The Cedar Fund: 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.
The Cedar Fund
Largest movements
- Tangible fixed assets +€453,315
up €453,315 (+72.6%), from €624,636 to €1.1m
- Revaluation surpluses +€476,474
new in 2025: €476,474
- Debts after one year -€192,907
down €192,907 (-23.8%), from €808,965 to €616,058
of which Financial debts: -€200,907
- Other debts +€181,314
new in 2025: €181,314
- Short-term financial debts -€22,374
down €22,374 (-97.5%), from €22,953 to €580
- Current portion of long-term debt +€21,853
new in 2025: €21,853
- Gross operating margin +€32,686
up €32,686, from -€4,957 to €27,729
- Financial charges -€2,533
down €2,533 (-16.5%), from €15,317 to €12,784
- Other operating charges -€1,634
down €1,634 (-71.6%), from €2,283 to €649
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.
Derived cash bridge
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 | €628,097 | €1,079,351 | +€451,255 | +71.8% |
| Fixed assets | 21/28 | €624,636 | €1,077,951 | +€453,315 | +72.6% |
| Tangible fixed assets | 22/27 | €624,636 | €1,077,951 | +€453,315 | +72.6% |
| Land and buildings | 22 | €624,636 | €1,077,951 | +€453,315 | +72.6% |
| Current assets | 29/58 | €3,461 | €1,400 | -€2,061 | -59.5% |
| Amounts receivable within one year | 40/41 | - | €1,400 | +€1,400 | |
| Trade receivables | 40 | - | €1,400 | +€1,400 | |
| Cash at bank and in hand | 54/58 | €3,461 | - | -€3,461 | |
| Total equity and liabilities | 10/49 | €628,097 | €1,079,351 | +€451,255 | +71.8% |
| Equity | 10/15 | -€208,122 | €259,537 | +€467,658 | |
| Contributions | 10/11 | €202,000 | €202,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €476,474 | +€476,474 | |
| Profit (loss) carried forward | 14 | -€410,122 | -€418,938 | -€8,816 | -2.1% |
| Amounts payable | 17/49 | €836,218 | €819,815 | -€16,404 | -2.0% |
| Amounts payable after more than one year | 17 | €808,965 | €616,058 | -€192,907 | -23.8% |
| Financial debts | 170/4 | €808,965 | €608,058 | -€200,907 | -24.8% |
| Other amounts payable | 178/9 | - | €8,000 | +€8,000 | |
| Amounts payable within one year | 42/48 | €23,993 | €203,757 | +€179,763 | +749% |
| Current portion of amounts payable after more than one year | 42 | - | €21,853 | +€21,853 | |
| Financial debts | 43 | €22,953 | €580 | -€22,374 | -97.5% |
| Credit institutions | 430/8 | €22,953 | €580 | -€22,374 | -97.5% |
| Trade debts | 44 | €1,040 | €3 | -€1,037 | -99.7% |
| Suppliers | 440/4 | €1,040 | €3 | -€1,037 | -99.7% |
| Taxes, remuneration and social security | 45 | - | €7 | +€7 | |
| Taxes | 450/3 | - | €7 | +€7 | |
| Other amounts payable | 47/48 | - | €181,314 | +€181,314 | |
| Accrued charges and deferred income | 492/3 | €3,260 | - | -€3,260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,110 | €23,159 | +€49 | +0.2% |
| Other operating charges | 640/8 | €2,283 | €649 | -€1,634 | -71.6% |
| Gross operating margin | 9900 | -€4,957 | €27,729 | +€32,686 | |
| Operating profit (loss) | 9901 | -€30,350 | €3,921 | +€34,271 | |
| Financial income | 75/76B | - | €46 | +€46 | |
| Recurring financial income | 75 | - | €46 | +€46 | |
| Financial charges | 65/66B | €15,317 | €12,784 | -€2,533 | -16.5% |
| Recurring financial charges | 65 | €15,317 | €12,784 | -€2,533 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | -€45,667 | -€8,817 | +€36,850 | +80.7% |
| Profit (loss) for the period | 9904 | -€45,667 | -€8,817 | +€36,850 | +80.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,667 | -€8,817 | +€36,850 | +80.7% |
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 30 October 2026 via checked.be.