CIBELES: 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.
CIBELES
Largest movements
- Tangible fixed assets -€32,533
down €32,533 (-6.3%), from €520,503 to €487,969
of which Other tangible fixed assets: -€32,533
- Cash +€28,073
up €28,073 (+13.9%), from €201,945 to €230,018
mainly Net result for the year (+€41,414) and Depreciation (+€32,533)
- Other debts -€44,829
down €44,829 (-7.1%), from €629,296 to €584,467
- Profit (loss) carried forward +€41,414
up €41,414 (+6.8%), from -€605,495 to -€564,080
- Gross operating margin -€17,024
down €17,024 (-13.8%), from €123,197 to €106,173
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 | €775,559 | €771,521 | -€4,039 | -0.5% |
| Fixed assets | 21/28 | €558,976 | €526,442 | -€32,533 | -5.8% |
| Tangible fixed assets | 22/27 | €520,503 | €487,969 | -€32,533 | -6.3% |
| Land and buildings | 22 | €156,768 | €156,768 | = | 0.0% |
| Other tangible fixed assets | 26 | €363,735 | €331,202 | -€32,533 | -8.9% |
| Financial fixed assets | 28 | €38,473 | €38,473 | = | 0.0% |
| Current assets | 29/58 | €216,583 | €245,078 | +€28,495 | +13.2% |
| Amounts receivable within one year | 40/41 | €11,900 | €11,900 | = | 0.0% |
| Other amounts receivable | 41 | €11,900 | €11,900 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €201,945 | €230,018 | +€28,073 | +13.9% |
| Deferred charges and accrued income | 490/1 | €2,738 | €3,160 | +€422 | +15.4% |
| Total equity and liabilities | 10/49 | €775,559 | €771,521 | -€4,039 | -0.5% |
| Equity | 10/15 | €72,990 | €114,404 | +€41,414 | +56.7% |
| Contributions | 10/11 | €336,515 | €336,515 | = | 0.0% |
| Capital | 10 | €127,913 | €127,913 | = | 0.0% |
| Issued capital | 100 | €127,913 | €127,913 | = | 0.0% |
| Outside capital | 11 | €208,602 | €208,602 | = | 0.0% |
| Share premium | 1100/10 | €208,602 | €208,602 | = | 0.0% |
| Revaluation surpluses | 12 | €53,421 | €53,421 | = | 0.0% |
| Reserves | 13 | €288,548 | €288,548 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,791 | €12,791 | = | 0.0% |
| Legal reserve | 130 | €12,791 | €12,791 | = | 0.0% |
| Tax-exempt reserves | 132 | €275,757 | €275,757 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€605,495 | -€564,080 | +€41,414 | +6.8% |
| Amounts payable | 17/49 | €702,569 | €657,116 | -€45,453 | -6.5% |
| Amounts payable within one year | 42/48 | €702,569 | €657,116 | -€45,453 | -6.5% |
| Trade debts | 44 | €5,773 | €5,150 | -€624 | -10.8% |
| Suppliers | 440/4 | €5,773 | €5,150 | -€624 | -10.8% |
| Advances received on contracts in progress | 46 | €67,500 | €67,500 | = | 0.0% |
| Other amounts payable | 47/48 | €629,296 | €584,467 | -€44,829 | -7.1% |
| Non-recurring operating income | 76A | - | €526 | +€526 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,992 | €32,533 | -€459 | -1.4% |
| Other operating charges | 640/8 | €32,063 | €31,915 | -€148 | -0.5% |
| Non-recurring operating charges | 66A | - | €96 | +€96 | |
| Gross operating margin | 9900 | €123,197 | €106,173 | -€17,024 | -13.8% |
| Operating profit (loss) | 9901 | €58,142 | €41,629 | -€16,512 | -28.4% |
| Financial charges | 65/66B | €77 | €215 | +€138 | +181.0% |
| Recurring financial charges | 65 | €77 | €215 | +€138 | +181.0% |
| Profit (loss) for the period before taxes | 9903 | €58,065 | €41,414 | -€16,651 | -28.7% |
| Profit (loss) for the period | 9904 | €58,065 | €41,414 | -€16,651 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €58,065 | €41,414 | -€16,651 | -28.7% |
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 6 October 2026 via checked.be.