CIPANGO: 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.
What changed
CIPANGO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€106,045
2024 · -€229,066+€335,111
Equity
€458,222
2024 · €391,218+€67,004
Cash
€10,370
2024 · €7,610+€2,761
Balance sheet total
€2.4m
2024 · €2.5m-€94,720
Largest movements
Assets
- Tangible fixed assets -€84,397
down €84,397 (-3.4%), from €2.4m to €2.4m
of which Land and buildings: -€159,741
Equity and liabilities
- Profit (loss) carried forward +€174,955
up €174,955 (+84.6%), from -€206,880 to -€31,924
- Reserves -€107,952
down €107,952 (-20.1%), from €536,598 to €428,646
of which Tax-exempt reserves: -€68,910
- Debts after one year -€107,245
down €107,245 (-8.9%), from €1.2m to €1.1m
- Other debts +€34,553
up €34,553 (+5.7%), from €604,489 to €639,042
- Trade debts -€27,777
down €27,777 (-95.1%), from €29,194 to €1,417
Income statement
- Gross operating margin +€235,318
up €235,318 (+1456.5%), from €16,157 to €251,475
- Other operating charges -€95,979
down €95,979 (-96.2%), from €99,774 to €3,795
- Depreciation +€27,928
up €27,928 (+30.6%), from €91,377 to €119,305
- Financial charges -€14,795
down €14,795 (-24.6%), from €60,176 to €45,381
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
-€229,066
Gross operating margin
+€235,318
Depreciation
-€27,928
Other operating charges
+€95,979
Financial income
-€300
Financial charges
+€14,795
Taxes
+€1,645
Deferred taxes and other
+€15,602
Result 2025
€106,045
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.
From operations
+€183,402
Investment
-€34,908
Financing
-€145,733
Cash 2024
€7,610
From operations (derived)
+€183,402
Net result for the year
+€106,045
Depreciation
+€119,305
Receivables within one year
+€13,090
Deferred charges and accrued income
-€7
Provisions
-€22,970
Trade debts
-€27,777
Tax, wage and social debts
-€20,260
Other debts
+€34,553
Accrued charges and deferred income
-€18,578
Investment (derived)
-€34,908
Investment in fixed assets (net)
-€34,908
Financing
-€145,733
Debts after one year
-€107,245
Current portion of long-term debt
+€554
Contributions, distributions and other
-€39,042
Cash 2025
€10,370
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,467,558 | €2,372,839 | -€94,720 | -3.8% |
| Fixed assets | 21/28 | €2,446,707 | €2,362,310 | -€84,397 | -3.4% |
| Tangible fixed assets | 22/27 | €2,446,707 | €2,362,310 | -€84,397 | -3.4% |
| Land and buildings | 22 | €2,113,844 | €1,954,103 | -€159,741 | -7.6% |
| Plant, machinery and equipment | 23 | €54,297 | €50,981 | -€3,317 | -6.1% |
| Furniture and vehicles | 24 | - | €21,865 | +€21,865 | |
| Other tangible fixed assets | 26 | €278,566 | €335,362 | +€56,796 | +20.4% |
| Current assets | 29/58 | €20,851 | €10,529 | -€10,323 | -49.5% |
| Amounts receivable within one year | 40/41 | €13,242 | €152 | -€13,090 | -98.9% |
| Trade receivables | 40 | €10,546 | - | -€10,546 | |
| Other amounts receivable | 41 | €2,695 | €152 | -€2,543 | -94.4% |
| Cash at bank and in hand | 54/58 | €7,610 | €10,370 | +€2,761 | +36.3% |
| Deferred charges and accrued income | 490/1 | - | €7 | +€7 | |
| Total equity and liabilities | 10/49 | €2,467,558 | €2,372,839 | -€94,720 | -3.8% |
| Equity | 10/15 | €391,218 | €458,222 | +€67,004 | +17.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €536,598 | €428,646 | -€107,952 | -20.1% |
| Non-distributable reserves | 130/1 | €2,953 | €2,953 | = | 0.0% |
| Legal reserve | 130 | €2,953 | €2,953 | = | 0.0% |
| Tax-exempt reserves | 132 | €245,010 | €176,100 | -€68,910 | -28.1% |
| Distributable reserves | 133 | €288,635 | €249,593 | -€39,042 | -13.5% |
| Profit (loss) carried forward | 14 | -€206,880 | -€31,924 | +€174,955 | +84.6% |
| Provisions and deferred taxes | 16 | €81,670 | €58,700 | -€22,970 | -28.1% |
| Deferred taxes | 168 | €81,670 | €58,700 | -€22,970 | -28.1% |
| Amounts payable | 17/49 | €1,994,671 | €1,855,917 | -€138,753 | -7.0% |
| Amounts payable after more than one year | 17 | €1,205,338 | €1,098,092 | -€107,245 | -8.9% |
| Financial debts | 170/4 | €1,205,338 | €1,098,092 | -€107,245 | -8.9% |
| Amounts payable within one year | 42/48 | €763,993 | €751,063 | -€12,930 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €110,050 | €110,604 | +€554 | +0.5% |
| Trade debts | 44 | €29,194 | €1,417 | -€27,777 | -95.1% |
| Suppliers | 440/4 | €29,194 | €1,417 | -€27,777 | -95.1% |
| Taxes, remuneration and social security | 45 | €20,260 | - | -€20,260 | |
| Taxes | 450/3 | €20,260 | - | -€20,260 | |
| Other amounts payable | 47/48 | €604,489 | €639,042 | +€34,553 | +5.7% |
| Accrued charges and deferred income | 492/3 | €25,340 | €6,762 | -€18,578 | -73.3% |
| Non-recurring operating income | 76A | - | €151,986 | +€151,986 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,377 | €119,305 | +€27,928 | +30.6% |
| Other operating charges | 640/8 | €99,774 | €3,795 | -€95,979 | -96.2% |
| Gross operating margin | 9900 | €16,157 | €251,475 | +€235,318 | +1456.5% |
| Operating profit (loss) | 9901 | -€174,994 | €128,375 | +€303,369 | |
| Financial income | 75/76B | €421 | €121 | -€300 | -71.2% |
| Recurring financial income | 75 | €421 | €121 | -€300 | -71.2% |
| Financial charges | 65/66B | €60,176 | €45,381 | -€14,795 | -24.6% |
| Recurring financial charges | 65 | €60,176 | €45,381 | -€14,795 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | -€234,749 | €83,116 | +€317,865 | |
| Transfer from deferred taxes | 780 | €7,368 | €22,970 | +€15,602 | +211.8% |
| Income taxes | 67/77 | €1,685 | €40 | -€1,645 | -97.6% |
| Profit (loss) for the period | 9904 | -€229,066 | €106,045 | +€335,111 | |
| Transfer from tax-exempt reserves | 789 | €22,104 | €68,910 | +€46,806 | +211.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€206,962 | €174,955 | +€381,917 |
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 29 September 2026 via checked.be.