CED C'EST NET: 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.
CED C'EST NET
Largest movements
- Tangible fixed assets +€144,241
up €144,241 (+44.8%), from €322,194 to €466,435
of which Land and buildings: +€107,800
- Receivables within one year +€9,386
up €9,386 (+7.4%), from €126,706 to €136,092
of which Other amounts receivable: +€5,656
- Cash -€8,585
down €8,585 (-41.3%), from €20,767 to €12,182
mainly Investment in fixed assets (net) (-€211,550) and Contributions, distributions and other (-€15,147)
- Debts after one year +€98,258
up €98,258 (+50.1%), from €195,949 to €294,206
- Tax, wage and social debts +€27,153
up €27,153 (+45.4%), from €59,869 to €87,022
of which Remuneration and social security: +€16,557
- Current portion of long-term debt +€18,856
up €18,856 (+45.4%), from €41,571 to €60,427
- Short-term financial debts +€9,265
new in 2025: €9,265
- Reserves -€8,725
down €8,725 (-8.8%), from €98,956 to €90,230
of which Distributable reserves: -€6,000
- Staff costs +€62,127
up €62,127 (+12.4%), from €502,731 to €564,858
- Gross operating margin +€52,173
up €52,173 (+8.5%), from €613,111 to €665,284
- Depreciation +€11,303
up €11,303 (+20.2%), from €56,006 to €67,309
- Financial charges +€8,179
up €8,179 (+70.9%), from €11,534 to €19,713
- Taxes -€7,596
down €7,596 (-89.3%), from €8,507 to €911
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.
Derived cash bridge
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 | €469,942 | €617,190 | +€147,248 | +31.3% |
| Fixed assets | 21/28 | €322,194 | €466,435 | +€144,241 | +44.8% |
| Tangible fixed assets | 22/27 | €322,194 | €466,435 | +€144,241 | +44.8% |
| Land and buildings | 22 | €138,518 | €246,318 | +€107,800 | +77.8% |
| Plant, machinery and equipment | 23 | €66,821 | €79,825 | +€13,004 | +19.5% |
| Furniture and vehicles | 24 | €17,052 | €22,029 | +€4,976 | +29.2% |
| Leasing and similar rights | 25 | €99,802 | €118,262 | +€18,461 | +18.5% |
| Current assets | 29/58 | €147,748 | €150,755 | +€3,007 | +2.0% |
| Amounts receivable within one year | 40/41 | €126,706 | €136,092 | +€9,386 | +7.4% |
| Trade receivables | 40 | €113,056 | €116,786 | +€3,730 | +3.3% |
| Other amounts receivable | 41 | €13,651 | €19,307 | +€5,656 | +41.4% |
| Cash at bank and in hand | 54/58 | €20,767 | €12,182 | -€8,585 | -41.3% |
| Deferred charges and accrued income | 490/1 | €274 | €2,481 | +€2,207 | +805% |
| Total equity and liabilities | 10/49 | €469,942 | €617,190 | +€147,248 | +31.3% |
| Equity | 10/15 | €134,824 | €124,252 | -€10,571 | -7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,956 | €90,230 | -€8,725 | -8.8% |
| Tax-exempt reserves | 132 | €7,596 | €4,870 | -€2,725 | -35.9% |
| Distributable reserves | 133 | €91,360 | €85,360 | -€6,000 | -6.6% |
| Profit (loss) carried forward | 14 | €90 | €391 | +€301 | +336% |
| Investment grants | 15 | €17,179 | €15,031 | -€2,147 | -12.5% |
| Provisions and deferred taxes | 16 | €1,899 | €1,218 | -€681 | -35.9% |
| Deferred taxes | 168 | €1,899 | €1,218 | -€681 | -35.9% |
| Amounts payable | 17/49 | €333,219 | €491,720 | +€158,501 | +47.6% |
| Amounts payable after more than one year | 17 | €195,949 | €294,206 | +€98,258 | +50.1% |
| Financial debts | 170/4 | €195,949 | €294,206 | +€98,258 | +50.1% |
| Amounts payable within one year | 42/48 | €135,675 | €197,113 | +€61,439 | +45.3% |
| Current portion of amounts payable after more than one year | 42 | €41,571 | €60,427 | +€18,856 | +45.4% |
| Financial debts | 43 | - | €9,265 | +€9,265 | |
| Credit institutions | 430/8 | - | €9,265 | +€9,265 | |
| Trade debts | 44 | €29,685 | €28,245 | -€1,440 | -4.9% |
| Suppliers | 440/4 | €29,685 | €28,245 | -€1,440 | -4.9% |
| Taxes, remuneration and social security | 45 | €59,869 | €87,022 | +€27,153 | +45.4% |
| Taxes | 450/3 | €6,120 | €16,716 | +€10,596 | +173% |
| Remuneration and social security | 454/9 | €53,749 | €70,306 | +€16,557 | +30.8% |
| Other amounts payable | 47/48 | €4,550 | €12,155 | +€7,605 | +167% |
| Accrued charges and deferred income | 492/3 | €1,596 | €400 | -€1,196 | -74.9% |
| Non-recurring operating income | 76A | €9,499 | €22,179 | +€12,680 | +133% |
| Remuneration, social security and pensions | 62 | €502,731 | €564,858 | +€62,127 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,006 | €67,309 | +€11,303 | +20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €63 | - | -€63 | |
| Other operating charges | 640/8 | €2,967 | €2,718 | -€249 | -8.4% |
| Non-recurring operating charges | 66A | €6,749 | €8,128 | +€1,379 | +20.4% |
| Gross operating margin | 9900 | €613,111 | €665,284 | +€52,173 | +8.5% |
| Operating profit (loss) | 9901 | €44,595 | €22,270 | -€22,325 | -50.1% |
| Financial income | 75/76B | €2,195 | €2,248 | +€53 | +2.4% |
| Recurring financial income | 75 | €2,195 | €2,248 | +€53 | +2.4% |
| Financial charges | 65/66B | €11,534 | €19,713 | +€8,179 | +70.9% |
| Recurring financial charges | 65 | €11,534 | €19,713 | +€8,179 | +70.9% |
| Profit (loss) for the period before taxes | 9903 | €35,256 | €4,805 | -€30,451 | -86.4% |
| Transfer from deferred taxes | 780 | €681 | €681 | = | 0.0% |
| Income taxes | 67/77 | €8,507 | €911 | -€7,596 | -89.3% |
| Profit (loss) for the period | 9904 | €27,431 | €4,576 | -€22,855 | -83.3% |
| Transfer from tax-exempt reserves | 789 | €2,725 | €2,725 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,156 | €7,301 | -€22,855 | -75.8% |
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 28 October 2026 via checked.be.