CINPANIN: 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.
CINPANIN
Largest movements
- Tangible fixed assets -€24,717
down €24,717 (-4.1%), from €604,108 to €579,392
of which Land and buildings: -€24,624
- Cash -€18,021
down €18,021 (-34.3%), from €52,557 to €34,537
mainly Debts after one year (-€137,683) and Investment in fixed assets (net) (-€3,613)
- Debts after one year -€137,683
down €137,683 (-39.0%), from €352,736 to €215,053
- Other debts +€80,298
up €80,298 (+647.1%), from €12,408 to €92,706
- Reserves +€12,272
up €12,272 (+5.1%), from €238,354 to €250,625
of which Distributable reserves: +€12,272
- Staff costs +€18,203
up €18,203 (+26.4%), from €68,988 to €87,191
- Taxes -€8,395
down €8,395 (-58.7%), from €14,302 to €5,907
- Gross operating margin -€8,296
down €8,296 (-5.0%), from €164,583 to €156,287
- Other operating charges +€3,822
up €3,822 (+26.3%), from €14,510 to €18,332
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 | €665,178 | €624,336 | -€40,842 | -6.1% |
| Fixed assets | 21/28 | €604,108 | €579,392 | -€24,717 | -4.1% |
| Tangible fixed assets | 22/27 | €604,108 | €579,392 | -€24,717 | -4.1% |
| Land and buildings | 22 | €594,507 | €569,883 | -€24,624 | -4.1% |
| Plant, machinery and equipment | 23 | €8,751 | €8,945 | +€194 | +2.2% |
| Furniture and vehicles | 24 | €850 | €563 | -€287 | -33.7% |
| Current assets | 29/58 | €61,070 | €44,944 | -€16,125 | -26.4% |
| Stocks and contracts in progress | 3 | €5,888 | €5,347 | -€541 | -9.2% |
| Stocks | 30/36 | €5,888 | €5,347 | -€541 | -9.2% |
| Amounts receivable within one year | 40/41 | €1,512 | €4,914 | +€3,402 | +225.1% |
| Trade receivables | 40 | €698 | €979 | +€281 | +40.2% |
| Other amounts receivable | 41 | €813 | €3,935 | +€3,121 | +383.8% |
| Cash at bank and in hand | 54/58 | €52,557 | €34,537 | -€18,021 | -34.3% |
| Deferred charges and accrued income | 490/1 | €1,113 | €147 | -€966 | -86.8% |
| Total equity and liabilities | 10/49 | €665,178 | €624,336 | -€40,842 | -6.1% |
| Equity | 10/15 | €256,954 | €269,225 | +€12,272 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €238,354 | €250,625 | +€12,272 | +5.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €2,800 | €2,800 | = | 0.0% |
| Distributable reserves | 133 | €235,554 | €247,825 | +€12,272 | +5.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €408,224 | €355,110 | -€53,114 | -13.0% |
| Amounts payable after more than one year | 17 | €352,736 | €215,053 | -€137,683 | -39.0% |
| Financial debts | 170/4 | €352,736 | €215,053 | -€137,683 | -39.0% |
| Amounts payable within one year | 42/48 | €51,076 | €132,380 | +€81,304 | +159.2% |
| Current portion of amounts payable after more than one year | 42 | €22,016 | €23,177 | +€1,162 | +5.3% |
| Trade debts | 44 | €7,070 | €4,971 | -€2,099 | -29.7% |
| Suppliers | 440/4 | €7,070 | €4,971 | -€2,099 | -29.7% |
| Taxes, remuneration and social security | 45 | €9,582 | €11,526 | +€1,945 | +20.3% |
| Taxes | 450/3 | €4,583 | €6,580 | +€1,997 | +43.6% |
| Remuneration and social security | 454/9 | €4,998 | €4,946 | -€53 | -1.1% |
| Other amounts payable | 47/48 | €12,408 | €92,706 | +€80,298 | +647.1% |
| Accrued charges and deferred income | 492/3 | €4,412 | €7,677 | +€3,265 | +74.0% |
| Remuneration, social security and pensions | 62 | €68,988 | €87,191 | +€18,203 | +26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,104 | €28,330 | +€225 | +0.8% |
| Other operating charges | 640/8 | €14,510 | €18,332 | +€3,822 | +26.3% |
| Gross operating margin | 9900 | €164,583 | €156,287 | -€8,296 | -5.0% |
| Operating profit (loss) | 9901 | €52,982 | €22,435 | -€30,547 | -57.7% |
| Financial income | 75/76B | €419 | €85 | -€334 | -79.7% |
| Recurring financial income | 75 | €419 | €85 | -€334 | -79.7% |
| Financial charges | 65/66B | €3,650 | €4,341 | +€691 | +18.9% |
| Recurring financial charges | 65 | €3,650 | €4,341 | +€691 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €49,751 | €18,179 | -€31,573 | -63.5% |
| Income taxes | 67/77 | €14,302 | €5,907 | -€8,395 | -58.7% |
| Profit (loss) for the period | 9904 | €35,449 | €12,272 | -€23,178 | -65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,449 | €12,272 | -€23,178 | -65.4% |
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 8 October 2026 via checked.be.