Ciem: 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.
Ciem
Largest movements
- Current investments +€1.1m
up €1.1m (+20.2%), from €5.4m to €6.5m
- Cash +€755,434
up €755,434 (+171.4%), from €440,832 to €1.2m
mainly Net result for the year (+€1.1m) and Other debts (+€459,695)
- Receivables within one year -€236,874
down €236,874 (-10.7%), from €2.2m to €2.0m
of which Trade receivables: -€185,862
- Profit (loss) carried forward +€591,061
up €591,061 (+27.6%), from -€2.1m to -€1.6m
- Other debts +€459,695
up €459,695 (+106.0%), from €433,727 to €893,422
- Tax, wage and social debts +€364,608
up €364,608 (+705.7%), from €51,668 to €416,276
of which Taxes: +€369,432
- Gross operating margin +€1.5m
up €1.5m (+493.3%), from €312,458 to €1.9m
- Taxes +€392,588
up €392,588 (+30686.8%), from €1,279 to €393,867
- Financial charges -€242,410
down €242,410 (-26.9%), from €901,961 to €659,551
of which Financial charges: -€471,377
- Financial income -€77,904
down €77,904 (-7.8%), from €996,611 to €918,706
of which Financial income: -€77,904
- Staff costs -€56,662
down €56,662 (-14.6%), from €388,346 to €331,684
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 | €12,715,296 | €14,212,190 | +€1.5m | +11.8% |
| Fixed assets | 21/28 | €4,475,552 | €4,387,167 | -€88,385 | -2.0% |
| Intangible fixed assets | 21 | €1,482 | €297 | -€1,185 | -80.0% |
| Tangible fixed assets | 22/27 | €2,302,525 | €2,215,326 | -€87,200 | -3.8% |
| Land and buildings | 22 | €2,272,387 | €2,141,800 | -€130,587 | -5.7% |
| Plant, machinery and equipment | 23 | €8,652 | €5,835 | -€2,817 | -32.6% |
| Furniture and vehicles | 24 | €21,486 | €67,690 | +€46,204 | +215.0% |
| Financial fixed assets | 28 | €2,171,544 | €2,171,544 | = | 0.0% |
| Current assets | 29/58 | €8,239,744 | €9,825,023 | +€1.6m | +19.2% |
| Stocks and contracts in progress | 3 | €10 | €10 | = | 0.0% |
| Stocks | 30/36 | €10 | €10 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,205,572 | €1,968,698 | -€236,874 | -10.7% |
| Trade receivables | 40 | €237,678 | €51,816 | -€185,862 | -78.2% |
| Other amounts receivable | 41 | €1,967,894 | €1,916,882 | -€51,012 | -2.6% |
| Current investments | 50/53 | €5,443,620 | €6,540,616 | +€1.1m | +20.2% |
| Cash at bank and in hand | 54/58 | €440,832 | €1,196,266 | +€755,434 | +171.4% |
| Deferred charges and accrued income | 490/1 | €149,711 | €119,433 | -€30,278 | -20.2% |
| Total equity and liabilities | 10/49 | €12,715,296 | €14,212,190 | +€1.5m | +11.8% |
| Equity | 10/15 | €3,354,159 | €3,944,487 | +€590,327 | +17.6% |
| Contributions | 10/11 | €5,322,002 | €5,322,002 | = | 0.0% |
| Capital | 10 | €5,322,002 | €5,322,002 | = | 0.0% |
| Issued capital | 100 | €5,322,002 | €5,322,002 | = | 0.0% |
| Reserves | 13 | €174,668 | €173,935 | -€734 | -0.4% |
| Non-distributable reserves | 130/1 | €169,104 | €169,104 | = | 0.0% |
| Legal reserve | 130 | €148,393 | €148,393 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,711 | €20,711 | = | 0.0% |
| Tax-exempt reserves | 132 | €734 | €0 | -€734 | -100.0% |
| Distributable reserves | 133 | €4,831 | €4,831 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,142,511 | -€1,551,450 | +€591,061 | +27.6% |
| Amounts payable | 17/49 | €9,361,137 | €10,267,703 | +€906,566 | +9.7% |
| Amounts payable after more than one year | 17 | €6,730,000 | €6,730,000 | = | 0.0% |
| Financial debts | 170/4 | €5,080,000 | €6,730,000 | +€1.7m | +32.5% |
| Trade debts | 175 | €1,650,000 | - | -€1.7m | |
| Amounts payable within one year | 42/48 | €560,399 | €1,336,618 | +€776,219 | +138.5% |
| Trade debts | 44 | €75,004 | €26,919 | -€48,084 | -64.1% |
| Suppliers | 440/4 | €75,004 | €26,919 | -€48,084 | -64.1% |
| Taxes, remuneration and social security | 45 | €51,668 | €416,276 | +€364,608 | +705.7% |
| Taxes | 450/3 | €873 | €370,305 | +€369,432 | +42314.2% |
| Remuneration and social security | 454/9 | €50,795 | €45,971 | -€4,824 | -9.5% |
| Other amounts payable | 47/48 | €433,727 | €893,422 | +€459,695 | +106.0% |
| Accrued charges and deferred income | 492/3 | €2,070,738 | €2,201,085 | +€130,347 | +6.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €388,346 | €331,684 | -€56,662 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,096 | €215,041 | +€3,945 | +1.9% |
| Other operating charges | 640/8 | €34,373 | €66,359 | +€31,986 | +93.1% |
| Gross operating margin | 9900 | €312,458 | €1,853,679 | +€1.5m | +493.3% |
| Operating profit (loss) | 9901 | -€321,357 | €1,240,595 | +€1.6m | |
| Financial income | 75/76B | €996,611 | €918,706 | -€77,904 | -7.8% |
| Recurring financial income | 75 | €996,611 | €918,706 | -€77,904 | -7.8% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €901,961 | €659,551 | -€242,410 | -26.9% |
| Recurring financial charges | 65 | €901,961 | €430,583 | -€471,377 | -52.3% |
| Non-recurring financial charges | 66B | - | €228,967 | +€228,967 | |
| Profit (loss) for the period before taxes | 9903 | -€226,707 | €1,499,750 | +€1.7m | |
| Income taxes | 67/77 | €1,279 | €393,867 | +€392,588 | +30686.8% |
| Profit (loss) for the period | 9904 | -€227,987 | €1,105,883 | +€1.3m | |
| Transfer from tax-exempt reserves | 789 | - | €734 | +€734 | |
| Profit (loss) for the period to be appropriated | 9905 | -€227,987 | €1,106,616 | +€1.3m |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.