Cedo Nulli: 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.
Cedo Nulli
Largest movements
- Cash +€68,802
up €68,802 (+42.1%), from €163,311 to €232,113
mainly Net result for the year (+€81,180) and Other debts (+€66,391)
- Tangible fixed assets -€30,446
down €30,446 (-25.5%), from €119,216 to €88,770
of which Land and buildings: -€28,087
- Deferred charges and accrued income +€17,931
up €17,931 (+179.9%), from €9,964 to €27,895
- Receivables within one year +€8,882
up €8,882 (+13.6%), from €65,206 to €74,088
of which Trade receivables: +€11,844
- Current investments +€8,000
new in 2025: €8,000
- Reserves +€73,685
up €73,685 (+687.6%), from €10,717 to €84,402
- Other debts +€66,391
up €66,391 (+113.9%), from €58,288 to €124,679
- Profit (loss) carried forward -€52,505
down €52,505 (-100.0%), from €52,505 to €0
- Debts after one year -€34,566
down €34,566 (-40.9%), from €84,566 to €50,000
of which Financial debts: -€34,566
- Tax, wage and social debts +€20,651
up €20,651 (+23.7%), from €87,149 to €107,800
of which Taxes: +€17,141
- Gross operating margin +€76,449
up €76,449 (+10.3%), from €739,805 to €816,254
- Staff costs +€39,286
up €39,286 (+6.6%), from €598,657 to €637,943
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 | €398,773 | €476,601 | +€77,828 | +19.5% |
| Fixed assets | 21/28 | €124,977 | €95,345 | -€29,633 | -23.7% |
| Tangible fixed assets | 22/27 | €119,216 | €88,770 | -€30,446 | -25.5% |
| Land and buildings | 22 | €105,846 | €77,759 | -€28,087 | -26.5% |
| Plant, machinery and equipment | 23 | €13,370 | €11,011 | -€2,359 | -17.6% |
| Financial fixed assets | 28 | €5,761 | €6,575 | +€814 | +14.1% |
| Current assets | 29/58 | €273,796 | €381,257 | +€107,461 | +39.2% |
| Stocks and contracts in progress | 3 | €35,314 | €39,160 | +€3,846 | +10.9% |
| Stocks | 30/36 | €35,314 | €39,160 | +€3,846 | +10.9% |
| Amounts receivable within one year | 40/41 | €65,206 | €74,088 | +€8,882 | +13.6% |
| Trade receivables | 40 | €59,845 | €71,689 | +€11,844 | +19.8% |
| Other amounts receivable | 41 | €5,361 | €2,399 | -€2,962 | -55.2% |
| Current investments | 50/53 | - | €8,000 | +€8,000 | |
| Cash at bank and in hand | 54/58 | €163,311 | €232,113 | +€68,802 | +42.1% |
| Deferred charges and accrued income | 490/1 | €9,964 | €27,895 | +€17,931 | +179.9% |
| Total equity and liabilities | 10/49 | €398,773 | €476,601 | +€77,828 | +19.5% |
| Equity | 10/15 | €113,222 | €134,402 | +€21,180 | +18.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €10,717 | €84,402 | +€73,685 | +687.6% |
| Distributable reserves | 133 | €10,717 | €84,402 | +€73,685 | +687.6% |
| Profit (loss) carried forward | 14 | €52,505 | €0 | -€52,505 | -100.0% |
| Amounts payable | 17/49 | €285,551 | €342,200 | +€56,648 | +19.8% |
| Amounts payable after more than one year | 17 | €84,566 | €50,000 | -€34,566 | -40.9% |
| Financial debts | 170/4 | €34,566 | €0 | -€34,566 | -100.0% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €192,685 | €287,947 | +€95,261 | +49.4% |
| Current portion of amounts payable after more than one year | 42 | €36,323 | €44,083 | +€7,760 | +21.4% |
| Trade debts | 44 | €10,925 | €11,385 | +€460 | +4.2% |
| Suppliers | 440/4 | €10,925 | €11,385 | +€460 | +4.2% |
| Taxes, remuneration and social security | 45 | €87,149 | €107,800 | +€20,651 | +23.7% |
| Taxes | 450/3 | €25,962 | €43,103 | +€17,141 | +66.0% |
| Remuneration and social security | 454/9 | €61,188 | €64,697 | +€3,510 | +5.7% |
| Other amounts payable | 47/48 | €58,288 | €124,679 | +€66,391 | +113.9% |
| Accrued charges and deferred income | 492/3 | €8,300 | €4,253 | -€4,047 | -48.8% |
| Remuneration, social security and pensions | 62 | €598,657 | €637,943 | +€39,286 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,184 | €61,992 | +€808 | +1.3% |
| Other operating charges | 640/8 | €3,019 | €2,766 | -€252 | -8.4% |
| Gross operating margin | 9900 | €739,805 | €816,254 | +€76,449 | +10.3% |
| Operating profit (loss) | 9901 | €76,946 | €113,553 | +€36,607 | +47.6% |
| Financial income | 75/76B | €183 | €631 | +€448 | +245.5% |
| Recurring financial income | 75 | €183 | €631 | +€448 | +245.5% |
| Financial charges | 65/66B | €7,482 | €7,742 | +€260 | +3.5% |
| Recurring financial charges | 65 | €7,482 | €7,742 | +€260 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €69,647 | €106,443 | +€36,796 | +52.8% |
| Income taxes | 67/77 | €17,142 | €25,262 | +€8,120 | +47.4% |
| Profit (loss) for the period | 9904 | €52,505 | €81,180 | +€28,676 | +54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,505 | €81,180 | +€28,676 | +54.6% |
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 12 October 2026 via checked.be.