CEDAR HOUSE: 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.
CEDAR HOUSE
Largest movements
- Receivables within one year +€67,453
up €67,453 (+51.1%), from €132,074 to €199,527
of which Trade receivables: +€119,437
- Receivables after one year -€29,000
down €29,000 (-16.2%), from €179,000 to €150,000
- Cash +€19,792
up €19,792 (+81.0%), from €24,428 to €44,220
mainly Other debts (+€49,913) and Receivables after one year (+€29,000)
- Tangible fixed assets -€10,402
down €10,402 (-3.8%), from €272,749 to €262,346
of which Land and buildings: -€10,896
- Deferred charges and accrued income -€8,574
down €8,574 (-5.2%), from €164,788 to €156,215
- Other debts +€49,913
new in 2025: €49,913
- Current portion of long-term debt -€8,750
down €8,750 (-58.3%), from €15,000 to €6,250
- Staff costs -€6,847
down €6,847 (-40.9%), from €16,753 to €9,906
- Gross operating margin -€6,581
down €6,581 (-16.3%), from €40,424 to €33,842
- Depreciation +€1,632
up €1,632 (+9.9%), from €16,495 to €18,127
- Financial income -€1,400
down €1,400 (-22.8%), from €6,134 to €4,734
- Other operating charges +€664
up €664 (+13.2%), from €5,021 to €5,684
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €773,039 | €812,307 | +€39,269 | +5.1% |
| Fixed assets | 21/28 | €272,749 | €262,346 | -€10,402 | -3.8% |
| Tangible fixed assets | 22/27 | €272,749 | €262,346 | -€10,402 | -3.8% |
| Land and buildings | 22 | €263,971 | €253,075 | -€10,896 | -4.1% |
| Furniture and vehicles | 24 | €8,778 | €9,272 | +€494 | +5.6% |
| Current assets | 29/58 | €500,290 | €549,961 | +€49,671 | +9.9% |
| Amounts receivable after more than one year | 29 | €179,000 | €150,000 | -€29,000 | -16.2% |
| Other amounts receivable | 291 | €179,000 | €150,000 | -€29,000 | -16.2% |
| Amounts receivable within one year | 40/41 | €132,074 | €199,527 | +€67,453 | +51.1% |
| Trade receivables | 40 | €60,035 | €179,473 | +€119,437 | +198.9% |
| Other amounts receivable | 41 | €72,038 | €20,054 | -€51,985 | -72.2% |
| Cash at bank and in hand | 54/58 | €24,428 | €44,220 | +€19,792 | +81.0% |
| Deferred charges and accrued income | 490/1 | €164,788 | €156,215 | -€8,574 | -5.2% |
| Total equity and liabilities | 10/49 | €773,039 | €812,307 | +€39,269 | +5.1% |
| Equity | 10/15 | €597,557 | €595,534 | -€2,023 | -0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €355,613 | €355,613 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,750 | €40,750 | = | 0.0% |
| Distributable reserves | 133 | €313,003 | €313,003 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,744 | €233,721 | -€2,023 | -0.9% |
| Provisions and deferred taxes | 16 | €29,777 | €31,904 | +€2,127 | +7.1% |
| Provisions for liabilities and charges | 160/5 | €29,777 | €31,904 | +€2,127 | +7.1% |
| Other liabilities and charges | 164/5 | €29,777 | €31,904 | +€2,127 | +7.1% |
| Amounts payable | 17/49 | €145,704 | €184,869 | +€39,165 | +26.9% |
| Amounts payable after more than one year | 17 | €6,250 | - | -€6,250 | |
| Financial debts | 170/4 | €6,250 | - | -€6,250 | |
| Amounts payable within one year | 42/48 | €70,355 | €115,586 | +€45,231 | +64.3% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €6,250 | -€8,750 | -58.3% |
| Financial debts | 43 | €25,024 | €19,033 | -€5,990 | -23.9% |
| Credit institutions | 430/8 | €6,667 | €676 | -€5,990 | -89.9% |
| Other loans | 439 | €18,357 | €18,357 | = | 0.0% |
| Trade debts | 44 | €21,886 | €28,902 | +€7,016 | +32.1% |
| Suppliers | 440/4 | €21,886 | €28,902 | +€7,016 | +32.1% |
| Taxes, remuneration and social security | 45 | €8,445 | €11,489 | +€3,043 | +36.0% |
| Taxes | 450/3 | €3,500 | €8,820 | +€5,320 | +152.0% |
| Remuneration and social security | 454/9 | €4,945 | €2,668 | -€2,277 | -46.0% |
| Other amounts payable | 47/48 | - | €49,913 | +€49,913 | |
| Accrued charges and deferred income | 492/3 | €69,099 | €69,283 | +€184 | +0.3% |
| Remuneration, social security and pensions | 62 | €16,753 | €9,906 | -€6,847 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,495 | €18,127 | +€1,632 | +9.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,127 | €2,127 | = | 0.0% |
| Other operating charges | 640/8 | €5,021 | €5,684 | +€664 | +13.2% |
| Gross operating margin | 9900 | €40,424 | €33,842 | -€6,581 | -16.3% |
| Operating profit (loss) | 9901 | €29 | -€2,002 | -€2,031 | |
| Financial income | 75/76B | €6,134 | €4,734 | -€1,400 | -22.8% |
| Recurring financial income | 75 | €6,134 | €4,734 | -€1,400 | -22.8% |
| Financial charges | 65/66B | €2,174 | €2,065 | -€109 | -5.0% |
| Recurring financial charges | 65 | €2,174 | €2,065 | -€109 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €3,989 | €667 | -€3,322 | -83.3% |
| Income taxes | 67/77 | €2,656 | €2,690 | +€34 | +1.3% |
| Profit (loss) for the period | 9904 | €1,332 | -€2,023 | -€3,356 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,332 | -€2,023 | -€3,356 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.