CIAO BRUSSELS: 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.
CIAO BRUSSELS
Largest movements
- Tangible fixed assets +€67,460
up €67,460 (+18.6%), from €361,814 to €429,275
of which Plant, machinery and equipment: +€56,010
- Receivables within one year -€15,026
down €15,026 (-36.8%), from €40,841 to €25,815
of which Trade receivables: -€15,072
- Debts after one year +€581,756
new in 2025: €581,756
- Other debts -€340,762
down €340,762 (-99.7%), from €341,682 to €920
- Profit (loss) carried forward -€265,342
down €265,342 (-36.1%), from -€735,775 to -€1.0m
- Trade debts +€49,203
up €49,203 (+19.3%), from €254,403 to €303,606
- Tax, wage and social debts +€19,553
up €19,553 (+18.9%), from €103,230 to €122,783
of which Taxes: +€11,796
- Staff costs +€51,454
up €51,454 (+9.5%), from €541,640 to €593,094
- Financial charges +€20,206
up €20,206 (+158%), from €12,762 to €32,968
- Gross operating margin +€16,839
up €16,839 (+4.1%), from €415,009 to €431,848
- Depreciation +€8,255
up €8,255 (+14.7%), from €56,049 to €64,304
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 | €438,541 | €491,530 | +€52,989 | +12.1% |
| Fixed assets | 21/28 | €371,322 | €434,760 | +€63,438 | +17.1% |
| Intangible fixed assets | 21 | €8,839 | €4,817 | -€4,022 | -45.5% |
| Tangible fixed assets | 22/27 | €361,814 | €429,275 | +€67,460 | +18.6% |
| Plant, machinery and equipment | 23 | €357,991 | €414,000 | +€56,010 | +15.6% |
| Furniture and vehicles | 24 | €3,824 | €15,274 | +€11,451 | +299% |
| Financial fixed assets | 28 | €668 | €668 | = | 0.0% |
| Current assets | 29/58 | €67,219 | €56,770 | -€10,448 | -15.5% |
| Stocks and contracts in progress | 3 | €20,863 | €23,789 | +€2,926 | +14.0% |
| Stocks | 30/36 | €20,863 | €23,789 | +€2,926 | +14.0% |
| Amounts receivable within one year | 40/41 | €40,841 | €25,815 | -€15,026 | -36.8% |
| Trade receivables | 40 | €40,841 | €25,770 | -€15,072 | -36.9% |
| Other amounts receivable | 41 | - | €46 | +€46 | |
| Cash at bank and in hand | 54/58 | €2,469 | €4,738 | +€2,269 | +91.9% |
| Deferred charges and accrued income | 490/1 | €3,046 | €2,428 | -€618 | -20.3% |
| Total equity and liabilities | 10/49 | €438,541 | €491,530 | +€52,989 | +12.1% |
| Equity | 10/15 | -€260,775 | -€526,116 | -€265,342 | -102% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€735,775 | -€1,001,116 | -€265,342 | -36.1% |
| Amounts payable | 17/49 | €699,315 | €1,017,646 | +€318,331 | +45.5% |
| Amounts payable after more than one year | 17 | - | €581,756 | +€581,756 | |
| Financial debts | 170/4 | - | €581,756 | +€581,756 | |
| Amounts payable within one year | 42/48 | €699,315 | €427,309 | -€272,006 | -38.9% |
| Trade debts | 44 | €254,403 | €303,606 | +€49,203 | +19.3% |
| Suppliers | 440/4 | €254,403 | €303,606 | +€49,203 | +19.3% |
| Taxes, remuneration and social security | 45 | €103,230 | €122,783 | +€19,553 | +18.9% |
| Taxes | 450/3 | €23,891 | €35,687 | +€11,796 | +49.4% |
| Remuneration and social security | 454/9 | €79,339 | €87,096 | +€7,756 | +9.8% |
| Other amounts payable | 47/48 | €341,682 | €920 | -€340,762 | -99.7% |
| Accrued charges and deferred income | 492/3 | - | €8,581 | +€8,581 | |
| Non-recurring operating income | 76A | €1,089 | - | -€1,089 | |
| Remuneration, social security and pensions | 62 | €541,640 | €593,094 | +€51,454 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,049 | €64,304 | +€8,255 | +14.7% |
| Other operating charges | 640/8 | €5,962 | €6,848 | +€886 | +14.9% |
| Gross operating margin | 9900 | €415,009 | €431,848 | +€16,839 | +4.1% |
| Operating profit (loss) | 9901 | -€188,642 | -€232,398 | -€43,756 | -23.2% |
| Financial income | 75/76B | €156 | €24 | -€132 | -84.4% |
| Recurring financial income | 75 | €156 | €24 | -€132 | -84.4% |
| Financial charges | 65/66B | €12,762 | €32,968 | +€20,206 | +158% |
| Recurring financial charges | 65 | €12,762 | €32,968 | +€20,206 | +158% |
| Profit (loss) for the period before taxes | 9903 | -€201,248 | -€265,342 | -€64,094 | -31.8% |
| Profit (loss) for the period | 9904 | -€201,248 | -€265,342 | -€64,094 | -31.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€201,248 | -€265,342 | -€64,094 | -31.8% |
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 18 October 2026 via checked.be.