CIGAL: 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.
CIGAL
Largest movements
- Current investments +€1.1m
up €1.1m (+2242.4%), from €50,000 to €1.2m
- Cash +€187,354
up €187,354 (+784.0%), from €23,897 to €211,250
mainly Net result for the year (+€1.1m) and Tax, wage and social debts (+€111,948)
- Receivables within one year -€57,929
down €57,929 (-83.5%), from €69,347 to €11,418
of which Other amounts receivable: -€67,927
- Financial fixed assets -€16,000
no longer reported in 2025 (was €16,000)
- Reserves +€1.1m
up €1.1m (+1290.7%), from €86,792 to €1.2m
- Tax, wage and social debts +€111,948
up €111,948 (+807.5%), from €13,863 to €125,811
of which Taxes: +€111,778
- Gross operating margin +€1.2m
up €1.2m (+1958.9%), from €61,180 to €1.3m
- Taxes +€114,618
up €114,618 (+958.0%), from €11,964 to €126,582
- Financial charges +€15,143
up €15,143 (+955.4%), from €1,585 to €16,728
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 | €163,530 | €1,396,711 | +€1.2m | +754.1% |
| Fixed assets | 21/28 | €20,071 | €2,844 | -€17,227 | -85.8% |
| Intangible fixed assets | 21 | €3,214 | €2,179 | -€1,035 | -32.2% |
| Tangible fixed assets | 22/27 | €857 | €665 | -€192 | -22.4% |
| Plant, machinery and equipment | 23 | €857 | €665 | -€192 | -22.4% |
| Financial fixed assets | 28 | €16,000 | - | -€16,000 | |
| Current assets | 29/58 | €143,459 | €1,393,866 | +€1.3m | +871.6% |
| Amounts receivable within one year | 40/41 | €69,347 | €11,418 | -€57,929 | -83.5% |
| Trade receivables | 40 | €492 | €10,490 | +€9,998 | +2032.1% |
| Other amounts receivable | 41 | €68,855 | €928 | -€67,927 | -98.7% |
| Current investments | 50/53 | €50,000 | €1,171,198 | +€1.1m | +2242.4% |
| Cash at bank and in hand | 54/58 | €23,897 | €211,250 | +€187,354 | +784.0% |
| Deferred charges and accrued income | 490/1 | €215 | - | -€215 | |
| Total equity and liabilities | 10/49 | €163,530 | €1,396,711 | +€1.2m | +754.1% |
| Equity | 10/15 | €126,792 | €1,247,043 | +€1.1m | +883.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €86,792 | €1,207,043 | +€1.1m | +1290.7% |
| Distributable reserves | 133 | €86,792 | €1,207,043 | +€1.1m | +1290.7% |
| Amounts payable | 17/49 | €36,738 | €149,668 | +€112,930 | +307.4% |
| Amounts payable within one year | 42/48 | €36,738 | €149,668 | +€112,930 | +307.4% |
| Trade debts | 44 | €6,362 | €2,471 | -€3,891 | -61.2% |
| Suppliers | 440/4 | €6,362 | €2,471 | -€3,891 | -61.2% |
| Taxes, remuneration and social security | 45 | €13,863 | €125,811 | +€111,948 | +807.5% |
| Taxes | 450/3 | €12,365 | €124,143 | +€111,778 | +904.0% |
| Remuneration and social security | 454/9 | €1,498 | €1,668 | +€170 | +11.3% |
| Other amounts payable | 47/48 | €16,513 | €21,386 | +€4,873 | +29.5% |
| Non-recurring operating income | 76A | - | €1,176,730 | +€1.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,136 | €1,227 | +€90 | +7.9% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €61,180 | €1,259,623 | +€1.2m | +1958.9% |
| Operating profit (loss) | 9901 | €59,928 | €1,258,271 | +€1.2m | +1999.6% |
| Financial income | 75/76B | €215 | €5,290 | +€5,076 | +2365.5% |
| Recurring financial income | 75 | €215 | €5,290 | +€5,076 | +2365.5% |
| Financial charges | 65/66B | €1,585 | €16,728 | +€15,143 | +955.4% |
| Recurring financial charges | 65 | €1,585 | €16,728 | +€15,143 | +955.4% |
| Profit (loss) for the period before taxes | 9903 | €58,558 | €1,246,833 | +€1.2m | +2029.2% |
| Income taxes | 67/77 | €11,964 | €126,582 | +€114,618 | +958.0% |
| Profit (loss) for the period | 9904 | €46,594 | €1,120,251 | +€1.1m | +2304.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,594 | €1,120,251 | +€1.1m | +2304.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.