CED: 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.
CED
Largest movements
- Receivables within one year +€129,589
up €129,589 (+1157.8%), from €11,193 to €140,782
of which Trade receivables: +€127,088
- Stocks and contracts +€95,120
up €95,120 (+769.3%), from €12,364 to €107,484
- Cash -€43,132
down €43,132 (-60.7%), from €71,034 to €27,902
mainly Receivables within one year (-€129,589) and Stocks and contracts (-€95,120)
- Profit (loss) carried forward +€75,000
new in 2025: €75,000
- Trade debts +€48,889
up €48,889 (+10164.0%), from €481 to €49,370
- Other debts +€38,401
up €38,401 (+143.6%), from €26,750 to €65,151
- Tax, wage and social debts +€17,015
new in 2025: €17,015
- Gross operating margin +€18,692
up €18,692 (+22.9%), from €81,549 to €100,241
- Financial income +€3,312
new in 2025: €3,312
- Taxes -€1,096
down €1,096 (-5.5%), from €20,109 to €19,013
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 | €125,731 | €305,036 | +€179,305 | +142.6% |
| Fixed assets | 21/28 | €31,140 | €28,868 | -€2,272 | -7.3% |
| Tangible fixed assets | 22/27 | €31,140 | €28,868 | -€2,272 | -7.3% |
| Furniture and vehicles | 24 | €31,140 | €28,868 | -€2,272 | -7.3% |
| Current assets | 29/58 | €94,591 | €276,168 | +€181,577 | +192.0% |
| Stocks and contracts in progress | 3 | €12,364 | €107,484 | +€95,120 | +769.3% |
| Stocks | 30/36 | €12,364 | €107,484 | +€95,120 | +769.3% |
| Amounts receivable within one year | 40/41 | €11,193 | €140,782 | +€129,589 | +1157.8% |
| Trade receivables | 40 | €7,707 | €134,795 | +€127,088 | +1649.0% |
| Other amounts receivable | 41 | €3,486 | €5,987 | +€2,501 | +71.7% |
| Cash at bank and in hand | 54/58 | €71,034 | €27,902 | -€43,132 | -60.7% |
| Total equity and liabilities | 10/49 | €125,731 | €305,036 | +€179,305 | +142.6% |
| Equity | 10/15 | €98,500 | €173,500 | +€75,000 | +76.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €93,500 | €93,500 | = | 0.0% |
| Distributable reserves | 133 | €93,500 | €93,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €75,000 | +€75,000 | |
| Amounts payable | 17/49 | €27,231 | €131,536 | +€104,305 | +383.0% |
| Amounts payable within one year | 42/48 | €27,231 | €131,536 | +€104,305 | +383.0% |
| Trade debts | 44 | €481 | €49,370 | +€48,889 | +10164.0% |
| Suppliers | 440/4 | €481 | €49,370 | +€48,889 | +10164.0% |
| Taxes, remuneration and social security | 45 | - | €17,015 | +€17,015 | |
| Taxes | 450/3 | - | €17,015 | +€17,015 | |
| Other amounts payable | 47/48 | €26,750 | €65,151 | +€38,401 | +143.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,773 | €7,737 | +€964 | +14.2% |
| Gross operating margin | 9900 | €81,549 | €100,241 | +€18,692 | +22.9% |
| Operating profit (loss) | 9901 | €74,776 | €92,504 | +€17,728 | +23.7% |
| Financial income | 75/76B | - | €3,312 | +€3,312 | |
| Recurring financial income | 75 | - | €3,312 | +€3,312 | |
| Financial charges | 65/66B | €622 | €554 | -€68 | -10.9% |
| Recurring financial charges | 65 | €622 | €554 | -€68 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €74,154 | €95,262 | +€21,108 | +28.5% |
| Income taxes | 67/77 | €20,109 | €19,013 | -€1,096 | -5.5% |
| Profit (loss) for the period | 9904 | €54,045 | €76,249 | +€22,204 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,045 | €76,249 | +€22,204 | +41.1% |
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 4 October 2026 via checked.be.