CIP Projects: 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.
CIP Projects
Largest movements
- Tangible fixed assets -€77,682
down €77,682 (-8.2%), from €947,221 to €869,539
of which Land and buildings: -€77,284
- Current investments +€27,183
up €27,183 (+13.6%), from €200,007 to €227,189
- Cash +€12,444
up €12,444 (+27.1%), from €45,836 to €58,279
mainly Depreciation (+€77,682) and Net result for the year (+€21,938)
- Debts after one year -€65,627
down €65,627 (-10.5%), from €625,002 to €559,375
- Reserves +€21,938
up €21,938 (+4.5%), from €486,403 to €508,340
of which Distributable reserves: +€21,938
- Gross operating margin +€15,278
up €15,278 (+15.1%), from €101,254 to €116,532
- Taxes +€4,617
up €4,617 (+168%), from €2,752 to €7,369
- Financial income +€2,275
up €2,275 (+339%), from €671 to €2,946
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,196,214 | €1,158,369 | -€37,845 | -3.2% |
| Fixed assets | 21/28 | €947,221 | €869,539 | -€77,682 | -8.2% |
| Tangible fixed assets | 22/27 | €947,221 | €869,539 | -€77,682 | -8.2% |
| Land and buildings | 22 | €945,907 | €868,623 | -€77,284 | -8.2% |
| Plant, machinery and equipment | 23 | €1,314 | €916 | -€398 | -30.3% |
| Current assets | 29/58 | €248,993 | €288,830 | +€39,837 | +16.0% |
| Amounts receivable within one year | 40/41 | €848 | €1,331 | +€483 | +56.9% |
| Other amounts receivable | 41 | €848 | €1,331 | +€483 | +56.9% |
| Current investments | 50/53 | €200,007 | €227,189 | +€27,183 | +13.6% |
| Cash at bank and in hand | 54/58 | €45,836 | €58,279 | +€12,444 | +27.1% |
| Deferred charges and accrued income | 490/1 | €2,303 | €2,031 | -€272 | -11.8% |
| Total equity and liabilities | 10/49 | €1,196,214 | €1,158,369 | -€37,845 | -3.2% |
| Equity | 10/15 | €498,778 | €520,715 | +€21,938 | +4.4% |
| Contributions | 10/11 | €12,375 | €12,375 | = | 0.0% |
| Reserves | 13 | €486,403 | €508,340 | +€21,938 | +4.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €484,548 | €506,485 | +€21,938 | +4.5% |
| Amounts payable | 17/49 | €697,437 | €637,654 | -€59,782 | -8.6% |
| Amounts payable after more than one year | 17 | €625,002 | €559,375 | -€65,627 | -10.5% |
| Financial debts | 170/4 | €625,002 | €559,375 | -€65,627 | -10.5% |
| Amounts payable within one year | 42/48 | €70,363 | €74,492 | +€4,129 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €64,716 | €65,627 | +€911 | +1.4% |
| Taxes, remuneration and social security | 45 | €1,764 | €3,462 | +€1,697 | +96.2% |
| Taxes | 450/3 | €1,764 | €3,462 | +€1,697 | +96.2% |
| Other amounts payable | 47/48 | €3,883 | €5,403 | +€1,521 | +39.2% |
| Accrued charges and deferred income | 492/3 | €2,071 | €3,787 | +€1,716 | +82.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,682 | €77,682 | = | 0.0% |
| Other operating charges | 640/8 | €3,258 | €3,120 | -€138 | -4.2% |
| Gross operating margin | 9900 | €101,254 | €116,532 | +€15,278 | +15.1% |
| Operating profit (loss) | 9901 | €20,314 | €35,730 | +€15,416 | +75.9% |
| Financial income | 75/76B | €671 | €2,946 | +€2,275 | +339% |
| Recurring financial income | 75 | €671 | €2,946 | +€2,275 | +339% |
| Financial charges | 65/66B | €10,007 | €9,369 | -€637 | -6.4% |
| Recurring financial charges | 65 | €10,007 | €9,369 | -€637 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €10,978 | €29,307 | +€18,329 | +167% |
| Income taxes | 67/77 | €2,752 | €7,369 | +€4,617 | +168% |
| Profit (loss) for the period | 9904 | €8,226 | €21,938 | +€13,711 | +167% |
| Profit (loss) for the period to be appropriated | 9905 | €8,226 | €21,938 | +€13,711 | +167% |
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 13 October 2026 via checked.be.