CIRAY: 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.
CIRAY
Largest movements
- Tangible fixed assets -€24,199
down €24,199 (-25.8%), from €93,949 to €69,750
of which Leasing and similar rights: -€12,310
- Intangible fixed assets -€13,600
down €13,600 (-13.2%), from €103,133 to €89,533
- Stocks and contracts +€11,215
up €11,215 (+383.1%), from €2,928 to €14,143
- Receivables within one year -€8,047
down €8,047 (-15.6%), from €51,558 to €43,511
of which Trade receivables: -€7,096
- Debts after one year -€18,307
down €18,307 (-34.3%), from €53,313 to €35,006
- Trade debts -€7,743
down €7,743 (-68.6%), from €11,291 to €3,548
- Tax, wage and social debts -€6,094
down €6,094 (-18.3%), from €33,290 to €27,196
of which Remuneration and social security: -€3,784
- Depreciation +€1,910
up €1,910 (+5.1%), from €37,111 to €39,021
- Financial charges -€1,251
down €1,251 (-27.0%), from €4,627 to €3,376
- Gross operating margin -€901
down €901 (-2.0%), from €44,112 to €43,211
- Other operating charges -€448
down €448 (-44.4%), from €1,009 to €561
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 | €290,404 | €257,945 | -€32,460 | -11.2% |
| Fixed assets | 21/28 | €212,083 | €174,284 | -€37,799 | -17.8% |
| Intangible fixed assets | 21 | €103,133 | €89,533 | -€13,600 | -13.2% |
| Tangible fixed assets | 22/27 | €93,949 | €69,750 | -€24,199 | -25.8% |
| Plant, machinery and equipment | 23 | €16,378 | €13,101 | -€3,277 | -20.0% |
| Furniture and vehicles | 24 | €33,382 | €24,771 | -€8,611 | -25.8% |
| Leasing and similar rights | 25 | €44,188 | €31,878 | -€12,310 | -27.9% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €78,322 | €83,661 | +€5,339 | +6.8% |
| Stocks and contracts in progress | 3 | €2,928 | €14,143 | +€11,215 | +383.1% |
| Stocks | 30/36 | €2,928 | €14,143 | +€11,215 | +383.1% |
| Amounts receivable within one year | 40/41 | €51,558 | €43,511 | -€8,047 | -15.6% |
| Trade receivables | 40 | €48,558 | €41,462 | -€7,096 | -14.6% |
| Other amounts receivable | 41 | €3,000 | €2,049 | -€951 | -31.7% |
| Cash at bank and in hand | 54/58 | €17,625 | €19,007 | +€1,383 | +7.8% |
| Deferred charges and accrued income | 490/1 | €6,212 | €7,000 | +€789 | +12.7% |
| Total equity and liabilities | 10/49 | €290,404 | €257,945 | -€32,460 | -11.2% |
| Equity | 10/15 | €18,018 | €18,192 | +€174 | +1.0% |
| Contributions | 10/11 | €11,644 | €11,644 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,374 | €6,548 | +€174 | +2.7% |
| Amounts payable | 17/49 | €272,386 | €239,752 | -€32,634 | -12.0% |
| Amounts payable after more than one year | 17 | €53,313 | €35,006 | -€18,307 | -34.3% |
| Financial debts | 170/4 | €53,313 | €35,006 | -€18,307 | -34.3% |
| Amounts payable within one year | 42/48 | €219,073 | €204,746 | -€14,327 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €16,891 | €18,318 | +€1,428 | +8.5% |
| Trade debts | 44 | €11,291 | €3,548 | -€7,743 | -68.6% |
| Suppliers | 440/4 | €11,291 | €3,548 | -€7,743 | -68.6% |
| Taxes, remuneration and social security | 45 | €33,290 | €27,196 | -€6,094 | -18.3% |
| Taxes | 450/3 | €8,290 | €5,980 | -€2,310 | -27.9% |
| Remuneration and social security | 454/9 | €25,000 | €21,216 | -€3,784 | -15.1% |
| Other amounts payable | 47/48 | €157,601 | €155,684 | -€1,917 | -1.2% |
| Remuneration, social security and pensions | 62 | €117 | - | -€117 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,111 | €39,021 | +€1,910 | +5.1% |
| Other operating charges | 640/8 | €1,009 | €561 | -€448 | -44.4% |
| Gross operating margin | 9900 | €44,112 | €43,211 | -€901 | -2.0% |
| Operating profit (loss) | 9901 | €5,874 | €3,628 | -€2,246 | -38.2% |
| Financial income | 75/76B | €319 | €114 | -€205 | -64.3% |
| Recurring financial income | 75 | €319 | €114 | -€205 | -64.3% |
| Financial charges | 65/66B | €4,627 | €3,376 | -€1,251 | -27.0% |
| Recurring financial charges | 65 | €4,627 | €3,376 | -€1,251 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €1,566 | €366 | -€1,200 | -76.6% |
| Income taxes | 67/77 | €414 | €192 | -€223 | -53.7% |
| Profit (loss) for the period | 9904 | €1,152 | €174 | -€978 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,152 | €174 | -€978 | -84.9% |
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 30 September 2026 via checked.be.