CEDR: 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.
CEDR
Largest movements
- Receivables within one year +€153,894
up €153,894 (+25.4%), from €606,233 to €760,127
of which Trade receivables: +€146,118
- Cash -€108,788
down €108,788 (-17.2%), from €633,497 to €524,709
mainly Receivables within one year (-€153,894) and Debts after one year (-€62,337)
- Tangible fixed assets -€77,567
down €77,567 (-11.2%), from €691,106 to €613,538
- Debts after one year -€62,337
down €62,337 (-15.8%), from €393,566 to €331,229
- Other debts -€46,446
down €46,446 (-83.6%), from €55,564 to €9,118
- Tax, wage and social debts +€39,092
up €39,092 (+9.5%), from €412,011 to €451,103
of which Remuneration and social security: +€28,498
- Current portion of long-term debt +€27,335
up €27,335 (+25.8%), from €106,005 to €133,340
- Staff costs +€116,998
up €116,998 (+6.3%), from €1.9m to €2.0m
- Taxes -€50,038
down €50,038 (-67.6%), from €74,070 to €24,031
- Gross operating margin -€33,512
down €33,512 (-1.5%), from €2.2m to €2.1m
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 | €1,979,788 | €1,956,424 | -€23,364 | -1.2% |
| Fixed assets | 21/28 | €703,958 | €622,771 | -€81,187 | -11.5% |
| Intangible fixed assets | 21 | €6,212 | €2,492 | -€3,721 | -59.9% |
| Tangible fixed assets | 22/27 | €691,106 | €613,538 | -€77,567 | -11.2% |
| Land and buildings | 22 | €552,093 | €517,324 | -€34,769 | -6.3% |
| Plant, machinery and equipment | 23 | €30,427 | €21,122 | -€9,305 | -30.6% |
| Furniture and vehicles | 24 | €65,453 | €44,429 | -€21,024 | -32.1% |
| Leasing and similar rights | 25 | €22,371 | €12,211 | -€10,160 | -45.4% |
| Other tangible fixed assets | 26 | €20,762 | €18,453 | -€2,309 | -11.1% |
| Financial fixed assets | 28 | €6,640 | €6,741 | +€101 | +1.5% |
| Current assets | 29/58 | €1,275,830 | €1,333,653 | +€57,823 | +4.5% |
| Amounts receivable within one year | 40/41 | €606,233 | €760,127 | +€153,894 | +25.4% |
| Trade receivables | 40 | €606,037 | €752,155 | +€146,118 | +24.1% |
| Other amounts receivable | 41 | €196 | €7,972 | +€7,776 | +3967.5% |
| Cash at bank and in hand | 54/58 | €633,497 | €524,709 | -€108,788 | -17.2% |
| Deferred charges and accrued income | 490/1 | €36,100 | €48,817 | +€12,716 | +35.2% |
| Total equity and liabilities | 10/49 | €1,979,788 | €1,956,424 | -€23,364 | -1.2% |
| Equity | 10/15 | €937,784 | €951,466 | +€13,683 | +1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €506,051 | €519,734 | +€13,683 | +2.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €487,301 | €500,984 | +€13,683 | +2.8% |
| Profit (loss) carried forward | 14 | €425,532 | €425,532 | = | 0.0% |
| Amounts payable | 17/49 | €1,042,004 | €1,004,957 | -€37,047 | -3.6% |
| Amounts payable after more than one year | 17 | €393,566 | €331,229 | -€62,337 | -15.8% |
| Financial debts | 170/4 | €393,566 | €331,229 | -€62,337 | -15.8% |
| Amounts payable within one year | 42/48 | €647,346 | €670,398 | +€23,053 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €106,005 | €133,340 | +€27,335 | +25.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €73,766 | €76,837 | +€3,071 | +4.2% |
| Suppliers | 440/4 | €73,766 | €76,837 | +€3,071 | +4.2% |
| Taxes, remuneration and social security | 45 | €412,011 | €451,103 | +€39,092 | +9.5% |
| Taxes | 450/3 | €114,331 | €124,925 | +€10,594 | +9.3% |
| Remuneration and social security | 454/9 | €297,679 | €326,178 | +€28,498 | +9.6% |
| Other amounts payable | 47/48 | €55,564 | €9,118 | -€46,446 | -83.6% |
| Accrued charges and deferred income | 492/3 | €1,093 | €3,331 | +€2,238 | +204.7% |
| Remuneration, social security and pensions | 62 | €1,867,900 | €1,984,898 | +€116,998 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,308 | €90,743 | -€6,564 | -6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,989 | €0 | +€9,989 | |
| Other operating charges | 640/8 | €11,487 | €10,129 | -€1,359 | -11.8% |
| Gross operating margin | 9900 | €2,165,242 | €2,131,731 | -€33,512 | -1.5% |
| Operating profit (loss) | 9901 | €198,536 | €45,961 | -€152,576 | -76.9% |
| Financial income | 75/76B | €5,301 | €5,124 | -€177 | -3.3% |
| Recurring financial income | 75 | €2,593 | €1,124 | -€1,468 | -56.6% |
| Non-recurring financial income | 76B | €2,708 | €4,000 | +€1,292 | +47.7% |
| Financial charges | 65/66B | €13,834 | €13,371 | -€463 | -3.3% |
| Recurring financial charges | 65 | €13,834 | €13,371 | -€463 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €190,003 | €37,714 | -€152,289 | -80.2% |
| Income taxes | 67/77 | €74,070 | €24,031 | -€50,038 | -67.6% |
| Profit (loss) for the period | 9904 | €115,934 | €13,683 | -€102,251 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €115,934 | €13,683 | -€102,251 | -88.2% |
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 7 October 2026 via checked.be.