CéDo ZD: 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.
CéDo ZD
Largest movements
- Deferred charges and accrued income -€6,015
no longer reported in 2025 (was €6,015)
- Stocks and contracts +€2,783
up €2,783 (+16.3%), from €17,054 to €19,838
- Tangible fixed assets -€1,706
down €1,706 (-25.4%), from €6,722 to €5,016
of which Furniture and vehicles: -€1,243
- Receivables within one year +€1,372
up €1,372 (+55.2%), from €2,488 to €3,860
of which Trade receivables: +€746
- Cash +€389
up €389 (+33.5%), from €1,163 to €1,552
mainly Deferred charges and accrued income (+€6,015) and Trade debts (+€4,581)
- Profit (loss) carried forward -€6,536
down €6,536 (-32.9%), from €19,889 to €13,353
- Trade debts +€4,581
up €4,581 (+116%), from €3,932 to €8,513
- Current portion of long-term debt -€1,500
no longer reported in 2025 (was €1,500)
- Tax, wage and social debts +€528
up €528 (+204%), from €258 to €787
- Other debts -€481
no longer reported in 2025 (was €481)
- Gross operating margin -€16,486
down €16,486 (-31.8%), from €51,786 to €35,300
- Staff costs +€1,568
up €1,568 (+4.5%), from €35,020 to €36,587
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 | €36,061 | €32,653 | -€3,408 | -9.5% |
| Formation expenses | 20 | €232 | - | -€232 | |
| Fixed assets | 21/28 | €9,109 | €7,403 | -€1,706 | -18.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €6,722 | €5,016 | -€1,706 | -25.4% |
| Plant, machinery and equipment | 23 | €3,444 | €2,981 | -€463 | -13.4% |
| Furniture and vehicles | 24 | €3,278 | €2,035 | -€1,243 | -37.9% |
| Financial fixed assets | 28 | €2,387 | €2,387 | = | 0.0% |
| Current assets | 29/58 | €26,720 | €25,250 | -€1,470 | -5.5% |
| Stocks and contracts in progress | 3 | €17,054 | €19,838 | +€2,783 | +16.3% |
| Stocks | 30/36 | €17,054 | €19,838 | +€2,783 | +16.3% |
| Amounts receivable within one year | 40/41 | €2,488 | €3,860 | +€1,372 | +55.2% |
| Trade receivables | 40 | €1,663 | €2,409 | +€746 | +44.9% |
| Other amounts receivable | 41 | €825 | €1,451 | +€626 | +75.9% |
| Cash at bank and in hand | 54/58 | €1,163 | €1,552 | +€389 | +33.5% |
| Deferred charges and accrued income | 490/1 | €6,015 | - | -€6,015 | |
| Total equity and liabilities | 10/49 | €36,061 | €32,653 | -€3,408 | -9.5% |
| Equity | 10/15 | €29,889 | €23,353 | -€6,536 | -21.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,889 | €13,353 | -€6,536 | -32.9% |
| Amounts payable | 17/49 | €6,172 | €9,300 | +€3,128 | +50.7% |
| Amounts payable within one year | 42/48 | €6,172 | €9,300 | +€3,128 | +50.7% |
| Current portion of amounts payable after more than one year | 42 | €1,500 | - | -€1,500 | |
| Trade debts | 44 | €3,932 | €8,513 | +€4,581 | +116% |
| Suppliers | 440/4 | €3,932 | €8,513 | +€4,581 | +116% |
| Taxes, remuneration and social security | 45 | €258 | €787 | +€528 | +204% |
| Taxes | 450/3 | €258 | €787 | +€528 | +204% |
| Other amounts payable | 47/48 | €481 | - | -€481 | |
| Non-recurring operating income | 76A | €5,573 | - | -€5,573 | |
| Remuneration, social security and pensions | 62 | €35,020 | €36,587 | +€1,568 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,474 | €3,250 | -€224 | -6.5% |
| Other operating charges | 640/8 | €352 | €391 | +€39 | +11.1% |
| Non-recurring operating charges | 66A | €219 | €949 | +€730 | +333% |
| Gross operating margin | 9900 | €51,786 | €35,300 | -€16,486 | -31.8% |
| Operating profit (loss) | 9901 | €12,720 | -€5,878 | -€18,599 | |
| Financial income | 75/76B | €5 | €52 | +€46 | +845% |
| Recurring financial income | 75 | €5 | €52 | +€46 | +845% |
| Financial charges | 65/66B | €743 | €710 | -€33 | -4.5% |
| Recurring financial charges | 65 | €743 | €710 | -€33 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €11,983 | -€6,536 | -€18,519 | |
| Profit (loss) for the period | 9904 | €11,983 | -€6,536 | -€18,519 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,983 | -€6,536 | -€18,519 |
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 18 October 2026 via checked.be.