CIKOREI: 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.
What changed
CIKOREI
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,405
2024 · -€5,167+€18,572
Equity
€1.6m
2024 · €1.6m+€9,405
Cash
€79,074
2024 · €37,201+€41,872
Balance sheet total
€2.6m
2024 · €2.6m-€55,006
Largest movements
Assets
- Tangible fixed assets -€95,602
down €95,602 (-3.7%), from €2.6m to €2.5m
of which Land and buildings: -€86,849
- Cash +€41,872
up €41,872 (+113%), from €37,201 to €79,074
mainly Depreciation (+€107,313) and Net result for the year (+€13,405)
Equity and liabilities
- Debts after one year -€49,651
down €49,651 (-14.8%), from €336,101 to €286,450
Income statement
- Gross operating margin +€13,998
up €13,998 (+10.1%), from €138,021 to €152,019
- Depreciation -€4,606
down €4,606 (-4.1%), from €111,919 to €107,313
- Taxes +€3,935
up €3,935 (+86.3%), from €4,559 to €8,494
- Financial charges -€1,821
down €1,821 (-13.4%), from €13,555 to €11,734
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.
Result 2024
-€5,167
Gross operating margin
+€13,998
Depreciation
+€4,606
Other operating charges
-€963
Other operating items
+€3,037
Financial income
+€16
Financial charges
+€1,821
Taxes
-€3,935
Deferred taxes and other
-€9
Result 2025
€13,405
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€113,586
Investment
-€11,711
Financing
-€60,002
Cash 2024
€37,201
From operations (derived)
+€113,586
Net result for the year
+€13,405
Depreciation
+€107,313
Receivables within one year
+€3,284
Deferred charges and accrued income
-€2,007
Provisions
-€7,276
Trade debts
-€606
Tax, wage and social debts
+€277
Other debts
-€2,452
Accrued charges and deferred income
+€1,649
Investment (derived)
-€11,711
Investment in fixed assets (net)
-€11,711
Financing
-€60,002
Debts after one year
-€49,651
Current portion of long-term debt
-€6,352
Contributions, distributions and other
-€4,000
Cash 2025
€79,074
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,635,401 | €2,580,395 | -€55,006 | -2.1% |
| Fixed assets | 21/28 | €2,582,075 | €2,486,473 | -€95,602 | -3.7% |
| Tangible fixed assets | 22/27 | €2,582,025 | €2,486,423 | -€95,602 | -3.7% |
| Land and buildings | 22 | €2,506,007 | €2,419,159 | -€86,849 | -3.5% |
| Plant, machinery and equipment | 23 | €4,994 | €4,266 | -€728 | -14.6% |
| Furniture and vehicles | 24 | €71,024 | €62,998 | -€8,025 | -11.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €53,326 | €93,922 | +€40,596 | +76.1% |
| Amounts receivable within one year | 40/41 | €11,054 | €7,770 | -€3,284 | -29.7% |
| Trade receivables | 40 | €3,573 | €7,206 | +€3,633 | +102% |
| Other amounts receivable | 41 | €7,481 | €564 | -€6,916 | -92.5% |
| Cash at bank and in hand | 54/58 | €37,201 | €79,074 | +€41,872 | +113% |
| Deferred charges and accrued income | 490/1 | €5,071 | €7,078 | +€2,007 | +39.6% |
| Total equity and liabilities | 10/49 | €2,635,401 | €2,580,395 | -€55,006 | -2.1% |
| Equity | 10/15 | €1,579,949 | €1,589,353 | +€9,405 | +0.6% |
| Contributions | 10/11 | €873,601 | €873,601 | = | 0.0% |
| Reserves | 13 | €706,000 | €715,000 | +€9,000 | +1.3% |
| Tax-exempt reserves | 132 | €408,451 | €386,623 | -€21,828 | -5.3% |
| Distributable reserves | 133 | €297,549 | €328,377 | +€30,828 | +10.4% |
| Profit (loss) carried forward | 14 | €348 | €752 | +€405 | +116% |
| Provisions and deferred taxes | 16 | €136,123 | €128,847 | -€7,276 | -5.3% |
| Deferred taxes | 168 | €136,123 | €128,847 | -€7,276 | -5.3% |
| Amounts payable | 17/49 | €919,330 | €862,195 | -€57,134 | -6.2% |
| Amounts payable after more than one year | 17 | €336,101 | €286,450 | -€49,651 | -14.8% |
| Financial debts | 170/4 | €336,101 | €286,450 | -€49,651 | -14.8% |
| Amounts payable within one year | 42/48 | €575,227 | €566,095 | -€9,132 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €56,005 | €49,653 | -€6,352 | -11.3% |
| Trade debts | 44 | €606 | - | -€606 | |
| Suppliers | 440/4 | €606 | - | -€606 | |
| Taxes, remuneration and social security | 45 | €5,053 | €5,329 | +€277 | +5.5% |
| Taxes | 450/3 | €5,053 | €5,329 | +€277 | +5.5% |
| Other amounts payable | 47/48 | €513,564 | €511,112 | -€2,452 | -0.5% |
| Accrued charges and deferred income | 492/3 | €8,002 | €9,650 | +€1,649 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,919 | €107,313 | -€4,606 | -4.1% |
| Other operating charges | 640/8 | €17,558 | €18,521 | +€963 | +5.5% |
| Non-recurring operating charges | 66A | €3,037 | - | -€3,037 | |
| Gross operating margin | 9900 | €138,021 | €152,019 | +€13,998 | +10.1% |
| Operating profit (loss) | 9901 | €5,508 | €26,186 | +€20,678 | +375% |
| Financial income | 75/76B | €155 | €171 | +€16 | +10.6% |
| Recurring financial income | 75 | €155 | €171 | +€16 | +10.6% |
| Financial charges | 65/66B | €13,555 | €11,734 | -€1,821 | -13.4% |
| Recurring financial charges | 65 | €13,555 | €11,734 | -€1,821 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,893 | €14,623 | +€22,516 | |
| Transfer from deferred taxes | 780 | €7,285 | €7,276 | -€9 | -0.1% |
| Income taxes | 67/77 | €4,559 | €8,494 | +€3,935 | +86.3% |
| Profit (loss) for the period | 9904 | -€5,167 | €13,405 | +€18,572 | |
| Transfer from tax-exempt reserves | 789 | €21,854 | €21,828 | -€26 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,686 | €35,233 | +€18,546 | +111% |
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 15 October 2026 via checked.be.