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
- Tangible fixed assets +€116,925
up €116,925 (+101.5%), from €115,174 to €232,099
of which Land and buildings: +€90,000
- Stocks and contracts +€109,780
new in 2024: €109,780
- Receivables within one year +€95,812
up €95,812 (+51.8%), from €184,792 to €280,605
of which Other amounts receivable: +€53,476
- Cash -€43,787
down €43,787 (-28.7%), from €152,656 to €108,869
mainly Investment in fixed assets (net) (-€140,632) and Stocks and contracts (-€109,780)
- Reserves +€136,000
up €136,000 (+47.1%), from €289,000 to €425,000
- Debts after one year +€74,792
new in 2024: €74,792
- Trade debts +€36,049
up €36,049 (+48.8%), from €73,849 to €109,898
- Short-term financial debts +€20,833
new in 2024: €20,833
- Current portion of long-term debt +€11,484
new in 2024: €11,484
- Depreciation +€14,602
up €14,602 (+160.4%), from €9,106 to €23,708
- Gross operating margin +€4,133
up €4,133 (+1.8%), from €225,339 to €229,473
- Other operating charges -€2,969
down €2,969 (-84.0%), from €3,537 to €567
- Financial charges +€2,510
up €2,510 (+1815.6%), from €138 to €2,648
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €452,622 | €731,352 | +€278,730 | +61.6% |
| Fixed assets | 21/28 | €115,174 | €232,099 | +€116,925 | +101.5% |
| Tangible fixed assets | 22/27 | €115,174 | €232,099 | +€116,925 | +101.5% |
| Land and buildings | 22 | €30,000 | €120,000 | +€90,000 | +300.0% |
| Plant, machinery and equipment | 23 | €50,607 | €60,892 | +€10,285 | +20.3% |
| Furniture and vehicles | 24 | - | €2,626 | +€2,626 | |
| Other tangible fixed assets | 26 | €28,222 | €42,235 | +€14,013 | +49.7% |
| Assets under construction and advance payments | 27 | €6,345 | €6,345 | = | 0.0% |
| Current assets | 29/58 | €337,448 | €499,254 | +€161,805 | +47.9% |
| Stocks and contracts in progress | 3 | - | €109,780 | +€109,780 | |
| Stocks | 30/36 | - | €109,780 | +€109,780 | |
| Amounts receivable within one year | 40/41 | €184,792 | €280,605 | +€95,812 | +51.8% |
| Trade receivables | 40 | €35,851 | €78,187 | +€42,336 | +118.1% |
| Other amounts receivable | 41 | €148,941 | €202,417 | +€53,476 | +35.9% |
| Cash at bank and in hand | 54/58 | €152,656 | €108,869 | -€43,787 | -28.7% |
| Total equity and liabilities | 10/49 | €452,622 | €731,352 | +€278,730 | +61.6% |
| Equity | 10/15 | €294,837 | €431,787 | +€136,950 | +46.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €289,000 | €425,000 | +€136,000 | +47.1% |
| Distributable reserves | 133 | €289,000 | €425,000 | +€136,000 | +47.1% |
| Profit (loss) carried forward | 14 | €837 | €1,787 | +€950 | +113.5% |
| Amounts payable | 17/49 | €157,786 | €299,565 | +€141,780 | +89.9% |
| Amounts payable after more than one year | 17 | - | €74,792 | +€74,792 | |
| Financial debts | 170/4 | - | €74,792 | +€74,792 | |
| Amounts payable within one year | 42/48 | €157,786 | €224,774 | +€66,988 | +42.5% |
| Current portion of amounts payable after more than one year | 42 | - | €11,484 | +€11,484 | |
| Financial debts | 43 | - | €20,833 | +€20,833 | |
| Credit institutions | 430/8 | - | €20,833 | +€20,833 | |
| Trade debts | 44 | €73,849 | €109,898 | +€36,049 | +48.8% |
| Suppliers | 440/4 | €73,849 | €109,898 | +€36,049 | +48.8% |
| Taxes, remuneration and social security | 45 | €83,937 | €82,558 | -€1,378 | -1.6% |
| Taxes | 450/3 | €83,937 | €82,558 | -€1,378 | -1.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,106 | €23,708 | +€14,602 | +160.4% |
| Other operating charges | 640/8 | €3,537 | €567 | -€2,969 | -84.0% |
| Gross operating margin | 9900 | €225,339 | €229,473 | +€4,133 | +1.8% |
| Operating profit (loss) | 9901 | €212,697 | €205,198 | -€7,499 | -3.5% |
| Financial charges | 65/66B | €138 | €2,648 | +€2,510 | +1815.6% |
| Recurring financial charges | 65 | €138 | €2,648 | +€2,510 | +1815.6% |
| Profit (loss) for the period before taxes | 9903 | €212,559 | €202,549 | -€10,009 | -4.7% |
| Income taxes | 67/77 | €66,944 | €65,599 | -€1,345 | -2.0% |
| Profit (loss) for the period | 9904 | €145,615 | €136,950 | -€8,665 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,615 | €136,950 | -€8,665 | -6.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.