CIGALINE: 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.
CIGALINE
Largest movements
- Receivables within one year +€236,168
up €236,168 (+48.4%), from €488,408 to €724,576
of which Trade receivables: +€119,589
- Cash -€228,124
down €228,124 (-27.3%), from €836,603 to €608,479
mainly Contributions, distributions and other (-€375,000) and Receivables within one year (-€236,168)
- Formation expenses -€27,432
down €27,432 (-28.4%), from €96,642 to €69,209
- Other debts +€332,495
up €332,495 (+74.4%), from €447,026 to €779,520
- Profit (loss) carried forward -€173,253
down €173,253 (-34.3%), from €505,726 to €332,473
- Short-term financial debts -€129,365
down €129,365 (-68.9%), from €187,882 to €58,517
- Debts after one year -€27,754
down €27,754 (-100.0%), from €27,754 to €0
- Current portion of long-term debt -€27,179
down €27,179 (-49.5%), from €54,933 to €27,754
- Gross operating margin -€100,807
down €100,807 (-3.8%), from €2.7m to €2.6m
- Taxes -€81,173
down €81,173 (-70.3%), from €115,407 to €34,233
- Staff costs +€56,884
up €56,884 (+2.6%), from €2.1m to €2.2m
- Write-downs +€34,821
up €34,821, from -€25,428 to €9,393
- Other operating charges +€29,694
up €29,694 (+151.7%), from €19,580 to €49,273
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 | €1,729,909 | €1,721,150 | -€8,760 | -0.5% |
| Formation expenses | 20 | €96,642 | €69,209 | -€27,432 | -28.4% |
| Fixed assets | 21/28 | €300,838 | €313,856 | +€13,018 | +4.3% |
| Intangible fixed assets | 21 | - | €9,080 | +€9,080 | |
| Tangible fixed assets | 22/27 | €299,290 | €303,228 | +€3,938 | +1.3% |
| Land and buildings | 22 | €231,656 | €223,813 | -€7,843 | -3.4% |
| Plant, machinery and equipment | 23 | €4,759 | €8,527 | +€3,767 | +79.2% |
| Furniture and vehicles | 24 | €7,382 | €10,876 | +€3,494 | +47.3% |
| Other tangible fixed assets | 26 | €55,493 | €60,013 | +€4,520 | +8.1% |
| Financial fixed assets | 28 | €1,548 | €1,548 | = | 0.0% |
| Current assets | 29/58 | €1,332,429 | €1,338,084 | +€5,655 | +0.4% |
| Amounts receivable within one year | 40/41 | €488,408 | €724,576 | +€236,168 | +48.4% |
| Trade receivables | 40 | €417,331 | €536,919 | +€119,589 | +28.7% |
| Other amounts receivable | 41 | €71,077 | €187,656 | +€116,579 | +164.0% |
| Cash at bank and in hand | 54/58 | €836,603 | €608,479 | -€228,124 | -27.3% |
| Deferred charges and accrued income | 490/1 | €7,418 | €5,030 | -€2,389 | -32.2% |
| Total equity and liabilities | 10/49 | €1,729,909 | €1,721,150 | -€8,760 | -0.5% |
| Equity | 10/15 | €519,986 | €346,733 | -€173,253 | -33.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €505,726 | €332,473 | -€173,253 | -34.3% |
| Amounts payable | 17/49 | €1,209,923 | €1,374,417 | +€164,493 | +13.6% |
| Amounts payable after more than one year | 17 | €27,754 | €0 | -€27,754 | -100.0% |
| Financial debts | 170/4 | €27,754 | €0 | -€27,754 | -100.0% |
| Amounts payable within one year | 42/48 | €1,182,139 | €1,374,356 | +€192,217 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €54,933 | €27,754 | -€27,179 | -49.5% |
| Financial debts | 43 | €187,882 | €58,517 | -€129,365 | -68.9% |
| Other loans | 439 | €187,882 | €58,517 | -€129,365 | -68.9% |
| Trade debts | 44 | €107,878 | €114,385 | +€6,507 | +6.0% |
| Suppliers | 440/4 | €107,878 | €114,385 | +€6,507 | +6.0% |
| Taxes, remuneration and social security | 45 | €384,421 | €394,180 | +€9,759 | +2.5% |
| Taxes | 450/3 | €30,022 | €28,479 | -€1,543 | -5.1% |
| Remuneration and social security | 454/9 | €354,399 | €365,701 | +€11,302 | +3.2% |
| Other amounts payable | 47/48 | €447,026 | €779,520 | +€332,495 | +74.4% |
| Accrued charges and deferred income | 492/3 | €30 | €60 | +€31 | +102.5% |
| Remuneration, social security and pensions | 62 | €2,147,062 | €2,203,947 | +€56,884 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,816 | €58,716 | -€24,100 | -29.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,428 | €9,393 | +€34,821 | |
| Other operating charges | 640/8 | €19,580 | €49,273 | +€29,694 | +151.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,668,033 | €2,567,226 | -€100,807 | -3.8% |
| Operating profit (loss) | 9901 | €444,003 | €245,897 | -€198,106 | -44.6% |
| Financial income | 75/76B | €418 | €3,956 | +€3,538 | +845.8% |
| Recurring financial income | 75 | €418 | €3,956 | +€3,538 | +845.8% |
| Financial charges | 65/66B | €22,533 | €13,873 | -€8,660 | -38.4% |
| Recurring financial charges | 65 | €22,533 | €13,873 | -€8,660 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €421,888 | €235,980 | -€185,908 | -44.1% |
| Income taxes | 67/77 | €115,407 | €34,233 | -€81,173 | -70.3% |
| Profit (loss) for the period | 9904 | €306,482 | €201,747 | -€104,735 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €306,482 | €201,747 | -€104,735 | -34.2% |
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 8 October 2026 via checked.be.