CEDOX: 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.
CEDOX
Largest movements
- Tangible fixed assets +€340,960
up €340,960 (+47.0%), from €725,441 to €1.1m
of which Other tangible fixed assets: +€401,759
- Receivables within one year -€339,146
down €339,146 (-79.8%), from €424,935 to €85,789
of which Other amounts receivable: -€292,599
- Stocks and contracts +€99,188
up €99,188 (+20.0%), from €496,409 to €595,596
- Cash -€61,369
down €61,369 (-39.4%), from €155,581 to €94,212
mainly Investment in fixed assets (net) (-€506,855) and Net result for the year (-€460,324)
- Reserves -€460,324
down €460,324 (-44.6%), from €1.0m to €571,518
of which Distributable reserves: -€449,764
- Short-term financial debts +€352,806
new in 2026: €352,806
- Trade debts +€114,090
up €114,090 (+26.4%), from €431,501 to €545,591
- Tax, wage and social debts +€20,088
up €20,088 (+9.0%), from €223,596 to €243,683
of which Remuneration and social security: +€13,986
- Turnover +€13.2m
new in 2026: €13.2m
- Purchases and services +€12.5m
new in 2026: €12.5m
- Staff costs -€645,503
down €645,503 (-34.9%), from €1.9m to €1.2m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,845,539 | €1,872,199 | +€26,660 | +1.4% |
| Fixed assets | 21/28 | €737,921 | €1,078,857 | +€340,936 | +46.2% |
| Tangible fixed assets | 22/27 | €725,441 | €1,066,400 | +€340,960 | +47.0% |
| Plant, machinery and equipment | 23 | €491,781 | €438,769 | -€53,012 | -10.8% |
| Furniture and vehicles | 24 | €13,093 | €5,306 | -€7,787 | -59.5% |
| Other tangible fixed assets | 26 | €220,567 | €622,326 | +€401,759 | +182.1% |
| Financial fixed assets | 28 | €12,480 | €12,457 | -€23 | -0.2% |
| Current assets | 29/58 | €1,107,618 | €793,342 | -€314,276 | -28.4% |
| Stocks and contracts in progress | 3 | €496,409 | €595,596 | +€99,188 | +20.0% |
| Stocks | 30/36 | €496,409 | €595,596 | +€99,188 | +20.0% |
| Amounts receivable within one year | 40/41 | €424,935 | €85,789 | -€339,146 | -79.8% |
| Trade receivables | 40 | €127,091 | €80,544 | -€46,547 | -36.6% |
| Other amounts receivable | 41 | €297,844 | €5,245 | -€292,599 | -98.2% |
| Cash at bank and in hand | 54/58 | €155,581 | €94,212 | -€61,369 | -39.4% |
| Deferred charges and accrued income | 490/1 | €30,693 | €17,744 | -€12,949 | -42.2% |
| Total equity and liabilities | 10/49 | €1,845,539 | €1,872,199 | +€26,660 | +1.4% |
| Equity | 10/15 | €1,190,242 | €729,918 | -€460,324 | -38.7% |
| Contributions | 10/11 | €158,400 | €158,400 | = | 0.0% |
| Capital | 10 | €158,400 | €158,400 | = | 0.0% |
| Issued capital | 100 | €158,400 | €158,400 | = | 0.0% |
| Reserves | 13 | €1,031,842 | €571,518 | -€460,324 | -44.6% |
| Non-distributable reserves | 130/1 | €26,400 | €15,840 | -€10,560 | -40.0% |
| Legal reserve | 130 | €26,400 | €15,840 | -€10,560 | -40.0% |
| Distributable reserves | 133 | €1,005,442 | €555,678 | -€449,764 | -44.7% |
| Amounts payable | 17/49 | €655,297 | €1,142,281 | +€486,984 | +74.3% |
| Amounts payable within one year | 42/48 | €655,297 | €1,142,281 | +€486,984 | +74.3% |
| Financial debts | 43 | - | €352,806 | +€352,806 | |
| Credit institutions | 430/8 | - | €352,806 | +€352,806 | |
| Trade debts | 44 | €431,501 | €545,591 | +€114,090 | +26.4% |
| Suppliers | 440/4 | €431,501 | €545,591 | +€114,090 | +26.4% |
| Taxes, remuneration and social security | 45 | €223,596 | €243,683 | +€20,088 | +9.0% |
| Taxes | 450/3 | €0 | €6,102 | +€6,102 | |
| Remuneration and social security | 454/9 | €223,596 | €237,582 | +€13,986 | +6.3% |
| Other amounts payable | 47/48 | €200 | €200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | - | €13,167,136 | +€13.2m | |
| Non-recurring operating income | 76A | €0 | €124,702 | +€124,702 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €12,548,317 | +€12.5m | |
| Remuneration, social security and pensions | 62 | €1,851,407 | €1,205,903 | -€645,503 | -34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,073 | €165,919 | -€29,154 | -14.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€17,647 | €0 | +€17,647 | |
| Other operating charges | 640/8 | €24,354 | €9,323 | -€15,031 | -61.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,030,025 | €921,670 | -€108,355 | -10.5% |
| Operating profit (loss) | 9901 | -€1,023,161 | -€459,476 | +€563,685 | +55.1% |
| Financial income | 75/76B | €24,642 | €7,673 | -€16,969 | -68.9% |
| Recurring financial income | 75 | €24,642 | €7,673 | -€16,969 | -68.9% |
| Financial charges | 65/66B | €48,188 | €8,589 | -€39,599 | -82.2% |
| Recurring financial charges | 65 | €48,188 | €8,589 | -€39,599 | -82.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,046,707 | -€460,392 | +€586,315 | +56.0% |
| Income taxes | 67/77 | €68 | -€68 | -€137 | |
| Profit (loss) for the period | 9904 | -€1,046,775 | -€460,324 | +€586,452 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,046,775 | -€460,324 | +€586,452 | +56.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.