CEDONA: 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.
CEDONA
Largest movements
- Tangible fixed assets -€2,323
down €2,323 (-2.0%), from €118,300 to €115,977
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€291
down €291 (-6.4%), from €4,520 to €4,228
- Depreciation +€94
up €94 (+2.8%), from €3,309 to €3,403
- Other operating charges +€75
up €75 (+3.7%), from €2,014 to €2,089
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 | €212,408 | €211,917 | -€491 | -0.2% |
| Fixed assets | 21/28 | €118,300 | €115,977 | -€2,323 | -2.0% |
| Tangible fixed assets | 22/27 | €118,300 | €115,977 | -€2,323 | -2.0% |
| Land and buildings | 22 | €118,300 | €115,977 | -€2,323 | -2.0% |
| Current assets | 29/58 | €94,108 | €95,940 | +€1,832 | +1.9% |
| Cash at bank and in hand | 54/58 | €94,108 | €95,902 | +€1,794 | +1.9% |
| Deferred charges and accrued income | 490/1 | - | €38 | +€38 | |
| Total equity and liabilities | 10/49 | €212,408 | €211,917 | -€491 | -0.2% |
| Equity | 10/15 | €38,297 | €36,988 | -€1,309 | -3.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,903 | -€31,212 | -€1,309 | -4.4% |
| Amounts payable | 17/49 | €174,112 | €174,929 | +€818 | +0.5% |
| Amounts payable within one year | 42/48 | €174,112 | €174,929 | +€818 | +0.5% |
| Trade debts | 44 | €1,220 | €2,037 | +€818 | +67.0% |
| Suppliers | 440/4 | €1,220 | €2,037 | +€818 | +67.0% |
| Other amounts payable | 47/48 | €172,892 | €172,892 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,309 | €3,403 | +€94 | +2.8% |
| Other operating charges | 640/8 | €2,014 | €2,089 | +€75 | +3.7% |
| Gross operating margin | 9900 | €4,520 | €4,228 | -€291 | -6.4% |
| Operating profit (loss) | 9901 | -€804 | -€1,264 | -€460 | -57.3% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€849 | -€1,309 | -€460 | -54.3% |
| Profit (loss) for the period | 9904 | -€849 | -€1,309 | -€460 | -54.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€849 | -€1,309 | -€460 | -54.3% |
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 6 October 2026 via checked.be.