CIGLO: 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.
What changed
CIGLO
NACE 68.121, Development of residential building projects
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
-€84,616
2025 · -€288,317+€203,701
Equity
€15.8m
2025 · €15.9m-€84,616
Cash
€14,382
2025 · €13,502+€880
Balance sheet total
€19.2m
2025 · €19.4m-€186,832
Largest movements
Assets
- Tangible fixed assets -€219,513
down €219,513 (-1.2%), from €18.1m to €17.9m
of which Plant, machinery and equipment: -€135,274
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Other operating charges -€183,205
down €183,205 (-41.5%), from €441,026 to €257,821
- Gross operating margin +€99,408
up €99,408 (+32.6%), from €305,258 to €404,666
- Provisions +€90,630
up €90,630 (+36.7%), from -€247,275 to -€156,645
- Turnover +€81,179
up €81,179 (+7.3%), from €1.1m to €1.2m
- Purchases and services -€18,229
down €18,229 (-2.3%), from €801,452 to €783,223
From the 2025 result to the 2026 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.
Result 2025
-€288,317
Gross operating margin
+€99,408
Staff costs
+€7,710
Depreciation
-€2,142
Provisions
-€90,630
Other operating charges
+€183,205
Financial income
+€268
Financial charges
+€5,945
Taxes
-€41
Deferred taxes and other
-€21
Result 2026
-€84,616
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€9,914
Investment
-€65,212
Financing
+€56,178
Cash 2025
€13,502
From operations (derived)
+€9,914
Net result for the year
-€84,616
Depreciation
+€284,725
Receivables within one year
-€34,069
Deferred charges and accrued income
+€2,269
Provisions
-€175,984
Trade debts
-€119,006
Tax, wage and social debts
+€5,203
Other debts
+€130,526
Accrued charges and deferred income
+€866
Investment (derived)
-€65,212
Investment in fixed assets (net)
-€65,212
Financing
+€56,178
Debts after one year
+€5,228
Current portion of long-term debt
-€6,550
Short-term financial debts
+€57,500
Cash 2026
€14,382
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,434,929 | €19,248,097 | -€186,832 | -1.0% |
| Fixed assets | 21/28 | €18,089,976 | €17,870,463 | -€219,513 | -1.2% |
| Tangible fixed assets | 22/27 | €18,087,447 | €17,867,934 | -€219,513 | -1.2% |
| Land and buildings | 22 | €17,518,487 | €17,434,265 | -€84,222 | -0.5% |
| Plant, machinery and equipment | 23 | €568,943 | €433,669 | -€135,274 | -23.8% |
| Other tangible fixed assets | 26 | €17 | €0 | -€16 | -99.8% |
| Financial fixed assets | 28 | €2,529 | €2,529 | = | 0.0% |
| Current assets | 29/58 | €1,344,953 | €1,377,633 | +€32,681 | +2.4% |
| Amounts receivable within one year | 40/41 | €1,282,417 | €1,316,487 | +€34,069 | +2.7% |
| Trade receivables | 40 | €184,429 | €163,460 | -€20,969 | -11.4% |
| Other amounts receivable | 41 | €1,097,988 | €1,153,027 | +€55,038 | +5.0% |
| Cash at bank and in hand | 54/58 | €13,502 | €14,382 | +€880 | +6.5% |
| Deferred charges and accrued income | 490/1 | €49,033 | €46,764 | -€2,269 | -4.6% |
| Total equity and liabilities | 10/49 | €19,434,929 | €19,248,097 | -€186,832 | -1.0% |
| Equity | 10/15 | €15,851,495 | €15,766,879 | -€84,616 | -0.5% |
| Contributions | 10/11 | €836,097 | €836,097 | = | 0.0% |
| Revaluation surpluses | 12 | €14,873,611 | €14,873,611 | = | 0.0% |
| Reserves | 13 | €75,749 | €38,144 | -€37,605 | -49.6% |
| Non-distributable reserves | 130/1 | €11,230 | €11,230 | = | 0.0% |
| Other | 1319 | €11,230 | €11,230 | = | 0.0% |
| Tax-exempt reserves | 132 | €64,518 | €26,914 | -€37,605 | -58.3% |
| Profit (loss) carried forward | 14 | €66,037 | €19,027 | -€47,011 | -71.2% |
| Provisions and deferred taxes | 16 | €184,483 | €8,498 | -€175,984 | -95.4% |
| Provisions for liabilities and charges | 160/5 | €156,645 | - | -€156,645 | |
| Environmental obligations | 163 | €156,645 | - | -€156,645 | |
| Deferred taxes | 168 | €27,838 | €8,498 | -€19,339 | -69.5% |
| Amounts payable | 17/49 | €3,398,952 | €3,472,719 | +€73,767 | +2.2% |
| Amounts payable after more than one year | 17 | €2,970,523 | €2,975,751 | +€5,228 | +0.2% |
| Financial debts | 170/4 | €2,908,950 | €2,975,751 | +€66,802 | +2.3% |
| Other amounts payable | 178/9 | €61,574 | - | -€61,574 | |
| Amounts payable within one year | 42/48 | €384,505 | €452,179 | +€67,674 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €98,899 | €92,350 | -€6,550 | -6.6% |
| Financial debts | 43 | - | €57,500 | +€57,500 | |
| Credit institutions | 430/8 | - | €57,500 | +€57,500 | |
| Trade debts | 44 | €245,161 | €126,156 | -€119,006 | -48.5% |
| Suppliers | 440/4 | €245,161 | €126,156 | -€119,006 | -48.5% |
| Taxes, remuneration and social security | 45 | €542 | €5,745 | +€5,203 | +960.7% |
| Taxes | 450/3 | €542 | €5,745 | +€5,203 | +960.7% |
| Other amounts payable | 47/48 | €39,903 | €170,429 | +€130,526 | +327.1% |
| Accrued charges and deferred income | 492/3 | €43,923 | €44,789 | +€866 | +2.0% |
| Turnover | 70 | €1,106,710 | €1,187,888 | +€81,179 | +7.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €801,452 | €783,223 | -€18,229 | -2.3% |
| Remuneration, social security and pensions | 62 | €7,710 | - | -€7,710 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282,583 | €284,725 | +€2,142 | +0.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€247,275 | -€156,645 | +€90,630 | +36.7% |
| Other operating charges | 640/8 | €441,026 | €257,821 | -€183,205 | -41.5% |
| Gross operating margin | 9900 | €305,258 | €404,666 | +€99,408 | +32.6% |
| Operating profit (loss) | 9901 | -€178,786 | €18,764 | +€197,551 | |
| Financial income | 75/76B | €16,166 | €16,434 | +€268 | +1.7% |
| Recurring financial income | 75 | €16,166 | €16,434 | +€268 | +1.7% |
| Financial charges | 65/66B | €145,057 | €139,112 | -€5,945 | -4.1% |
| Recurring financial charges | 65 | €145,057 | €139,112 | -€5,945 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | -€307,677 | -€103,913 | +€203,764 | +66.2% |
| Transfer from deferred taxes | 780 | €19,360 | €19,339 | -€21 | -0.1% |
| Income taxes | 67/77 | - | €41 | +€41 | |
| Profit (loss) for the period | 9904 | -€288,317 | -€84,616 | +€203,701 | +70.7% |
| Transfer from tax-exempt reserves | 789 | €37,582 | €37,605 | +€23 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€250,735 | -€47,011 | +€203,725 | +81.3% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.