CIAFF: 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.
What changed
CIAFF
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,926
2024 · €12,893+€34
Equity
€102,327
2024 · €89,400+€12,926
Cash
€8,570
2024 · €677+€7,893
Balance sheet total
€866,697
2024 · €865,694+€1,002
Largest movements
Assets
- Tangible fixed assets -€20,083
down €20,083 (-3.5%), from €581,660 to €561,577
of which Land and buildings: -€19,253
- Financial fixed assets +€10,000
up €10,000 (+5.8%), from €172,211 to €182,211
Equity and liabilities
- Debts after one year -€36,898
down €36,898 (-5.8%), from €639,919 to €603,021
- Trade debts +€14,384
up €14,384 (+72.6%), from €19,806 to €34,190
- Reserves +€12,926
up €12,926 (+19.6%), from €66,043 to €78,969
- Short-term financial debts +€8,795
new in 2025: €8,795
Income statement
- Gross operating margin +€15,560
up €15,560 (+15.2%), from €102,364 to €117,923
- Staff costs +€11,682
up €11,682 (+34.6%), from €33,767 to €45,449
- Financial charges +€3,302
up €3,302 (+41.9%), from €7,888 to €11,191
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
€12,893
Gross operating margin
+€15,560
Staff costs
-€11,682
Depreciation
-€1,013
Other operating charges
-€85
Financial income
-€372
Financial charges
-€3,302
Taxes
+€928
Result 2025
€12,926
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
+€59,630
Investment
-€24,432
Financing
-€27,305
Cash 2024
€677
From operations (derived)
+€59,630
Net result for the year
+€12,926
Depreciation
+€36,194
Receivables within one year
-€513
Deferred charges and accrued income
-€4,358
Trade debts
+€14,384
Tax, wage and social debts
-€2,767
Other debts
+€3,467
Accrued charges and deferred income
+€297
Investment (derived)
-€24,432
Investment in fixed assets (net)
-€24,432
Financing
-€27,305
Debts after one year
-€36,898
Current portion of long-term debt
+€797
Short-term financial debts
+€8,795
Cash 2025
€8,570
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €865,694 | €866,697 | +€1,002 | +0.1% |
| Fixed assets | 21/28 | €756,669 | €744,907 | -€11,762 | -1.6% |
| Intangible fixed assets | 21 | €2,798 | €1,119 | -€1,679 | -60.0% |
| Tangible fixed assets | 22/27 | €581,660 | €561,577 | -€20,083 | -3.5% |
| Land and buildings | 22 | €578,336 | €559,082 | -€19,253 | -3.3% |
| Furniture and vehicles | 24 | €3,325 | €2,495 | -€830 | -25.0% |
| Financial fixed assets | 28 | €172,211 | €182,211 | +€10,000 | +5.8% |
| Current assets | 29/58 | €109,025 | €121,790 | +€12,764 | +11.7% |
| Amounts receivable within one year | 40/41 | €107,682 | €108,195 | +€513 | +0.5% |
| Trade receivables | 40 | €56,160 | €43,425 | -€12,735 | -22.7% |
| Other amounts receivable | 41 | €51,522 | €64,770 | +€13,248 | +25.7% |
| Cash at bank and in hand | 54/58 | €677 | €8,570 | +€7,893 | +1166.2% |
| Deferred charges and accrued income | 490/1 | €666 | €5,025 | +€4,358 | +653.9% |
| Total equity and liabilities | 10/49 | €865,694 | €866,697 | +€1,002 | +0.1% |
| Equity | 10/15 | €89,400 | €102,327 | +€12,926 | +14.5% |
| Contributions | 10/11 | €10,875 | €10,875 | = | 0.0% |
| Reserves | 13 | €66,043 | €78,969 | +€12,926 | +19.6% |
| Distributable reserves | 133 | €66,043 | €78,969 | +€12,926 | +19.6% |
| Profit (loss) carried forward | 14 | €12,482 | €12,482 | = | 0.0% |
| Amounts payable | 17/49 | €776,294 | €764,370 | -€11,924 | -1.5% |
| Amounts payable after more than one year | 17 | €639,919 | €603,021 | -€36,898 | -5.8% |
| Financial debts | 170/4 | €639,919 | €603,021 | -€36,898 | -5.8% |
| Amounts payable within one year | 42/48 | €133,613 | €158,290 | +€24,676 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €36,101 | €36,898 | +€797 | +2.2% |
| Financial debts | 43 | - | €8,795 | +€8,795 | |
| Credit institutions | 430/8 | - | €8,795 | +€8,795 | |
| Trade debts | 44 | €19,806 | €34,190 | +€14,384 | +72.6% |
| Suppliers | 440/4 | €19,806 | €34,190 | +€14,384 | +72.6% |
| Taxes, remuneration and social security | 45 | €16,121 | €13,354 | -€2,767 | -17.2% |
| Taxes | 450/3 | €16,037 | €13,354 | -€2,683 | -16.7% |
| Remuneration and social security | 454/9 | €85 | €0 | -€85 | -100.0% |
| Other amounts payable | 47/48 | €61,586 | €65,053 | +€3,467 | +5.6% |
| Accrued charges and deferred income | 492/3 | €2,762 | €3,059 | +€297 | +10.8% |
| Non-recurring operating income | 76A | €0 | €8,601 | +€8,601 | |
| Remuneration, social security and pensions | 62 | €33,767 | €45,449 | +€11,682 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,181 | €36,194 | +€1,013 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €8,808 | €8,893 | +€85 | +1.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €102,364 | €117,923 | +€15,560 | +15.2% |
| Operating profit (loss) | 9901 | €24,608 | €27,388 | +€2,779 | +11.3% |
| Financial income | 75/76B | €2,792 | €2,420 | -€372 | -13.3% |
| Recurring financial income | 75 | €2,792 | €2,420 | -€372 | -13.3% |
| Financial charges | 65/66B | €7,888 | €11,191 | +€3,302 | +41.9% |
| Recurring financial charges | 65 | €7,888 | €11,191 | +€3,302 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €19,512 | €18,617 | -€895 | -4.6% |
| Income taxes | 67/77 | €6,619 | €5,691 | -€928 | -14.0% |
| Profit (loss) for the period | 9904 | €12,893 | €12,926 | +€34 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,893 | €12,926 | +€34 | +0.3% |
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 12 October 2026 via checked.be.