CEDER: 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.
CEDER
Largest movements
- Receivables after one year +€615,786
up €615,786 (+52.9%), from €1.2m to €1.8m
- Tangible fixed assets +€577,692
up €577,692 (+26.7%), from €2.2m to €2.7m
of which Land and buildings: +€587,971
- Receivables within one year +€213,724
up €213,724 (+3893.3%), from €5,490 to €219,214
of which Other amounts receivable: +€219,214
- Contributions +€2.0m
up €2.0m (+10757.3%), from €18,592 to €2.0m
- Other debts -€410,902
down €410,902 (-32.1%), from €1.3m to €870,996
- Debts after one year -€269,833
down €269,833 (-19.5%), from €1.4m to €1.1m
- Current portion of long-term debt +€107,500
up €107,500 (+59.7%), from €180,000 to €287,500
- Taxes -€23,049
down €23,049 (-92.1%), from €25,021 to €1,972
- Depreciation +€19,477
up €19,477 (+18.5%), from €105,297 to €124,775
- Gross operating margin -€13,052
down €13,052 (-9.7%), from €134,609 to €121,557
- Financial charges -€7,068
down €7,068 (-30.6%), from €23,091 to €16,024
- Other operating charges +€4,549
up €4,549 (+38.6%), from €11,790 to €16,340
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 | €3,366,716 | €4,775,068 | +€1.4m | +41.8% |
| Fixed assets | 21/28 | €2,166,735 | €2,744,427 | +€577,692 | +26.7% |
| Tangible fixed assets | 22/27 | €2,166,735 | €2,744,427 | +€577,692 | +26.7% |
| Land and buildings | 22 | €2,108,790 | €2,696,760 | +€587,971 | +27.9% |
| Plant, machinery and equipment | 23 | €1,055 | €2,213 | +€1,158 | +109.7% |
| Furniture and vehicles | 24 | €27,450 | €18,133 | -€9,317 | -33.9% |
| Assets under construction and advance payments | 27 | €29,440 | €27,320 | -€2,120 | -7.2% |
| Current assets | 29/58 | €1,199,981 | €2,030,640 | +€830,659 | +69.2% |
| Amounts receivable after more than one year | 29 | €1,165,000 | €1,780,786 | +€615,786 | +52.9% |
| Other amounts receivable | 291 | €1,165,000 | €1,780,786 | +€615,786 | +52.9% |
| Amounts receivable within one year | 40/41 | €5,490 | €219,214 | +€213,724 | +3893.3% |
| Trade receivables | 40 | €5,490 | - | -€5,490 | |
| Other amounts receivable | 41 | - | €219,214 | +€219,214 | |
| Cash at bank and in hand | 54/58 | €26,518 | €28,609 | +€2,090 | +7.9% |
| Deferred charges and accrued income | 490/1 | €2,973 | €2,032 | -€942 | -31.7% |
| Total equity and liabilities | 10/49 | €3,366,716 | €4,775,068 | +€1.4m | +41.8% |
| Equity | 10/15 | €378,042 | €2,344,419 | +€2.0m | +520.1% |
| Contributions | 10/11 | €18,592 | €2,018,592 | +€2.0m | +10757.3% |
| Reserves | 13 | €110,763 | €103,132 | -€7,631 | -6.9% |
| Tax-exempt reserves | 132 | €109,262 | €101,631 | -€7,631 | -7.0% |
| Distributable reserves | 133 | €1,501 | €1,501 | = | 0.0% |
| Profit (loss) carried forward | 14 | €248,687 | €222,695 | -€25,992 | -10.5% |
| Provisions and deferred taxes | 16 | €56,261 | €52,332 | -€3,929 | -7.0% |
| Deferred taxes | 168 | €56,261 | €52,332 | -€3,929 | -7.0% |
| Amounts payable | 17/49 | €2,932,412 | €2,378,316 | -€554,096 | -18.9% |
| Amounts payable after more than one year | 17 | €1,380,782 | €1,110,949 | -€269,833 | -19.5% |
| Financial debts | 170/4 | €1,380,782 | €1,110,949 | -€269,833 | -19.5% |
| Amounts payable within one year | 42/48 | €1,543,399 | €1,262,158 | -€281,241 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €180,000 | €287,500 | +€107,500 | +59.7% |
| Trade debts | 44 | €78,878 | €102,604 | +€23,726 | +30.1% |
| Suppliers | 440/4 | €78,878 | €102,604 | +€23,726 | +30.1% |
| Taxes, remuneration and social security | 45 | €2,623 | €1,058 | -€1,565 | -59.7% |
| Taxes | 450/3 | €2,623 | €1,058 | -€1,565 | -59.7% |
| Other amounts payable | 47/48 | €1,281,898 | €870,996 | -€410,902 | -32.1% |
| Accrued charges and deferred income | 492/3 | €8,232 | €5,209 | -€3,022 | -36.7% |
| Non-recurring operating income | 76A | - | €27,250 | +€27,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,297 | €124,775 | +€19,477 | +18.5% |
| Other operating charges | 640/8 | €11,790 | €16,340 | +€4,549 | +38.6% |
| Gross operating margin | 9900 | €134,609 | €121,557 | -€13,052 | -9.7% |
| Operating profit (loss) | 9901 | €17,521 | -€19,557 | -€37,079 | |
| Financial charges | 65/66B | €23,091 | €16,024 | -€7,068 | -30.6% |
| Recurring financial charges | 65 | €23,091 | €16,024 | -€7,068 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,570 | -€35,581 | -€30,011 | -538.8% |
| Transfer from deferred taxes | 780 | €3,929 | €3,929 | = | 0.0% |
| Income taxes | 67/77 | €25,021 | €1,972 | -€23,049 | -92.1% |
| Profit (loss) for the period | 9904 | -€26,661 | -€33,623 | -€6,962 | -26.1% |
| Transfer from tax-exempt reserves | 789 | €7,631 | €7,631 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,030 | -€25,992 | -€6,962 | -36.6% |
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.