CIRAFIN: 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.
CIRAFIN
Largest movements
- Cash +€19,035
up €19,035 (+16.1%), from €118,454 to €137,489
mainly Net result for the year (+€45,243) and Depreciation (+€27,323)
- Receivables within one year +€16,619
up €16,619 (+607.0%), from €2,738 to €19,357
of which Trade receivables: +€19,238
- Tangible fixed assets +€6,486
up €6,486 (+8.4%), from €77,089 to €83,576
of which Furniture and vehicles: +€8,088
- Other debts +€22,261
up €22,261 (+90.0%), from €24,738 to €46,999
- Profit (loss) carried forward +€14,811
up €14,811, from -€14,811 to €0
- Reserves +€7,369
up €7,369 (+6.5%), from €112,637 to €120,005
- Debts after one year -€6,934
down €6,934 (-15.7%), from €44,119 to €37,185
- Tax, wage and social debts +€6,022
up €6,022 (+252.2%), from €2,387 to €8,409
- Gross operating margin +€70,502
up €70,502 (+371.1%), from €18,998 to €89,500
- Taxes +€13,860
up €13,860 (+4721.5%), from €294 to €14,153
- Depreciation -€2,177
down €2,177 (-7.4%), from €29,500 to €27,323
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 | €199,751 | €240,806 | +€41,055 | +20.6% |
| Fixed assets | 21/28 | €77,089 | €83,576 | +€6,486 | +8.4% |
| Tangible fixed assets | 22/27 | €77,089 | €83,576 | +€6,486 | +8.4% |
| Plant, machinery and equipment | 23 | €1,787 | €1,385 | -€402 | -22.5% |
| Furniture and vehicles | 24 | €68,715 | €76,804 | +€8,088 | +11.8% |
| Other tangible fixed assets | 26 | €6,587 | €5,387 | -€1,200 | -18.2% |
| Current assets | 29/58 | €122,662 | €157,230 | +€34,569 | +28.2% |
| Amounts receivable within one year | 40/41 | €2,738 | €19,357 | +€16,619 | +607.0% |
| Trade receivables | 40 | - | €19,238 | +€19,238 | |
| Other amounts receivable | 41 | €2,738 | €120 | -€2,618 | -95.6% |
| Cash at bank and in hand | 54/58 | €118,454 | €137,489 | +€19,035 | +16.1% |
| Deferred charges and accrued income | 490/1 | €1,470 | €384 | -€1,086 | -73.9% |
| Total equity and liabilities | 10/49 | €199,751 | €240,806 | +€41,055 | +20.6% |
| Equity | 10/15 | €104,026 | €126,205 | +€22,180 | +21.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,637 | €120,005 | +€7,369 | +6.5% |
| Distributable reserves | 133 | €112,637 | €120,005 | +€7,369 | +6.5% |
| Profit (loss) carried forward | 14 | -€14,811 | €0 | +€14,811 | |
| Amounts payable | 17/49 | €95,725 | €114,601 | +€18,875 | +19.7% |
| Amounts payable after more than one year | 17 | €44,119 | €37,185 | -€6,934 | -15.7% |
| Financial debts | 170/4 | €44,119 | €37,185 | -€6,934 | -15.7% |
| Amounts payable within one year | 42/48 | €51,606 | €77,415 | +€25,809 | +50.0% |
| Current portion of amounts payable after more than one year | 42 | €19,277 | €18,744 | -€533 | -2.8% |
| Trade debts | 44 | €5,204 | €3,264 | -€1,940 | -37.3% |
| Suppliers | 440/4 | €5,204 | €3,264 | -€1,940 | -37.3% |
| Taxes, remuneration and social security | 45 | €2,387 | €8,409 | +€6,022 | +252.2% |
| Taxes | 450/3 | €2,387 | €8,409 | +€6,022 | +252.2% |
| Other amounts payable | 47/48 | €24,738 | €46,999 | +€22,261 | +90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,500 | €27,323 | -€2,177 | -7.4% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €18,998 | €89,500 | +€70,502 | +371.1% |
| Operating profit (loss) | 9901 | -€10,951 | €61,715 | +€72,666 | |
| Financial income | 75/76B | €0 | €766 | +€766 | |
| Recurring financial income | 75 | €0 | €766 | +€766 | |
| Financial charges | 65/66B | €3,566 | €3,084 | -€482 | -13.5% |
| Recurring financial charges | 65 | €3,566 | €3,084 | -€482 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,518 | €59,397 | +€73,914 | |
| Income taxes | 67/77 | €294 | €14,153 | +€13,860 | +4721.5% |
| Profit (loss) for the period | 9904 | -€14,811 | €45,243 | +€60,054 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,811 | €45,243 | +€60,054 |
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.