CIRAN: 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.
CIRAN
Largest movements
- Receivables within one year +€272,499
up €272,499 (+27.1%), from €1.0m to €1.3m
of which Trade receivables: +€228,520
- Cash -€103,315
down €103,315 (-63.5%), from €162,697 to €59,382
mainly Receivables within one year (-€272,499) and Tax, wage and social debts (-€70,255)
- Stocks and contracts +€47,458
up €47,458 (+33.6%), from €141,250 to €188,708
- Reserves +€143,128
up €143,128 (+31.8%), from €450,260 to €593,388
of which Distributable reserves: +€143,128
- Trade debts +€111,109
up €111,109 (+31.7%), from €350,577 to €461,686
- Current portion of long-term debt +€72,467
up €72,467 (+136%), from €53,272 to €125,738
- Tax, wage and social debts -€70,255
down €70,255 (-12.4%), from €568,209 to €497,954
of which Taxes: -€72,058
- Debts after one year -€34,215
down €34,215 (-14.3%), from €239,067 to €204,851
- Staff costs +€78,836
up €78,836 (+68.3%), from €115,489 to €194,325
- Taxes -€23,839
down €23,839 (-31.8%), from €75,063 to €51,224
- Gross operating margin -€9,099
down €9,099 (-2.0%), from €455,094 to €445,994
- Financial income +€8,227
up €8,227 (+146%), from €5,627 to €13,854
of which Non-recurring financial income: +€8,255
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 | €1,704,488 | €1,902,218 | +€197,729 | +11.6% |
| Fixed assets | 21/28 | €377,214 | €360,950 | -€16,264 | -4.3% |
| Intangible fixed assets | 21 | €253,130 | €234,123 | -€19,007 | -7.5% |
| Tangible fixed assets | 22/27 | €107,834 | €110,577 | +€2,743 | +2.5% |
| Land and buildings | 22 | €71,328 | €59,387 | -€11,940 | -16.7% |
| Plant, machinery and equipment | 23 | €12,250 | €37,375 | +€25,125 | +205% |
| Furniture and vehicles | 24 | €24,256 | €13,814 | -€10,442 | -43.0% |
| Financial fixed assets | 28 | €16,250 | €16,250 | = | 0.0% |
| Current assets | 29/58 | €1,327,275 | €1,541,268 | +€213,993 | +16.1% |
| Stocks and contracts in progress | 3 | €141,250 | €188,708 | +€47,458 | +33.6% |
| Stocks | 30/36 | €141,250 | €188,708 | +€47,458 | +33.6% |
| Amounts receivable within one year | 40/41 | €1,004,246 | €1,276,745 | +€272,499 | +27.1% |
| Trade receivables | 40 | €725,073 | €953,594 | +€228,520 | +31.5% |
| Other amounts receivable | 41 | €279,173 | €323,152 | +€43,979 | +15.8% |
| Cash at bank and in hand | 54/58 | €162,697 | €59,382 | -€103,315 | -63.5% |
| Deferred charges and accrued income | 490/1 | €19,081 | €16,432 | -€2,649 | -13.9% |
| Total equity and liabilities | 10/49 | €1,704,488 | €1,902,218 | +€197,729 | +11.6% |
| Equity | 10/15 | €468,860 | €611,988 | +€143,128 | +30.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €450,260 | €593,388 | +€143,128 | +31.8% |
| Non-distributable reserves | 130/1 | €14,181 | €14,181 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,181 | €14,181 | = | 0.0% |
| Distributable reserves | 133 | €436,080 | €579,208 | +€143,128 | +32.8% |
| Amounts payable | 17/49 | €1,235,628 | €1,290,229 | +€54,601 | +4.4% |
| Amounts payable after more than one year | 17 | €239,067 | €204,851 | -€34,215 | -14.3% |
| Financial debts | 170/4 | €239,067 | €204,851 | -€34,215 | -14.3% |
| Amounts payable within one year | 42/48 | €983,026 | €1,085,378 | +€102,352 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €53,272 | €125,738 | +€72,467 | +136% |
| Trade debts | 44 | €350,577 | €461,686 | +€111,109 | +31.7% |
| Suppliers | 440/4 | €350,577 | €461,686 | +€111,109 | +31.7% |
| Advances received on contracts in progress | 46 | €10,969 | - | -€10,969 | |
| Taxes, remuneration and social security | 45 | €568,209 | €497,954 | -€70,255 | -12.4% |
| Taxes | 450/3 | €553,610 | €481,551 | -€72,058 | -13.0% |
| Remuneration and social security | 454/9 | €14,599 | €16,402 | +€1,803 | +12.3% |
| Accrued charges and deferred income | 492/3 | €13,535 | - | -€13,535 | |
| Remuneration, social security and pensions | 62 | €115,489 | €194,325 | +€78,836 | +68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,160 | €51,279 | +€3,119 | +6.5% |
| Other operating charges | 640/8 | €5,259 | €5,137 | -€121 | -2.3% |
| Gross operating margin | 9900 | €455,094 | €445,994 | -€9,099 | -2.0% |
| Operating profit (loss) | 9901 | €286,186 | €195,253 | -€90,933 | -31.8% |
| Financial income | 75/76B | €5,627 | €13,854 | +€8,227 | +146% |
| Recurring financial income | 75 | €28 | €1 | -€28 | -97.7% |
| Non-recurring financial income | 76B | €5,599 | €13,853 | +€8,255 | +147% |
| Financial charges | 65/66B | €12,038 | €14,755 | +€2,717 | +22.6% |
| Recurring financial charges | 65 | €12,038 | €14,755 | +€2,717 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €279,775 | €194,352 | -€85,423 | -30.5% |
| Income taxes | 67/77 | €75,063 | €51,224 | -€23,839 | -31.8% |
| Profit (loss) for the period | 9904 | €204,712 | €143,128 | -€61,584 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €204,712 | €143,128 | -€61,584 | -30.1% |
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 18 October 2026 via checked.be.