Cédric Vets: 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.
Cédric Vets
Largest movements
- Cash -€134,142
down €134,142 (-76.6%), from €175,126 to €40,984
mainly Investment in fixed assets (net) (-€134,540) and Receivables within one year (-€48,159)
- Tangible fixed assets +€84,895
up €84,895 (+94.5%), from €89,864 to €174,759
of which Furniture and vehicles: +€43,554
- Receivables within one year +€48,159
up €48,159 (+42.1%), from €114,417 to €162,576
of which Trade receivables: +€67,066
No liability line moved by more than 1% of the balance sheet total.
- Depreciation +€17,770
up €17,770 (+57.5%), from €30,902 to €48,672
- Financial income +€5,356
up €5,356 (+309%), from €1,735 to €7,091
- Other operating charges -€4,646
down €4,646 (-79.7%), from €5,829 to €1,182
- Gross operating margin -€3,202
down €3,202 (-6.9%), from €46,579 to €43,377
- Taxes -€1,872
no longer reported in 2025 (was €1,872)
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 | €383,980 | €385,556 | +€1,576 | +0.4% |
| Fixed assets | 21/28 | €91,099 | €176,968 | +€85,868 | +94.3% |
| Intangible fixed assets | 21 | - | €974 | +€974 | |
| Tangible fixed assets | 22/27 | €89,864 | €174,759 | +€84,895 | +94.5% |
| Plant, machinery and equipment | 23 | €20,896 | €25,336 | +€4,440 | +21.2% |
| Furniture and vehicles | 24 | €43,960 | €87,514 | +€43,554 | +99.1% |
| Other tangible fixed assets | 26 | €25,008 | €61,909 | +€36,900 | +148% |
| Financial fixed assets | 28 | €1,235 | €1,235 | = | 0.0% |
| Current assets | 29/58 | €292,881 | €208,589 | -€84,293 | -28.8% |
| Amounts receivable within one year | 40/41 | €114,417 | €162,576 | +€48,159 | +42.1% |
| Trade receivables | 40 | €66,266 | €133,332 | +€67,066 | +101% |
| Other amounts receivable | 41 | €48,151 | €29,244 | -€18,907 | -39.3% |
| Cash at bank and in hand | 54/58 | €175,126 | €40,984 | -€134,142 | -76.6% |
| Deferred charges and accrued income | 490/1 | €3,338 | €5,029 | +€1,690 | +50.6% |
| Total equity and liabilities | 10/49 | €383,980 | €385,556 | +€1,576 | +0.4% |
| Equity | 10/15 | €375,523 | €376,015 | +€492 | +0.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €350,523 | €351,015 | +€492 | +0.1% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €331,773 | €332,265 | +€492 | +0.1% |
| Amounts payable | 17/49 | €8,457 | €9,542 | +€1,084 | +12.8% |
| Amounts payable within one year | 42/48 | €8,457 | €9,542 | +€1,084 | +12.8% |
| Trade debts | 44 | €1,291 | €4,206 | +€2,915 | +226% |
| Suppliers | 440/4 | €1,291 | €4,206 | +€2,915 | +226% |
| Taxes, remuneration and social security | 45 | - | €911 | +€911 | |
| Taxes | 450/3 | - | €911 | +€911 | |
| Other amounts payable | 47/48 | €7,167 | €4,425 | -€2,742 | -38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,902 | €48,672 | +€17,770 | +57.5% |
| Other operating charges | 640/8 | €5,829 | €1,182 | -€4,646 | -79.7% |
| Gross operating margin | 9900 | €46,579 | €43,377 | -€3,202 | -6.9% |
| Operating profit (loss) | 9901 | €9,849 | -€6,477 | -€16,326 | |
| Financial income | 75/76B | €1,735 | €7,091 | +€5,356 | +309% |
| Recurring financial income | 75 | €1,735 | €7,091 | +€5,356 | +309% |
| Financial charges | 65/66B | €487 | €122 | -€365 | -75.0% |
| Recurring financial charges | 65 | €487 | €122 | -€365 | -75.0% |
| Profit (loss) for the period before taxes | 9903 | €11,096 | €492 | -€10,605 | -95.6% |
| Income taxes | 67/77 | €1,872 | - | -€1,872 | |
| Profit (loss) for the period | 9904 | €9,225 | €492 | -€8,733 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,225 | €492 | -€8,733 | -94.7% |
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 31 October 2026 via checked.be.