CEDOLI: what changed
Two fiscal 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.
CEDOLI
Largest movements
- Cash -€362,630
down €362,630 (-72.2%), from €502,181 to €139,551
mainly Receivables within one year (-€246,958) and Contributions, distributions and other (-€125,000)
- Receivables within one year +€246,958
up €246,958 (+209.3%), from €117,978 to €364,936
of which Other amounts receivable: +€242,982
- Tangible fixed assets -€61,810
down €61,810 (-10.6%), from €584,824 to €523,015
- Other debts -€80,000
down €80,000 (-39.0%), from €205,000 to €125,000
- Current portion of long-term debt -€65,929
down €65,929 (-63.9%), from €103,168 to €37,239
- Debts after one year -€37,239
down €37,239 (-100.0%), from €37,239 to €0
- Depreciation -€24,842
down €24,842 (-28.7%), from €86,652 to €61,810
- Gross operating margin +€13,712
up €13,712 (+5.5%), from €247,921 to €261,633
- Taxes +€11,152
up €11,152 (+35.8%), from €31,108 to €42,260
- Financial income +€5,140
up €5,140 (+266.7%), from €1,927 to €7,067
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 | €1,204,984 | €1,034,569 | -€170,415 | -14.1% |
| Fixed assets | 21/28 | €584,824 | €523,015 | -€61,810 | -10.6% |
| Tangible fixed assets | 22/27 | €584,824 | €523,015 | -€61,810 | -10.6% |
| Land and buildings | 22 | €584,824 | €523,015 | -€61,810 | -10.6% |
| Current assets | 29/58 | €620,159 | €511,554 | -€108,605 | -17.5% |
| Amounts receivable within one year | 40/41 | €117,978 | €364,936 | +€246,958 | +209.3% |
| Trade receivables | 40 | €39,742 | €43,717 | +€3,975 | +10.0% |
| Other amounts receivable | 41 | €78,237 | €321,219 | +€242,982 | +310.6% |
| Cash at bank and in hand | 54/58 | €502,181 | €139,551 | -€362,630 | -72.2% |
| Deferred charges and accrued income | 490/1 | - | €7,067 | +€7,067 | |
| Total equity and liabilities | 10/49 | €1,204,984 | €1,034,569 | -€170,415 | -14.1% |
| Equity | 10/15 | €859,451 | €860,377 | +€926 | +0.1% |
| Contributions | 10/11 | €90,007 | €90,007 | = | 0.0% |
| Capital | 10 | €90,007 | €90,007 | = | 0.0% |
| Issued capital | 100 | €90,007 | €90,007 | = | 0.0% |
| Reserves | 13 | €768,820 | €768,820 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,001 | €9,001 | = | 0.0% |
| Legal reserve | 130 | €9,001 | €9,001 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,440 | €20,440 | = | 0.0% |
| Distributable reserves | 133 | €739,379 | €739,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €624 | €1,550 | +€926 | +148.5% |
| Amounts payable | 17/49 | €345,533 | €174,192 | -€171,341 | -49.6% |
| Amounts payable after more than one year | 17 | €37,239 | €0 | -€37,239 | -100.0% |
| Financial debts | 170/4 | €37,239 | €0 | -€37,239 | -100.0% |
| Amounts payable within one year | 42/48 | €308,294 | €174,192 | -€134,102 | -43.5% |
| Current portion of amounts payable after more than one year | 42 | €103,168 | €37,239 | -€65,929 | -63.9% |
| Trade debts | 44 | €126 | €4,693 | +€4,567 | +3624.8% |
| Suppliers | 440/4 | €126 | €4,693 | +€4,567 | +3624.8% |
| Taxes, remuneration and social security | 45 | - | €7,260 | +€7,260 | |
| Taxes | 450/3 | - | €7,260 | +€7,260 | |
| Other amounts payable | 47/48 | €205,000 | €125,000 | -€80,000 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,652 | €61,810 | -€24,842 | -28.7% |
| Other operating charges | 640/8 | €35,798 | €36,920 | +€1,122 | +3.1% |
| Gross operating margin | 9900 | €247,921 | €261,633 | +€13,712 | +5.5% |
| Operating profit (loss) | 9901 | €125,471 | €162,903 | +€37,432 | +29.8% |
| Financial income | 75/76B | €1,927 | €7,067 | +€5,140 | +266.7% |
| Recurring financial income | 75 | €1,927 | €7,067 | +€5,140 | +266.7% |
| Financial charges | 65/66B | €2,966 | €1,784 | -€1,182 | -39.9% |
| Recurring financial charges | 65 | €2,966 | €1,784 | -€1,182 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €124,432 | €168,186 | +€43,754 | +35.2% |
| Income taxes | 67/77 | €31,108 | €42,260 | +€11,152 | +35.8% |
| Profit (loss) for the period | 9904 | €93,324 | €125,926 | +€32,602 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €93,324 | €125,926 | +€32,602 | +34.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.