C.I.A.G.E.: 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.
C.I.A.G.E.
Largest movements
- Tangible fixed assets +€5,666
up €5,666 (+1.8%), from €319,313 to €324,979
of which Furniture and vehicles: +€21,014
- Debts after one year -€21,617
down €21,617 (-10.7%), from €202,848 to €181,231
- Current portion of long-term debt +€14,795
up €14,795 (+47.1%), from €31,418 to €46,213
- Other debts +€6,453
up €6,453 (+13.5%), from €47,827 to €54,281
- Gross operating margin +€7,988
up €7,988 (+8.7%), from €91,353 to €99,341
- Staff costs +€6,886
up €6,886 (+15.0%), from €45,955 to €52,840
- Depreciation +€2,523
up €2,523 (+9.7%), from €26,061 to €28,584
- Other operating charges +€1,064
up €1,064 (+18.5%), from €5,750 to €6,814
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 | €426,750 | €426,353 | -€397 | -0.1% |
| Fixed assets | 21/28 | €319,313 | €324,979 | +€5,666 | +1.8% |
| Tangible fixed assets | 22/27 | €319,313 | €324,979 | +€5,666 | +1.8% |
| Land and buildings | 22 | €232,779 | €225,966 | -€6,813 | -2.9% |
| Plant, machinery and equipment | 23 | €17,278 | €16,068 | -€1,210 | -7.0% |
| Furniture and vehicles | 24 | €36,523 | €57,537 | +€21,014 | +57.5% |
| Other tangible fixed assets | 26 | €32,733 | €25,409 | -€7,325 | -22.4% |
| Current assets | 29/58 | €107,437 | €101,374 | -€6,063 | -5.6% |
| Amounts receivable within one year | 40/41 | €43,651 | €42,178 | -€1,473 | -3.4% |
| Trade receivables | 40 | €43,651 | €42,178 | -€1,473 | -3.4% |
| Cash at bank and in hand | 54/58 | €42,509 | €39,993 | -€2,515 | -5.9% |
| Deferred charges and accrued income | 490/1 | €21,277 | €19,202 | -€2,075 | -9.8% |
| Total equity and liabilities | 10/49 | €426,750 | €426,353 | -€397 | -0.1% |
| Equity | 10/15 | €108,780 | €109,748 | +€969 | +0.9% |
| Contributions | 10/11 | €44,621 | €44,621 | = | 0.0% |
| Reserves | 13 | €64,159 | €65,128 | +€969 | +1.5% |
| Non-distributable reserves | 130/1 | €4,462 | €4,462 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,462 | €4,462 | = | 0.0% |
| Distributable reserves | 133 | €59,697 | €60,666 | +€969 | +1.6% |
| Amounts payable | 17/49 | €317,970 | €316,605 | -€1,366 | -0.4% |
| Amounts payable after more than one year | 17 | €202,848 | €181,231 | -€21,617 | -10.7% |
| Financial debts | 170/4 | €202,848 | €181,231 | -€21,617 | -10.7% |
| Amounts payable within one year | 42/48 | €115,122 | €135,373 | +€20,251 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €31,418 | €46,213 | +€14,795 | +47.1% |
| Trade debts | 44 | €10,383 | €11,530 | +€1,147 | +11.1% |
| Suppliers | 440/4 | €10,383 | €11,530 | +€1,147 | +11.1% |
| Taxes, remuneration and social security | 45 | €25,494 | €23,349 | -€2,145 | -8.4% |
| Taxes | 450/3 | €19,685 | €22,879 | +€3,194 | +16.2% |
| Remuneration and social security | 454/9 | €5,809 | €470 | -€5,339 | -91.9% |
| Other amounts payable | 47/48 | €47,827 | €54,281 | +€6,453 | +13.5% |
| Remuneration, social security and pensions | 62 | €45,955 | €52,840 | +€6,886 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,061 | €28,584 | +€2,523 | +9.7% |
| Other operating charges | 640/8 | €5,750 | €6,814 | +€1,064 | +18.5% |
| Gross operating margin | 9900 | €91,353 | €99,341 | +€7,988 | +8.7% |
| Operating profit (loss) | 9901 | €13,588 | €11,103 | -€2,484 | -18.3% |
| Financial income | 75/76B | €21 | €288 | +€267 | +1,271% |
| Recurring financial income | 75 | €21 | €288 | +€267 | +1,271% |
| Financial charges | 65/66B | €6,652 | €6,314 | -€337 | -5.1% |
| Recurring financial charges | 65 | €6,652 | €6,314 | -€337 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €6,957 | €5,077 | -€1,880 | -27.0% |
| Income taxes | 67/77 | €3,460 | €4,108 | +€648 | +18.7% |
| Profit (loss) for the period | 9904 | €3,497 | €969 | -€2,528 | -72.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,497 | €969 | -€2,528 | -72.3% |
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 20 October 2026 via checked.be.