CEDEMU: 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.
CEDEMU
Largest movements
- Receivables within one year +€378,903
up €378,903 (+836.9%), from €45,276 to €424,180
of which Other amounts receivable: +€381,169
- Tangible fixed assets +€271,241
up €271,241 (+346.7%), from €78,235 to €349,476
of which Land and buildings: +€291,001
- Intangible fixed assets -€11,500
down €11,500 (-11.1%), from €103,500 to €92,000
- Debts after one year +€339,533
up €339,533 (+775.0%), from €43,812 to €383,345
- Trade debts +€307,723
up €307,723 (+1938.9%), from €15,871 to €323,594
- Other debts -€21,290
down €21,290 (-15.9%), from €134,264 to €112,974
- Reserves +€12,928
up €12,928 (+44.4%), from €29,128 to €42,056
- Gross operating margin -€15,257
down €15,257 (-18.2%), from €83,631 to €68,374
- Taxes -€8,970
down €8,970 (-83.8%), from €10,705 to €1,736
- Financial charges +€7,091
up €7,091 (+239.8%), from €2,957 to €10,048
- Depreciation -€4,359
down €4,359 (-10.7%), from €40,843 to €36,485
- Other operating charges +€2,839
up €2,839 (+64.6%), from €4,398 to €7,237
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 | €272,420 | €907,391 | +€634,971 | +233.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €181,760 | €441,501 | +€259,741 | +142.9% |
| Intangible fixed assets | 21 | €103,500 | €92,000 | -€11,500 | -11.1% |
| Tangible fixed assets | 22/27 | €78,235 | €349,476 | +€271,241 | +346.7% |
| Land and buildings | 22 | - | €291,001 | +€291,001 | |
| Plant, machinery and equipment | 23 | €766 | €620 | -€146 | -19.1% |
| Furniture and vehicles | 24 | €77,469 | €57,856 | -€19,614 | -25.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €90,660 | €465,890 | +€375,230 | +413.9% |
| Amounts receivable within one year | 40/41 | €45,276 | €424,180 | +€378,903 | +836.9% |
| Trade receivables | 40 | €22,810 | €20,544 | -€2,266 | -9.9% |
| Other amounts receivable | 41 | €22,467 | €403,636 | +€381,169 | +1696.6% |
| Cash at bank and in hand | 54/58 | €42,561 | €40,652 | -€1,909 | -4.5% |
| Deferred charges and accrued income | 490/1 | €2,822 | €1,058 | -€1,764 | -62.5% |
| Total equity and liabilities | 10/49 | €272,420 | €907,391 | +€634,971 | +233.1% |
| Equity | 10/15 | €47,691 | €60,656 | +€12,965 | +27.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,128 | €42,056 | +€12,928 | +44.4% |
| Distributable reserves | 133 | €29,128 | €42,056 | +€12,928 | +44.4% |
| Profit (loss) carried forward | 14 | -€37 | - | +€37 | |
| Amounts payable | 17/49 | €224,730 | €846,735 | +€622,005 | +276.8% |
| Amounts payable after more than one year | 17 | €43,812 | €383,345 | +€339,533 | +775.0% |
| Financial debts | 170/4 | €43,812 | €383,345 | +€339,533 | +775.0% |
| Amounts payable within one year | 42/48 | €180,909 | €463,390 | +€282,481 | +156.1% |
| Current portion of amounts payable after more than one year | 42 | €20,144 | €17,175 | -€2,969 | -14.7% |
| Trade debts | 44 | €15,871 | €323,594 | +€307,723 | +1938.9% |
| Suppliers | 440/4 | €15,871 | €323,594 | +€307,723 | +1938.9% |
| Taxes, remuneration and social security | 45 | €10,630 | €9,647 | -€983 | -9.2% |
| Taxes | 450/3 | €10,630 | €9,647 | -€983 | -9.2% |
| Other amounts payable | 47/48 | €134,264 | €112,974 | -€21,290 | -15.9% |
| Accrued charges and deferred income | 492/3 | €8 | - | -€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,843 | €36,485 | -€4,359 | -10.7% |
| Other operating charges | 640/8 | €4,398 | €7,237 | +€2,839 | +64.6% |
| Gross operating margin | 9900 | €83,631 | €68,374 | -€15,257 | -18.2% |
| Operating profit (loss) | 9901 | €38,390 | €24,652 | -€13,738 | -35.8% |
| Financial income | 75/76B | €215 | €97 | -€118 | -54.9% |
| Recurring financial income | 75 | €215 | €97 | -€118 | -54.9% |
| Financial charges | 65/66B | €2,957 | €10,048 | +€7,091 | +239.8% |
| Recurring financial charges | 65 | €2,957 | €10,048 | +€7,091 | +239.8% |
| Profit (loss) for the period before taxes | 9903 | €35,648 | €14,701 | -€20,947 | -58.8% |
| Income taxes | 67/77 | €10,705 | €1,736 | -€8,970 | -83.8% |
| Profit (loss) for the period | 9904 | €24,943 | €12,965 | -€11,977 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,943 | €12,965 | -€11,977 | -48.0% |
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 9 October 2026 via checked.be.