CIACO: 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.
What changed
CIACO
NACE 18.120, Other printing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€171,482
2024 · -€337,439+€165,957
Equity
€393,850
2024 · €556,698-€162,848
Cash
€268,447
2024 · €159,038+€109,409
Balance sheet total
€2.1m
2024 · €2.2m-€93,293
Largest movements
Assets
- Tangible fixed assets -€180,337
down €180,337 (-24.2%), from €743,957 to €563,620
- Cash +€109,409
up €109,409 (+68.8%), from €159,038 to €268,447
mainly Depreciation (+€208,363) and Short-term financial debts (+€202,812)
- Stocks and contracts +€55,591
up €55,591 (+6.7%), from €835,291 to €890,882
- Current investments -€54,587
down €54,587 (-96.3%), from €56,704 to €2,117
- Receivables within one year -€32,177
down €32,177 (-10.8%), from €296,853 to €264,676
of which Trade receivables: -€34,453
Equity and liabilities
- Short-term financial debts +€202,812
up €202,812 (+104.8%), from €193,576 to €396,388
- Debts after one year -€154,457
down €154,457 (-36.8%), from €419,787 to €265,330
- Reserves -€100,000
down €100,000 (-99.1%), from €100,905 to €905
- Profit (loss) carried forward -€71,482
down €71,482, from €410 to -€71,072
- Tax, wage and social debts +€51,559
up €51,559 (+24.1%), from €213,631 to €265,190
of which Remuneration and social security: +€36,417
Income statement
- Turnover +€262,946
up €262,946 (+5.7%), from €4.6m to €4.9m
- Purchases and services +€132,441
up €132,441 (+3.7%), from €3.6m to €3.7m
- Gross operating margin +€105,225
up €105,225 (+8.7%), from €1.2m to €1.3m
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.
Result 2024
-€337,439
Gross operating margin
+€105,225
Staff costs
+€40,168
Depreciation
-€487
Write-downs
+€3,109
Provisions
+€22,781
Other operating charges
+€10,442
Other operating items
-€10,710
Financial income
-€2,367
Financial charges
-€2,830
Taxes
+€626
Result 2025
-€171,482
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.
From operations
+€25,750
Investment
+€17,968
Financing
+€65,691
Cash 2024
€159,038
From operations (derived)
+€25,750
Net result for the year
-€171,482
Depreciation
+€208,363
Stocks and contracts
-€55,591
Receivables within one year
+€32,177
Deferred charges and accrued income
-€215
Trade debts
-€38,966
Tax, wage and social debts
+€51,559
Other debts
+€5,214
Accrued charges and deferred income
-€5,309
Investment (derived)
+€17,968
Investment in fixed assets (net)
-€36,619
Current investments
+€54,587
Financing
+€65,691
Debts after one year
-€154,457
Current portion of long-term debt
+€8,702
Short-term financial debts
+€202,812
Contributions, distributions and other
+€8,634
Cash 2025
€268,447
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,165,897 | €2,072,604 | -€93,293 | -4.3% |
| Fixed assets | 21/28 | €773,043 | €601,299 | -€171,744 | -22.2% |
| Intangible fixed assets | 21 | €19,058 | €15,075 | -€3,983 | -20.9% |
| Tangible fixed assets | 22/27 | €743,957 | €563,620 | -€180,337 | -24.2% |
| Plant, machinery and equipment | 23 | €211,262 | €155,119 | -€56,143 | -26.6% |
| Furniture and vehicles | 24 | €92,336 | €55,611 | -€36,725 | -39.8% |
| Leasing and similar rights | 25 | €246,990 | €195,422 | -€51,568 | -20.9% |
| Other tangible fixed assets | 26 | €193,369 | €157,468 | -€35,901 | -18.6% |
| Financial fixed assets | 28 | €10,028 | €22,604 | +€12,576 | +125.4% |
| Current assets | 29/58 | €1,392,854 | €1,471,305 | +€78,451 | +5.6% |
| Stocks and contracts in progress | 3 | €835,291 | €890,882 | +€55,591 | +6.7% |
| Stocks | 30/36 | €835,291 | €890,882 | +€55,591 | +6.7% |
| Amounts receivable within one year | 40/41 | €296,853 | €264,676 | -€32,177 | -10.8% |
| Trade receivables | 40 | €295,601 | €261,148 | -€34,453 | -11.7% |
| Other amounts receivable | 41 | €1,252 | €3,528 | +€2,276 | +181.8% |
| Current investments | 50/53 | €56,704 | €2,117 | -€54,587 | -96.3% |
| Cash at bank and in hand | 54/58 | €159,038 | €268,447 | +€109,409 | +68.8% |
| Deferred charges and accrued income | 490/1 | €44,968 | €45,183 | +€215 | +0.5% |
| Total equity and liabilities | 10/49 | €2,165,897 | €2,072,604 | -€93,293 | -4.3% |
| Equity | 10/15 | €556,698 | €393,850 | -€162,848 | -29.3% |
| Contributions | 10/11 | €455,383 | €464,017 | +€8,634 | +1.9% |
| Reserves | 13 | €100,905 | €905 | -€100,000 | -99.1% |
| Distributable reserves | 133 | €100,905 | €905 | -€100,000 | -99.1% |
| Profit (loss) carried forward | 14 | €410 | -€71,072 | -€71,482 | |
| Provisions and deferred taxes | 16 | €22,781 | €22,781 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €22,781 | €22,781 | = | 0.0% |
| Other liabilities and charges | 164/5 | €22,781 | €22,781 | = | 0.0% |
| Amounts payable | 17/49 | €1,586,418 | €1,655,973 | +€69,555 | +4.4% |
| Amounts payable after more than one year | 17 | €419,787 | €265,330 | -€154,457 | -36.8% |
| Financial debts | 170/4 | €419,787 | €265,330 | -€154,457 | -36.8% |
| Amounts payable within one year | 42/48 | €1,106,947 | €1,336,268 | +€229,321 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €149,393 | €158,095 | +€8,702 | +5.8% |
| Financial debts | 43 | €193,576 | €396,388 | +€202,812 | +104.8% |
| Credit institutions | 430/8 | €193,576 | €396,388 | +€202,812 | +104.8% |
| Trade debts | 44 | €538,609 | €499,643 | -€38,966 | -7.2% |
| Suppliers | 440/4 | €538,609 | €499,643 | -€38,966 | -7.2% |
| Taxes, remuneration and social security | 45 | €213,631 | €265,190 | +€51,559 | +24.1% |
| Taxes | 450/3 | €67,086 | €82,228 | +€15,142 | +22.6% |
| Remuneration and social security | 454/9 | €146,545 | €182,962 | +€36,417 | +24.9% |
| Other amounts payable | 47/48 | €11,738 | €16,952 | +€5,214 | +44.4% |
| Accrued charges and deferred income | 492/3 | €59,684 | €54,375 | -€5,309 | -8.9% |
| Turnover | 70 | €4,603,028 | €4,865,974 | +€262,946 | +5.7% |
| Non-recurring operating income | 76A | €31,238 | €11,678 | -€19,560 | -62.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,588,099 | €3,720,540 | +€132,441 | +3.7% |
| Remuneration, social security and pensions | 62 | €1,255,835 | €1,215,667 | -€40,168 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,876 | €208,363 | +€487 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,789 | €2,680 | -€3,109 | -53.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €22,781 | - | -€22,781 | |
| Other operating charges | 640/8 | €24,870 | €14,428 | -€10,442 | -42.0% |
| Non-recurring operating charges | 66A | €968 | €11,678 | +€10,710 | +1106.4% |
| Gross operating margin | 9900 | €1,213,562 | €1,318,787 | +€105,225 | +8.7% |
| Operating profit (loss) | 9901 | -€304,557 | -€134,029 | +€170,528 | +56.0% |
| Financial income | 75/76B | €3,019 | €652 | -€2,367 | -78.4% |
| Recurring financial income | 75 | €3,019 | €652 | -€2,367 | -78.4% |
| Financial charges | 65/66B | €35,270 | €38,100 | +€2,830 | +8.0% |
| Recurring financial charges | 65 | €35,270 | €38,100 | +€2,830 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | -€336,808 | -€171,477 | +€165,331 | +49.1% |
| Income taxes | 67/77 | €631 | €5 | -€626 | -99.2% |
| Profit (loss) for the period | 9904 | -€337,439 | -€171,482 | +€165,957 | +49.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€337,439 | -€171,482 | +€165,957 | +49.2% |
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 30 September 2026 via checked.be.