C-FIRE: 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.
C-FIRE
Largest movements
- Receivables within one year +€345,339
up €345,339 (+44.1%), from €782,580 to €1.1m
of which Trade receivables: +€345,339
- Cash +€196,538
up €196,538 (+365.9%), from €53,707 to €250,245
mainly Contributions, distributions and other (+€5.7m) and Current portion of long-term debt (+€400,000)
- Tangible fixed assets +€173,856
up €173,856 (+12.4%), from €1.4m to €1.6m
of which Plant, machinery and equipment: +€297,585
- Stocks and contracts +€110,666
up €110,666 (+19.3%), from €573,451 to €684,118
- Intangible fixed assets +€78,227
up €78,227 (+15.7%), from €496,742 to €574,969
- Contributions +€5.7m
up €5.7m (+100.2%), from €5.7m to €11.4m
- Other debts -€3.3m
down €3.3m (-65.9%), from €5.0m to €1.7m
- Profit (loss) carried forward -€1.9m
down €1.9m (-18.0%), from -€10.5m to -€12.3m
- Current portion of long-term debt +€400,000
up €400,000 (+226.4%), from €176,667 to €576,667
- Tax, wage and social debts +€265,745
up €265,745 (+596.7%), from €44,538 to €310,282
of which Remuneration and social security: +€146,910
- Staff costs +€960,304
up €960,304 (+168.3%), from €570,480 to €1.5m
- Gross operating margin +€875,092
up €875,092, from -€339,694 to €535,397
- Financial charges -€100,897
down €100,897 (-23.1%), from €437,249 to €336,352
- Write-downs +€80,686
up €80,686 (+321.2%), from €25,118 to €105,804
- Depreciation +€74,226
up €74,226 (+26.0%), from €285,961 to €360,187
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 | €3,316,996 | €4,220,133 | +€903,137 | +27.2% |
| Fixed assets | 21/28 | €1,905,168 | €2,157,851 | +€252,684 | +13.3% |
| Intangible fixed assets | 21 | €496,742 | €574,969 | +€78,227 | +15.7% |
| Tangible fixed assets | 22/27 | €1,407,386 | €1,581,242 | +€173,856 | +12.4% |
| Land and buildings | 22 | €1,331,735 | €1,208,990 | -€122,745 | -9.2% |
| Plant, machinery and equipment | 23 | €74,667 | €372,252 | +€297,585 | +398.5% |
| Furniture and vehicles | 24 | €984 | €0 | -€984 | -100.0% |
| Financial fixed assets | 28 | €1,040 | €1,640 | +€600 | +57.7% |
| Current assets | 29/58 | €1,411,828 | €2,062,282 | +€650,454 | +46.1% |
| Stocks and contracts in progress | 3 | €573,451 | €684,118 | +€110,666 | +19.3% |
| Stocks | 30/36 | €573,451 | €684,118 | +€110,666 | +19.3% |
| Amounts receivable within one year | 40/41 | €782,580 | €1,127,920 | +€345,339 | +44.1% |
| Trade receivables | 40 | €732,538 | €1,077,877 | +€345,339 | +47.1% |
| Other amounts receivable | 41 | €50,042 | €50,042 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,707 | €250,245 | +€196,538 | +365.9% |
| Deferred charges and accrued income | 490/1 | €2,090 | €0 | -€2,090 | -100.0% |
| Total equity and liabilities | 10/49 | €3,316,996 | €4,220,133 | +€903,137 | +27.2% |
| Equity | 10/15 | -€4,720,840 | -€903,557 | +€3.8m | +80.9% |
| Contributions | 10/11 | €5,690,986 | €11,390,986 | +€5.7m | +100.2% |
| Capital | 10 | €5,690,986 | €11,390,986 | +€5.7m | +100.2% |
| Issued capital | 100 | €5,690,986 | €11,390,986 | +€5.7m | +100.2% |
| Reserves | 13 | €53,137 | €53,137 | = | 0.0% |
| Non-distributable reserves | 130/1 | €52,500 | €52,500 | = | 0.0% |
| Legal reserve | 130 | €52,500 | €52,500 | = | 0.0% |
| Distributable reserves | 133 | €637 | €637 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,464,964 | -€12,347,680 | -€1.9m | -18.0% |
| Provisions and deferred taxes | 16 | €33,366 | €66,000 | +€32,634 | +97.8% |
| Provisions for liabilities and charges | 160/5 | €33,366 | €66,000 | +€32,634 | +97.8% |
| Taxes | 161 | €17,623 | €0 | -€17,623 | -100.0% |
| Other liabilities and charges | 164/5 | €15,743 | €66,000 | +€50,258 | +319.2% |
| Amounts payable | 17/49 | €8,004,470 | €5,057,690 | -€2.9m | -36.8% |
| Amounts payable after more than one year | 17 | €2,194,444 | €2,017,777 | -€176,667 | -8.1% |
| Financial debts | 170/4 | €2,194,444 | €2,017,777 | -€176,667 | -8.1% |
| Amounts payable within one year | 42/48 | €5,707,352 | €3,008,254 | -€2.7m | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €176,667 | €576,667 | +€400,000 | +226.4% |
| Financial debts | 43 | €3,150 | €0 | -€3,150 | -100.0% |
| Credit institutions | 430/8 | €3,150 | €0 | -€3,150 | -100.0% |
| Trade debts | 44 | €517,530 | €426,838 | -€90,692 | -17.5% |
| Suppliers | 440/4 | €517,530 | €426,838 | -€90,692 | -17.5% |
| Taxes, remuneration and social security | 45 | €44,538 | €310,282 | +€265,745 | +596.7% |
| Taxes | 450/3 | €14 | €118,848 | +€118,835 | +864252.0% |
| Remuneration and social security | 454/9 | €44,524 | €191,434 | +€146,910 | +330.0% |
| Other amounts payable | 47/48 | €4,965,467 | €1,694,467 | -€3.3m | -65.9% |
| Accrued charges and deferred income | 492/3 | €102,675 | €31,658 | -€71,016 | -69.2% |
| Non-recurring operating income | 76A | - | €9,196 | +€9,196 | |
| Remuneration, social security and pensions | 62 | €570,480 | €1,530,784 | +€960,304 | +168.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €285,961 | €360,187 | +€74,226 | +26.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,118 | €105,804 | +€80,686 | +321.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,743 | €32,634 | +€16,892 | +107.3% |
| Other operating charges | 640/8 | €10,065 | €18,269 | +€8,204 | +81.5% |
| Non-recurring operating charges | 66A | - | €33,295 | +€33,295 | |
| Gross operating margin | 9900 | -€339,694 | €535,397 | +€875,092 | |
| Operating profit (loss) | 9901 | -€1,247,060 | -€1,545,575 | -€298,515 | -23.9% |
| Financial income | 75/76B | - | €100 | +€100 | |
| Recurring financial income | 75 | - | €100 | +€100 | |
| Financial charges | 65/66B | €437,249 | €336,352 | -€100,897 | -23.1% |
| Recurring financial charges | 65 | €437,249 | €336,352 | -€100,897 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,684,309 | -€1,881,827 | -€197,518 | -11.7% |
| Income taxes | 67/77 | €716 | €889 | +€173 | +24.2% |
| Profit (loss) for the period | 9904 | -€1,685,025 | -€1,882,716 | -€197,691 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,685,025 | -€1,882,716 | -€197,691 | -11.7% |
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 5 October 2026 via checked.be.