CEDUM: 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.
CEDUM
Largest movements
- Cash +€104,033
up €104,033 (+154%), from €67,742 to €171,775
mainly Net result for the year (+€102,519) and Tax, wage and social debts (+€3,065)
- Reserves +€60,000
up €60,000 (+200%), from €30,000 to €90,000
- Profit (loss) carried forward +€42,519
up €42,519 (+139%), from €30,632 to €73,150
- Tax, wage and social debts +€3,065
up €3,065 (+75.4%), from €4,067 to €7,132
- Gross operating margin +€58,811
up €58,811 (+72.6%), from €80,954 to €139,765
- Taxes +€18,065
up €18,065 (+94.7%), from €19,067 to €37,132
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 | €67,745 | €172,915 | +€105,170 | +155% |
| Formation expenses | 20 | €3 | - | -€3 | |
| Current assets | 29/58 | €67,742 | €172,915 | +€105,173 | +155% |
| Amounts receivable within one year | 40/41 | - | €1,140 | +€1,140 | |
| Trade receivables | 40 | - | €1,140 | +€1,140 | |
| Cash at bank and in hand | 54/58 | €67,742 | €171,775 | +€104,033 | +154% |
| Total equity and liabilities | 10/49 | €67,745 | €172,915 | +€105,170 | +155% |
| Equity | 10/15 | €63,132 | €165,650 | +€102,519 | +162% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €30,000 | €90,000 | +€60,000 | +200% |
| Distributable reserves | 133 | €30,000 | €90,000 | +€60,000 | +200% |
| Profit (loss) carried forward | 14 | €30,632 | €73,150 | +€42,519 | +139% |
| Amounts payable | 17/49 | €4,614 | €7,265 | +€2,651 | +57.5% |
| Amounts payable within one year | 42/48 | €4,614 | €7,265 | +€2,651 | +57.5% |
| Financial debts | 43 | €246 | €113 | -€134 | -54.4% |
| Credit institutions | 430/8 | €246 | €113 | -€134 | -54.4% |
| Trade debts | 44 | €300 | €20 | -€280 | -93.4% |
| Suppliers | 440/4 | €300 | €20 | -€280 | -93.4% |
| Taxes, remuneration and social security | 45 | €4,067 | €7,132 | +€3,065 | +75.4% |
| Taxes | 450/3 | €4,067 | €7,132 | +€3,065 | +75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,247 | €3 | -€1,243 | -99.7% |
| Gross operating margin | 9900 | €80,954 | €139,765 | +€58,811 | +72.6% |
| Operating profit (loss) | 9901 | €79,707 | €139,761 | +€60,054 | +75.3% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €9 | €114 | +€105 | +1,199% |
| Recurring financial charges | 65 | €9 | €114 | +€105 | +1,199% |
| Profit (loss) for the period before taxes | 9903 | €79,699 | €139,651 | +€59,952 | +75.2% |
| Income taxes | 67/77 | €19,067 | €37,132 | +€18,065 | +94.7% |
| Profit (loss) for the period | 9904 | €60,632 | €102,519 | +€41,887 | +69.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,632 | €102,519 | +€41,887 | +69.1% |
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 14 October 2026 via checked.be.