ELN CEDCAP: 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.
ELN CEDCAP
Largest movements
- Cash +€58,565
up €58,565 (+187.2%), from €31,277 to €89,842
mainly Depreciation (+€51,639) and Receivables within one year (+€20,000)
- Tangible fixed assets -€52,072
down €52,072 (-6.5%), from €804,235 to €752,163
of which Land and buildings: -€49,932
- Receivables within one year -€20,000
down €20,000 (-14.2%), from €140,513 to €120,513
- Profit (loss) carried forward +€18,656
up €18,656 (+4.3%), from €436,275 to €454,931
- Current portion of long-term debt -€12,436
no longer reported in 2025 (was €12,436)
- Reserves -€10,874
down €10,874 (-5.8%), from €188,998 to €178,124
of which Tax-exempt reserves: -€10,874
- Taxes +€11,870
up €11,870 (+8727.9%), from €136 to €12,006
- Depreciation -€11,643
down €11,643 (-18.4%), from €63,282 to €51,639
- Other operating charges -€6,294
down €6,294 (-47.1%), from €13,362 to €7,068
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 | €976,149 | €963,565 | -€12,584 | -1.3% |
| Fixed assets | 21/28 | €804,359 | €752,287 | -€52,072 | -6.5% |
| Tangible fixed assets | 22/27 | €804,235 | €752,163 | -€52,072 | -6.5% |
| Land and buildings | 22 | €790,797 | €740,865 | -€49,932 | -6.3% |
| Plant, machinery and equipment | 23 | €3,333 | €8,571 | +€5,238 | +157.2% |
| Furniture and vehicles | 24 | €7,378 | - | -€7,378 | |
| Other tangible fixed assets | 26 | €2,727 | €2,727 | = | 0.0% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €171,790 | €211,278 | +€39,488 | +23.0% |
| Amounts receivable within one year | 40/41 | €140,513 | €120,513 | -€20,000 | -14.2% |
| Other amounts receivable | 41 | €140,513 | €120,513 | -€20,000 | -14.2% |
| Cash at bank and in hand | 54/58 | €31,277 | €89,842 | +€58,565 | +187.2% |
| Deferred charges and accrued income | 490/1 | - | €923 | +€923 | |
| Total equity and liabilities | 10/49 | €976,149 | €963,565 | -€12,584 | -1.3% |
| Equity | 10/15 | €668,873 | €676,655 | +€7,782 | +1.2% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Reserves | 13 | €188,998 | €178,124 | -€10,874 | -5.8% |
| Non-distributable reserves | 130/1 | €4,360 | €4,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,360 | €4,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €184,638 | €173,764 | -€10,874 | -5.9% |
| Profit (loss) carried forward | 14 | €436,275 | €454,931 | +€18,656 | +4.3% |
| Provisions and deferred taxes | 16 | €104,393 | €98,278 | -€6,115 | -5.9% |
| Deferred taxes | 168 | €104,393 | €98,278 | -€6,115 | -5.9% |
| Amounts payable | 17/49 | €202,883 | €188,632 | -€14,251 | -7.0% |
| Amounts payable within one year | 42/48 | €202,883 | €188,632 | -€14,251 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €12,436 | - | -€12,436 | |
| Trade debts | 44 | €3,757 | €1,249 | -€2,508 | -66.8% |
| Suppliers | 440/4 | €3,757 | €1,249 | -€2,508 | -66.8% |
| Taxes, remuneration and social security | 45 | - | €8,590 | +€8,590 | |
| Taxes | 450/3 | - | €8,590 | +€8,590 | |
| Other amounts payable | 47/48 | €186,690 | €178,793 | -€7,897 | -4.2% |
| Non-recurring operating income | 76A | - | €8,622 | +€8,622 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,282 | €51,639 | -€11,643 | -18.4% |
| Other operating charges | 640/8 | €13,362 | €7,068 | -€6,294 | -47.1% |
| Gross operating margin | 9900 | €72,285 | €72,966 | +€681 | +0.9% |
| Operating profit (loss) | 9901 | -€4,359 | €14,259 | +€18,618 | |
| Financial charges | 65/66B | €1,164 | €587 | -€577 | -49.6% |
| Recurring financial charges | 65 | €1,164 | €587 | -€577 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,523 | €13,672 | +€19,195 | |
| Transfer from deferred taxes | 780 | €6,116 | €6,116 | = | 0.0% |
| Income taxes | 67/77 | €136 | €12,006 | +€11,870 | +8727.9% |
| Profit (loss) for the period | 9904 | €457 | €7,782 | +€7,325 | +1602.8% |
| Transfer from tax-exempt reserves | 789 | €10,874 | €10,874 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,331 | €18,656 | +€7,325 | +64.6% |
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.