CIGEST: 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.
CIGEST
Largest movements
- Receivables within one year +€69,460
up €69,460 (+49.6%), from €139,984 to €209,444
of which Trade receivables: +€42,075
- Tangible fixed assets -€23,303
down €23,303 (-41.6%), from €55,983 to €32,680
of which Land and buildings: -€13,388
- Cash -€8,759
down €8,759 (-3.8%), from €227,871 to €219,112
mainly Receivables within one year (-€69,460) and Debts after one year (-€7,614)
- Deferred charges and accrued income -€5,497
down €5,497 (-65.3%), from €8,422 to €2,925
- Reserves +€26,024
up €26,024 (+7.5%), from €348,915 to €374,939
- Trade debts +€12,962
up €12,962 (+347.8%), from €3,727 to €16,689
- Debts after one year -€7,614
down €7,614 (-62.9%), from €12,111 to €4,497
- Gross operating margin -€101,519
down €101,519 (-61.4%), from €165,409 to €63,890
- Taxes -€32,517
down €32,517 (-71.4%), from €45,565 to €13,049
- Depreciation +€3,724
up €3,724 (+19.0%), from €19,579 to €23,303
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 | €432,260 | €464,161 | +€31,901 | +7.4% |
| Fixed assets | 21/28 | €55,983 | €32,680 | -€23,303 | -41.6% |
| Tangible fixed assets | 22/27 | €55,983 | €32,680 | -€23,303 | -41.6% |
| Land and buildings | 22 | €13,388 | €0 | -€13,388 | -100.0% |
| Plant, machinery and equipment | 23 | €815 | €425 | -€390 | -47.8% |
| Furniture and vehicles | 24 | €32,645 | €25,322 | -€7,324 | -22.4% |
| Other tangible fixed assets | 26 | €9,134 | €6,933 | -€2,201 | -24.1% |
| Current assets | 29/58 | €376,277 | €431,481 | +€55,204 | +14.7% |
| Amounts receivable within one year | 40/41 | €139,984 | €209,444 | +€69,460 | +49.6% |
| Trade receivables | 40 | €139,954 | €182,029 | +€42,075 | +30.1% |
| Other amounts receivable | 41 | €30 | €27,415 | +€27,385 | +91283.8% |
| Cash at bank and in hand | 54/58 | €227,871 | €219,112 | -€8,759 | -3.8% |
| Deferred charges and accrued income | 490/1 | €8,422 | €2,925 | -€5,497 | -65.3% |
| Total equity and liabilities | 10/49 | €432,260 | €464,161 | +€31,901 | +7.4% |
| Equity | 10/15 | €367,515 | €393,539 | +€26,024 | +7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €348,915 | €374,939 | +€26,024 | +7.5% |
| Distributable reserves | 133 | €348,915 | €374,939 | +€26,024 | +7.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €64,745 | €70,621 | +€5,877 | +9.1% |
| Amounts payable after more than one year | 17 | €12,111 | €4,497 | -€7,614 | -62.9% |
| Financial debts | 170/4 | €12,111 | €4,497 | -€7,614 | -62.9% |
| Amounts payable within one year | 42/48 | €52,634 | €66,125 | +€13,491 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | €7,496 | €7,614 | +€118 | +1.6% |
| Trade debts | 44 | €3,727 | €16,689 | +€12,962 | +347.8% |
| Suppliers | 440/4 | €3,727 | €16,689 | +€12,962 | +347.8% |
| Taxes, remuneration and social security | 45 | €10,608 | €11,327 | +€720 | +6.8% |
| Taxes | 450/3 | €7,135 | €8,001 | +€866 | +12.1% |
| Remuneration and social security | 454/9 | €3,472 | €3,326 | -€146 | -4.2% |
| Other amounts payable | 47/48 | €30,803 | €30,494 | -€309 | -1.0% |
| Non-recurring operating income | 76A | €100 | €0 | -€100 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,579 | €23,303 | +€3,724 | +19.0% |
| Other operating charges | 640/8 | €2,108 | €2,217 | +€109 | +5.2% |
| Gross operating margin | 9900 | €165,409 | €63,890 | -€101,519 | -61.4% |
| Operating profit (loss) | 9901 | €143,722 | €38,370 | -€105,352 | -73.3% |
| Financial income | 75/76B | €966 | €1,974 | +€1,007 | +104.2% |
| Recurring financial income | 75 | €966 | €1,974 | +€1,007 | +104.2% |
| Financial charges | 65/66B | €1,173 | €1,271 | +€97 | +8.3% |
| Recurring financial charges | 65 | €1,018 | €1,271 | +€253 | +24.8% |
| Non-recurring financial charges | 66B | €155 | - | -€155 | |
| Profit (loss) for the period before taxes | 9903 | €143,515 | €39,073 | -€104,442 | -72.8% |
| Income taxes | 67/77 | €45,565 | €13,049 | -€32,517 | -71.4% |
| Profit (loss) for the period | 9904 | €97,950 | €26,024 | -€71,926 | -73.4% |
| Profit (loss) for the period to be appropriated | 9905 | €97,950 | €26,024 | -€71,926 | -73.4% |
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.