CERDECO: 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.
CERDECO
Largest movements
- Receivables within one year -€22,679
down €22,679 (-82.9%), from €27,348 to €4,670
of which Trade receivables: -€22,749
- Tangible fixed assets -€3,945
down €3,945 (-77.0%), from €5,124 to €1,179
of which Plant, machinery and equipment: -€3,362
- Receivables after one year +€2,538
up €2,538 (+3.0%), from €85,852 to €88,390
- Current portion of long-term debt -€18,067
down €18,067 (-74.6%), from €24,220 to €6,153
- Profit (loss) carried forward -€13,323
down €13,323 (-55.6%), from -€23,972 to -€37,295
- Other debts +€10,465
up €10,465 (+933.9%), from €1,121 to €11,586
- Tax, wage and social debts +€6,745
up €6,745 (+71.6%), from €9,422 to €16,167
- Trade debts -€6,317
down €6,317 (-33.3%), from €18,975 to €12,658
- Gross operating margin +€10,489
up €10,489 (+55.9%), from -€18,770 to -€8,281
- Other operating charges +€1,652
up €1,652 (+101.2%), from €1,631 to €3,283
- Depreciation -€1,389
down €1,389 (-70.4%), from €1,972 to €583
- Financial charges -€534
down €534 (-13.0%), from €4,100 to €3,566
- Taxes +€301
up €301, from €0 to €301
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 | €119,345 | €94,402 | -€24,943 | -20.9% |
| Fixed assets | 21/28 | €5,124 | €1,179 | -€3,945 | -77.0% |
| Tangible fixed assets | 22/27 | €5,124 | €1,179 | -€3,945 | -77.0% |
| Plant, machinery and equipment | 23 | €3,362 | €0 | -€3,362 | -100.0% |
| Furniture and vehicles | 24 | €1,762 | €1,179 | -€583 | -33.1% |
| Current assets | 29/58 | €114,221 | €93,223 | -€20,998 | -18.4% |
| Amounts receivable after more than one year | 29 | €85,852 | €88,390 | +€2,538 | +3.0% |
| Other amounts receivable | 291 | €85,852 | €88,390 | +€2,538 | +3.0% |
| Stocks and contracts in progress | 3 | €1,000 | €0 | -€1,000 | -100.0% |
| Stocks | 30/36 | €1,000 | €0 | -€1,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €27,348 | €4,670 | -€22,679 | -82.9% |
| Trade receivables | 40 | €27,319 | €4,570 | -€22,749 | -83.3% |
| Other amounts receivable | 41 | €29 | €100 | +€71 | +243.6% |
| Cash at bank and in hand | 54/58 | €0 | €0 | -€0 | -100.0% |
| Deferred charges and accrued income | 490/1 | €21 | €164 | +€143 | +698.0% |
| Total equity and liabilities | 10/49 | €119,345 | €94,402 | -€24,943 | -20.9% |
| Equity | 10/15 | €59,371 | €46,048 | -€13,323 | -22.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,744 | €64,744 | = | 0.0% |
| Distributable reserves | 133 | €64,744 | €64,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,972 | -€37,295 | -€13,323 | -55.6% |
| Amounts payable | 17/49 | €59,974 | €48,354 | -€11,620 | -19.4% |
| Amounts payable after more than one year | 17 | €6,153 | €0 | -€6,153 | -100.0% |
| Financial debts | 170/4 | €6,153 | €0 | -€6,153 | -100.0% |
| Amounts payable within one year | 42/48 | €53,822 | €48,354 | -€5,468 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €24,220 | €6,153 | -€18,067 | -74.6% |
| Financial debts | 43 | €84 | €1,790 | +€1,706 | +2029.7% |
| Credit institutions | 430/8 | €84 | €1,790 | +€1,706 | +2029.7% |
| Trade debts | 44 | €18,975 | €12,658 | -€6,317 | -33.3% |
| Suppliers | 440/4 | €18,975 | €12,658 | -€6,317 | -33.3% |
| Taxes, remuneration and social security | 45 | €9,422 | €16,167 | +€6,745 | +71.6% |
| Taxes | 450/3 | €9,422 | €16,167 | +€6,745 | +71.6% |
| Other amounts payable | 47/48 | €1,121 | €11,586 | +€10,465 | +933.9% |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,972 | €583 | -€1,389 | -70.4% |
| Other operating charges | 640/8 | €1,631 | €3,283 | +€1,652 | +101.2% |
| Gross operating margin | 9900 | -€18,770 | -€8,281 | +€10,489 | +55.9% |
| Operating profit (loss) | 9901 | -€22,373 | -€12,147 | +€10,227 | +45.7% |
| Financial income | 75/76B | €2,501 | €2,691 | +€190 | +7.6% |
| Recurring financial income | 75 | €2,501 | €2,691 | +€190 | +7.6% |
| Financial charges | 65/66B | €4,100 | €3,566 | -€534 | -13.0% |
| Recurring financial charges | 65 | €4,100 | €3,566 | -€534 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | -€23,972 | -€13,022 | +€10,951 | +45.7% |
| Income taxes | 67/77 | €0 | €301 | +€301 | |
| Profit (loss) for the period | 9904 | -€23,972 | -€13,323 | +€10,650 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,972 | -€13,323 | +€10,650 | +44.4% |
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.