CEDOCO: 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.
CEDOCO
Largest movements
- Current investments -€120,300
down €120,300 (-70.7%), from €170,206 to €49,905
- Cash -€93,582
down €93,582 (-56.7%), from €165,183 to €71,602
mainly Contributions, distributions and other (-€262,306) and Investment in fixed assets (net) (-€6,982)
- Deferred charges and accrued income -€8,718
down €8,718 (-75.2%), from €11,598 to €2,880
- Reserves -€231,652
down €231,652 (-67.8%), from €341,653 to €110,001
of which Distributable reserves: -€231,652
- Tax, wage and social debts +€8,561
up €8,561 (+36.7%), from €23,301 to €31,862
of which Taxes: +€11,204
- Other debts +€6,738
up €6,738 (+141%), from €4,788 to €11,526
- Gross operating margin +€23,277
up €23,277 (+25.9%), from €89,701 to €112,978
- Taxes +€5,593
up €5,593 (+100%), from €5,565 to €11,158
- Financial income +€4,475
up €4,475 (+215%), from €2,081 to €6,556
- Financial charges +€4,210
up €4,210 (+6,096%), from €69 to €4,279
- Depreciation +€2,642
up €2,642 (+53.0%), from €4,982 to €7,624
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 | €385,738 | €165,052 | -€220,686 | -57.2% |
| Fixed assets | 21/28 | €13,838 | €13,195 | -€643 | -4.6% |
| Tangible fixed assets | 22/27 | €13,713 | €13,070 | -€643 | -4.7% |
| Plant, machinery and equipment | 23 | €3,237 | €4,983 | +€1,747 | +54.0% |
| Furniture and vehicles | 24 | €9,000 | €6,912 | -€2,087 | -23.2% |
| Other tangible fixed assets | 26 | €1,476 | €1,174 | -€302 | -20.5% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €371,900 | €151,857 | -€220,043 | -59.2% |
| Amounts receivable within one year | 40/41 | €24,914 | €27,470 | +€2,556 | +10.3% |
| Trade receivables | 40 | €1,191 | €10,756 | +€9,564 | +803% |
| Other amounts receivable | 41 | €23,722 | €16,714 | -€7,008 | -29.5% |
| Current investments | 50/53 | €170,206 | €49,905 | -€120,300 | -70.7% |
| Cash at bank and in hand | 54/58 | €165,183 | €71,602 | -€93,582 | -56.7% |
| Deferred charges and accrued income | 490/1 | €11,598 | €2,880 | -€8,718 | -75.2% |
| Total equity and liabilities | 10/49 | €385,738 | €165,052 | -€220,686 | -57.2% |
| Equity | 10/15 | €347,933 | €116,281 | -€231,652 | -66.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €341,653 | €110,001 | -€231,652 | -67.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €339,793 | €108,141 | -€231,652 | -68.2% |
| Profit (loss) carried forward | 14 | €80 | €80 | = | 0.0% |
| Amounts payable | 17/49 | €37,805 | €48,771 | +€10,966 | +29.0% |
| Amounts payable within one year | 42/48 | €37,805 | €48,771 | +€10,966 | +29.0% |
| Trade debts | 44 | €8,566 | €5,383 | -€3,183 | -37.2% |
| Suppliers | 440/4 | €8,566 | €5,383 | -€3,183 | -37.2% |
| Advances received on contracts in progress | 46 | €1,150 | - | -€1,150 | |
| Taxes, remuneration and social security | 45 | €23,301 | €31,862 | +€8,561 | +36.7% |
| Taxes | 450/3 | €11,266 | €22,470 | +€11,204 | +99.5% |
| Remuneration and social security | 454/9 | €12,036 | €9,392 | -€2,644 | -22.0% |
| Other amounts payable | 47/48 | €4,788 | €11,526 | +€6,738 | +141% |
| Remuneration, social security and pensions | 62 | €63,191 | €64,849 | +€1,657 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,982 | €7,624 | +€2,642 | +53.0% |
| Other operating charges | 640/8 | €519 | €970 | +€451 | +86.7% |
| Non-recurring operating charges | 66A | €7,305 | - | -€7,305 | |
| Gross operating margin | 9900 | €89,701 | €112,978 | +€23,277 | +25.9% |
| Operating profit (loss) | 9901 | €13,703 | €39,535 | +€25,832 | +189% |
| Financial income | 75/76B | €2,081 | €6,556 | +€4,475 | +215% |
| Recurring financial income | 75 | €2,081 | €6,556 | +€4,475 | +215% |
| Financial charges | 65/66B | €69 | €4,279 | +€4,210 | +6,096% |
| Recurring financial charges | 65 | €69 | €4,279 | +€4,210 | +6,096% |
| Profit (loss) for the period before taxes | 9903 | €15,715 | €41,812 | +€26,097 | +166% |
| Income taxes | 67/77 | €5,565 | €11,158 | +€5,593 | +100% |
| Profit (loss) for the period | 9904 | €10,150 | €30,654 | +€20,505 | +202% |
| Profit (loss) for the period to be appropriated | 9905 | €10,150 | €30,654 | +€20,505 | +202% |
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 16 October 2026 via checked.be.