CEDRUS: 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.
CEDRUS
Largest movements
- Receivables after one year -€72,000
down €72,000 (-100%), from €72,000 to €0
- Cash +€60,549
up €60,549 (+180%), from €33,568 to €94,118
mainly Receivables after one year (+€72,000) and Depreciation (+€26,247)
- Tangible fixed assets -€14,389
down €14,389 (-12.0%), from €120,269 to €105,880
- Receivables within one year -€13,009
down €13,009 (-81.3%), from €16,001 to €2,992
of which Trade receivables: -€15,187
- Reserves -€32,602
down €32,602 (-5.1%), from €639,688 to €607,087
of which Non-distributable reserves: -€17,248
- Tax, wage and social debts -€9,005
down €9,005 (-44.1%), from €20,440 to €11,434
- Financial income -€134,356
down €134,356 (-93.4%), from €143,812 to €9,456
of which Non-recurring financial income: -€137,833
- Gross operating margin -€67,949
down €67,949, from €55,261 to -€12,687
- Taxes -€25,269
down €25,269 (-98.6%), from €25,620 to €351
- Depreciation +€13,455
up €13,455 (+105%), from €12,791 to €26,247
- Financial charges -€4,390
down €4,390 (-79.8%), from €5,499 to €1,109
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 | €868,153 | €829,380 | -€38,773 | -4.5% |
| Fixed assets | 21/28 | €445,269 | €430,880 | -€14,389 | -3.2% |
| Tangible fixed assets | 22/27 | €120,269 | €105,880 | -€14,389 | -12.0% |
| Land and buildings | 22 | €57,573 | €54,943 | -€2,631 | -4.6% |
| Plant, machinery and equipment | 23 | €46,021 | €40,265 | -€5,757 | -12.5% |
| Furniture and vehicles | 24 | €16,674 | €10,672 | -€6,002 | -36.0% |
| Financial fixed assets | 28 | €325,000 | €325,000 | = | 0.0% |
| Current assets | 29/58 | €422,884 | €398,501 | -€24,384 | -5.8% |
| Amounts receivable after more than one year | 29 | €72,000 | €0 | -€72,000 | -100% |
| Other amounts receivable | 291 | €72,000 | €0 | -€72,000 | -100% |
| Amounts receivable within one year | 40/41 | €16,001 | €2,992 | -€13,009 | -81.3% |
| Trade receivables | 40 | €16,001 | €814 | -€15,187 | -94.9% |
| Other amounts receivable | 41 | - | €2,178 | +€2,178 | |
| Current investments | 50/53 | €300,000 | €300,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €33,568 | €94,118 | +€60,549 | +180% |
| Deferred charges and accrued income | 490/1 | €1,315 | €1,391 | +€76 | +5.8% |
| Total equity and liabilities | 10/49 | €868,153 | €829,380 | -€38,773 | -4.5% |
| Equity | 10/15 | €828,688 | €796,087 | -€32,602 | -3.9% |
| Contributions | 10/11 | €189,000 | €189,000 | = | 0.0% |
| Reserves | 13 | €639,688 | €607,087 | -€32,602 | -5.1% |
| Non-distributable reserves | 130/1 | €17,248 | €0 | -€17,248 | -100% |
| Reserves not available under the articles | 1311 | €17,248 | €0 | -€17,248 | -100% |
| Distributable reserves | 133 | €622,440 | €607,087 | -€15,354 | -2.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €39,465 | €33,294 | -€6,171 | -15.6% |
| Amounts payable within one year | 42/48 | €33,995 | €31,920 | -€2,075 | -6.1% |
| Trade debts | 44 | €1,339 | €4,900 | +€3,561 | +266% |
| Suppliers | 440/4 | €1,339 | €4,900 | +€3,561 | +266% |
| Taxes, remuneration and social security | 45 | €20,440 | €11,434 | -€9,005 | -44.1% |
| Taxes | 450/3 | €20,440 | €11,434 | -€9,005 | -44.1% |
| Other amounts payable | 47/48 | €12,216 | €15,586 | +€3,369 | +27.6% |
| Accrued charges and deferred income | 492/3 | €5,470 | €1,374 | -€4,097 | -74.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,791 | €26,247 | +€13,455 | +105% |
| Other operating charges | 640/8 | €1,367 | €1,664 | +€297 | +21.7% |
| Gross operating margin | 9900 | €55,261 | -€12,687 | -€67,949 | |
| Operating profit (loss) | 9901 | €41,103 | -€40,598 | -€81,701 | |
| Financial income | 75/76B | €143,812 | €9,456 | -€134,356 | -93.4% |
| Recurring financial income | 75 | €5,979 | €9,456 | +€3,477 | +58.2% |
| Non-recurring financial income | 76B | €137,833 | €0 | -€137,833 | -100% |
| Financial charges | 65/66B | €5,499 | €1,109 | -€4,390 | -79.8% |
| Recurring financial charges | 65 | €5,499 | €1,109 | -€4,390 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | €179,416 | -€32,251 | -€211,667 | |
| Income taxes | 67/77 | €25,620 | €351 | -€25,269 | -98.6% |
| Profit (loss) for the period | 9904 | €153,796 | -€32,602 | -€186,398 | |
| Profit (loss) for the period to be appropriated | 9905 | €153,796 | -€32,602 | -€186,398 |
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 15 October 2026 via checked.be.