CEMD: 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.
CEMD
Largest movements
- Receivables within one year +€276,677
up €276,677 (+1474.7%), from €18,762 to €295,439
of which Trade receivables: +€244,565
- Current investments +€42,000
new in 2025: €42,000
- Cash -€29,085
down €29,085 (-12.4%), from €234,819 to €205,734
mainly Receivables within one year (-€276,677) and Other debts (-€60,000)
- Reserves +€195,678
up €195,678 (+105.7%), from €185,160 to €380,839
- Trade debts +€100,724
up €100,724 (+292888.2%), from €34 to €100,759
- Other debts -€60,000
down €60,000 (-100.0%), from €60,000 to €0
- Short-term financial debts +€50,000
new in 2025: €50,000
- Tax, wage and social debts +€29,754
up €29,754 (+121.4%), from €24,504 to €54,259
- Gross operating margin +€76,498
up €76,498 (+32.9%), from €232,175 to €308,673
- Taxes +€27,001
up €27,001 (+45.1%), from €59,910 to €86,911
- Other operating charges +€7,914
up €7,914 (+954.0%), from €830 to €8,744
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 | €320,367 | €612,561 | +€292,194 | +91.2% |
| Fixed assets | 21/28 | €46,782 | €52,731 | +€5,949 | +12.7% |
| Tangible fixed assets | 22/27 | €46,582 | €52,531 | +€5,949 | +12.8% |
| Plant, machinery and equipment | 23 | €5,191 | €6,514 | +€1,323 | +25.5% |
| Furniture and vehicles | 24 | €19,450 | €21,245 | +€1,795 | +9.2% |
| Other tangible fixed assets | 26 | €21,941 | €24,772 | +€2,831 | +12.9% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €273,585 | €559,830 | +€286,245 | +104.6% |
| Amounts receivable within one year | 40/41 | €18,762 | €295,439 | +€276,677 | +1474.7% |
| Trade receivables | 40 | €12,327 | €256,892 | +€244,565 | +1984.1% |
| Other amounts receivable | 41 | €6,436 | €38,547 | +€32,112 | +499.0% |
| Current investments | 50/53 | - | €42,000 | +€42,000 | |
| Cash at bank and in hand | 54/58 | €234,819 | €205,734 | -€29,085 | -12.4% |
| Deferred charges and accrued income | 490/1 | €20,004 | €16,657 | -€3,347 | -16.7% |
| Total equity and liabilities | 10/49 | €320,367 | €612,561 | +€292,194 | +91.2% |
| Equity | 10/15 | €185,160 | €380,839 | +€195,678 | +105.7% |
| Reserves | 13 | €185,160 | €380,839 | +€195,678 | +105.7% |
| Distributable reserves | 133 | €185,160 | €380,839 | +€195,678 | +105.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €135,206 | €231,722 | +€96,516 | +71.4% |
| Amounts payable after more than one year | 17 | €24,205 | €5,173 | -€19,032 | -78.6% |
| Financial debts | 170/4 | €24,205 | €5,173 | -€19,032 | -78.6% |
| Amounts payable within one year | 42/48 | €110,913 | €226,549 | +€115,636 | +104.3% |
| Current portion of amounts payable after more than one year | 42 | €26,375 | €21,532 | -€4,843 | -18.4% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €34 | €100,759 | +€100,724 | +292888.2% |
| Suppliers | 440/4 | €34 | €100,759 | +€100,724 | +292888.2% |
| Taxes, remuneration and social security | 45 | €24,504 | €54,259 | +€29,754 | +121.4% |
| Taxes | 450/3 | €24,504 | €54,259 | +€29,754 | +121.4% |
| Other amounts payable | 47/48 | €60,000 | €0 | -€60,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €88 | €0 | -€88 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,262 | €10,679 | +€1,417 | +15.3% |
| Other operating charges | 640/8 | €830 | €8,744 | +€7,914 | +954.0% |
| Gross operating margin | 9900 | €232,175 | €308,673 | +€76,498 | +32.9% |
| Operating profit (loss) | 9901 | €222,084 | €289,251 | +€67,167 | +30.2% |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €5,991 | €6,699 | +€708 | +11.8% |
| Recurring financial charges | 65 | €5,991 | €6,699 | +€708 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €216,093 | €282,590 | +€66,497 | +30.8% |
| Income taxes | 67/77 | €59,910 | €86,911 | +€27,001 | +45.1% |
| Profit (loss) for the period | 9904 | €156,183 | €195,678 | +€39,496 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €156,183 | €195,678 | +€39,496 | +25.3% |
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 11 October 2026 via checked.be.