CEDROS: 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.
CEDROS
Largest movements
- Receivables within one year +€24,157
new in 2025: €24,157
of which Trade receivables: +€13,976
- Cash -€17,859
down €17,859 (-13.2%), from €135,403 to €117,544
mainly Contributions, distributions and other (-€52,900) and Receivables within one year (-€24,157)
- Deferred charges and accrued income +€1,652
up €1,652 (+133.4%), from €1,238 to €2,890
- Other debts +€9,900
up €9,900 (+23.0%), from €43,000 to €52,900
- Tax, wage and social debts -€2,566
down €2,566 (-26.3%), from €9,749 to €7,183
- Trade debts +€1,628
up €1,628 (+89.8%), from €1,812 to €3,440
- Gross operating margin -€10,523
down €10,523 (-13.2%), from €79,600 to €69,077
- Taxes -€1,655
down €1,655 (-10.3%), from €16,094 to €14,439
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 | €137,754 | €146,778 | +€9,024 | +6.6% |
| Fixed assets | 21/28 | €1,113 | €2,188 | +€1,075 | +96.6% |
| Tangible fixed assets | 22/27 | €863 | €1,938 | +€1,075 | +124.6% |
| Furniture and vehicles | 24 | €863 | €1,938 | +€1,075 | +124.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €136,641 | €144,590 | +€7,949 | +5.8% |
| Amounts receivable within one year | 40/41 | - | €24,157 | +€24,157 | |
| Trade receivables | 40 | - | €13,976 | +€13,976 | |
| Other amounts receivable | 41 | - | €10,181 | +€10,181 | |
| Cash at bank and in hand | 54/58 | €135,403 | €117,544 | -€17,859 | -13.2% |
| Deferred charges and accrued income | 490/1 | €1,238 | €2,890 | +€1,652 | +133.4% |
| Total equity and liabilities | 10/49 | €137,754 | €146,778 | +€9,024 | +6.6% |
| Equity | 10/15 | €83,193 | €83,255 | +€62 | +0.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €53,193 | €53,255 | +€62 | +0.1% |
| Distributable reserves | 133 | €53,193 | €53,255 | +€62 | +0.1% |
| Amounts payable | 17/49 | €54,561 | €63,523 | +€8,962 | +16.4% |
| Amounts payable within one year | 42/48 | €54,561 | €63,523 | +€8,962 | +16.4% |
| Trade debts | 44 | €1,812 | €3,440 | +€1,628 | +89.8% |
| Suppliers | 440/4 | €1,812 | €3,440 | +€1,628 | +89.8% |
| Taxes, remuneration and social security | 45 | €9,749 | €7,183 | -€2,566 | -26.3% |
| Taxes | 450/3 | €9,749 | €7,183 | -€2,566 | -26.3% |
| Other amounts payable | 47/48 | €43,000 | €52,900 | +€9,900 | +23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €700 | €946 | +€246 | +35.1% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €79,600 | €69,077 | -€10,523 | -13.2% |
| Operating profit (loss) | 9901 | €78,394 | €67,612 | -€10,783 | -13.8% |
| Financial income | 75/76B | €0 | €124 | +€124 | +124020.0% |
| Recurring financial income | 75 | €0 | €124 | +€124 | +124020.0% |
| Financial charges | 65/66B | €241 | €335 | +€94 | +38.9% |
| Recurring financial charges | 65 | €241 | €335 | +€94 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | €78,153 | €67,401 | -€10,752 | -13.8% |
| Income taxes | 67/77 | €16,094 | €14,439 | -€1,655 | -10.3% |
| Profit (loss) for the period | 9904 | €62,060 | €52,962 | -€9,098 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €62,060 | €52,962 | -€9,098 | -14.7% |
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 12 October 2026 via checked.be.