CIFEC: 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.
CIFEC
Largest movements
- Financial fixed assets +€26,500
up €26,500 (+67.5%), from €39,275 to €65,774
- Cash -€23,614
down €23,614 (-49.2%), from €48,004 to €24,390
mainly Investment in fixed assets (net) (-€26,500) and Tax, wage and social debts (-€15,945)
- Tangible fixed assets -€16,042
down €16,042 (-44.8%), from €35,798 to €19,756
of which Leasing and similar rights: -€15,850
- Tax, wage and social debts -€15,945
down €15,945 (-57.6%), from €27,682 to €11,737
- Trade debts +€7,334
up €7,334 (+145%), from €5,072 to €12,406
- Debts after one year -€7,147
down €7,147 (-35.0%), from €20,441 to €13,294
- Gross operating margin -€28,494
down €28,494 (-60.2%), from €47,305 to €18,811
- Taxes -€8,555
down €8,555 (-87.0%), from €9,838 to €1,283
- Financial income +€737
up €737 (+13,646%), from €5 to €742
of which Financial income: +€737
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 | €203,314 | €188,879 | -€14,436 | -7.1% |
| Fixed assets | 21/28 | €75,072 | €85,530 | +€10,458 | +13.9% |
| Tangible fixed assets | 22/27 | €35,798 | €19,756 | -€16,042 | -44.8% |
| Leasing and similar rights | 25 | €33,133 | €17,283 | -€15,850 | -47.8% |
| Other tangible fixed assets | 26 | €2,665 | €2,473 | -€192 | -7.2% |
| Financial fixed assets | 28 | €39,275 | €65,774 | +€26,500 | +67.5% |
| Current assets | 29/58 | €128,242 | €103,348 | -€24,894 | -19.4% |
| Amounts receivable within one year | 40/41 | €8,657 | €7,010 | -€1,647 | -19.0% |
| Trade receivables | 40 | €8,657 | €7,010 | -€1,647 | -19.0% |
| Current investments | 50/53 | €71,000 | €71,519 | +€520 | +0.7% |
| Cash at bank and in hand | 54/58 | €48,004 | €24,390 | -€23,614 | -49.2% |
| Deferred charges and accrued income | 490/1 | €581 | €429 | -€152 | -26.2% |
| Total equity and liabilities | 10/49 | €203,314 | €188,879 | -€14,436 | -7.1% |
| Equity | 10/15 | €134,960 | €135,015 | +€56 | 0.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €68,492 | €68,492 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,765 | €10,765 | = | 0.0% |
| Distributable reserves | 133 | €57,727 | €57,727 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,068 | €54,124 | +€56 | +0.1% |
| Amounts payable | 17/49 | €68,355 | €53,863 | -€14,491 | -21.2% |
| Amounts payable after more than one year | 17 | €20,441 | €13,294 | -€7,147 | -35.0% |
| Financial debts | 170/4 | €20,441 | €13,294 | -€7,147 | -35.0% |
| Amounts payable within one year | 42/48 | €47,913 | €40,569 | -€7,344 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €6,746 | €7,147 | +€401 | +5.9% |
| Trade debts | 44 | €5,072 | €12,406 | +€7,334 | +145% |
| Suppliers | 440/4 | €5,072 | €12,406 | +€7,334 | +145% |
| Taxes, remuneration and social security | 45 | €27,682 | €11,737 | -€15,945 | -57.6% |
| Taxes | 450/3 | €27,682 | €11,737 | -€15,945 | -57.6% |
| Other amounts payable | 47/48 | €8,414 | €9,279 | +€865 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,042 | €16,042 | = | 0.0% |
| Other operating charges | 640/8 | €536 | €731 | +€195 | +36.4% |
| Gross operating margin | 9900 | €47,305 | €18,811 | -€28,494 | -60.2% |
| Operating profit (loss) | 9901 | €30,727 | €2,038 | -€28,689 | -93.4% |
| Financial income | 75/76B | €5 | €742 | +€737 | +13,646% |
| Recurring financial income | 75 | €5 | €742 | +€737 | +13,646% |
| Non-recurring financial income | 76B | €5 | - | -€5 | |
| Financial charges | 65/66B | €1,855 | €1,441 | -€414 | -22.3% |
| Recurring financial charges | 65 | €1,855 | €1,441 | -€414 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €28,877 | €1,339 | -€27,538 | -95.4% |
| Income taxes | 67/77 | €9,838 | €1,283 | -€8,555 | -87.0% |
| Profit (loss) for the period | 9904 | €19,039 | €56 | -€18,983 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,039 | €56 | -€18,983 | -99.7% |
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 27 October 2026 via checked.be.