CENADIS: 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.
CENADIS
Largest movements
- Receivables within one year +€71,322
up €71,322 (+105.6%), from €67,523 to €138,845
of which Trade receivables: +€72,142
- Stocks and contracts -€20,096
down €20,096 (-21.5%), from €93,377 to €73,281
- Tangible fixed assets +€12,698
up €12,698 (+13.3%), from €95,346 to €108,044
of which Other tangible fixed assets: +€20,060
- Cash -€9,282
down €9,282 (-38.4%), from €24,196 to €14,914
mainly Receivables within one year (-€71,322) and Investment in fixed assets (net) (-€50,000)
- Trade debts +€34,646
up €34,646 (+169.6%), from €20,423 to €55,069
- Tax, wage and social debts +€11,029
up €11,029 (+146.0%), from €7,552 to €18,582
- Profit (loss) carried forward +€7,641
up €7,641 (+81.0%), from €9,436 to €17,077
- Gross operating margin +€11,493
up €11,493 (+30.9%), from €37,145 to €48,638
- Depreciation +€8,329
up €8,329 (+28.7%), from €28,973 to €37,302
- Taxes +€686
up €686 (+31.1%), from €2,207 to €2,893
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €280,933 | €335,592 | +€54,659 | +19.5% |
| Fixed assets | 21/28 | €95,346 | €108,044 | +€12,698 | +13.3% |
| Tangible fixed assets | 22/27 | €95,346 | €108,044 | +€12,698 | +13.3% |
| Furniture and vehicles | 24 | €15,814 | €8,452 | -€7,363 | -46.6% |
| Other tangible fixed assets | 26 | €79,532 | €99,592 | +€20,060 | +25.2% |
| Current assets | 29/58 | €185,587 | €227,548 | +€41,961 | +22.6% |
| Stocks and contracts in progress | 3 | €93,377 | €73,281 | -€20,096 | -21.5% |
| Stocks | 30/36 | €93,377 | €73,281 | -€20,096 | -21.5% |
| Amounts receivable within one year | 40/41 | €67,523 | €138,845 | +€71,322 | +105.6% |
| Trade receivables | 40 | €66,702 | €138,845 | +€72,142 | +108.2% |
| Other amounts receivable | 41 | €821 | - | -€821 | |
| Cash at bank and in hand | 54/58 | €24,196 | €14,914 | -€9,282 | -38.4% |
| Deferred charges and accrued income | 490/1 | €491 | €508 | +€18 | +3.6% |
| Total equity and liabilities | 10/49 | €280,933 | €335,592 | +€54,659 | +19.5% |
| Equity | 10/15 | €80,936 | €88,577 | +€7,641 | +9.4% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €6,500 | €6,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,436 | €17,077 | +€7,641 | +81.0% |
| Amounts payable | 17/49 | €199,997 | €247,015 | +€47,018 | +23.5% |
| Amounts payable within one year | 42/48 | €199,997 | €247,015 | +€47,018 | +23.5% |
| Trade debts | 44 | €20,423 | €55,069 | +€34,646 | +169.6% |
| Suppliers | 440/4 | €20,423 | €55,069 | +€34,646 | +169.6% |
| Taxes, remuneration and social security | 45 | €7,552 | €18,582 | +€11,029 | +146.0% |
| Taxes | 450/3 | €7,552 | €18,582 | +€11,029 | +146.0% |
| Other amounts payable | 47/48 | €172,022 | €173,364 | +€1,343 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,973 | €37,302 | +€8,329 | +28.7% |
| Other operating charges | 640/8 | €578 | €707 | +€129 | +22.3% |
| Gross operating margin | 9900 | €37,145 | €48,638 | +€11,493 | +30.9% |
| Operating profit (loss) | 9901 | €7,594 | €10,629 | +€3,036 | +40.0% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €98 | €96 | -€3 | -2.7% |
| Recurring financial charges | 65 | €98 | €96 | -€3 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €7,503 | €10,534 | +€3,031 | +40.4% |
| Income taxes | 67/77 | €2,207 | €2,893 | +€686 | +31.1% |
| Profit (loss) for the period | 9904 | €5,296 | €7,641 | +€2,346 | +44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,296 | €7,641 | +€2,346 | +44.3% |
Source: filed annual accounts (NBB), fiscal years ended 1 January 2025 and 1 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.