CEDE Projects: 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 Projects
Largest movements
- Tangible fixed assets +€3.4m
up €3.4m (+522.5%), from €650,000 to €4.0m
- Cash -€815,230
down €815,230 (-96.9%), from €841,477 to €26,247
mainly Investment in fixed assets (net) (-€3.9m) and Stocks and contracts (-€314,173)
- Stocks and contracts +€314,173
up €314,173 (+35.3%), from €889,913 to €1.2m
- Debts after one year +€3.1m
up €3.1m (+439.5%), from €700,000 to €3.8m
- Profit (loss) carried forward -€912,369
down €912,369, from €803,943 to -€108,426
- Reserves +€628,943
up €628,943 (+149.4%), from €421,000 to €1.0m
of which Distributable reserves: +€628,943
- Tax, wage and social debts +€65,892
up €65,892 (+21.5%), from €306,609 to €372,501
- Gross operating margin -€1.3m
down €1.3m (-74.3%), from €1.7m to €447,104
- Depreciation +€499,774
up €499,774 (+1521.7%), from €32,844 to €532,618
- Taxes -€401,314
no longer reported in 2025 (was €401,314)
- Financial charges -€30,571
down €30,571 (-41.2%), from €74,233 to €43,661
- Financial income +€24,715
up €24,715 (+35306657.1%), from €0 to €24,715
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 | €2,381,780 | €5,277,167 | +€2.9m | +121.6% |
| Fixed assets | 21/28 | €650,000 | €4,046,511 | +€3.4m | +522.5% |
| Tangible fixed assets | 22/27 | €650,000 | €4,046,511 | +€3.4m | +522.5% |
| Land and buildings | 22 | €650,000 | €4,046,511 | +€3.4m | +522.5% |
| Current assets | 29/58 | €1,731,780 | €1,230,656 | -€501,124 | -28.9% |
| Stocks and contracts in progress | 3 | €889,913 | €1,204,086 | +€314,173 | +35.3% |
| Stocks | 30/36 | €889,913 | €1,204,086 | +€314,173 | +35.3% |
| Amounts receivable within one year | 40/41 | €115 | €322 | +€207 | +180.3% |
| Other amounts receivable | 41 | €115 | €322 | +€207 | +180.3% |
| Cash at bank and in hand | 54/58 | €841,477 | €26,247 | -€815,230 | -96.9% |
| Deferred charges and accrued income | 490/1 | €275 | - | -€275 | |
| Total equity and liabilities | 10/49 | €2,381,780 | €5,277,167 | +€2.9m | +121.6% |
| Equity | 10/15 | €1,374,943 | €1,091,517 | -€283,426 | -20.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €421,000 | €1,049,943 | +€628,943 | +149.4% |
| Tax-exempt reserves | 132 | €421,000 | €421,000 | = | 0.0% |
| Distributable reserves | 133 | - | €628,943 | +€628,943 | |
| Profit (loss) carried forward | 14 | €803,943 | -€108,426 | -€912,369 | |
| Amounts payable | 17/49 | €1,006,837 | €4,185,650 | +€3.2m | +315.7% |
| Amounts payable after more than one year | 17 | €700,000 | €3,776,686 | +€3.1m | +439.5% |
| Financial debts | 170/4 | €700,000 | €3,776,686 | +€3.1m | +439.5% |
| Amounts payable within one year | 42/48 | €306,837 | €408,615 | +€101,778 | +33.2% |
| Current portion of amounts payable after more than one year | 42 | - | €36,114 | +€36,114 | |
| Trade debts | 44 | €228 | - | -€228 | |
| Suppliers | 440/4 | €228 | - | -€228 | |
| Taxes, remuneration and social security | 45 | €306,609 | €372,501 | +€65,892 | +21.5% |
| Taxes | 450/3 | €306,609 | €372,501 | +€65,892 | +21.5% |
| Accrued charges and deferred income | 492/3 | - | €349 | +€349 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,844 | €532,618 | +€499,774 | +1521.7% |
| Other operating charges | 640/8 | €4,452 | €3,966 | -€486 | -10.9% |
| Gross operating margin | 9900 | €1,737,785 | €447,104 | -€1.3m | -74.3% |
| Operating profit (loss) | 9901 | €1,700,489 | -€89,480 | -€1.8m | |
| Financial income | 75/76B | €0 | €24,715 | +€24,715 | +35306657.1% |
| Recurring financial income | 75 | €0 | €24,715 | +€24,715 | +35306657.1% |
| Financial charges | 65/66B | €74,233 | €43,661 | -€30,571 | -41.2% |
| Recurring financial charges | 65 | €74,233 | €43,661 | -€30,571 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €1,626,257 | -€108,426 | -€1.7m | |
| Income taxes | 67/77 | €401,314 | - | -€401,314 | |
| Profit (loss) for the period | 9904 | €1,224,943 | -€108,426 | -€1.3m | |
| Transfer to tax-exempt reserves | 689 | €421,000 | - | -€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €803,943 | -€108,426 | -€912,369 |
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 6 October 2026 via checked.be.