CINAVET: 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.
CINAVET
Largest movements
- Cash +€83,245
up €83,245 (+226.9%), from €36,683 to €119,928
mainly Net result for the year (+€108,655) and Trade debts (+€34,160)
- Receivables within one year +€79,308
up €79,308 (+205.7%), from €38,562 to €117,871
- Stocks and contracts +€25,000
new in 2025: €25,000
- Tangible fixed assets -€8,360
down €8,360 (-14.7%), from €56,819 to €48,459
of which Plant, machinery and equipment: -€11,762
- Profit (loss) carried forward +€108,655
up €108,655 (+365.5%), from €29,724 to €138,379
- Trade debts +€34,160
up €34,160 (+64.8%), from €52,725 to €86,884
- Tax, wage and social debts +€33,860
up €33,860 (+246.8%), from €13,720 to €47,580
- Other debts +€7,654
up €7,654 (+82.1%), from €9,317 to €16,971
- Debts after one year -€4,972
down €4,972 (-31.0%), from €16,059 to €11,087
- Gross operating margin +€89,271
up €89,271 (+118.7%), from €75,224 to €164,494
- Taxes +€21,800
up €21,800 (+205.6%), from €10,606 to €32,405
- Depreciation -€8,148
down €8,148 (-37.3%), from €21,838 to €13,690
- Other operating charges -€2,020
down €2,020 (-32.6%), from €6,188 to €4,168
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 | €136,304 | €315,873 | +€179,570 | +131.7% |
| Fixed assets | 21/28 | €56,819 | €48,459 | -€8,360 | -14.7% |
| Tangible fixed assets | 22/27 | €56,819 | €48,459 | -€8,360 | -14.7% |
| Plant, machinery and equipment | 23 | €56,819 | €45,057 | -€11,762 | -20.7% |
| Furniture and vehicles | 24 | - | €3,402 | +€3,402 | |
| Current assets | 29/58 | €79,485 | €267,414 | +€187,929 | +236.4% |
| Stocks and contracts in progress | 3 | - | €25,000 | +€25,000 | |
| Stocks | 30/36 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €38,562 | €117,871 | +€79,308 | +205.7% |
| Trade receivables | 40 | €38,562 | €117,871 | +€79,308 | +205.7% |
| Cash at bank and in hand | 54/58 | €36,683 | €119,928 | +€83,245 | +226.9% |
| Deferred charges and accrued income | 490/1 | €4,240 | €4,615 | +€376 | +8.9% |
| Total equity and liabilities | 10/49 | €136,304 | €315,873 | +€179,570 | +131.7% |
| Equity | 10/15 | €39,724 | €148,379 | +€108,655 | +273.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,724 | €138,379 | +€108,655 | +365.5% |
| Amounts payable | 17/49 | €96,580 | €167,495 | +€70,915 | +73.4% |
| Amounts payable after more than one year | 17 | €16,059 | €11,087 | -€4,972 | -31.0% |
| Financial debts | 170/4 | €16,059 | €11,087 | -€4,972 | -31.0% |
| Amounts payable within one year | 42/48 | €80,521 | €156,408 | +€75,887 | +94.2% |
| Current portion of amounts payable after more than one year | 42 | €4,758 | €4,972 | +€214 | +4.5% |
| Trade debts | 44 | €52,725 | €86,884 | +€34,160 | +64.8% |
| Suppliers | 440/4 | €52,725 | €86,884 | +€34,160 | +64.8% |
| Taxes, remuneration and social security | 45 | €13,720 | €47,580 | +€33,860 | +246.8% |
| Taxes | 450/3 | €13,720 | €47,580 | +€33,860 | +246.8% |
| Other amounts payable | 47/48 | €9,317 | €16,971 | +€7,654 | +82.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,838 | €13,690 | -€8,148 | -37.3% |
| Other operating charges | 640/8 | €6,188 | €4,168 | -€2,020 | -32.6% |
| Gross operating margin | 9900 | €75,224 | €164,494 | +€89,271 | +118.7% |
| Operating profit (loss) | 9901 | €47,197 | €146,636 | +€99,439 | +210.7% |
| Financial charges | 65/66B | €6,868 | €5,576 | -€1,292 | -18.8% |
| Recurring financial charges | 65 | €6,868 | €5,576 | -€1,292 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €40,329 | €141,060 | +€100,731 | +249.8% |
| Income taxes | 67/77 | €10,606 | €32,405 | +€21,800 | +205.6% |
| Profit (loss) for the period | 9904 | €29,724 | €108,655 | +€78,931 | +265.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,724 | €108,655 | +€78,931 | +265.5% |
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 1 October 2026 via checked.be.