CEDER: 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.
CEDER
Largest movements
- Tangible fixed assets -€16,190
down €16,190 (-4.3%), from €378,407 to €362,217
- Reserves -€8,239
down €8,239 (-4.6%), from €178,037 to €169,798
of which Tax-exempt reserves: -€8,239
- Profit (loss) carried forward -€4,634
down €4,634 (-4.1%), from -€113,151 to -€117,785
- Gross operating margin +€6,944
up €6,944, from -€3,051 to €3,893
- Depreciation -€2,757
down €2,757 (-14.6%), from €18,947 to €16,190
- Other operating charges -€298
down €298 (-9.8%), from €3,053 to €2,755
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 | €381,352 | €364,168 | -€17,184 | -4.5% |
| Fixed assets | 21/28 | €378,407 | €362,217 | -€16,190 | -4.3% |
| Tangible fixed assets | 22/27 | €378,407 | €362,217 | -€16,190 | -4.3% |
| Land and buildings | 22 | €378,407 | €362,217 | -€16,190 | -4.3% |
| Current assets | 29/58 | €2,945 | €1,951 | -€994 | -33.7% |
| Amounts receivable within one year | 40/41 | €1,689 | €89 | -€1,599 | -94.7% |
| Trade receivables | 40 | €1,689 | €89 | -€1,599 | -94.7% |
| Cash at bank and in hand | 54/58 | €630 | €1,227 | +€597 | +94.8% |
| Deferred charges and accrued income | 490/1 | €626 | €634 | +€8 | +1.3% |
| Total equity and liabilities | 10/49 | €381,352 | €364,168 | -€17,184 | -4.5% |
| Equity | 10/15 | €151,886 | €139,013 | -€12,873 | -8.5% |
| Contributions | 10/11 | €87,000 | €87,000 | = | 0.0% |
| Capital | 10 | €87,000 | €87,000 | = | 0.0% |
| Issued capital | 100 | €87,000 | €87,000 | = | 0.0% |
| Reserves | 13 | €178,037 | €169,798 | -€8,239 | -4.6% |
| Non-distributable reserves | 130/1 | €8,700 | €8,700 | = | 0.0% |
| Legal reserve | 130 | €8,700 | €8,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €169,337 | €161,098 | -€8,239 | -4.9% |
| Profit (loss) carried forward | 14 | -€113,151 | -€117,785 | -€4,634 | -4.1% |
| Provisions and deferred taxes | 16 | €56,446 | €53,699 | -€2,746 | -4.9% |
| Deferred taxes | 168 | €56,446 | €53,699 | -€2,746 | -4.9% |
| Amounts payable | 17/49 | €173,020 | €171,456 | -€1,565 | -0.9% |
| Amounts payable within one year | 42/48 | €173,020 | €171,456 | -€1,565 | -0.9% |
| Trade debts | 44 | €1,774 | €1,415 | -€359 | -20.2% |
| Suppliers | 440/4 | €1,774 | €1,415 | -€359 | -20.2% |
| Taxes, remuneration and social security | 45 | €318 | €311 | -€7 | -2.1% |
| Taxes | 450/3 | €318 | €311 | -€7 | -2.1% |
| Other amounts payable | 47/48 | €170,929 | €169,729 | -€1,199 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,947 | €16,190 | -€2,757 | -14.6% |
| Other operating charges | 640/8 | €3,053 | €2,755 | -€298 | -9.8% |
| Gross operating margin | 9900 | -€3,051 | €3,893 | +€6,944 | |
| Operating profit (loss) | 9901 | -€25,051 | -€15,052 | +€9,999 | +39.9% |
| Financial charges | 65/66B | €272 | €257 | -€15 | -5.7% |
| Recurring financial charges | 65 | €272 | €257 | -€15 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | -€25,323 | -€15,308 | +€10,015 | +39.5% |
| Transfer from deferred taxes | 780 | €3,376 | €2,746 | -€630 | -18.7% |
| Income taxes | 67/77 | €318 | €311 | -€7 | -2.1% |
| Profit (loss) for the period | 9904 | -€22,265 | -€12,873 | +€9,392 | +42.2% |
| Transfer from tax-exempt reserves | 789 | €10,129 | €8,239 | -€1,890 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,136 | -€4,634 | +€7,502 | +61.8% |
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.