CEDAK: what changed
CEDAK
Largest movements
- Cash -€16,597
down €16,597 (-18.4%), from €90,126 to €73,530
mainly Net result for the year (-€46,001) and Contributions, distributions and other (-€36,707)
- Tangible fixed assets -€10,051
down €10,051 (-38.1%), from €26,393 to €16,342
of which Furniture and vehicles: -€8,740
- Receivables within one year -€3,126
down €3,126 (-17.8%), from €17,579 to €14,453
of which Trade receivables: -€6,210
- Reserves -€82,708
no longer reported in 2025 (was €82,708)
- Other debts +€62,469
up €62,469 (+282%), from €22,179 to €84,648
- Debts after one year -€6,049
down €6,049 (-49.4%), from €12,255 to €6,206
- Short-term financial debts -€2,457
no longer reported in 2025 (was €2,457)
- Trade debts -€1,591
down €1,591 (-23.7%), from €6,711 to €5,120
- Gross operating margin -€49,739
down €49,739, from €46,690 to -€3,049
- Financial charges +€2,929
up €2,929 (+10.1%), from €28,997 to €31,926
- Taxes -€1,682
no longer reported in 2025 (was €1,682)
- Depreciation +€995
up €995 (+10.6%), from €9,380 to €10,375
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 | €137,214 | €107,095 | -€30,119 | -22.0% |
| Fixed assets | 21/28 | €26,824 | €16,449 | -€10,375 | -38.7% |
| Intangible fixed assets | 21 | €431 | €107 | -€324 | -75.1% |
| Tangible fixed assets | 22/27 | €26,393 | €16,342 | -€10,051 | -38.1% |
| Plant, machinery and equipment | 23 | €2,960 | €1,649 | -€1,311 | -44.3% |
| Furniture and vehicles | 24 | €23,432 | €14,693 | -€8,740 | -37.3% |
| Current assets | 29/58 | €110,390 | €90,646 | -€19,745 | -17.9% |
| Stocks and contracts in progress | 3 | €1,038 | €1,038 | = | 0.0% |
| Stocks | 30/36 | €1,038 | €1,038 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,579 | €14,453 | -€3,126 | -17.8% |
| Trade receivables | 40 | €8,800 | €2,589 | -€6,210 | -70.6% |
| Other amounts receivable | 41 | €8,779 | €11,864 | +€3,085 | +35.1% |
| Cash at bank and in hand | 54/58 | €90,126 | €73,530 | -€16,597 | -18.4% |
| Deferred charges and accrued income | 490/1 | €1,647 | €1,625 | -€22 | -1.4% |
| Total equity and liabilities | 10/49 | €137,214 | €107,095 | -€30,119 | -22.0% |
| Equity | 10/15 | €87,708 | €5,000 | -€82,708 | -94.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €82,708 | - | -€82,708 | |
| Distributable reserves | 133 | €82,708 | - | -€82,708 | |
| Amounts payable | 17/49 | €49,506 | €102,095 | +€52,588 | +106% |
| Amounts payable after more than one year | 17 | €12,255 | €6,206 | -€6,049 | -49.4% |
| Financial debts | 170/4 | €12,255 | €6,206 | -€6,049 | -49.4% |
| Amounts payable within one year | 42/48 | €37,252 | €95,889 | +€58,637 | +157% |
| Current portion of amounts payable after more than one year | 42 | €5,896 | €6,049 | +€153 | +2.6% |
| Financial debts | 43 | €2,457 | - | -€2,457 | |
| Other loans | 439 | €2,457 | - | -€2,457 | |
| Trade debts | 44 | €6,711 | €5,120 | -€1,591 | -23.7% |
| Suppliers | 440/4 | €6,711 | €5,120 | -€1,591 | -23.7% |
| Taxes, remuneration and social security | 45 | €9 | €73 | +€64 | +728% |
| Taxes | 450/3 | €9 | €73 | +€64 | +728% |
| Other amounts payable | 47/48 | €22,179 | €84,648 | +€62,469 | +282% |
| Non-recurring operating income | 76A | €36 | - | -€36 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,380 | €10,375 | +€995 | +10.6% |
| Other operating charges | 640/8 | €1,016 | €863 | -€153 | -15.1% |
| Gross operating margin | 9900 | €46,690 | -€3,049 | -€49,739 | |
| Operating profit (loss) | 9901 | €36,294 | -€14,287 | -€50,581 | |
| Financial income | 75/76B | €563 | €212 | -€352 | -62.4% |
| Recurring financial income | 75 | €563 | €212 | -€352 | -62.4% |
| Financial charges | 65/66B | €28,997 | €31,926 | +€2,929 | +10.1% |
| Recurring financial charges | 65 | €28,997 | €31,926 | +€2,929 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €7,861 | -€46,001 | -€53,862 | |
| Income taxes | 67/77 | €1,682 | - | -€1,682 | |
| Profit (loss) for the period | 9904 | €6,178 | -€46,001 | -€52,179 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,178 | -€46,001 | -€52,179 |
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 4 November 2026 via checked.be.