Cedm: 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.
Cedm
Largest movements
- Cash +€113,149
up €113,149 (+38.2%), from €296,202 to €409,351
mainly Other debts (+€347,370) and Net result for the year (+€164,185)
- Receivables within one year -€19,585
down €19,585 (-38.1%), from €51,465 to €31,880
of which Trade receivables: -€36,300
- Other debts +€347,370
up €347,370 (+30977.3%), from €1,121 to €348,491
- Reserves -€230,815
down €230,815 (-58.3%), from €396,044 to €165,229
- Debts after one year -€31,777
down €31,777 (-5.9%), from €540,446 to €508,669
- Gross operating margin -€50,605
down €50,605 (-16.7%), from €303,230 to €252,625
- Taxes -€18,389
down €18,389 (-27.2%), from €67,559 to €49,170
- Depreciation -€5,806
down €5,806 (-33.2%), from €17,495 to €11,690
- Financial income -€4,089
down €4,089 (-92.0%), from €4,445 to €356
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 | €993,942 | €1,077,855 | +€83,913 | +8.4% |
| Fixed assets | 21/28 | €645,041 | €635,265 | -€9,776 | -1.5% |
| Tangible fixed assets | 22/27 | €645,041 | €635,265 | -€9,776 | -1.5% |
| Land and buildings | 22 | €637,053 | €632,312 | -€4,742 | -0.7% |
| Plant, machinery and equipment | 23 | €1,586 | €1,255 | -€331 | -20.8% |
| Furniture and vehicles | 24 | €6,402 | €1,698 | -€4,704 | -73.5% |
| Current assets | 29/58 | €348,901 | €442,590 | +€93,689 | +26.9% |
| Amounts receivable within one year | 40/41 | €51,465 | €31,880 | -€19,585 | -38.1% |
| Trade receivables | 40 | €42,350 | €6,050 | -€36,300 | -85.7% |
| Other amounts receivable | 41 | €9,115 | €25,830 | +€16,715 | +183.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €296,202 | €409,351 | +€113,149 | +38.2% |
| Deferred charges and accrued income | 490/1 | €1,234 | €1,359 | +€125 | +10.1% |
| Total equity and liabilities | 10/49 | €993,942 | €1,077,855 | +€83,913 | +8.4% |
| Equity | 10/15 | €397,044 | €166,229 | -€230,815 | -58.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €396,044 | €165,229 | -€230,815 | -58.3% |
| Distributable reserves | 133 | €396,044 | €165,229 | -€230,815 | -58.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €596,898 | €911,626 | +€314,728 | +52.7% |
| Amounts payable after more than one year | 17 | €540,446 | €508,669 | -€31,777 | -5.9% |
| Financial debts | 170/4 | €540,446 | €508,669 | -€31,777 | -5.9% |
| Amounts payable within one year | 42/48 | €56,030 | €402,505 | +€346,475 | +618.4% |
| Current portion of amounts payable after more than one year | 42 | €30,448 | €31,777 | +€1,329 | +4.4% |
| Trade debts | 44 | €121 | €5,613 | +€5,492 | +4545.6% |
| Suppliers | 440/4 | €121 | €5,613 | +€5,492 | +4545.6% |
| Taxes, remuneration and social security | 45 | €24,339 | €16,624 | -€7,715 | -31.7% |
| Taxes | 450/3 | €24,339 | €16,624 | -€7,715 | -31.7% |
| Other amounts payable | 47/48 | €1,121 | €348,491 | +€347,370 | +30977.3% |
| Accrued charges and deferred income | 492/3 | €423 | €452 | +€29 | +7.0% |
| Non-recurring operating income | 76A | - | €7,842 | +€7,842 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,495 | €11,690 | -€5,806 | -33.2% |
| Other operating charges | 640/8 | €2,247 | €3,470 | +€1,223 | +54.4% |
| Gross operating margin | 9900 | €303,230 | €252,625 | -€50,605 | -16.7% |
| Operating profit (loss) | 9901 | €283,487 | €237,465 | -€46,023 | -16.2% |
| Financial income | 75/76B | €4,445 | €356 | -€4,089 | -92.0% |
| Recurring financial income | 75 | €4,445 | €356 | -€4,089 | -92.0% |
| Financial charges | 65/66B | €26,438 | €24,466 | -€1,972 | -7.5% |
| Recurring financial charges | 65 | €26,438 | €24,466 | -€1,972 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €261,494 | €213,355 | -€48,140 | -18.4% |
| Income taxes | 67/77 | €67,559 | €49,170 | -€18,389 | -27.2% |
| Profit (loss) for the period | 9904 | €193,936 | €164,185 | -€29,751 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €193,936 | €164,185 | -€29,751 | -15.3% |
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 11 October 2026 via checked.be.