CEDAX: 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.
CEDAX
Largest movements
- Tangible fixed assets +€22,493
up €22,493 (+13.7%), from €164,203 to €186,696
of which Plant, machinery and equipment: +€23,535
- Cash +€12,095
up €12,095 (+81.8%), from €14,794 to €26,889
mainly Trade debts (+€27,251) and Receivables within one year (+€4,252)
- Reserves +€629,000
up €629,000 (+254.1%), from €247,500 to €876,500
of which Distributable reserves: +€629,000
- Profit (loss) carried forward -€628,918
down €628,918 (-100.0%), from €629,039 to €121
- Trade debts +€27,251
new in 2025: €27,251
- Gross operating margin -€268,510
down €268,510 (-92.9%), from €288,907 to €20,397
- Taxes -€69,471
down €69,471 (-100.0%), from €69,471 to €0
- Financial charges +€9,707
up €9,707 (+2872.0%), from €338 to €10,045
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 | €954,671 | €985,026 | +€30,355 | +3.2% |
| Fixed assets | 21/28 | €914,203 | €936,696 | +€22,493 | +2.5% |
| Tangible fixed assets | 22/27 | €164,203 | €186,696 | +€22,493 | +13.7% |
| Land and buildings | 22 | €161,203 | €160,161 | -€1,042 | -0.6% |
| Plant, machinery and equipment | 23 | €3,000 | €26,535 | +€23,535 | +784.5% |
| Financial fixed assets | 28 | €750,000 | €750,000 | = | 0.0% |
| Current assets | 29/58 | €40,468 | €48,330 | +€7,862 | +19.4% |
| Amounts receivable within one year | 40/41 | €24,908 | €20,656 | -€4,252 | -17.1% |
| Trade receivables | 40 | €23,716 | €20,656 | -€3,060 | -12.9% |
| Other amounts receivable | 41 | €1,192 | €0 | -€1,192 | -100.0% |
| Cash at bank and in hand | 54/58 | €14,794 | €26,889 | +€12,095 | +81.8% |
| Deferred charges and accrued income | 490/1 | €766 | €786 | +€20 | +2.6% |
| Total equity and liabilities | 10/49 | €954,671 | €985,026 | +€30,355 | +3.2% |
| Equity | 10/15 | €951,539 | €951,621 | +€82 | 0.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €247,500 | €876,500 | +€629,000 | +254.1% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €240,000 | €869,000 | +€629,000 | +262.1% |
| Profit (loss) carried forward | 14 | €629,039 | €121 | -€628,918 | -100.0% |
| Amounts payable | 17/49 | €3,132 | €33,405 | +€30,273 | +966.6% |
| Amounts payable within one year | 42/48 | €3,132 | €33,405 | +€30,273 | +966.6% |
| Trade debts | 44 | - | €27,251 | +€27,251 | |
| Suppliers | 440/4 | - | €27,251 | +€27,251 | |
| Taxes, remuneration and social security | 45 | €3,132 | €6,108 | +€2,976 | +95.0% |
| Taxes | 450/3 | €3,132 | €6,108 | +€2,976 | +95.0% |
| Other amounts payable | 47/48 | - | €46 | +€46 | |
| Non-recurring operating income | 76A | €271,866 | €0 | -€271,866 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,542 | €2,737 | +€195 | +7.7% |
| Other operating charges | 640/8 | €6,644 | €7,532 | +€888 | +13.4% |
| Gross operating margin | 9900 | €288,907 | €20,397 | -€268,510 | -92.9% |
| Operating profit (loss) | 9901 | €279,721 | €10,127 | -€269,594 | -96.4% |
| Financial charges | 65/66B | €338 | €10,045 | +€9,707 | +2872.0% |
| Recurring financial charges | 65 | €338 | €10,045 | +€9,707 | +2872.0% |
| Profit (loss) for the period before taxes | 9903 | €279,383 | €82 | -€279,301 | -100.0% |
| Income taxes | 67/77 | €69,471 | €0 | -€69,471 | -100.0% |
| Profit (loss) for the period | 9904 | €209,912 | €82 | -€209,830 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €209,912 | €82 | -€209,830 | -100.0% |
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 9 October 2026 via checked.be.