CEDEFRA HOLDING: 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.
What changed
CEDEFRA HOLDING
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€662,135
2024 · €14.7m-€14.1m
Equity
€24.0m
2024 · €23.3m+€662,135
Cash
€310,114
2024 · €629,517-€319,403
Balance sheet total
€33.9m
2024 · €29.8m+€4.1m
Largest movements
Assets
- Tangible fixed assets +€2.1m
up €2.1m (+28.5%), from €7.3m to €9.4m
of which Land and buildings: +€2.1m
- Deferred charges and accrued income +€1.2m
up €1.2m (+279.8%), from €446,437 to €1.7m
- Receivables after one year +€818,352
up €818,352 (+5.6%), from €14.6m to €15.4m
- Financial fixed assets +€479,425
up €479,425 (+7.3%), from €6.6m to €7.1m
Equity and liabilities
- Reserves +€14.7m
up €14.7m (+203.4%), from €7.2m to €22.0m
- Profit (loss) carried forward -€14.1m
down €14.1m (-95.5%), from €14.7m to €662,135
- Debts after one year +€2.3m
up €2.3m (+41.5%), from €5.5m to €7.7m
- Current portion of long-term debt +€1.1m
up €1.1m (+398.7%), from €268,239 to €1.3m
- Other debts +€450,000
new in 2025: €450,000
Income statement
- Financial income -€12.9m
down €12.9m (-90.7%), from €14.2m to €1.3m
- Gross operating margin -€1.6m
down €1.6m (-80.7%), from €2.0m to €387,283
- Taxes -€266,442
down €266,442 (-61.7%), from €432,053 to €165,611
- Depreciation -€116,525
down €116,525 (-25.2%), from €462,661 to €346,136
- Other operating charges -€73,121
down €73,121 (-57.4%), from €127,291 to €54,170
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.
Result 2024
€14.7m
Gross operating margin
-€1.6m
Staff costs
-€34,786
Depreciation
+€116,525
Other operating charges
+€73,121
Financial income
-€12.9m
Financial charges
+€24,351
Taxes
+€266,442
Result 2025
€662,135
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.
From operations
-€479,257
Investment
-€2.9m
Financing
+€3.1m
Cash 2024
€629,517
From operations (derived)
-€479,257
Net result for the year
+€662,135
Depreciation
+€346,136
Receivables after one year
-€818,352
Receivables within one year
+€223,934
Deferred charges and accrued income
-€1.2m
Trade debts
-€305,478
Tax, wage and social debts
+€187,617
Other debts
+€450,000
Accrued charges and deferred income
+€23,929
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€2.9m
Financing
+€3.1m
Debts after one year
+€2.3m
Current portion of long-term debt
+€1.1m
Short-term financial debts
-€269,356
Cash 2025
€310,114
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,828,222 | €33,910,958 | +€4.1m | +13.7% |
| Fixed assets | 21/28 | €13,857,742 | €16,416,286 | +€2.6m | +18.5% |
| Tangible fixed assets | 22/27 | €7,283,870 | €9,362,989 | +€2.1m | +28.5% |
| Land and buildings | 22 | €7,210,334 | €9,309,485 | +€2.1m | +29.1% |
| Furniture and vehicles | 24 | €2,276 | €1,826 | -€450 | -19.8% |
| Leasing and similar rights | 25 | €62,647 | €47,186 | -€15,461 | -24.7% |
| Other tangible fixed assets | 26 | €8,612 | €4,492 | -€4,120 | -47.8% |
| Financial fixed assets | 28 | €6,573,872 | €7,053,297 | +€479,425 | +7.3% |
| Current assets | 29/58 | €15,970,479 | €17,494,672 | +€1.5m | +9.5% |
| Amounts receivable after more than one year | 29 | €14,550,727 | €15,369,078 | +€818,352 | +5.6% |
| Other amounts receivable | 291 | €14,550,727 | €15,369,078 | +€818,352 | +5.6% |
| Stocks and contracts in progress | 3 | €42,587 | €42,587 | = | 0.0% |
| Stocks | 30/36 | €42,587 | €42,587 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €301,212 | €77,277 | -€223,934 | -74.3% |
| Trade receivables | 40 | €253,045 | €72,943 | -€180,102 | -71.2% |
| Other amounts receivable | 41 | €48,166 | €4,334 | -€43,832 | -91.0% |
| Cash at bank and in hand | 54/58 | €629,517 | €310,114 | -€319,403 | -50.7% |
| Deferred charges and accrued income | 490/1 | €446,437 | €1,695,616 | +€1.2m | +279.8% |
| Total equity and liabilities | 10/49 | €29,828,222 | €33,910,958 | +€4.1m | +13.7% |
| Equity | 10/15 | €23,292,588 | €23,954,724 | +€662,135 | +2.8% |
| Contributions | 10/11 | €1,326,052 | €1,326,052 | = | 0.0% |
| Reserves | 13 | €7,239,866 | €21,966,536 | +€14.7m | +203.4% |
| Distributable reserves | 133 | €7,239,866 | €21,966,536 | +€14.7m | +203.4% |
| Profit (loss) carried forward | 14 | €14,726,670 | €662,135 | -€14.1m | -95.5% |
| Amounts payable | 17/49 | €6,535,633 | €9,956,235 | +€3.4m | +52.3% |
| Amounts payable after more than one year | 17 | €5,460,257 | €7,724,690 | +€2.3m | +41.5% |
| Financial debts | 170/4 | €5,460,257 | €7,724,690 | +€2.3m | +41.5% |
| Amounts payable within one year | 42/48 | €1,073,154 | €2,205,393 | +€1.1m | +105.5% |
| Current portion of amounts payable after more than one year | 42 | €268,239 | €1,337,695 | +€1.1m | +398.7% |
| Financial debts | 43 | €269,356 | - | -€269,356 | |
| Credit institutions | 430/8 | €269,356 | - | -€269,356 | |
| Trade debts | 44 | €353,003 | €47,526 | -€305,478 | -86.5% |
| Suppliers | 440/4 | €353,003 | €47,526 | -€305,478 | -86.5% |
| Taxes, remuneration and social security | 45 | €182,555 | €370,172 | +€187,617 | +102.8% |
| Taxes | 450/3 | €155,941 | €341,283 | +€185,342 | +118.9% |
| Remuneration and social security | 454/9 | €26,614 | €28,889 | +€2,275 | +8.5% |
| Other amounts payable | 47/48 | - | €450,000 | +€450,000 | |
| Accrued charges and deferred income | 492/3 | €2,223 | €26,152 | +€23,929 | +1076.7% |
| Non-recurring operating income | 76A | €270,000 | - | -€270,000 | |
| Remuneration, social security and pensions | 62 | €165,156 | €199,943 | +€34,786 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462,661 | €346,136 | -€116,525 | -25.2% |
| Other operating charges | 640/8 | €127,291 | €54,170 | -€73,121 | -57.4% |
| Gross operating margin | 9900 | €2,006,792 | €387,283 | -€1.6m | -80.7% |
| Operating profit (loss) | 9901 | €1,251,684 | -€212,966 | -€1.5m | |
| Financial income | 75/76B | €14,219,580 | €1,328,901 | -€12.9m | -90.7% |
| Recurring financial income | 75 | €14,219,580 | €1,328,901 | -€12.9m | -90.7% |
| Financial charges | 65/66B | €312,540 | €288,189 | -€24,351 | -7.8% |
| Recurring financial charges | 65 | €312,540 | €288,189 | -€24,351 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €15,158,724 | €827,746 | -€14.3m | -94.5% |
| Income taxes | 67/77 | €432,053 | €165,611 | -€266,442 | -61.7% |
| Profit (loss) for the period | 9904 | €14,726,670 | €662,135 | -€14.1m | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,726,670 | €662,135 | -€14.1m | -95.5% |
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 11 October 2026 via checked.be.