CEDRIC BURTON: 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.
CEDRIC BURTON
Largest movements
- Receivables after one year -€995,000
no longer reported in 2025 (was €995,000)
- Cash +€746,018
up €746,018 (+100%), from €745,106 to €1.5m
mainly Net result for the year (+€1.3m) and Receivables after one year (+€995,000)
- Receivables within one year -€105,811
down €105,811 (-14.2%), from €742,692 to €636,881
of which Trade receivables: -€209,384
- Current investments +€89,613
up €89,613 (+30.4%), from €295,166 to €384,779
- Other debts -€1.3m
down €1.3m (-89.9%), from €1.5m to €150,000
- Reserves +€1.3m
up €1.3m (+62.9%), from €2.0m to €3.3m
of which Distributable reserves: +€1.3m
- Advances received -€249,725
no longer reported in 2025 (was €249,725)
- Provisions +€118,009
new in 2025: €118,009
- Debts after one year -€108,124
down €108,124 (-6.1%), from €1.8m to €1.7m
of which Financial debts: -€114,244
- Gross operating margin +€658,376
up €658,376 (+39.9%), from €1.6m to €2.3m
- Taxes +€247,774
up €247,774 (+60.6%), from €408,570 to €656,344
- Provisions +€118,009
new in 2025: €118,009
- Depreciation +€66,965
up €66,965 (+45.3%), from €147,893 to €214,858
- Financial income +€25,366
up €25,366 (+93.9%), from €27,028 to €52,394
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 | €6,337,000 | €6,022,072 | -€314,928 | -5.0% |
| Fixed assets | 21/28 | €3,558,077 | €3,509,288 | -€48,789 | -1.4% |
| Tangible fixed assets | 22/27 | €3,270,086 | €3,221,296 | -€48,789 | -1.5% |
| Land and buildings | 22 | €2,005,034 | €1,972,850 | -€32,183 | -1.6% |
| Plant, machinery and equipment | 23 | €11,402 | €8,389 | -€3,013 | -26.4% |
| Furniture and vehicles | 24 | €376,444 | €288,881 | -€87,562 | -23.3% |
| Other tangible fixed assets | 26 | €877,207 | €951,176 | +€73,970 | +8.4% |
| Financial fixed assets | 28 | €287,991 | €287,991 | = | 0.0% |
| Current assets | 29/58 | €2,778,923 | €2,512,784 | -€266,139 | -9.6% |
| Amounts receivable after more than one year | 29 | €995,000 | - | -€995,000 | |
| Other amounts receivable | 291 | €995,000 | - | -€995,000 | |
| Amounts receivable within one year | 40/41 | €742,692 | €636,881 | -€105,811 | -14.2% |
| Trade receivables | 40 | €209,384 | - | -€209,384 | |
| Other amounts receivable | 41 | €533,308 | €636,881 | +€103,573 | +19.4% |
| Current investments | 50/53 | €295,166 | €384,779 | +€89,613 | +30.4% |
| Cash at bank and in hand | 54/58 | €745,106 | €1,491,124 | +€746,018 | +100% |
| Deferred charges and accrued income | 490/1 | €959 | - | -€959 | |
| Total equity and liabilities | 10/49 | €6,337,000 | €6,022,072 | -€314,928 | -5.0% |
| Equity | 10/15 | €2,045,257 | €3,323,132 | +€1.3m | +62.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,032,360 | €3,310,160 | +€1.3m | +62.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €631,500 | €631,500 | = | 0.0% |
| Distributable reserves | 133 | €1,399,000 | €2,676,800 | +€1.3m | +91.3% |
| Profit (loss) carried forward | 14 | €497 | €572 | +€75 | +15.2% |
| Provisions and deferred taxes | 16 | - | €118,009 | +€118,009 | |
| Provisions for liabilities and charges | 160/5 | - | €118,009 | +€118,009 | |
| Other liabilities and charges | 164/5 | - | €118,009 | +€118,009 | |
| Amounts payable | 17/49 | €4,291,744 | €2,580,931 | -€1.7m | -39.9% |
| Amounts payable after more than one year | 17 | €1,759,142 | €1,651,017 | -€108,124 | -6.1% |
| Financial debts | 170/4 | €1,759,142 | €1,644,897 | -€114,244 | -6.5% |
| Other amounts payable | 178/9 | - | €6,120 | +€6,120 | |
| Amounts payable within one year | 42/48 | €2,499,022 | €899,658 | -€1.6m | -64.0% |
| Current portion of amounts payable after more than one year | 42 | €111,110 | €114,244 | +€3,134 | +2.8% |
| Trade debts | 44 | €6,848 | €20,570 | +€13,721 | +200% |
| Suppliers | 440/4 | €6,848 | €20,570 | +€13,721 | +200% |
| Advances received on contracts in progress | 46 | €249,725 | - | -€249,725 | |
| Taxes, remuneration and social security | 45 | €651,339 | €614,844 | -€36,495 | -5.6% |
| Taxes | 450/3 | €646,005 | €599,908 | -€46,097 | -7.1% |
| Remuneration and social security | 454/9 | €5,334 | €14,936 | +€9,602 | +180% |
| Other amounts payable | 47/48 | €1,480,000 | €150,000 | -€1.3m | -89.9% |
| Accrued charges and deferred income | 492/3 | €33,580 | €30,256 | -€3,324 | -9.9% |
| Remuneration, social security and pensions | 62 | €21,227 | €21,045 | -€182 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,893 | €214,858 | +€66,965 | +45.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €118,009 | +€118,009 | |
| Other operating charges | 640/8 | €14,718 | €18,463 | +€3,744 | +25.4% |
| Gross operating margin | 9900 | €1,649,552 | €2,307,928 | +€658,376 | +39.9% |
| Operating profit (loss) | 9901 | €1,465,714 | €1,935,553 | +€469,839 | +32.1% |
| Financial income | 75/76B | €27,028 | €52,394 | +€25,366 | +93.9% |
| Recurring financial income | 75 | €27,028 | €52,394 | +€25,366 | +93.9% |
| Financial charges | 65/66B | €56,148 | €53,727 | -€2,420 | -4.3% |
| Recurring financial charges | 65 | €56,148 | €53,727 | -€2,420 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €1,436,594 | €1,934,219 | +€497,626 | +34.6% |
| Income taxes | 67/77 | €408,570 | €656,344 | +€247,774 | +60.6% |
| Profit (loss) for the period | 9904 | €1,028,024 | €1,277,875 | +€249,852 | +24.3% |
| Transfer from tax-exempt reserves | 789 | - | €631,500 | +€631,500 | |
| Transfer to tax-exempt reserves | 689 | - | €631,500 | +€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,028,024 | €1,277,875 | +€249,852 | +24.3% |
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 1 November 2026 via checked.be.