CEDUKA: what changed
Two fiscal 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.
CEDUKA
Largest movements
- Stocks and contracts +€259,387
up €259,387 (+136.1%), from €190,613 to €450,000
- Tangible fixed assets +€63,462
up €63,462 (+131.6%), from €48,234 to €111,696
of which Plant, machinery and equipment: +€43,076
- Receivables within one year -€14,647
down €14,647 (-22.6%), from €64,771 to €50,124
of which Trade receivables: -€49,664
- Deferred charges and accrued income -€7,116
down €7,116 (-49.1%), from €14,498 to €7,382
- Other debts +€345,299
up €345,299 (+3808.2%), from €9,067 to €354,366
- Debts after one year +€175,392
up €175,392 (+527.8%), from €33,234 to €208,626
- Profit (loss) carried forward -€122,004
down €122,004, from €71,589 to -€50,415
- Tax, wage and social debts -€64,220
no longer reported in 2025 (was €64,220)
- Short-term financial debts -€20,303
no longer reported in 2025 (was €20,303)
- Gross operating margin -€168,670
down €168,670, from €81,072 to -€87,598
- Financial charges -€16,547
down €16,547 (-97.0%), from €17,057 to €510
- Other operating charges +€15,724
up €15,724 (+688.0%), from €2,286 to €18,009
- Taxes -€11,958
down €11,958, from €11,567 to -€390
- Depreciation -€5,954
down €5,954 (-26.8%), from €22,230 to €16,276
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €318,166 | €619,203 | +€301,037 | +94.6% |
| Fixed assets | 21/28 | €48,284 | €111,696 | +€63,412 | +131.3% |
| Tangible fixed assets | 22/27 | €48,234 | €111,696 | +€63,462 | +131.6% |
| Land and buildings | 22 | €29,958 | €25,939 | -€4,019 | -13.4% |
| Plant, machinery and equipment | 23 | €9,336 | €52,412 | +€43,076 | +461.4% |
| Furniture and vehicles | 24 | €8,941 | €33,346 | +€24,405 | +273.0% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €269,882 | €507,507 | +€237,625 | +88.0% |
| Stocks and contracts in progress | 3 | €190,613 | €450,000 | +€259,387 | +136.1% |
| Stocks | 30/36 | €190,613 | €450,000 | +€259,387 | +136.1% |
| Amounts receivable within one year | 40/41 | €64,771 | €50,124 | -€14,647 | -22.6% |
| Trade receivables | 40 | €60,185 | €10,521 | -€49,664 | -82.5% |
| Other amounts receivable | 41 | €4,586 | €39,603 | +€35,018 | +763.6% |
| Deferred charges and accrued income | 490/1 | €14,498 | €7,382 | -€7,116 | -49.1% |
| Total equity and liabilities | 10/49 | €318,166 | €619,203 | +€301,037 | +94.6% |
| Equity | 10/15 | €159,798 | €37,794 | -€122,004 | -76.3% |
| Contributions | 10/11 | €83,242 | €83,242 | = | 0.0% |
| Reserves | 13 | €4,968 | €4,968 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,968 | €4,968 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,589 | -€50,415 | -€122,004 | |
| Amounts payable | 17/49 | €158,368 | €581,408 | +€423,041 | +267.1% |
| Amounts payable after more than one year | 17 | €33,234 | €208,626 | +€175,392 | +527.8% |
| Financial debts | 170/4 | €33,234 | €208,626 | +€175,392 | +527.8% |
| Amounts payable within one year | 42/48 | €125,134 | €372,783 | +€247,649 | +197.9% |
| Current portion of amounts payable after more than one year | 42 | €10,715 | €8,008 | -€2,707 | -25.3% |
| Financial debts | 43 | €20,303 | - | -€20,303 | |
| Credit institutions | 430/8 | €20,303 | - | -€20,303 | |
| Trade debts | 44 | €20,830 | €10,408 | -€10,421 | -50.0% |
| Suppliers | 440/4 | €20,830 | €10,408 | -€10,421 | -50.0% |
| Taxes, remuneration and social security | 45 | €64,220 | - | -€64,220 | |
| Taxes | 450/3 | €64,220 | - | -€64,220 | |
| Other amounts payable | 47/48 | €9,067 | €354,366 | +€345,299 | +3808.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,230 | €16,276 | -€5,954 | -26.8% |
| Other operating charges | 640/8 | €2,286 | €18,009 | +€15,724 | +688.0% |
| Gross operating margin | 9900 | €81,072 | -€87,598 | -€168,670 | |
| Operating profit (loss) | 9901 | €56,556 | -€121,884 | -€178,440 | |
| Financial charges | 65/66B | €17,057 | €510 | -€16,547 | -97.0% |
| Recurring financial charges | 65 | €17,057 | €510 | -€16,547 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | €39,499 | -€122,394 | -€161,893 | |
| Income taxes | 67/77 | €11,567 | -€390 | -€11,958 | |
| Profit (loss) for the period | 9904 | €27,931 | -€122,004 | -€149,935 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,931 | -€122,004 | -€149,935 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.