DE CEDER: 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.
DE CEDER
Largest movements
- Tangible fixed assets +€607,836
up €607,836 (+54.4%), from €1.1m to €1.7m
of which Land and buildings: +€628,694
- Cash -€87,440
down €87,440 (-27.0%), from €324,146 to €236,706
mainly Investment in fixed assets (net) (-€756,354) and Other debts (-€287,229)
- Debts after one year +€762,349
up €762,349 (+212.4%), from €358,905 to €1.1m
- Other debts -€287,229
down €287,229 (-63.2%), from €454,352 to €167,123
- Current portion of long-term debt +€55,735
up €55,735 (+64.2%), from €86,748 to €142,483
- Trade debts -€31,611
down €31,611 (-79.9%), from €39,541 to €7,930
- Reserves +€27,939
up €27,939 (+6.5%), from €432,680 to €460,619
- Depreciation +€29,972
up €29,972 (+25.3%), from €118,546 to €148,518
- Gross operating margin +€11,239
up €11,239 (+2.4%), from €472,121 to €483,360
- Taxes -€10,032
down €10,032 (-41.0%), from €24,473 to €14,441
- Staff costs +€8,900
up €8,900 (+3.9%), from €227,074 to €235,974
- Financial charges +€5,273
up €5,273 (+11.9%), from €44,197 to €49,470
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 | €1,482,416 | €1,996,055 | +€513,639 | +34.6% |
| Fixed assets | 21/28 | €1,116,625 | €1,724,461 | +€607,836 | +54.4% |
| Tangible fixed assets | 22/27 | €1,116,625 | €1,724,461 | +€607,836 | +54.4% |
| Land and buildings | 22 | €1,009,079 | €1,637,773 | +€628,694 | +62.3% |
| Plant, machinery and equipment | 23 | €50,567 | €37,974 | -€12,593 | -24.9% |
| Furniture and vehicles | 24 | €56,979 | €48,714 | -€8,265 | -14.5% |
| Current assets | 29/58 | €365,791 | €271,594 | -€94,197 | -25.8% |
| Stocks and contracts in progress | 3 | €22,023 | €23,526 | +€1,503 | +6.8% |
| Stocks | 30/36 | €22,023 | €23,526 | +€1,503 | +6.8% |
| Amounts receivable within one year | 40/41 | €19,622 | €11,362 | -€8,260 | -42.1% |
| Trade receivables | 40 | €3,004 | €11,362 | +€8,358 | +278.2% |
| Other amounts receivable | 41 | €16,618 | - | -€16,618 | |
| Cash at bank and in hand | 54/58 | €324,146 | €236,706 | -€87,440 | -27.0% |
| Total equity and liabilities | 10/49 | €1,482,416 | €1,996,055 | +€513,639 | +34.6% |
| Equity | 10/15 | €454,680 | €482,619 | +€27,939 | +6.1% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Outside capital | 11 | €22,000 | €22,000 | = | 0.0% |
| Other | 1109/19 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €432,680 | €460,619 | +€27,939 | +6.5% |
| Distributable reserves | 133 | €432,680 | €460,619 | +€27,939 | +6.5% |
| Amounts payable | 17/49 | €1,027,736 | €1,513,436 | +€485,700 | +47.3% |
| Amounts payable after more than one year | 17 | €358,905 | €1,121,254 | +€762,349 | +212.4% |
| Financial debts | 170/4 | €358,905 | €1,121,254 | +€762,349 | +212.4% |
| Amounts payable within one year | 42/48 | €668,831 | €392,182 | -€276,649 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €86,748 | €142,483 | +€55,735 | +64.2% |
| Trade debts | 44 | €39,541 | €7,930 | -€31,611 | -79.9% |
| Suppliers | 440/4 | €39,541 | €7,930 | -€31,611 | -79.9% |
| Advances received on contracts in progress | 46 | €11,080 | €7,860 | -€3,220 | -29.1% |
| Taxes, remuneration and social security | 45 | €77,110 | €66,786 | -€10,324 | -13.4% |
| Taxes | 450/3 | €48,382 | €38,913 | -€9,469 | -19.6% |
| Remuneration and social security | 454/9 | €28,728 | €27,873 | -€855 | -3.0% |
| Other amounts payable | 47/48 | €454,352 | €167,123 | -€287,229 | -63.2% |
| Remuneration, social security and pensions | 62 | €227,074 | €235,974 | +€8,900 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,546 | €148,518 | +€29,972 | +25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,270 | €780 | +€2,050 | |
| Other operating charges | 640/8 | €5,640 | €7,133 | +€1,493 | +26.5% |
| Gross operating margin | 9900 | €472,121 | €483,360 | +€11,239 | +2.4% |
| Operating profit (loss) | 9901 | €122,131 | €90,955 | -€31,176 | -25.5% |
| Financial income | 75/76B | €1,138 | €895 | -€243 | -21.4% |
| Recurring financial income | 75 | €1,138 | €895 | -€243 | -21.4% |
| Financial charges | 65/66B | €44,197 | €49,470 | +€5,273 | +11.9% |
| Recurring financial charges | 65 | €44,197 | €49,470 | +€5,273 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €79,072 | €42,380 | -€36,692 | -46.4% |
| Income taxes | 67/77 | €24,473 | €14,441 | -€10,032 | -41.0% |
| Profit (loss) for the period | 9904 | €54,599 | €27,939 | -€26,660 | -48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,599 | €27,939 | -€26,660 | -48.8% |
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 7 October 2026 via checked.be.