CEDER INVEST: 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 INVEST
Largest movements
- Receivables within one year -€32,600
down €32,600 (-66.9%), from €48,693 to €16,093
of which Trade receivables: -€32,186
- Debts after one year -€99,816
down €99,816 (-10.7%), from €936,813 to €836,997
- Reserves +€95,826
up €95,826 (+15.2%), from €630,417 to €726,243
of which Distributable reserves: +€95,826
- Tax, wage and social debts -€27,887
down €27,887 (-73.1%), from €38,148 to €10,261
- Gross operating margin +€13,766
up €13,766 (+8.5%), from €162,876 to €176,642
- Financial charges +€4,270
up €4,270 (+11.2%), from €38,089 to €42,359
- Taxes +€2,356
up €2,356 (+8.0%), from €29,586 to €31,942
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 | €1,823,714 | €1,791,780 | -€31,934 | -1.8% |
| Fixed assets | 21/28 | €1,492,952 | €1,488,831 | -€4,122 | -0.3% |
| Tangible fixed assets | 22/27 | €294,333 | €290,211 | -€4,122 | -1.4% |
| Land and buildings | 22 | €294,333 | €290,211 | -€4,122 | -1.4% |
| Financial fixed assets | 28 | €1,198,619 | €1,198,619 | = | 0.0% |
| Current assets | 29/58 | €330,762 | €302,950 | -€27,812 | -8.4% |
| Amounts receivable within one year | 40/41 | €48,693 | €16,093 | -€32,600 | -66.9% |
| Trade receivables | 40 | €48,279 | €16,093 | -€32,186 | -66.7% |
| Other amounts receivable | 41 | €414 | - | -€414 | |
| Current investments | 50/53 | €272,000 | €272,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,069 | €14,857 | +€4,788 | +47.5% |
| Total equity and liabilities | 10/49 | €1,823,714 | €1,791,780 | -€31,934 | -1.8% |
| Equity | 10/15 | €730,417 | €826,243 | +€95,826 | +13.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €630,417 | €726,243 | +€95,826 | +15.2% |
| Non-distributable reserves | 130/1 | €272,000 | €272,000 | = | 0.0% |
| Own shares acquired | 1312 | €272,000 | €272,000 | = | 0.0% |
| Distributable reserves | 133 | €358,417 | €454,243 | +€95,826 | +26.7% |
| Amounts payable | 17/49 | €1,093,297 | €965,537 | -€127,760 | -11.7% |
| Amounts payable after more than one year | 17 | €936,813 | €836,997 | -€99,816 | -10.7% |
| Financial debts | 170/4 | €936,813 | €836,997 | -€99,816 | -10.7% |
| Amounts payable within one year | 42/48 | €156,484 | €128,540 | -€27,944 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €99,893 | €99,816 | -€77 | -0.1% |
| Financial debts | 43 | €17,612 | €17,591 | -€21 | -0.1% |
| Credit institutions | 430/8 | €17,612 | €17,591 | -€21 | -0.1% |
| Trade debts | 44 | €50 | €91 | +€41 | +81.8% |
| Suppliers | 440/4 | €50 | €91 | +€41 | +81.8% |
| Taxes, remuneration and social security | 45 | €38,148 | €10,261 | -€27,887 | -73.1% |
| Taxes | 450/3 | €38,148 | €10,261 | -€27,887 | -73.1% |
| Other amounts payable | 47/48 | €781 | €781 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,122 | €4,122 | = | 0.0% |
| Other operating charges | 640/8 | €2,319 | €2,393 | +€74 | +3.2% |
| Gross operating margin | 9900 | €162,876 | €176,642 | +€13,766 | +8.5% |
| Operating profit (loss) | 9901 | €156,435 | €170,127 | +€13,693 | +8.8% |
| Financial charges | 65/66B | €38,089 | €42,359 | +€4,270 | +11.2% |
| Recurring financial charges | 65 | €38,089 | €42,359 | +€4,270 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €118,345 | €127,768 | +€9,423 | +8.0% |
| Income taxes | 67/77 | €29,586 | €31,942 | +€2,356 | +8.0% |
| Profit (loss) for the period | 9904 | €88,759 | €95,826 | +€7,067 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,759 | €95,826 | +€7,067 | +8.0% |
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 29 October 2026 via checked.be.