CEDALEX: 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.
What changed
CEDALEX
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€809,939
2024 · €700,571+€109,368
Equity
€21.3m
2024 · €20.5m+€809,939
Cash
€206,247
2024 · €324,997-€118,750
Balance sheet total
€22.5m
2024 · €23.3m-€784,910
Largest movements
Assets
- Deferred charges and accrued income -€797,000
down €797,000 (-96.5%), from €825,865 to €28,864
Equity and liabilities
- Other debts -€1.6m
down €1.6m (-79.1%), from €2.0m to €417,716
- Profit (loss) carried forward +€769,442
up €769,442 (+7.5%), from €10.2m to €11.0m
Income statement
- Gross operating margin +€93,094
up €93,094, from -€49,805 to €43,290
- Financial income +€50,504
up €50,504 (+5.7%), from €881,926 to €932,430
- Financial charges +€12,466
up €12,466 (+15.5%), from €80,633 to €93,099
- Other operating charges -€4,248
down €4,248 (-27.3%), from €15,563 to €11,316
- Taxes -€1,468
no longer reported in 2025 (was €1,468)
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.
Result 2024
€700,571
Gross operating margin
+€93,094
Depreciation
-€561
Other operating charges
+€4,248
Other operating items
-€26,919
Financial income
+€50,504
Financial charges
-€12,466
Taxes
+€1,468
Result 2025
€809,939
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.
From operations
+€35,856
Investment
-€115,116
Financing
-€39,490
Cash 2024
€324,997
From operations (derived)
+€35,856
Net result for the year
+€809,939
Depreciation
+€34,447
Receivables within one year
-€50,171
Deferred charges and accrued income
+€797,000
Trade debts
-€2,312
Other debts
-€1.6m
Accrued charges and deferred income
+€26,914
Investment (derived)
-€115,116
Investment in fixed assets (net)
-€11,987
Current investments
-€103,129
Financing
-€39,490
Debts after one year
-€41,355
Current portion of long-term debt
+€1,865
Cash 2025
€206,247
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,251,988 | €22,467,078 | -€784,910 | -3.4% |
| Fixed assets | 21/28 | €19,820,477 | €19,798,017 | -€22,460 | -0.1% |
| Tangible fixed assets | 22/27 | €1,154,319 | €1,131,859 | -€22,460 | -1.9% |
| Land and buildings | 22 | €1,154,319 | €1,120,433 | -€33,886 | -2.9% |
| Other tangible fixed assets | 26 | - | €11,426 | +€11,426 | |
| Financial fixed assets | 28 | €18,666,158 | €18,666,158 | = | 0.0% |
| Current assets | 29/58 | €3,431,511 | €2,669,061 | -€762,450 | -22.2% |
| Amounts receivable within one year | 40/41 | €2,006,615 | €2,056,786 | +€50,171 | +2.5% |
| Trade receivables | 40 | €21 | - | -€21 | |
| Other amounts receivable | 41 | €2,006,594 | €2,056,786 | +€50,192 | +2.5% |
| Current investments | 50/53 | €274,034 | €377,163 | +€103,129 | +37.6% |
| Cash at bank and in hand | 54/58 | €324,997 | €206,247 | -€118,750 | -36.5% |
| Deferred charges and accrued income | 490/1 | €825,865 | €28,864 | -€797,000 | -96.5% |
| Total equity and liabilities | 10/49 | €23,251,988 | €22,467,078 | -€784,910 | -3.4% |
| Equity | 10/15 | €20,484,837 | €21,294,776 | +€809,939 | +4.0% |
| Contributions | 10/11 | €10,251,000 | €10,251,000 | = | 0.0% |
| Capital | 10 | €10,251,000 | €10,251,000 | = | 0.0% |
| Issued capital | 100 | €10,251,000 | €10,251,000 | = | 0.0% |
| Reserves | 13 | €12,090 | €52,587 | +€40,497 | +335.0% |
| Non-distributable reserves | 130/1 | €12,090 | €52,587 | +€40,497 | +335.0% |
| Legal reserve | 130 | €12,090 | €52,587 | +€40,497 | +335.0% |
| Profit (loss) carried forward | 14 | €10,221,747 | €10,991,189 | +€769,442 | +7.5% |
| Amounts payable | 17/49 | €2,767,151 | €1,172,302 | -€1.6m | -57.6% |
| Amounts payable after more than one year | 17 | €725,877 | €684,522 | -€41,355 | -5.7% |
| Financial debts | 170/4 | €725,877 | €684,522 | -€41,355 | -5.7% |
| Amounts payable within one year | 42/48 | €2,040,967 | €460,559 | -€1.6m | -77.4% |
| Current portion of amounts payable after more than one year | 42 | €39,490 | €41,355 | +€1,865 | +4.7% |
| Trade debts | 44 | €3,800 | €1,487 | -€2,312 | -60.9% |
| Suppliers | 440/4 | €3,800 | €1,487 | -€2,312 | -60.9% |
| Other amounts payable | 47/48 | €1,997,677 | €417,716 | -€1.6m | -79.1% |
| Accrued charges and deferred income | 492/3 | €308 | €27,222 | +€26,914 | +8750.9% |
| Non-recurring operating income | 76A | - | €26,422 | +€26,422 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,886 | €34,447 | +€561 | +1.7% |
| Other operating charges | 640/8 | €15,563 | €11,316 | -€4,248 | -27.3% |
| Non-recurring operating charges | 66A | - | €26,919 | +€26,919 | |
| Gross operating margin | 9900 | -€49,805 | €43,290 | +€93,094 | |
| Operating profit (loss) | 9901 | -€99,254 | -€29,392 | +€69,862 | +70.4% |
| Financial income | 75/76B | €881,926 | €932,430 | +€50,504 | +5.7% |
| Recurring financial income | 75 | €881,926 | €932,430 | +€50,504 | +5.7% |
| Financial charges | 65/66B | €80,633 | €93,099 | +€12,466 | +15.5% |
| Recurring financial charges | 65 | €80,633 | €93,099 | +€12,466 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €702,039 | €809,939 | +€107,900 | +15.4% |
| Income taxes | 67/77 | €1,468 | - | -€1,468 | |
| Profit (loss) for the period | 9904 | €700,571 | €809,939 | +€109,368 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €700,571 | €809,939 | +€109,368 | +15.6% |
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 30 September 2026 via checked.be.