CEDES: 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.
CEDES
Largest movements
- Receivables within one year +€86,401
up €86,401 (+60.6%), from €142,679 to €229,080
of which Other amounts receivable: +€52,038
- Tangible fixed assets -€29,253
down €29,253 (-3.5%), from €835,512 to €806,260
of which Land and buildings: -€28,183
- Cash -€17,514
down €17,514 (-14.3%), from €122,649 to €105,135
mainly Contributions, distributions and other (-€134,059) and Receivables within one year (-€86,401)
- Other debts +€21,526
up €21,526 (+19.1%), from €112,533 to €134,059
- Gross operating margin +€69,059
up €69,059 (+35.1%), from €196,721 to €265,779
- Depreciation +€8,320
up €8,320 (+11.3%), from €73,314 to €81,634
- Financial income -€4,385
down €4,385 (-23.9%), from €18,376 to €13,992
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 | €1,170,710 | €1,196,655 | +€25,944 | +2.2% |
| Fixed assets | 21/28 | €893,948 | €856,070 | -€37,878 | -4.2% |
| Tangible fixed assets | 22/27 | €835,512 | €806,260 | -€29,253 | -3.5% |
| Land and buildings | 22 | €565,096 | €536,912 | -€28,183 | -5.0% |
| Plant, machinery and equipment | 23 | €723 | €14 | -€710 | -98.1% |
| Furniture and vehicles | 24 | €136,020 | €115,183 | -€20,837 | -15.3% |
| Other tangible fixed assets | 26 | €133,673 | €154,150 | +€20,477 | +15.3% |
| Financial fixed assets | 28 | €58,435 | €49,810 | -€8,625 | -14.8% |
| Current assets | 29/58 | €276,762 | €340,585 | +€63,823 | +23.1% |
| Amounts receivable within one year | 40/41 | €142,679 | €229,080 | +€86,401 | +60.6% |
| Trade receivables | 40 | €132,381 | €166,744 | +€34,363 | +26.0% |
| Other amounts receivable | 41 | €10,299 | €62,337 | +€52,038 | +505% |
| Cash at bank and in hand | 54/58 | €122,649 | €105,135 | -€17,514 | -14.3% |
| Deferred charges and accrued income | 490/1 | €11,435 | €6,370 | -€5,064 | -44.3% |
| Total equity and liabilities | 10/49 | €1,170,710 | €1,196,655 | +€25,944 | +2.2% |
| Equity | 10/15 | €719,858 | €721,148 | +€1,290 | +0.2% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Revaluation surpluses | 12 | €298,320 | €298,320 | = | 0.0% |
| Reserves | 13 | €173,644 | €174,934 | +€1,290 | +0.7% |
| Non-distributable reserves | 130/1 | €23,500 | €24,790 | +€1,290 | +5.5% |
| Legal reserve | 130 | €23,500 | €24,790 | +€1,290 | +5.5% |
| Distributable reserves | 133 | €150,144 | €150,144 | = | 0.0% |
| Amounts payable | 17/49 | €450,852 | €475,507 | +€24,654 | +5.5% |
| Amounts payable after more than one year | 17 | €278,357 | €278,357 | = | 0.0% |
| Financial debts | 170/4 | €278,357 | €278,357 | = | 0.0% |
| Amounts payable within one year | 42/48 | €166,753 | €192,205 | +€25,453 | +15.3% |
| Trade debts | 44 | €16,840 | €14,258 | -€2,582 | -15.3% |
| Suppliers | 440/4 | €16,840 | €14,258 | -€2,582 | -15.3% |
| Taxes, remuneration and social security | 45 | €37,380 | €43,889 | +€6,509 | +17.4% |
| Taxes | 450/3 | €37,380 | €43,889 | +€6,509 | +17.4% |
| Other amounts payable | 47/48 | €112,533 | €134,059 | +€21,526 | +19.1% |
| Accrued charges and deferred income | 492/3 | €5,743 | €4,944 | -€798 | -13.9% |
| Non-recurring operating income | 76A | - | €32,386 | +€32,386 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,314 | €81,634 | +€8,320 | +11.3% |
| Other operating charges | 640/8 | €7,520 | €7,472 | -€48 | -0.6% |
| Gross operating margin | 9900 | €196,721 | €265,779 | +€69,059 | +35.1% |
| Operating profit (loss) | 9901 | €115,887 | €176,673 | +€60,786 | +52.5% |
| Financial income | 75/76B | €18,376 | €13,992 | -€4,385 | -23.9% |
| Recurring financial income | 75 | €18,376 | €13,992 | -€4,385 | -23.9% |
| Financial charges | 65/66B | €24,703 | €23,927 | -€777 | -3.1% |
| Recurring financial charges | 65 | €24,703 | €23,927 | -€777 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €109,560 | €166,738 | +€57,178 | +52.2% |
| Income taxes | 67/77 | €32,568 | €31,390 | -€1,178 | -3.6% |
| Profit (loss) for the period | 9904 | €76,993 | €135,349 | +€58,356 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,993 | €135,349 | +€58,356 | +75.8% |
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 25 October 2026 via checked.be.