CEDENCO C.T.S.E.: 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.
CEDENCO C.T.S.E.
Largest movements
- Financial fixed assets -€135,750
down €135,750 (-100.0%), from €135,775 to €25
- Receivables after one year +€123,400
new in 2025: €123,400
- Cash +€3,360
up €3,360 (+126%), from €2,661 to €6,022
mainly Investment in fixed assets (net) (+€133,793) and Other debts (+€42,658)
- Receivables within one year -€3,213
down €3,213 (-4.5%), from €71,867 to €68,655
of which Trade receivables: -€22,999
- Other debts +€42,658
up €42,658 (+346%), from €12,322 to €54,980
- Trade debts -€32,446
down €32,446 (-87.7%), from €37,013 to €4,567
- Reserves -€24,916
down €24,916 (-27.0%), from €92,213 to €67,297
of which Distributable reserves: -€24,916
- Gross operating margin +€34,583
up €34,583 (+130%), from €26,552 to €61,135
- Taxes +€9,489
up €9,489 (+143%), from €6,641 to €16,130
- Staff costs -€9,175
down €9,175 (-39.0%), from €23,530 to €14,355
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.
Derived cash bridge
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 | €214,422 | €202,758 | -€11,664 | -5.4% |
| Fixed assets | 21/28 | €139,893 | €4,681 | -€135,212 | -96.7% |
| Tangible fixed assets | 22/27 | €4,118 | €4,656 | +€538 | +13.1% |
| Plant, machinery and equipment | 23 | €3,412 | €4,656 | +€1,244 | +36.4% |
| Furniture and vehicles | 24 | €706 | €0 | -€706 | -100% |
| Financial fixed assets | 28 | €135,775 | €25 | -€135,750 | -100.0% |
| Current assets | 29/58 | €74,529 | €198,077 | +€123,548 | +166% |
| Amounts receivable after more than one year | 29 | - | €123,400 | +€123,400 | |
| Other amounts receivable | 291 | - | €123,400 | +€123,400 | |
| Amounts receivable within one year | 40/41 | €71,867 | €68,655 | -€3,213 | -4.5% |
| Trade receivables | 40 | €40,866 | €17,867 | -€22,999 | -56.3% |
| Other amounts receivable | 41 | €31,002 | €50,788 | +€19,786 | +63.8% |
| Cash at bank and in hand | 54/58 | €2,661 | €6,022 | +€3,360 | +126% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €214,422 | €202,758 | -€11,664 | -5.4% |
| Equity | 10/15 | €151,288 | €126,373 | -€24,916 | -16.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,213 | €67,297 | -€24,916 | -27.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €90,353 | €65,437 | -€24,916 | -27.6% |
| Profit (loss) carried forward | 14 | €52,875 | €52,875 | = | 0.0% |
| Amounts payable | 17/49 | €63,134 | €76,385 | +€13,251 | +21.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €63,134 | €76,385 | +€13,251 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €4,414 | €5,833 | +€1,420 | +32.2% |
| Trade debts | 44 | €37,013 | €4,567 | -€32,446 | -87.7% |
| Suppliers | 440/4 | €37,013 | €4,567 | -€32,446 | -87.7% |
| Taxes, remuneration and social security | 45 | €9,384 | €11,004 | +€1,620 | +17.3% |
| Taxes | 450/3 | €4,367 | €9,316 | +€4,949 | +113% |
| Remuneration and social security | 454/9 | €5,018 | €1,689 | -€3,329 | -66.3% |
| Other amounts payable | 47/48 | €12,322 | €54,980 | +€42,658 | +346% |
| Remuneration, social security and pensions | 62 | €23,530 | €14,355 | -€9,175 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,599 | €1,419 | -€180 | -11.2% |
| Other operating charges | 640/8 | €330 | €209 | -€121 | -36.7% |
| Gross operating margin | 9900 | €26,552 | €61,135 | +€34,583 | +130% |
| Operating profit (loss) | 9901 | €1,094 | €45,152 | +€44,058 | +4,028% |
| Financial income | 75/76B | €4,751 | €5,322 | +€571 | +12.0% |
| Recurring financial income | 75 | €4,751 | €5,322 | +€571 | +12.0% |
| Financial charges | 65/66B | €1,110 | €917 | -€193 | -17.4% |
| Recurring financial charges | 65 | €1,110 | €917 | -€193 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €4,734 | €49,557 | +€44,823 | +947% |
| Income taxes | 67/77 | €6,641 | €16,130 | +€9,489 | +143% |
| Profit (loss) for the period | 9904 | -€1,907 | €33,427 | +€35,334 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,907 | €33,427 | +€35,334 |
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 17 October 2026 via checked.be.