CEMD: what changed
What changed
CEMD
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
filed annual accounts (NBB)
Net result for the year
€195,678
2024 · €156,183+€39,496
Equity
€380,839
2024 · €185,160+€195,678
Cash
€205,734
2024 · €234,819-€29,085
Balance sheet total
€612,561
2024 · €320,367+€292,194
Largest movements
Assets
- Receivables within one year +€276,677
up €276,677 (+1,475%), from €18,762 to €295,439
of which Trade receivables: +€244,565
- Current investments +€42,000
new in 2025: €42,000
- Cash -€29,085
down €29,085 (-12.4%), from €234,819 to €205,734
mainly Receivables within one year (-€276,677) and Other debts (-€60,000)
Equity and liabilities
- Reserves +€195,678
up €195,678 (+106%), from €185,160 to €380,839
- Trade debts +€100,724
up €100,724 (+292,888%), from €34 to €100,759
- Other debts -€60,000
down €60,000 (-100%), from €60,000 to €0
- Short-term financial debts +€50,000
new in 2025: €50,000
- Tax, wage and social debts +€29,754
up €29,754 (+121%), from €24,504 to €54,259
Income statement
- Gross operating margin +€76,498
up €76,498 (+32.9%), from €232,175 to €308,673
- Taxes +€27,001
up €27,001 (+45.1%), from €59,910 to €86,911
- Other operating charges +€7,914
up €7,914 (+954%), from €830 to €8,744
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€156,183
Gross operating margin
+€76,498
Depreciation
-€1,417
Other operating charges
-€7,914
Financial income
+€38
Financial charges
-€708
Taxes
-€27,001
Result 2025
€195,678
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€3,418
Investment
-€58,628
Financing
+€26,125
Cash 2024
€234,819
From operations (derived)
+€3,418
Net result for the year
+€195,678
Depreciation
+€10,679
Receivables within one year
-€276,677
Deferred charges and accrued income
+€3,347
Trade debts
+€100,724
Tax, wage and social debts
+€29,754
Other debts
-€60,000
Accrued charges and deferred income
-€88
Investment (derived)
-€58,628
Investment in fixed assets (net)
-€16,628
Current investments
-€42,000
Financing
+€26,125
Debts after one year
-€19,032
Current portion of long-term debt
-€4,843
Short-term financial debts
+€50,000
Cash 2025
€205,734
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €320,367 | €612,561 | +€292,194 | +91.2% |
| Fixed assets | 21/28 | €46,782 | €52,731 | +€5,949 | +12.7% |
| Tangible fixed assets | 22/27 | €46,582 | €52,531 | +€5,949 | +12.8% |
| Plant, machinery and equipment | 23 | €5,191 | €6,514 | +€1,323 | +25.5% |
| Furniture and vehicles | 24 | €19,450 | €21,245 | +€1,795 | +9.2% |
| Other tangible fixed assets | 26 | €21,941 | €24,772 | +€2,831 | +12.9% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €273,585 | €559,830 | +€286,245 | +105% |
| Amounts receivable within one year | 40/41 | €18,762 | €295,439 | +€276,677 | +1,475% |
| Trade receivables | 40 | €12,327 | €256,892 | +€244,565 | +1,984% |
| Other amounts receivable | 41 | €6,436 | €38,547 | +€32,112 | +499% |
| Current investments | 50/53 | - | €42,000 | +€42,000 | |
| Cash at bank and in hand | 54/58 | €234,819 | €205,734 | -€29,085 | -12.4% |
| Deferred charges and accrued income | 490/1 | €20,004 | €16,657 | -€3,347 | -16.7% |
| Total equity and liabilities | 10/49 | €320,367 | €612,561 | +€292,194 | +91.2% |
| Equity | 10/15 | €185,160 | €380,839 | +€195,678 | +106% |
| Reserves | 13 | €185,160 | €380,839 | +€195,678 | +106% |
| Distributable reserves | 133 | €185,160 | €380,839 | +€195,678 | +106% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €135,206 | €231,722 | +€96,516 | +71.4% |
| Amounts payable after more than one year | 17 | €24,205 | €5,173 | -€19,032 | -78.6% |
| Financial debts | 170/4 | €24,205 | €5,173 | -€19,032 | -78.6% |
| Amounts payable within one year | 42/48 | €110,913 | €226,549 | +€115,636 | +104% |
| Current portion of amounts payable after more than one year | 42 | €26,375 | €21,532 | -€4,843 | -18.4% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €34 | €100,759 | +€100,724 | +292,888% |
| Suppliers | 440/4 | €34 | €100,759 | +€100,724 | +292,888% |
| Taxes, remuneration and social security | 45 | €24,504 | €54,259 | +€29,754 | +121% |
| Taxes | 450/3 | €24,504 | €54,259 | +€29,754 | +121% |
| Other amounts payable | 47/48 | €60,000 | €0 | -€60,000 | -100% |
| Accrued charges and deferred income | 492/3 | €88 | €0 | -€88 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,262 | €10,679 | +€1,417 | +15.3% |
| Other operating charges | 640/8 | €830 | €8,744 | +€7,914 | +954% |
| Gross operating margin | 9900 | €232,175 | €308,673 | +€76,498 | +32.9% |
| Operating profit (loss) | 9901 | €222,084 | €289,251 | +€67,167 | +30.2% |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €5,991 | €6,699 | +€708 | +11.8% |
| Recurring financial charges | 65 | €5,991 | €6,699 | +€708 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €216,093 | €282,590 | +€66,497 | +30.8% |
| Income taxes | 67/77 | €59,910 | €86,911 | +€27,001 | +45.1% |
| Profit (loss) for the period | 9904 | €156,183 | €195,678 | +€39,496 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €156,183 | €195,678 | +€39,496 | +25.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.