CEDALIX: 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.
CEDALIX
Largest movements
- Cash +€5.8m
up €5.8m (+43.7%), from €13.3m to €19.1m
mainly Net result for the year (+€7.5m) and Other debts (+€3.8m)
- Receivables after one year +€4.0m
up €4.0m (+146%), from €2.7m to €6.7m
- Receivables within one year +€719,863
up €719,863 (+45.9%), from €1.6m to €2.3m
of which Trade receivables: +€729,551
- Profit (loss) carried forward +€7.5m
up €7.5m (+30.8%), from €24.5m to €32.1m
- Other debts +€3.8m
up €3.8m (+20.5%), from €18.4m to €22.2m
- Financial income +€520,228
up €520,228 (+7.2%), from €7.2m to €7.7m
- Gross operating margin +€258,438
up €258,438 (+47.6%), from €543,211 to €801,648
- Financial charges -€130,405
down €130,405 (-20.9%), from €624,269 to €493,863
- Staff costs +€33,080
up €33,080 (+7.8%), from €424,406 to €457,486
- Depreciation +€14,176
up €14,176 (+41.8%), from €33,942 to €48,117
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 | €52,876,590 | €64,280,507 | +€11.4m | +21.6% |
| Fixed assets | 21/28 | €30,707,940 | €31,209,823 | +€501,883 | +1.6% |
| Tangible fixed assets | 22/27 | €183,164 | €135,047 | -€48,117 | -26.3% |
| Furniture and vehicles | 24 | €183,164 | €135,047 | -€48,117 | -26.3% |
| Financial fixed assets | 28 | €30,524,776 | €31,074,776 | +€550,000 | +1.8% |
| Current assets | 29/58 | €22,168,650 | €33,070,684 | +€10.9m | +49.2% |
| Amounts receivable after more than one year | 29 | €2,747,500 | €6,747,500 | +€4.0m | +146% |
| Other amounts receivable | 291 | €2,747,500 | €6,747,500 | +€4.0m | +146% |
| Amounts receivable within one year | 40/41 | €1,569,303 | €2,289,166 | +€719,863 | +45.9% |
| Trade receivables | 40 | €9,557 | €739,107 | +€729,551 | +7,634% |
| Other amounts receivable | 41 | €1,559,746 | €1,550,059 | -€9,687 | -0.6% |
| Current investments | 50/53 | €4,545,006 | €4,852,000 | +€306,994 | +6.8% |
| Cash at bank and in hand | 54/58 | €13,267,249 | €19,060,599 | +€5.8m | +43.7% |
| Deferred charges and accrued income | 490/1 | €39,592 | €121,419 | +€81,827 | +207% |
| Total equity and liabilities | 10/49 | €52,876,590 | €64,280,507 | +€11.4m | +21.6% |
| Equity | 10/15 | €33,879,557 | €41,427,321 | +€7.5m | +22.3% |
| Contributions | 10/11 | €8,768,409 | €8,768,409 | = | 0.0% |
| Reserves | 13 | €600,000 | €600,000 | = | 0.0% |
| Distributable reserves | 133 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,511,148 | €32,058,913 | +€7.5m | +30.8% |
| Amounts payable | 17/49 | €18,997,034 | €22,853,186 | +€3.9m | +20.3% |
| Amounts payable within one year | 42/48 | €18,996,909 | €22,853,054 | +€3.9m | +20.3% |
| Trade debts | 44 | €334,767 | €408,689 | +€73,922 | +22.1% |
| Suppliers | 440/4 | €334,767 | €408,689 | +€73,922 | +22.1% |
| Taxes, remuneration and social security | 45 | €261,370 | €268,790 | +€7,420 | +2.8% |
| Taxes | 450/3 | €205,119 | €207,466 | +€2,347 | +1.1% |
| Remuneration and social security | 454/9 | €56,251 | €61,324 | +€5,073 | +9.0% |
| Other amounts payable | 47/48 | €18,400,772 | €22,175,575 | +€3.8m | +20.5% |
| Accrued charges and deferred income | 492/3 | €125 | €131 | +€7 | +5.4% |
| Remuneration, social security and pensions | 62 | €424,406 | €457,486 | +€33,080 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,942 | €48,117 | +€14,176 | +41.8% |
| Other operating charges | 640/8 | €7,115 | €2,268 | -€4,847 | -68.1% |
| Gross operating margin | 9900 | €543,211 | €801,648 | +€258,438 | +47.6% |
| Operating profit (loss) | 9901 | €77,748 | €293,777 | +€216,028 | +278% |
| Financial income | 75/76B | €7,228,822 | €7,749,049 | +€520,228 | +7.2% |
| Recurring financial income | 75 | €7,228,822 | €7,749,049 | +€520,228 | +7.2% |
| Financial charges | 65/66B | €624,269 | €493,863 | -€130,405 | -20.9% |
| Recurring financial charges | 65 | €624,269 | €493,863 | -€130,405 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €6,682,302 | €7,548,963 | +€866,661 | +13.0% |
| Income taxes | 67/77 | €972 | €1,198 | +€226 | +23.3% |
| Profit (loss) for the period | 9904 | €6,681,330 | €7,547,765 | +€866,435 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,681,330 | €7,547,765 | +€866,435 | +13.0% |
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 15 October 2026 via checked.be.