CéDi: 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.
CéDi
Largest movements
- Cash -€77,897
down €77,897 (-22.4%), from €348,477 to €270,579
mainly Contributions, distributions and other (-€170,400) and Trade debts (-€32,936)
- Receivables within one year +€11,131
up €11,131 (+21.9%), from €50,816 to €61,946
of which Trade receivables: +€21,179
- Stocks and contracts +€5,768
up €5,768 (+8.5%), from €67,757 to €73,526
- Reserves -€136,936
down €136,936 (-57.5%), from €238,216 to €101,280
- Other debts +€80,571
up €80,571 (+16,708%), from €482 to €81,053
- Trade debts -€32,936
down €32,936 (-27.3%), from €120,457 to €87,521
- Tax, wage and social debts +€19,163
up €19,163 (+77.2%), from €24,832 to €43,995
of which Remuneration and social security: +€17,481
- Short-term financial debts +€8,509
up €8,509, from €0 to €8,509
- Staff costs +€27,695
up €27,695 (+18.2%), from €151,811 to €179,506
- Taxes -€6,558
down €6,558 (-33.8%), from €19,422 to €12,863
- Gross operating margin -€5,580
down €5,580 (-2.3%), from €244,331 to €238,751
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 | €488,987 | €429,192 | -€59,795 | -12.2% |
| Fixed assets | 21/28 | €20,831 | €22,249 | +€1,418 | +6.8% |
| Tangible fixed assets | 22/27 | €20,679 | €22,097 | +€1,418 | +6.9% |
| Plant, machinery and equipment | 23 | €4,584 | €4,082 | -€503 | -11.0% |
| Furniture and vehicles | 24 | €16,094 | €11,317 | -€4,777 | -29.7% |
| Other tangible fixed assets | 26 | - | €6,698 | +€6,698 | |
| Financial fixed assets | 28 | €152 | €152 | = | 0.0% |
| Current assets | 29/58 | €468,156 | €406,943 | -€61,213 | -13.1% |
| Stocks and contracts in progress | 3 | €67,757 | €73,526 | +€5,768 | +8.5% |
| Stocks | 30/36 | €67,757 | €73,526 | +€5,768 | +8.5% |
| Amounts receivable within one year | 40/41 | €50,816 | €61,946 | +€11,131 | +21.9% |
| Trade receivables | 40 | €9,588 | €30,767 | +€21,179 | +221% |
| Other amounts receivable | 41 | €41,228 | €31,180 | -€10,048 | -24.4% |
| Cash at bank and in hand | 54/58 | €348,477 | €270,579 | -€77,897 | -22.4% |
| Deferred charges and accrued income | 490/1 | €1,107 | €892 | -€215 | -19.4% |
| Total equity and liabilities | 10/49 | €488,987 | €429,192 | -€59,795 | -12.2% |
| Equity | 10/15 | €243,216 | €106,280 | -€136,936 | -56.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €238,216 | €101,280 | -€136,936 | -57.5% |
| Distributable reserves | 133 | €238,216 | €101,280 | -€136,936 | -57.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €245,771 | €322,912 | +€77,141 | +31.4% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 175 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €145,771 | €221,468 | +€75,697 | +51.9% |
| Financial debts | 43 | €0 | €8,509 | +€8,509 | |
| Credit institutions | 430/8 | €0 | €8,509 | +€8,509 | |
| Trade debts | 44 | €120,457 | €87,521 | -€32,936 | -27.3% |
| Suppliers | 440/4 | €120,457 | €87,521 | -€32,936 | -27.3% |
| Advances received on contracts in progress | 46 | - | €390 | +€390 | |
| Taxes, remuneration and social security | 45 | €24,832 | €43,995 | +€19,163 | +77.2% |
| Taxes | 450/3 | €4,728 | €6,410 | +€1,682 | +35.6% |
| Remuneration and social security | 454/9 | €20,104 | €37,585 | +€17,481 | +87.0% |
| Other amounts payable | 47/48 | €482 | €81,053 | +€80,571 | +16,708% |
| Accrued charges and deferred income | 492/3 | €0 | €1,445 | +€1,445 | |
| Remuneration, social security and pensions | 62 | €151,811 | €179,506 | +€27,695 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,838 | €5,496 | +€658 | +13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,647 | €3,259 | -€1,389 | -29.9% |
| Gross operating margin | 9900 | €244,331 | €238,751 | -€5,580 | -2.3% |
| Operating profit (loss) | 9901 | €83,035 | €50,491 | -€32,544 | -39.2% |
| Financial income | 75/76B | €1,100 | €990 | -€110 | -10.0% |
| Recurring financial income | 75 | €1,100 | €990 | -€110 | -10.0% |
| Financial charges | 65/66B | €3,836 | €5,154 | +€1,318 | +34.4% |
| Recurring financial charges | 65 | €3,836 | €5,154 | +€1,318 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €80,299 | €46,327 | -€33,972 | -42.3% |
| Income taxes | 67/77 | €19,422 | €12,863 | -€6,558 | -33.8% |
| Profit (loss) for the period | 9904 | €60,877 | €33,464 | -€27,414 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,877 | €33,464 | -€27,414 | -45.0% |
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 14 October 2026 via checked.be.