CEDEPAT: 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.
CEDEPAT
Largest movements
- Current investments +€21,500
up €21,500 (+26.9%), from €80,000 to €101,500
- Cash -€8,806
down €8,806 (-10.3%), from €85,789 to €76,983
mainly Contributions, distributions and other (-€22,466) and Current investments (-€21,500)
- Tangible fixed assets -€7,859
down €7,859 (-53.5%), from €14,680 to €6,821
- Trade debts +€31,291
up €31,291 (+14.6%), from €213,700 to €244,990
- Other debts +€24,164
up €24,164 (+81.8%), from €29,558 to €53,721
- Tax, wage and social debts -€20,258
down €20,258 (-77.5%), from €26,145 to €5,887
of which Taxes: -€18,426
- Reserves -€14,785
down €14,785 (-11.2%), from €132,486 to €117,701
of which Distributable reserves: -€14,625
- Debts after one year -€9,205
no longer reported in 2025 (was €9,205)
- Other operating charges +€30,357
up €30,357 (+3,487%), from €871 to €31,228
- Taxes -€20,026
down €20,026 (-77.7%), from €25,765 to €5,739
- Staff costs +€19,567
up €19,567 (+37.3%), from €52,461 to €72,027
- Gross operating margin -€17,471
down €17,471 (-12.1%), from €144,047 to €126,576
- Depreciation -€9,333
down €9,333 (-90.7%), from €10,291 to €958
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 | €473,769 | €475,873 | +€2,104 | +0.4% |
| Fixed assets | 21/28 | €14,680 | €6,821 | -€7,859 | -53.5% |
| Tangible fixed assets | 22/27 | €14,680 | €6,821 | -€7,859 | -53.5% |
| Furniture and vehicles | 24 | €14,680 | €6,821 | -€7,859 | -53.5% |
| Current assets | 29/58 | €459,089 | €469,052 | +€9,963 | +2.2% |
| Amounts receivable within one year | 40/41 | €289,971 | €286,390 | -€3,581 | -1.2% |
| Trade receivables | 40 | €262,619 | €261,906 | -€713 | -0.3% |
| Other amounts receivable | 41 | €27,352 | €24,484 | -€2,868 | -10.5% |
| Current investments | 50/53 | €80,000 | €101,500 | +€21,500 | +26.9% |
| Cash at bank and in hand | 54/58 | €85,789 | €76,983 | -€8,806 | -10.3% |
| Deferred charges and accrued income | 490/1 | €3,330 | €4,179 | +€849 | +25.5% |
| Total equity and liabilities | 10/49 | €473,769 | €475,873 | +€2,104 | +0.4% |
| Equity | 10/15 | €186,059 | €171,274 | -€14,785 | -7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €132,486 | €117,701 | -€14,785 | -11.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,508 | €10,348 | -€160 | -1.5% |
| Distributable reserves | 133 | €120,123 | €105,498 | -€14,625 | -12.2% |
| Profit (loss) carried forward | 14 | €47,373 | €47,373 | = | 0.0% |
| Amounts payable | 17/49 | €287,711 | €304,599 | +€16,889 | +5.9% |
| Amounts payable after more than one year | 17 | €9,205 | - | -€9,205 | |
| Financial debts | 170/4 | €9,205 | - | -€9,205 | |
| Amounts payable within one year | 42/48 | €278,505 | €304,599 | +€26,094 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €4,936 | - | -€4,936 | |
| Financial debts | 43 | €4,167 | - | -€4,167 | |
| Credit institutions | 430/8 | €4,167 | - | -€4,167 | |
| Trade debts | 44 | €213,700 | €244,990 | +€31,291 | +14.6% |
| Suppliers | 440/4 | €213,700 | €244,990 | +€31,291 | +14.6% |
| Taxes, remuneration and social security | 45 | €26,145 | €5,887 | -€20,258 | -77.5% |
| Taxes | 450/3 | €20,333 | €1,907 | -€18,426 | -90.6% |
| Remuneration and social security | 454/9 | €5,812 | €3,980 | -€1,832 | -31.5% |
| Other amounts payable | 47/48 | €29,558 | €53,721 | +€24,164 | +81.8% |
| Remuneration, social security and pensions | 62 | €52,461 | €72,027 | +€19,567 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,291 | €958 | -€9,333 | -90.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,720 | -€1,384 | +€337 | +19.6% |
| Other operating charges | 640/8 | €871 | €31,228 | +€30,357 | +3,487% |
| Non-recurring operating charges | 66A | €1,720 | €4,697 | +€2,976 | +173% |
| Gross operating margin | 9900 | €144,047 | €126,576 | -€17,471 | -12.1% |
| Operating profit (loss) | 9901 | €80,425 | €19,049 | -€61,375 | -76.3% |
| Financial income | 75/76B | €1,440 | €2,344 | +€904 | +62.7% |
| Recurring financial income | 75 | €1,440 | €2,344 | +€904 | +62.7% |
| Financial charges | 65/66B | €5,122 | €7,972 | +€2,851 | +55.7% |
| Recurring financial charges | 65 | €5,122 | €7,972 | +€2,851 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €76,743 | €13,421 | -€63,322 | -82.5% |
| Income taxes | 67/77 | €25,765 | €5,739 | -€20,026 | -77.7% |
| Profit (loss) for the period | 9904 | €50,978 | €7,682 | -€43,296 | -84.9% |
| Transfer from tax-exempt reserves | 789 | - | €160 | +€160 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,978 | €7,841 | -€43,137 | -84.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.