CIGISO-management: 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.
CIGISO-management
Largest movements
- Cash +€84,286
up €84,286 (+18.5%), from €456,388 to €540,675
mainly Net result for the year (+€97,340) and Depreciation (+€62,796)
- Receivables within one year +€46,387
up €46,387 (+116%), from €39,973 to €86,360
of which Trade receivables: +€68,432
- Tangible fixed assets -€22,665
down €22,665 (-3.2%), from €713,404 to €690,739
of which Furniture and vehicles: -€25,535
- Reserves +€97,312
up €97,312 (+13.7%), from €710,859 to €808,171
of which Distributable reserves: +€102,850
- Other debts +€23,973
up €23,973 (+10.8%), from €222,148 to €246,121
- Short-term financial debts +€15,111
up €15,111 (+260%), from €5,803 to €20,915
- Debts after one year -€15,000
no longer reported in 2025 (was €15,000)
- Gross operating margin +€111,757
up €111,757 (+95.1%), from €117,513 to €229,270
- Taxes +€36,340
up €36,340 (+223%), from €16,286 to €52,626
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 | €1,212,861 | €1,319,853 | +€106,992 | +8.8% |
| Fixed assets | 21/28 | €713,404 | €690,739 | -€22,665 | -3.2% |
| Tangible fixed assets | 22/27 | €713,404 | €690,739 | -€22,665 | -3.2% |
| Land and buildings | 22 | €535,666 | €538,536 | +€2,870 | +0.5% |
| Furniture and vehicles | 24 | €177,738 | €152,203 | -€25,535 | -14.4% |
| Current assets | 29/58 | €499,457 | €629,114 | +€129,657 | +26.0% |
| Amounts receivable within one year | 40/41 | €39,973 | €86,360 | +€46,387 | +116% |
| Trade receivables | 40 | €5,338 | €73,769 | +€68,432 | +1,282% |
| Other amounts receivable | 41 | €34,635 | €12,590 | -€22,045 | -63.6% |
| Cash at bank and in hand | 54/58 | €456,388 | €540,675 | +€84,286 | +18.5% |
| Deferred charges and accrued income | 490/1 | €3,096 | €2,080 | -€1,016 | -32.8% |
| Total equity and liabilities | 10/49 | €1,212,861 | €1,319,853 | +€106,992 | +8.8% |
| Equity | 10/15 | €837,966 | €935,306 | +€97,340 | +11.6% |
| Contributions | 10/11 | €99,750 | €99,750 | = | 0.0% |
| Reserves | 13 | €710,859 | €808,171 | +€97,312 | +13.7% |
| Tax-exempt reserves | 132 | €139,834 | €134,296 | -€5,538 | -4.0% |
| Distributable reserves | 133 | €571,025 | €673,875 | +€102,850 | +18.0% |
| Profit (loss) carried forward | 14 | €27,357 | €27,384 | +€28 | +0.1% |
| Provisions and deferred taxes | 16 | €46,611 | €44,765 | -€1,846 | -4.0% |
| Deferred taxes | 168 | €46,611 | €44,765 | -€1,846 | -4.0% |
| Amounts payable | 17/49 | €328,284 | €339,782 | +€11,498 | +3.5% |
| Amounts payable after more than one year | 17 | €15,000 | - | -€15,000 | |
| Financial debts | 170/4 | €15,000 | - | -€15,000 | |
| Amounts payable within one year | 42/48 | €303,113 | €330,448 | +€27,334 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €15,000 | = | 0.0% |
| Financial debts | 43 | €5,803 | €20,915 | +€15,111 | +260% |
| Credit institutions | 430/8 | €5,803 | €20,915 | +€15,111 | +260% |
| Trade debts | 44 | €25,763 | €15,575 | -€10,188 | -39.5% |
| Suppliers | 440/4 | €25,763 | €15,575 | -€10,188 | -39.5% |
| Taxes, remuneration and social security | 45 | €34,399 | €32,837 | -€1,562 | -4.5% |
| Taxes | 450/3 | €34,399 | €32,837 | -€1,562 | -4.5% |
| Other amounts payable | 47/48 | €222,148 | €246,121 | +€23,973 | +10.8% |
| Accrued charges and deferred income | 492/3 | €10,171 | €9,334 | -€836 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,550 | €62,796 | +€1,246 | +2.0% |
| Other operating charges | 640/8 | €7,424 | €6,869 | -€555 | -7.5% |
| Gross operating margin | 9900 | €117,513 | €229,270 | +€111,757 | +95.1% |
| Operating profit (loss) | 9901 | €48,539 | €159,605 | +€111,066 | +229% |
| Financial income | 75/76B | €2,143 | €1 | -€2,143 | -100.0% |
| Recurring financial income | 75 | €2,143 | €1 | -€2,143 | -100.0% |
| Financial charges | 65/66B | €13,064 | €11,486 | -€1,578 | -12.1% |
| Recurring financial charges | 65 | €13,064 | €11,486 | -€1,578 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €37,619 | €148,120 | +€110,501 | +294% |
| Transfer from deferred taxes | 780 | €1,846 | €1,846 | = | 0.0% |
| Income taxes | 67/77 | €16,286 | €52,626 | +€36,340 | +223% |
| Profit (loss) for the period | 9904 | €23,179 | €97,340 | +€74,161 | +320% |
| Transfer from tax-exempt reserves | 789 | €5,538 | €5,538 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,717 | €102,878 | +€74,161 | +258% |
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 25 October 2026 via checked.be.