CIBOR: 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
CIBOR
NACE 43.130, Specialised construction activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.7m
2024 · €1.3m+€398,776
Equity
€3.4m
2024 · €2.3m+€1.1m
Cash
€2.0m
2024 · €1.7m+€286,657
Balance sheet total
€5.9m
2024 · €5.5m+€422,478
Largest movements
Assets
- Cash +€286,657
up €286,657 (+16.6%), from €1.7m to €2.0m
mainly Net result for the year (+€1.7m) and Depreciation (+€833,137)
- Intangible fixed assets +€112,390
up €112,390 (+142.3%), from €78,974 to €191,364
- Tangible fixed assets -€109,493
down €109,493 (-6.2%), from €1.8m to €1.6m
of which Plant, machinery and equipment: -€156,201
- Receivables within one year +€95,034
up €95,034 (+5.2%), from €1.8m to €1.9m
of which Other amounts receivable: +€253,151
- Deferred charges and accrued income +€60,061
up €60,061 (+82.1%), from €73,176 to €133,237
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+48.3%), from €2.3m to €3.4m
of which Distributable reserves: +€1.1m
- Other debts -€864,000
down €864,000 (-57.6%), from €1.5m to €635,000
- Accrued charges and deferred income +€81,988
up €81,988 (+11319.5%), from €724 to €82,712
Income statement
- Turnover +€728,424
up €728,424 (+4.8%), from €15.2m to €15.9m
- Staff costs +€560,062
up €560,062 (+8.1%), from €6.9m to €7.5m
- Services and other goods -€177,841
down €177,841 (-3.5%), from €5.1m to €4.9m
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
€1.3m
Turnover
+€728,424
Other operating income
-€9,334
Goods and materials
+€81,089
Services and other goods
+€177,841
Staff costs
-€560,062
Depreciation
+€45,580
Other operating charges
+€38,272
Other operating items
-€17,210
Financial income
+€1,530
Financial charges
-€836
Taxes
-€86,516
Result 2025
€1.7m
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
+€1.7m
Investment
-€836,304
Financing
-€556,773
Cash 2024
€1.7m
From operations (derived)
+€1.7m
Net result for the year
+€1.7m
Depreciation
+€833,137
Stocks and contracts
+€22,440
Receivables within one year
-€95,034
Deferred charges and accrued income
-€60,061
Trade debts
+€29,203
Tax, wage and social debts
+€4,359
Other debts
-€864,000
Accrued charges and deferred income
+€81,988
Investment (derived)
-€836,304
Investment in fixed assets (net)
-€836,304
Financing
-€556,773
Debts after one year
+€53,868
Current portion of long-term debt
+€24,359
Contributions, distributions and other
-€635,000
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,525,610 | €5,948,088 | +€422,478 | +7.6% |
| Fixed assets | 21/28 | €1,835,025 | €1,838,191 | +€3,167 | +0.2% |
| Intangible fixed assets | 21 | €78,974 | €191,364 | +€112,390 | +142.3% |
| Tangible fixed assets | 22/27 | €1,752,031 | €1,642,538 | -€109,493 | -6.2% |
| Plant, machinery and equipment | 23 | €670,477 | €514,276 | -€156,201 | -23.3% |
| Furniture and vehicles | 24 | €1,081,553 | €1,128,261 | +€46,708 | +4.3% |
| Financial fixed assets | 28 | €4,020 | €4,290 | +€270 | +6.7% |
| Other financial fixed assets | 284/8 | €4,020 | €4,290 | +€270 | +6.7% |
| Amounts receivable and cash guarantees | 285/8 | €4,020 | €4,290 | +€270 | +6.7% |
| Current assets | 29/58 | €3,690,585 | €4,109,897 | +€419,312 | +11.4% |
| Stocks and contracts in progress | 3 | €64,493 | €42,054 | -€22,440 | -34.8% |
| Stocks | 30/36 | €11,093 | €10,260 | -€834 | -7.5% |
| Goods purchased for resale | 34 | €11,093 | €10,260 | -€834 | -7.5% |
| Contracts in progress | 37 | €53,400 | €31,794 | -€21,606 | -40.5% |
| Amounts receivable within one year | 40/41 | €1,824,112 | €1,919,145 | +€95,034 | +5.2% |
| Trade receivables | 40 | €1,824,112 | €1,665,995 | -€158,117 | -8.7% |
| Other amounts receivable | 41 | €0 | €253,151 | +€253,151 | |
| Cash at bank and in hand | 54/58 | €1,728,804 | €2,015,460 | +€286,657 | +16.6% |
| Deferred charges and accrued income | 490/1 | €73,176 | €133,237 | +€60,061 | +82.1% |
| Total equity and liabilities | 10/49 | €5,525,610 | €5,948,088 | +€422,478 | +7.6% |
| Equity | 10/15 | €2,325,907 | €3,418,609 | +€1.1m | +47.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,264,407 | €3,357,109 | +€1.1m | +48.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €2,220,757 | €3,313,459 | +€1.1m | +49.2% |
| Amounts payable | 17/49 | €3,199,703 | €2,529,479 | -€670,223 | -20.9% |
| Amounts payable after more than one year | 17 | €124,106 | €177,974 | +€53,868 | +43.4% |
| Financial debts | 170/4 | €124,106 | €177,974 | +€53,868 | +43.4% |
| Credit institutions | 173 | €124,106 | €177,974 | +€53,868 | +43.4% |
| Amounts payable within one year | 42/48 | €3,074,872 | €2,268,793 | -€806,079 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €35,572 | €59,931 | +€24,359 | +68.5% |
| Trade debts | 44 | €557,782 | €586,985 | +€29,203 | +5.2% |
| Suppliers | 440/4 | €557,782 | €586,985 | +€29,203 | +5.2% |
| Taxes, remuneration and social security | 45 | €982,518 | €986,878 | +€4,359 | +0.4% |
| Taxes | 450/3 | €213,993 | €195,278 | -€18,715 | -8.7% |
| Remuneration and social security | 454/9 | €768,525 | €791,600 | +€23,074 | +3.0% |
| Other amounts payable | 47/48 | €1,499,000 | €635,000 | -€864,000 | -57.6% |
| Accrued charges and deferred income | 492/3 | €724 | €82,712 | +€81,988 | +11319.5% |
| Operating income | 70/76A | €15,485,358 | €16,185,780 | +€700,422 | +4.5% |
| Turnover | 70 | €15,209,183 | €15,937,607 | +€728,424 | +4.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€5,061 | -€21,606 | -€16,545 | -326.9% |
| Other operating income | 74 | €266,269 | €256,935 | -€9,334 | -3.5% |
| Non-recurring operating income | 76A | €14,967 | €12,844 | -€2,123 | -14.2% |
| Operating charges | 60/66A | €13,851,274 | €14,067,098 | +€215,824 | +1.6% |
| Goods for resale, raw materials and consumables | 60 | €821,041 | €739,953 | -€81,089 | -9.9% |
| Purchases | 600/8 | €821,901 | €739,119 | -€82,782 | -10.1% |
| Change in stocks: decrease (increase) | 609 | -€860 | €834 | +€1,693 | |
| Services and other goods | 61 | €5,109,004 | €4,931,163 | -€177,841 | -3.5% |
| Remuneration, social security and pensions | 62 | €6,918,554 | €7,478,615 | +€560,062 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €878,717 | €833,137 | -€45,580 | -5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €122,501 | €84,230 | -€38,272 | -31.2% |
| Non-recurring operating charges | 66A | €1,457 | €0 | -€1,457 | -100.0% |
| Operating profit (loss) | 9901 | €1,634,084 | €2,118,682 | +€484,599 | +29.7% |
| Financial income | 75/76B | €4,214 | €5,743 | +€1,530 | +36.3% |
| Recurring financial income | 75 | €4,214 | €5,743 | +€1,530 | +36.3% |
| Income from current assets | 751 | €149 | €257 | +€108 | +72.8% |
| Other financial income | 752/9 | €4,065 | €5,486 | +€1,421 | +35.0% |
| Financial charges | 65/66B | €8,568 | €9,404 | +€836 | +9.8% |
| Recurring financial charges | 65 | €8,568 | €9,404 | +€836 | +9.8% |
| Debt charges | 650 | €4,567 | €5,108 | +€541 | +11.8% |
| Other financial charges | 652/9 | €4,001 | €4,296 | +€295 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €1,629,729 | €2,115,021 | +€485,292 | +29.8% |
| Income taxes | 67/77 | €300,804 | €387,320 | +€86,516 | +28.8% |
| Taxes | 670/3 | €301,160 | €387,320 | +€86,159 | +28.6% |
| Tax adjustments and reversals of tax provisions | 77 | €356 | €0 | -€356 | -100.0% |
| Profit (loss) for the period | 9904 | €1,328,925 | €1,727,702 | +€398,776 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,328,925 | €1,727,702 | +€398,776 | +30.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.