CENDES: 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.
CENDES
Largest movements
- Cash -€55,403
down €55,403 (-27.3%), from €203,204 to €147,801
mainly Net result for the year (-€24,908) and Tax, wage and social debts (-€20,015)
- Receivables within one year +€7,827
up €7,827 (+39.6%), from €19,748 to €27,574
of which Other amounts receivable: +€14,988
- Profit (loss) carried forward -€24,908
new in 2025: -€24,908
- Tax, wage and social debts -€20,015
down €20,015 (-99.8%), from €20,050 to €34
- Gross operating margin -€71,525
down €71,525, from €50,458 to -€21,067
- Taxes -€16,656
down €16,656 (-98.4%), from €16,935 to €279
- Depreciation -€905
down €905 (-29.3%), from €3,084 to €2,179
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 | €230,347 | €183,864 | -€46,482 | -20.2% |
| Fixed assets | 21/28 | €7,313 | €7,055 | -€258 | -3.5% |
| Tangible fixed assets | 22/27 | €3,716 | €3,457 | -€258 | -7.0% |
| Plant, machinery and equipment | 23 | €3,564 | €3,457 | -€107 | -3.0% |
| Furniture and vehicles | 24 | €151 | - | -€151 | |
| Financial fixed assets | 28 | €3,598 | €3,598 | = | 0.0% |
| Current assets | 29/58 | €223,033 | €176,810 | -€46,224 | -20.7% |
| Amounts receivable within one year | 40/41 | €19,748 | €27,574 | +€7,827 | +39.6% |
| Trade receivables | 40 | €7,161 | - | -€7,161 | |
| Other amounts receivable | 41 | €12,586 | €27,574 | +€14,988 | +119.1% |
| Cash at bank and in hand | 54/58 | €203,204 | €147,801 | -€55,403 | -27.3% |
| Deferred charges and accrued income | 490/1 | €82 | €1,434 | +€1,352 | +1650.2% |
| Total equity and liabilities | 10/49 | €230,347 | €183,864 | -€46,482 | -20.2% |
| Equity | 10/15 | €205,976 | €181,068 | -€24,908 | -12.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €200,976 | €200,976 | = | 0.0% |
| Distributable reserves | 133 | €200,976 | €200,976 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€24,908 | -€24,908 | |
| Amounts payable | 17/49 | €24,370 | €2,796 | -€21,574 | -88.5% |
| Amounts payable within one year | 42/48 | €24,370 | €2,796 | -€21,574 | -88.5% |
| Trade debts | 44 | €2,416 | €2,762 | +€346 | +14.3% |
| Suppliers | 440/4 | €2,416 | €2,762 | +€346 | +14.3% |
| Taxes, remuneration and social security | 45 | €20,050 | €34 | -€20,015 | -99.8% |
| Taxes | 450/3 | €20,050 | €34 | -€20,015 | -99.8% |
| Other amounts payable | 47/48 | €1,905 | - | -€1,905 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,084 | €2,179 | -€905 | -29.3% |
| Other operating charges | 640/8 | €879 | €641 | -€238 | -27.0% |
| Gross operating margin | 9900 | €50,458 | -€21,067 | -€71,525 | |
| Operating profit (loss) | 9901 | €46,496 | -€23,887 | -€70,382 | |
| Financial income | 75/76B | €1,753 | €1,633 | -€120 | -6.8% |
| Recurring financial income | 75 | €1,753 | €1,633 | -€120 | -6.8% |
| Financial charges | 65/66B | €2,373 | €2,376 | +€2 | +0.1% |
| Recurring financial charges | 65 | €2,373 | €2,376 | +€2 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €45,875 | -€24,630 | -€70,505 | |
| Income taxes | 67/77 | €16,935 | €279 | -€16,656 | -98.4% |
| Profit (loss) for the period | 9904 | €28,940 | -€24,908 | -€53,848 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,940 | -€24,908 | -€53,848 |
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 3 October 2026 via checked.be.