Cedo Nulli: what changed
Cedo Nulli
Largest movements
- Cash -€2,874
down €2,874 (-32.0%), from €8,992 to €6,118
mainly Net result for the year (-€3,055) and Tax, wage and social debts (-€2,408)
- Receivables within one year -€2,776
down €2,776 (-51.0%), from €5,445 to €2,669
of which Trade receivables: -€2,904
- Deferred charges and accrued income +€246
new in 2025: €246
- Reserves -€3,055
down €3,055 (-32.7%), from €9,333 to €6,278
- Tax, wage and social debts -€2,408
down €2,408 (-33.7%), from €7,148 to €4,741
of which Taxes: -€3,908
- Other debts +€440
up €440 (+73.4%), from €600 to €1,040
- Trade debts -€381
down €381 (-28.1%), from €1,356 to €975
- Gross operating margin -€13,340
down €13,340 (-97.1%), from €13,744 to €404
- Taxes -€2,443
down €2,443 (-64.0%), from €3,816 to €1,372
- Other operating charges +€1,458
up €1,458 (+287%), from €507 to €1,965
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,437 | €17,033 | -€5,404 | -24.1% |
| Fixed assets | 21/28 | €8,000 | €8,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €8,000 | €8,000 | = | 0.0% |
| Other tangible fixed assets | 26 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €14,437 | €9,033 | -€5,404 | -37.4% |
| Amounts receivable within one year | 40/41 | €5,445 | €2,669 | -€2,776 | -51.0% |
| Trade receivables | 40 | €5,445 | €2,541 | -€2,904 | -53.3% |
| Other amounts receivable | 41 | - | €128 | +€128 | |
| Cash at bank and in hand | 54/58 | €8,992 | €6,118 | -€2,874 | -32.0% |
| Deferred charges and accrued income | 490/1 | - | €246 | +€246 | |
| Total equity and liabilities | 10/49 | €22,437 | €17,033 | -€5,404 | -24.1% |
| Equity | 10/15 | €13,333 | €10,278 | -€3,055 | -22.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €9,333 | €6,278 | -€3,055 | -32.7% |
| Distributable reserves | 133 | €9,333 | €6,278 | -€3,055 | -32.7% |
| Amounts payable | 17/49 | €9,104 | €6,755 | -€2,349 | -25.8% |
| Amounts payable within one year | 42/48 | €9,104 | €6,755 | -€2,349 | -25.8% |
| Trade debts | 44 | €1,356 | €975 | -€381 | -28.1% |
| Suppliers | 440/4 | €1,356 | €975 | -€381 | -28.1% |
| Taxes, remuneration and social security | 45 | €7,148 | €4,741 | -€2,408 | -33.7% |
| Taxes | 450/3 | €7,148 | €3,241 | -€3,908 | -54.7% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €600 | €1,040 | +€440 | +73.4% |
| Other operating charges | 640/8 | €507 | €1,965 | +€1,458 | +287% |
| Gross operating margin | 9900 | €13,744 | €404 | -€13,340 | -97.1% |
| Operating profit (loss) | 9901 | €13,237 | -€1,561 | -€14,798 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €88 | €121 | +€33 | +37.3% |
| Recurring financial charges | 65 | €88 | €121 | +€33 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | €13,149 | -€1,682 | -€14,831 | |
| Income taxes | 67/77 | €3,816 | €1,372 | -€2,443 | -64.0% |
| Profit (loss) for the period | 9904 | €9,333 | -€3,055 | -€12,388 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,333 | -€3,055 | -€12,388 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.