CEDE: 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.
CEDE
Largest movements
- Cash +€1.0m
up €1.0m (+12620.8%), from €8,168 to €1.0m
mainly Receivables within one year (+€958,392) and Stocks and contracts (+€115,795)
- Receivables within one year -€958,392
down €958,392 (-85.7%), from €1.1m to €159,733
of which Other amounts receivable: -€841,988
- Stocks and contracts -€115,795
down €115,795 (-21.1%), from €548,180 to €432,385
- Deferred charges and accrued income -€44,623
down €44,623 (-47.1%), from €94,723 to €50,100
- Tangible fixed assets -€23,008
down €23,008 (-16.1%), from €143,182 to €120,174
- Trade debts -€182,004
down €182,004 (-71.8%), from €253,558 to €71,554
- Profit (loss) carried forward +€62,046
up €62,046 (+11.6%), from €533,233 to €595,279
- Gross operating margin -€109,130
down €109,130 (-20.9%), from €521,909 to €412,779
- Write-downs +€63,144
new in 2025: €63,144
- Staff costs -€42,984
down €42,984 (-16.1%), from €267,645 to €224,661
- Taxes -€36,774
down €36,774 (-62.5%), from €58,867 to €22,093
- Financial income -€5,780
down €5,780 (-22.6%), from €25,618 to €19,838
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 | €1,960,330 | €1,832,964 | -€127,366 | -6.5% |
| Fixed assets | 21/28 | €191,134 | €151,686 | -€39,448 | -20.6% |
| Intangible fixed assets | 21 | €47,952 | €31,512 | -€16,440 | -34.3% |
| Tangible fixed assets | 22/27 | €143,182 | €120,174 | -€23,008 | -16.1% |
| Plant, machinery and equipment | 23 | €143,182 | €120,174 | -€23,008 | -16.1% |
| Current assets | 29/58 | €1,769,196 | €1,681,278 | -€87,918 | -5.0% |
| Stocks and contracts in progress | 3 | €548,180 | €432,385 | -€115,795 | -21.1% |
| Stocks | 30/36 | €548,180 | €432,385 | -€115,795 | -21.1% |
| Amounts receivable within one year | 40/41 | €1,118,125 | €159,733 | -€958,392 | -85.7% |
| Trade receivables | 40 | €246,116 | €129,713 | -€116,403 | -47.3% |
| Other amounts receivable | 41 | €872,008 | €30,020 | -€841,988 | -96.6% |
| Cash at bank and in hand | 54/58 | €8,168 | €1,039,060 | +€1.0m | +12620.8% |
| Deferred charges and accrued income | 490/1 | €94,723 | €50,100 | -€44,623 | -47.1% |
| Total equity and liabilities | 10/49 | €1,960,330 | €1,832,964 | -€127,366 | -6.5% |
| Equity | 10/15 | €1,656,638 | €1,718,684 | +€62,046 | +3.7% |
| Contributions | 10/11 | €1,021,277 | €1,021,277 | -€0 | 0.0% |
| Capital | 10 | €1,021,277 | €1,021,277 | -€0 | 0.0% |
| Issued capital | 100 | €1,021,277 | €1,021,277 | -€0 | 0.0% |
| Reserves | 13 | €102,128 | €102,128 | +€0 | 0.0% |
| Non-distributable reserves | 130/1 | €102,128 | €102,128 | +€0 | 0.0% |
| Legal reserve | 130 | €102,128 | €102,128 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €533,233 | €595,279 | +€62,046 | +11.6% |
| Amounts payable | 17/49 | €303,692 | €114,280 | -€189,412 | -62.4% |
| Amounts payable within one year | 42/48 | €302,628 | €114,241 | -€188,387 | -62.3% |
| Trade debts | 44 | €253,558 | €71,554 | -€182,004 | -71.8% |
| Suppliers | 440/4 | €253,558 | €71,554 | -€182,004 | -71.8% |
| Taxes, remuneration and social security | 45 | €49,070 | €42,687 | -€6,383 | -13.0% |
| Taxes | 450/3 | €30,236 | €28,163 | -€2,073 | -6.9% |
| Remuneration and social security | 454/9 | €18,834 | €14,524 | -€4,310 | -22.9% |
| Accrued charges and deferred income | 492/3 | €1,065 | €39 | -€1,026 | -96.3% |
| Remuneration, social security and pensions | 62 | €267,645 | €224,661 | -€42,984 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,608 | €43,931 | +€323 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €63,144 | +€63,144 | |
| Other operating charges | 640/8 | €13,496 | €13,851 | +€355 | +2.6% |
| Gross operating margin | 9900 | €521,909 | €412,779 | -€109,130 | -20.9% |
| Operating profit (loss) | 9901 | €197,160 | €67,192 | -€129,968 | -65.9% |
| Financial income | 75/76B | €25,618 | €19,838 | -€5,780 | -22.6% |
| Recurring financial income | 75 | €25,618 | €19,838 | -€5,780 | -22.6% |
| Financial charges | 65/66B | €4,234 | €2,891 | -€1,343 | -31.7% |
| Recurring financial charges | 65 | €4,234 | €2,891 | -€1,343 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €218,544 | €84,139 | -€134,405 | -61.5% |
| Income taxes | 67/77 | €58,867 | €22,093 | -€36,774 | -62.5% |
| Profit (loss) for the period | 9904 | €159,677 | €62,046 | -€97,631 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €159,677 | €62,046 | -€97,631 | -61.1% |
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.