CEDCO: 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.
CEDCO
Largest movements
- Stocks and contracts -€588,211
no longer reported in 2025 (was €588,211)
- Receivables within one year +€444,056
up €444,056 (+77.4%), from €573,947 to €1.0m
of which Other amounts receivable: +€442,685
- Current investments -€196,333
down €196,333 (-47.7%), from €411,210 to €214,876
- Advances received -€536,340
no longer reported in 2025 (was €536,340)
- Other debts +€270,039
up €270,039 (+423%), from €63,899 to €333,939
- Reserves -€51,402
down €51,402 (-5.4%), from €948,953 to €897,551
of which Distributable reserves: -€51,402
- Financial income -€586,742
down €586,742 (-94.3%), from €622,334 to €35,592
of which Non-recurring financial income: -€587,400
- Gross operating margin -€134,070
down €134,070 (-56.1%), from €238,797 to €104,727
- Taxes -€88,561
down €88,561 (-84.7%), from €104,613 to €16,052
- Financial charges -€19,550
down €19,550 (-72.5%), from €26,960 to €7,410
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 | €1,693,320 | €1,371,634 | -€321,685 | -19.0% |
| Fixed assets | 21/28 | €86,294 | €92,914 | +€6,619 | +7.7% |
| Tangible fixed assets | 22/27 | €77,157 | €83,777 | +€6,619 | +8.6% |
| Plant, machinery and equipment | 23 | €7,178 | €32,764 | +€25,586 | +356% |
| Furniture and vehicles | 24 | €69,980 | €51,013 | -€18,967 | -27.1% |
| Financial fixed assets | 28 | €9,137 | €9,137 | = | 0.0% |
| Current assets | 29/58 | €1,607,025 | €1,278,721 | -€328,305 | -20.4% |
| Stocks and contracts in progress | 3 | €588,211 | - | -€588,211 | |
| Contracts in progress | 37 | €588,211 | - | -€588,211 | |
| Amounts receivable within one year | 40/41 | €573,947 | €1,018,003 | +€444,056 | +77.4% |
| Trade receivables | 40 | €1,285 | €2,656 | +€1,371 | +107% |
| Other amounts receivable | 41 | €572,663 | €1,015,347 | +€442,685 | +77.3% |
| Current investments | 50/53 | €411,210 | €214,876 | -€196,333 | -47.7% |
| Cash at bank and in hand | 54/58 | €29,821 | €32,294 | +€2,472 | +8.3% |
| Deferred charges and accrued income | 490/1 | €3,836 | €13,547 | +€9,711 | +253% |
| Total equity and liabilities | 10/49 | €1,693,320 | €1,371,634 | -€321,685 | -19.0% |
| Equity | 10/15 | €1,048,953 | €997,551 | -€51,402 | -4.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €948,953 | €897,551 | -€51,402 | -5.4% |
| Non-distributable reserves | 130/1 | €3,340 | €3,340 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,340 | €3,340 | = | 0.0% |
| Distributable reserves | 133 | €945,613 | €894,211 | -€51,402 | -5.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Amounts payable | 17/49 | €644,367 | €374,083 | -€270,284 | -41.9% |
| Amounts payable within one year | 42/48 | €641,967 | €374,083 | -€267,884 | -41.7% |
| Trade debts | 44 | €414 | €3,066 | +€2,652 | +641% |
| Suppliers | 440/4 | €414 | €3,066 | +€2,652 | +641% |
| Advances received on contracts in progress | 46 | €536,340 | - | -€536,340 | |
| Taxes, remuneration and social security | 45 | €41,314 | €37,079 | -€4,236 | -10.3% |
| Taxes | 450/3 | €38,070 | €29,856 | -€8,214 | -21.6% |
| Remuneration and social security | 454/9 | €3,245 | €7,223 | +€3,978 | +123% |
| Other amounts payable | 47/48 | €63,899 | €333,939 | +€270,039 | +423% |
| Accrued charges and deferred income | 492/3 | €2,400 | - | -€2,400 | |
| Remuneration, social security and pensions | 62 | €50,539 | €51,821 | +€1,282 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,389 | €25,733 | +€2,345 | +10.0% |
| Other operating charges | 640/8 | €2,466 | €2,743 | +€277 | +11.2% |
| Gross operating margin | 9900 | €238,797 | €104,727 | -€134,070 | -56.1% |
| Operating profit (loss) | 9901 | €162,403 | €24,430 | -€137,973 | -85.0% |
| Financial income | 75/76B | €622,334 | €35,592 | -€586,742 | -94.3% |
| Recurring financial income | 75 | €34,934 | €35,592 | +€658 | +1.9% |
| Non-recurring financial income | 76B | €587,400 | - | -€587,400 | |
| Financial charges | 65/66B | €26,960 | €7,410 | -€19,550 | -72.5% |
| Recurring financial charges | 65 | €26,960 | €7,410 | -€19,550 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | €757,777 | €52,612 | -€705,165 | -93.1% |
| Income taxes | 67/77 | €104,613 | €16,052 | -€88,561 | -84.7% |
| Profit (loss) for the period | 9904 | €653,164 | €36,560 | -€616,604 | -94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €653,164 | €36,560 | -€616,604 | -94.4% |
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 19 October 2026 via checked.be.