CED & Co: what changed
CED & Co
Largest movements
- Stocks and contracts -€85,475
no longer reported in 2025 (was €85,475)
- Tangible fixed assets -€49,109
down €49,109 (-7.7%), from €640,046 to €590,937
of which Land and buildings: -€25,245
- Cash +€30,303
up €30,303 (+48.2%), from €62,897 to €93,201
mainly Net result for the year (+€120,311) and Stocks and contracts (+€85,475)
- Receivables within one year -€13,220
down €13,220 (-70.5%), from €18,762 to €5,542
of which Other amounts receivable: -€13,101
- Trade debts -€179,339
down €179,339 (-97.8%), from €183,365 to €4,026
- Profit (loss) carried forward +€120,311
up €120,311, from -€37,878 to €82,433
- Debts after one year -€46,281
down €46,281 (-9.9%), from €465,499 to €419,218
- Tax, wage and social debts -€9,028
down €9,028 (-21.9%), from €41,181 to €32,154
of which Remuneration and social security: -€38,269
- Staff costs -€146,005
down €146,005 (-48.3%), from €302,483 to €156,478
- Taxes +€29,144
up €29,144 (+14,576%), from €200 to €29,344
- Gross operating margin +€27,902
up €27,902 (+8.6%), from €325,536 to €353,438
- Depreciation -€14,261
down €14,261 (-33.1%), from €43,031 to €28,770
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €809,293 | €689,680 | -€119,613 | -14.8% |
| Fixed assets | 21/28 | €640,046 | €590,937 | -€49,109 | -7.7% |
| Tangible fixed assets | 22/27 | €640,046 | €590,937 | -€49,109 | -7.7% |
| Land and buildings | 22 | €599,681 | €574,436 | -€25,245 | -4.2% |
| Plant, machinery and equipment | 23 | €40,365 | €16,501 | -€23,864 | -59.1% |
| Current assets | 29/58 | €169,247 | €98,743 | -€70,504 | -41.7% |
| Stocks and contracts in progress | 3 | €85,475 | - | -€85,475 | |
| Stocks | 30/36 | €85,475 | - | -€85,475 | |
| Amounts receivable within one year | 40/41 | €18,762 | €5,542 | -€13,220 | -70.5% |
| Trade receivables | 40 | €5,483 | €5,364 | -€119 | -2.2% |
| Other amounts receivable | 41 | €13,279 | €178 | -€13,101 | -98.7% |
| Cash at bank and in hand | 54/58 | €62,897 | €93,201 | +€30,303 | +48.2% |
| Deferred charges and accrued income | 490/1 | €2,113 | - | -€2,113 | |
| Total equity and liabilities | 10/49 | €809,293 | €689,680 | -€119,613 | -14.8% |
| Equity | 10/15 | €72,122 | €192,433 | +€120,311 | +167% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,878 | €82,433 | +€120,311 | |
| Amounts payable | 17/49 | €737,171 | €497,247 | -€239,924 | -32.5% |
| Amounts payable after more than one year | 17 | €465,499 | €419,218 | -€46,281 | -9.9% |
| Financial debts | 170/4 | €465,499 | €419,218 | -€46,281 | -9.9% |
| Amounts payable within one year | 42/48 | €271,672 | €78,029 | -€193,643 | -71.3% |
| Current portion of amounts payable after more than one year | 42 | €43,609 | €38,332 | -€5,277 | -12.1% |
| Trade debts | 44 | €183,365 | €4,026 | -€179,339 | -97.8% |
| Suppliers | 440/4 | €183,365 | €4,026 | -€179,339 | -97.8% |
| Taxes, remuneration and social security | 45 | €41,181 | €32,154 | -€9,028 | -21.9% |
| Taxes | 450/3 | €50 | €29,291 | +€29,241 | +58,342% |
| Remuneration and social security | 454/9 | €41,131 | €2,862 | -€38,269 | -93.0% |
| Other amounts payable | 47/48 | €3,517 | €3,517 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €302,483 | €156,478 | -€146,005 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,031 | €28,770 | -€14,261 | -33.1% |
| Other operating charges | 640/8 | €8,408 | €10,149 | +€1,741 | +20.7% |
| Gross operating margin | 9900 | €325,536 | €353,438 | +€27,902 | +8.6% |
| Operating profit (loss) | 9901 | -€28,386 | €158,040 | +€186,426 | |
| Financial income | 75/76B | €2,823 | €660 | -€2,162 | -76.6% |
| Recurring financial income | 75 | €2,823 | €660 | -€2,162 | -76.6% |
| Financial charges | 65/66B | €9,680 | €9,045 | -€635 | -6.6% |
| Recurring financial charges | 65 | €9,680 | €9,045 | -€635 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | -€35,244 | €149,655 | +€184,899 | |
| Income taxes | 67/77 | €200 | €29,344 | +€29,144 | +14,576% |
| Profit (loss) for the period | 9904 | -€35,444 | €120,311 | +€155,755 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,444 | €120,311 | +€155,755 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.