%), from €284,696 to €736,605
- Other debts -€441,447
down €441,447 (-47.7%), from €925,486 to €484,039
- Financial income +€1.1m
up €1.1m (+45.7%), from €2.5m to €3.6m
- Financial charges -€744,804
down €744,804 (-86.0%), from €866,113 to €121,309
- Taxes +€456,715
up €456,715 (+131.4%), from €347,617 to €804,332
- Gross operating margin -€4,158
down €4,158 (-40.0%), from -€10,388 to -€14,546
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 | €34,640,376 | €36,319,454 | +€1.7m | +4.8% |
| Fixed assets | 21/28 | €28,338,348 | €29,165,957 | +€827,609 | +2.9% |
| Financial fixed assets | 28 | €28,338,348 | €29,165,957 | +€827,609 | +2.9% |
| Current assets | 29/58 | €6,302,028 | €7,153,496 | +€851,468 | +13.5% |
| Amounts receivable within one year | 40/41 | €22,171 | €22,211 | +€40 | +0.2% |
| Trade receivables | 40 | €760 | €800 | +€40 | +5.3% |
| Other amounts receivable | 41 | €21,411 | €21,411 | = | 0.0% |
| Current investments | 50/53 | €5,595,849 | €5,595,849 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €684,008 | €1,444,212 | +€760,204 | +111.1% |
| Deferred charges and accrued income | 490/1 | - | €91,225 | +€91,225 | |
| Total equity and liabilities | 10/49 | €34,640,376 | €36,319,454 | +€1.7m | +4.8% |
| Equity | 10/15 | €31,527,210 | €34,194,616 | +€2.7m | +8.5% |
| Contributions | 10/11 | €11,110,200 | €11,110,200 | = | 0.0% |
| Capital | 10 | €11,110,200 | €11,110,200 | = | 0.0% |
| Issued capital | 100 | €11,110,200 | €11,110,200 | = | 0.0% |
| Reserves | 13 | €16,311,020 | €16,311,020 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,111,020 | €1,111,020 | = | 0.0% |
| Legal reserve | 130 | €1,111,020 | €1,111,020 | = | 0.0% |
| Distributable reserves | 133 | €15,200,000 | €15,200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,105,990 | €6,773,396 | +€2.7m | +65.0% |
| Amounts payable | 17/49 | €3,113,166 | €2,124,838 | -€988,329 | -31.7% |
| Amounts payable after more than one year | 17 | €1,900,000 | €900,000 | -€1.0m | -52.6% |
| Financial debts | 170/4 | €1,900,000 | €900,000 | -€1.0m | -52.6% |
| Amounts payable within one year | 42/48 | €1,213,166 | €1,224,838 | +€11,671 | +1.0% |
| Trade debts | 44 | €2,984 | €4,194 | +€1,210 | +40.5% |
| Suppliers | 440/4 | €2,984 | €4,194 | +€1,210 | +40.5% |
| Taxes, remuneration and social security | 45 | €284,696 | €736,605 | +€451,909 | +158.7% |
| Taxes | 450/3 | €284,696 | €736,605 | +€451,909 | +158.7% |
| Other amounts payable | 47/48 | €925,486 | €484,039 | -€441,447 | -47.7% |
| Remuneration, social security and pensions | 62 | €10 | €0 | -€10 | -100.0% |
| Other operating charges | 640/8 | €11,150 | €11,285 | +€134 | +1.2% |
| Gross operating margin | 9900 | -€10,388 | -€14,546 | -€4,158 | -40.0% |
| Operating profit (loss) | 9901 | -€21,549 | -€25,831 | -€4,282 | -19.9% |
| Financial income | 75/76B | €2,483,393 | €3,618,878 | +€1.1m | +45.7% |
| Recurring financial income | 75 | €2,483,393 | €3,618,878 | +€1.1m | +45.7% |
| Financial charges | 65/66B | €866,113 | €121,309 | -€744,804 | -86.0% |
| Recurring financial charges | 65 | €866,113 | €121,309 | -€744,804 | -86.0% |
| Profit (loss) for the period before taxes | 9903 | €1,595,732 | €3,471,738 | +€1.9m | +117.6% |
| Income taxes | 67/77 | €347,617 | €804,332 | +€456,715 | +131.4% |
| Profit (loss) for the period | 9904 | €1,248,114 | €2,667,406 | +€1.4m | +113.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,248,114 | €2,667,406 | +€1.4m | +113.7% |
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 10 October 2026 via checked.be.