CUDENO: 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.
CUDENO
Largest movements
- Receivables within one year -€32,415
down €32,415 (-43.0%), from €75,442 to €43,027
- Stocks and contracts -€19,918
down €19,918 (-16.8%), from €118,229 to €98,311
of which Stocks: -€25,178
- Cash +€8,404
up €8,404 (+5.4%), from €155,842 to €164,247
mainly Net result for the year (+€52,145) and Receivables within one year (+€32,415)
- Tangible fixed assets +€7,398
up €7,398 (+4.5%), from €164,354 to €171,751
of which Furniture and vehicles: +€16,937
- Other debts -€23,852
down €23,852 (-13.6%), from €174,921 to €151,069
- Reserves +€12,614
up €12,614 (+6.3%), from €200,143 to €212,757
- Tax, wage and social debts -€11,829
down €11,829 (-33.1%), from €35,730 to €23,901
of which Taxes: -€10,129
- Debts after one year -€8,898
down €8,898 (-15.4%), from €57,741 to €48,843
- Gross operating margin +€20,289
up €20,289 (+21.6%), from €94,100 to €114,389
- Taxes +€3,894
up €3,894 (+34.0%), from €11,464 to €15,358
- Depreciation +€3,582
up €3,582 (+15.1%), from €23,750 to €27,333
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 | €516,598 | €480,154 | -€36,444 | -7.1% |
| Fixed assets | 21/28 | €164,354 | €171,751 | +€7,398 | +4.5% |
| Tangible fixed assets | 22/27 | €164,354 | €171,751 | +€7,398 | +4.5% |
| Land and buildings | 22 | €124,199 | €114,167 | -€10,033 | -8.1% |
| Plant, machinery and equipment | 23 | €15,999 | €16,493 | +€494 | +3.1% |
| Furniture and vehicles | 24 | €24,155 | €41,092 | +€16,937 | +70.1% |
| Current assets | 29/58 | €352,244 | €308,403 | -€43,842 | -12.4% |
| Stocks and contracts in progress | 3 | €118,229 | €98,311 | -€19,918 | -16.8% |
| Stocks | 30/36 | €115,446 | €90,268 | -€25,178 | -21.8% |
| Contracts in progress | 37 | €2,783 | €8,043 | +€5,260 | +189.0% |
| Amounts receivable within one year | 40/41 | €75,442 | €43,027 | -€32,415 | -43.0% |
| Trade receivables | 40 | €75,442 | €43,027 | -€32,415 | -43.0% |
| Cash at bank and in hand | 54/58 | €155,842 | €164,247 | +€8,404 | +5.4% |
| Deferred charges and accrued income | 490/1 | €2,731 | €2,818 | +€87 | +3.2% |
| Total equity and liabilities | 10/49 | €516,598 | €480,154 | -€36,444 | -7.1% |
| Equity | 10/15 | €218,743 | €231,357 | +€12,614 | +5.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,143 | €212,757 | +€12,614 | +6.3% |
| Distributable reserves | 133 | €200,143 | €212,757 | +€12,614 | +6.3% |
| Amounts payable | 17/49 | €297,855 | €248,797 | -€49,058 | -16.5% |
| Amounts payable after more than one year | 17 | €57,741 | €48,843 | -€8,898 | -15.4% |
| Financial debts | 170/4 | €57,741 | €48,843 | -€8,898 | -15.4% |
| Amounts payable within one year | 42/48 | €239,344 | €198,993 | -€40,351 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €8,773 | €8,898 | +€125 | +1.4% |
| Trade debts | 44 | €19,920 | €15,124 | -€4,795 | -24.1% |
| Suppliers | 440/4 | €19,920 | €15,124 | -€4,795 | -24.1% |
| Taxes, remuneration and social security | 45 | €35,730 | €23,901 | -€11,829 | -33.1% |
| Taxes | 450/3 | €34,030 | €23,901 | -€10,129 | -29.8% |
| Remuneration and social security | 454/9 | €1,700 | - | -€1,700 | |
| Other amounts payable | 47/48 | €174,921 | €151,069 | -€23,852 | -13.6% |
| Accrued charges and deferred income | 492/3 | €770 | €961 | +€191 | +24.8% |
| Remuneration, social security and pensions | 62 | €1,310 | €700 | -€610 | -46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,750 | €27,333 | +€3,582 | +15.1% |
| Other operating charges | 640/8 | €3,861 | €4,970 | +€1,109 | +28.7% |
| Gross operating margin | 9900 | €94,100 | €114,389 | +€20,289 | +21.6% |
| Operating profit (loss) | 9901 | €65,179 | €81,387 | +€16,208 | +24.9% |
| Financial income | 75/76B | €75 | - | -€75 | |
| Recurring financial income | 75 | €75 | - | -€75 | |
| Financial charges | 65/66B | €12,771 | €13,884 | +€1,113 | +8.7% |
| Recurring financial charges | 65 | €12,771 | €13,884 | +€1,113 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €52,483 | €67,504 | +€15,021 | +28.6% |
| Income taxes | 67/77 | €11,464 | €15,358 | +€3,894 | +34.0% |
| Profit (loss) for the period | 9904 | €41,019 | €52,145 | +€11,126 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,019 | €52,145 | +€11,126 | +27.1% |
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 12 October 2026 via checked.be.