CINAF: 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.
CINAF
Largest movements
- Tangible fixed assets -€21,847
down €21,847 (-6.2%), from €353,501 to €331,655
- Cash +€20,682
up €20,682 (+74.1%), from €27,908 to €48,590
mainly Depreciation (+€21,847) and Other debts (+€7,943)
- Profit (loss) carried forward -€13,613
down €13,613 (-4.4%), from -€309,225 to -€322,839
- Other debts +€7,943
up €7,943 (+1.4%), from €548,695 to €556,637
- Gross operating margin +€36,984
up €36,984, from -€3,168 to €33,816
- Depreciation -€4,529
down €4,529 (-17.2%), from €26,376 to €21,847
- Financial charges -€1,734
down €1,734 (-11.4%), from €15,214 to €13,480
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 | €681,500 | €680,335 | -€1,165 | -0.2% |
| Fixed assets | 21/28 | €653,501 | €631,655 | -€21,847 | -3.3% |
| Tangible fixed assets | 22/27 | €353,501 | €331,655 | -€21,847 | -6.2% |
| Land and buildings | 22 | €353,501 | €331,655 | -€21,847 | -6.2% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €27,999 | €48,681 | +€20,682 | +73.9% |
| Amounts receivable within one year | 40/41 | €91 | €91 | = | 0.0% |
| Other amounts receivable | 41 | €91 | €91 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,908 | €48,590 | +€20,682 | +74.1% |
| Total equity and liabilities | 10/49 | €681,500 | €680,335 | -€1,165 | -0.2% |
| Equity | 10/15 | €128,926 | €115,313 | -€13,613 | -10.6% |
| Contributions | 10/11 | €437,532 | €437,532 | = | 0.0% |
| Capital | 10 | €437,532 | €437,532 | = | 0.0% |
| Issued capital | 100 | €437,532 | €437,532 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€309,225 | -€322,839 | -€13,613 | -4.4% |
| Amounts payable | 17/49 | €552,574 | €565,022 | +€12,448 | +2.3% |
| Amounts payable within one year | 42/48 | €552,574 | €565,022 | +€12,448 | +2.3% |
| Trade debts | 44 | €3,879 | €8,385 | +€4,506 | +116.1% |
| Suppliers | 440/4 | €3,879 | €8,385 | +€4,506 | +116.1% |
| Other amounts payable | 47/48 | €548,695 | €556,637 | +€7,943 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,376 | €21,847 | -€4,529 | -17.2% |
| Other operating charges | 640/8 | €11,923 | €12,188 | +€265 | +2.2% |
| Gross operating margin | 9900 | -€3,168 | €33,816 | +€36,984 | |
| Operating profit (loss) | 9901 | -€41,466 | -€219 | +€41,248 | +99.5% |
| Financial income | 75/76B | €115 | €85 | -€30 | -25.8% |
| Recurring financial income | 75 | €115 | €85 | -€30 | -25.8% |
| Financial charges | 65/66B | €15,214 | €13,480 | -€1,734 | -11.4% |
| Recurring financial charges | 65 | €15,214 | €13,480 | -€1,734 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | -€56,566 | -€13,613 | +€42,953 | +75.9% |
| Income taxes | 67/77 | €34 | - | -€34 | |
| Profit (loss) for the period | 9904 | -€56,600 | -€13,613 | +€42,987 | +75.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,600 | -€13,613 | +€42,987 | +75.9% |
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 10 October 2026 via checked.be.