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
- Tangible fixed assets -€12,308
down €12,308 (-12.5%), from €98,264 to €85,956
of which Furniture and vehicles: -€13,068
- Stocks and contracts +€4,482
up €4,482 (+20.6%), from €21,719 to €26,201
- Other debts +€85,196
up €85,196 (+204%), from €41,804 to €127,000
- Profit (loss) carried forward -€49,302
down €49,302 (-76.6%), from €64,369 to €15,067
- Contributions -€17,600
down €17,600 (-94.6%), from €18,600 to €1,000
- Current portion of long-term debt -€9,315
down €9,315 (-53.6%), from €17,383 to €8,068
- Debts after one year -€8,068
down €8,068 (-100%), from €8,068 to €0
- Gross operating margin +€22,815
up €22,815 (+101%), from €22,479 to €45,293
- Taxes +€7,596
up €7,596 (+826%), from €919 to €8,515
- Financial charges -€3,936
down €3,936 (-93.7%), from €4,201 to €265
- Financial income -€1,362
down €1,362 (-100.0%), from €1,362 to €1
- Depreciation -€474
down €474 (-2.5%), from €19,010 to €18,536
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 | €161,381 | €154,640 | -€6,741 | -4.2% |
| Fixed assets | 21/28 | €98,420 | €86,152 | -€12,268 | -12.5% |
| Tangible fixed assets | 22/27 | €98,264 | €85,956 | -€12,308 | -12.5% |
| Plant, machinery and equipment | 23 | €1,166 | €1,926 | +€760 | +65.2% |
| Furniture and vehicles | 24 | €97,099 | €84,030 | -€13,068 | -13.5% |
| Financial fixed assets | 28 | €156 | €196 | +€40 | +25.7% |
| Current assets | 29/58 | €62,961 | €68,488 | +€5,527 | +8.8% |
| Stocks and contracts in progress | 3 | €21,719 | €26,201 | +€4,482 | +20.6% |
| Contracts in progress | 37 | €21,719 | €26,201 | +€4,482 | +20.6% |
| Amounts receivable within one year | 40/41 | €23,831 | €24,620 | +€788 | +3.3% |
| Trade receivables | 40 | €9,701 | €24,559 | +€14,857 | +153% |
| Other amounts receivable | 41 | €14,130 | €61 | -€14,069 | -99.6% |
| Cash at bank and in hand | 54/58 | €11,817 | €10,919 | -€898 | -7.6% |
| Deferred charges and accrued income | 490/1 | €5,595 | €6,748 | +€1,154 | +20.6% |
| Total equity and liabilities | 10/49 | €161,381 | €154,640 | -€6,741 | -4.2% |
| Equity | 10/15 | €82,969 | €16,067 | -€66,902 | -80.6% |
| Contributions | 10/11 | €18,600 | €1,000 | -€17,600 | -94.6% |
| Profit (loss) carried forward | 14 | €64,369 | €15,067 | -€49,302 | -76.6% |
| Amounts payable | 17/49 | €78,413 | €138,573 | +€60,160 | +76.7% |
| Amounts payable after more than one year | 17 | €8,068 | €0 | -€8,068 | -100% |
| Financial debts | 170/4 | €8,068 | €0 | -€8,068 | -100% |
| Amounts payable within one year | 42/48 | €69,949 | €138,573 | +€68,624 | +98.1% |
| Current portion of amounts payable after more than one year | 42 | €17,383 | €8,068 | -€9,315 | -53.6% |
| Trade debts | 44 | €3,015 | €78 | -€2,937 | -97.4% |
| Suppliers | 440/4 | €3,015 | €78 | -€2,937 | -97.4% |
| Taxes, remuneration and social security | 45 | €7,746 | €3,427 | -€4,319 | -55.8% |
| Taxes | 450/3 | €1,780 | €3,427 | +€1,647 | +92.6% |
| Remuneration and social security | 454/9 | €5,966 | €0 | -€5,966 | -100% |
| Other amounts payable | 47/48 | €41,804 | €127,000 | +€85,196 | +204% |
| Accrued charges and deferred income | 492/3 | €396 | €0 | -€396 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,010 | €18,536 | -€474 | -2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €369 | +€369 | |
| Other operating charges | 640/8 | €2,780 | €2,541 | -€239 | -8.6% |
| Gross operating margin | 9900 | €22,479 | €45,293 | +€22,815 | +101% |
| Operating profit (loss) | 9901 | €688 | €23,846 | +€23,158 | +3,366% |
| Financial income | 75/76B | €1,362 | €1 | -€1,362 | -100.0% |
| Recurring financial income | 75 | €1,362 | €1 | -€1,362 | -100.0% |
| Financial charges | 65/66B | €4,201 | €265 | -€3,936 | -93.7% |
| Recurring financial charges | 65 | €4,201 | €265 | -€3,936 | -93.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,151 | €23,582 | +€25,732 | |
| Income taxes | 67/77 | €919 | €8,515 | +€7,596 | +826% |
| Profit (loss) for the period | 9904 | -€3,070 | €15,067 | +€18,137 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,070 | €15,067 | +€18,137 |
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 24 October 2026 via checked.be.