CEDREX: 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.
CEDREX
Largest movements
- Cash -€293,970
down €293,970 (-44.6%), from €659,822 to €365,852
mainly Receivables after one year (-€230,000) and Contributions, distributions and other (-€183,303)
- Receivables after one year +€230,000
up €230,000 (+49.7%), from €462,500 to €692,500
- Tangible fixed assets -€49,051
down €49,051 (-14.0%), from €349,447 to €300,396
of which Furniture and vehicles: -€34,468
- Deferred charges and accrued income +€27,184
up €27,184 (+108%), from €25,243 to €52,427
- Current investments +€18,000
up €18,000 (+29.5%), from €60,979 to €78,979
- Reserves -€148,952
down €148,952 (-18.2%), from €820,299 to €671,348
- Other debts +€119,496
up €119,496 (+160%), from €74,542 to €194,038
- Debts after one year -€39,051
down €39,051 (-63.7%), from €61,299 to €22,248
- Provisions +€25,736
up €25,736 (+54.8%), from €46,974 to €72,710
- Gross operating margin -€85,267
down €85,267 (-29.2%), from €292,017 to €206,750
- Provisions +€33,047
up €33,047, from -€7,310 to €25,736
- Taxes -€24,227
down €24,227 (-51.2%), from €47,289 to €23,062
- Financial income +€7,663
up €7,663 (+28.8%), from €26,648 to €34,311
- Other operating charges -€5,395
down €5,395 (-55.9%), from €9,658 to €4,263
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 | €1,573,853 | €1,517,803 | -€56,050 | -3.6% |
| Fixed assets | 21/28 | €349,447 | €300,396 | -€49,051 | -14.0% |
| Tangible fixed assets | 22/27 | €349,447 | €300,396 | -€49,051 | -14.0% |
| Land and buildings | 22 | €194,810 | €186,029 | -€8,781 | -4.5% |
| Plant, machinery and equipment | 23 | €35,118 | €29,316 | -€5,802 | -16.5% |
| Furniture and vehicles | 24 | €117,695 | €83,226 | -€34,468 | -29.3% |
| Other tangible fixed assets | 26 | €1,825 | €1,825 | = | 0.0% |
| Current assets | 29/58 | €1,224,406 | €1,217,407 | -€6,999 | -0.6% |
| Amounts receivable after more than one year | 29 | €462,500 | €692,500 | +€230,000 | +49.7% |
| Other amounts receivable | 291 | €462,500 | €692,500 | +€230,000 | +49.7% |
| Amounts receivable within one year | 40/41 | €15,862 | €27,649 | +€11,787 | +74.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €15,862 | €27,649 | +€11,787 | +74.3% |
| Current investments | 50/53 | €60,979 | €78,979 | +€18,000 | +29.5% |
| Cash at bank and in hand | 54/58 | €659,822 | €365,852 | -€293,970 | -44.6% |
| Deferred charges and accrued income | 490/1 | €25,243 | €52,427 | +€27,184 | +108% |
| Total equity and liabilities | 10/49 | €1,573,853 | €1,517,803 | -€56,050 | -3.6% |
| Equity | 10/15 | €1,326,066 | €1,177,115 | -€148,952 | -11.2% |
| Contributions | 10/11 | €468,795 | €468,795 | = | 0.0% |
| Reserves | 13 | €820,299 | €671,348 | -€148,952 | -18.2% |
| Distributable reserves | 133 | €820,299 | €671,348 | -€148,952 | -18.2% |
| Profit (loss) carried forward | 14 | €36,972 | €36,972 | = | 0.0% |
| Provisions and deferred taxes | 16 | €46,974 | €72,710 | +€25,736 | +54.8% |
| Provisions for liabilities and charges | 160/5 | €46,974 | €72,710 | +€25,736 | +54.8% |
| Other liabilities and charges | 164/5 | €46,974 | €72,710 | +€25,736 | +54.8% |
| Amounts payable | 17/49 | €200,813 | €267,979 | +€67,166 | +33.4% |
| Amounts payable after more than one year | 17 | €61,299 | €22,248 | -€39,051 | -63.7% |
| Financial debts | 170/4 | €61,299 | €22,248 | -€39,051 | -63.7% |
| Amounts payable within one year | 42/48 | €139,514 | €245,730 | +€106,216 | +76.1% |
| Current portion of amounts payable after more than one year | 42 | €50,175 | €39,051 | -€11,124 | -22.2% |
| Trade debts | 44 | €8,656 | €6,178 | -€2,478 | -28.6% |
| Suppliers | 440/4 | €8,656 | €6,178 | -€2,478 | -28.6% |
| Taxes, remuneration and social security | 45 | €6,141 | €6,464 | +€323 | +5.3% |
| Remuneration and social security | 454/9 | €6,141 | €6,464 | +€323 | +5.3% |
| Other amounts payable | 47/48 | €74,542 | €194,038 | +€119,496 | +160% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €16,290 | €0 | -€16,290 | -100% |
| Remuneration, social security and pensions | 62 | €46,755 | €47,983 | +€1,228 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,853 | €49,604 | -€249 | -0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€7,310 | €25,736 | +€33,047 | |
| Other operating charges | 640/8 | €9,658 | €4,263 | -€5,395 | -55.9% |
| Gross operating margin | 9900 | €292,017 | €206,750 | -€85,267 | -29.2% |
| Operating profit (loss) | 9901 | €193,062 | €79,164 | -€113,898 | -59.0% |
| Financial income | 75/76B | €26,648 | €34,311 | +€7,663 | +28.8% |
| Recurring financial income | 75 | €26,648 | €34,311 | +€7,663 | +28.8% |
| Financial charges | 65/66B | €58,014 | €56,062 | -€1,952 | -3.4% |
| Recurring financial charges | 65 | €58,014 | €56,062 | -€1,952 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €161,696 | €57,413 | -€104,283 | -64.5% |
| Income taxes | 67/77 | €47,289 | €23,062 | -€24,227 | -51.2% |
| Profit (loss) for the period | 9904 | €114,407 | €34,351 | -€80,056 | -70.0% |
| Profit (loss) for the period to be appropriated | 9905 | €114,407 | €34,351 | -€80,056 | -70.0% |
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.