CEDAR - INTERCO: 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.
CEDAR - INTERCO
Largest movements
- Cash +€33,952
up €33,952 (+90.0%), from €37,729 to €71,681
mainly Trade debts (+€32,720) and Depreciation (+€26,929)
- Tangible fixed assets -€26,074
down €26,074 (-36.9%), from €70,587 to €44,512
of which Furniture and vehicles: -€13,795
- Receivables within one year +€23,139
up €23,139 (+23.6%), from €97,910 to €121,049
of which Trade receivables: +€21,200
- Deferred charges and accrued income +€5,825
up €5,825 (+126.8%), from €4,595 to €10,420
- Trade debts +€32,720
up €32,720 (+87.9%), from €37,216 to €69,937
- Debts after one year -€18,568
down €18,568 (-43.5%), from €42,696 to €24,128
- Advances received +€13,535
up €13,535 (+194.3%), from €6,965 to €20,500
- Reserves +€4,620
up €4,620 (+2.6%), from €176,419 to €181,039
of which Distributable reserves: +€4,620
- Gross operating margin +€6,881
up €6,881 (+7.7%), from €89,029 to €95,910
- Financial income -€5,740
down €5,740 (-99.9%), from €5,747 to €7
of which Financial income: -€4,034
- Staff costs -€3,408
down €3,408 (-7.2%), from €47,151 to €43,743
- Financial charges -€2,811
down €2,811 (-39.8%), from €7,069 to €4,258
- Taxes +€1,916
up €1,916 (+62.1%), from €3,084 to €5,000
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 | €373,969 | €410,811 | +€36,842 | +9.9% |
| Fixed assets | 21/28 | €77,187 | €51,112 | -€26,074 | -33.8% |
| Tangible fixed assets | 22/27 | €70,587 | €44,512 | -€26,074 | -36.9% |
| Plant, machinery and equipment | 23 | €36,949 | €24,670 | -€12,279 | -33.2% |
| Furniture and vehicles | 24 | €33,637 | €19,842 | -€13,795 | -41.0% |
| Financial fixed assets | 28 | €6,600 | €6,600 | = | 0.0% |
| Current assets | 29/58 | €296,783 | €359,699 | +€62,916 | +21.2% |
| Stocks and contracts in progress | 3 | €156,549 | €156,549 | = | 0.0% |
| Stocks | 30/36 | €156,549 | €156,549 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €97,910 | €121,049 | +€23,139 | +23.6% |
| Trade receivables | 40 | €1,000 | €22,200 | +€21,200 | +2120.0% |
| Other amounts receivable | 41 | €96,910 | €98,849 | +€1,939 | +2.0% |
| Cash at bank and in hand | 54/58 | €37,729 | €71,681 | +€33,952 | +90.0% |
| Deferred charges and accrued income | 490/1 | €4,595 | €10,420 | +€5,825 | +126.8% |
| Total equity and liabilities | 10/49 | €373,969 | €410,811 | +€36,842 | +9.9% |
| Equity | 10/15 | €238,419 | €243,039 | +€4,620 | +1.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €176,419 | €181,039 | +€4,620 | +2.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €170,219 | €174,839 | +€4,620 | +2.7% |
| Amounts payable | 17/49 | €135,550 | €167,772 | +€32,222 | +23.8% |
| Amounts payable after more than one year | 17 | €42,696 | €24,128 | -€18,568 | -43.5% |
| Financial debts | 170/4 | €42,696 | €24,128 | -€18,568 | -43.5% |
| Amounts payable within one year | 42/48 | €92,854 | €143,644 | +€50,790 | +54.7% |
| Current portion of amounts payable after more than one year | 42 | €17,742 | €18,568 | +€826 | +4.7% |
| Trade debts | 44 | €37,216 | €69,937 | +€32,720 | +87.9% |
| Suppliers | 440/4 | €37,216 | €69,937 | +€32,720 | +87.9% |
| Advances received on contracts in progress | 46 | €6,965 | €20,500 | +€13,535 | +194.3% |
| Taxes, remuneration and social security | 45 | €30,930 | €34,640 | +€3,709 | +12.0% |
| Taxes | 450/3 | €3,301 | €8,301 | +€5,000 | +151.5% |
| Remuneration and social security | 454/9 | €27,629 | €26,339 | -€1,291 | -4.7% |
| Remuneration, social security and pensions | 62 | €47,151 | €43,743 | -€3,408 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,345 | €26,929 | +€584 | +2.2% |
| Other operating charges | 640/8 | €10,840 | €11,368 | +€528 | +4.9% |
| Gross operating margin | 9900 | €89,029 | €95,910 | +€6,881 | +7.7% |
| Operating profit (loss) | 9901 | €4,693 | €13,870 | +€9,177 | +195.5% |
| Financial income | 75/76B | €5,747 | €7 | -€5,740 | -99.9% |
| Recurring financial income | 75 | €4,042 | €7 | -€4,034 | -99.8% |
| Non-recurring financial income | 76B | €1,705 | - | -€1,705 | |
| Financial charges | 65/66B | €7,069 | €4,258 | -€2,811 | -39.8% |
| Recurring financial charges | 65 | €7,069 | €4,258 | -€2,811 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €3,371 | €9,620 | +€6,249 | +185.4% |
| Income taxes | 67/77 | €3,084 | €5,000 | +€1,916 | +62.1% |
| Profit (loss) for the period | 9904 | €287 | €4,620 | +€4,333 | +1508.2% |
| Profit (loss) for the period to be appropriated | 9905 | €287 | €4,620 | +€4,333 | +1508.2% |
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.