CIREPA: 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.
What changed
CIREPA
NACE 18.130, Pre-press and pre-media services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €852,914+€705,384
Equity
€6.3m
2024 · €4.7m+€1.7m
Cash
€2.9m
2024 · €1.3m+€1.6m
Balance sheet total
€9.8m
2024 · €10.4m-€553,095
Largest movements
Assets
- Cash +€1.6m
up €1.6m (+119%), from €1.3m to €2.9m
mainly Net result for the year (+€1.6m) and Depreciation (+€931,434)
- Receivables within one year -€845,312
down €845,312 (-24.1%), from €3.5m to €2.7m
of which Trade receivables: -€843,876
- Tangible fixed assets -€666,572
down €666,572 (-23.3%), from €2.9m to €2.2m
- Stocks and contracts -€530,180
down €530,180 (-23.7%), from €2.2m to €1.7m
of which Stocks: -€380,639
- Intangible fixed assets -€106,250
down €106,250 (-27.3%), from €389,583 to €283,333
Equity and liabilities
- Reserves +€1.6m
up €1.6m (+34.3%), from €4.5m to €6.1m
of which Distributable reserves: +€1.1m
- Trade debts -€956,076
down €956,076 (-49.4%), from €1.9m to €980,779
- Debts after one year -€659,981
down €659,981 (-28.0%), from €2.4m to €1.7m
- Short-term financial debts -€500,000
no longer reported in 2025 (was €500,000)
- Investment grants +€112,635
up €112,635 (+300%), from €37,549 to €150,185
Income statement
- Financial income +€553,612
up €553,612 (+1,319%), from €41,960 to €595,571
- Goods and materials -€521,700
down €521,700 (-4.5%), from €11.6m to €11.1m
of which Purchases: -€1.0m
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
€852,914
Turnover
-€105,956
Other operating income
-€15,474
Goods and materials
+€521,700
Services and other goods
-€123,511
Staff costs
+€43,088
Depreciation
+€335
Write-downs
+€31,435
Provisions
+€35,000
Other operating charges
-€2,664
Other operating items
-€213,032
Financial income
+€553,612
Financial charges
+€32,526
Taxes
-€45,981
Deferred taxes and other
-€5,695
Result 2025
€1.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.8m
Investment
-€158,612
Financing
-€1.0m
Cash 2024
€1.3m
From operations (derived)
+€2.8m
Net result for the year
+€1.6m
Depreciation
+€931,434
Stocks and contracts
+€530,180
Receivables within one year
+€845,312
Deferred charges and accrued income
-€6,501
Provisions
-€3,550
Trade debts
-€956,076
Tax, wage and social debts
-€94,892
Other debts
+€8,570
Accrued charges and deferred income
-€22,979
Investment (derived)
-€158,612
Investment in fixed assets (net)
-€158,612
Financing
-€1.0m
Debts after one year
-€659,981
Current portion of long-term debt
+€4,879
Short-term financial debts
-€500,000
Contributions, distributions and other
+€112,635
Cash 2025
€2.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,372,301 | €9,819,206 | -€553,095 | -5.3% |
| Fixed assets | 21/28 | €3,252,656 | €2,479,834 | -€772,822 | -23.8% |
| Intangible fixed assets | 21 | €389,583 | €283,333 | -€106,250 | -27.3% |
| Tangible fixed assets | 22/27 | €2,861,429 | €2,194,858 | -€666,572 | -23.3% |
| Land and buildings | 22 | €1,521,336 | €1,342,676 | -€178,661 | -11.7% |
| Plant, machinery and equipment | 23 | €640,692 | €481,642 | -€159,050 | -24.8% |
| Furniture and vehicles | 24 | €85,115 | €63,397 | -€21,719 | -25.5% |
| Leasing and similar rights | 25 | €614,286 | €307,143 | -€307,143 | -50.0% |
| Financial fixed assets | 28 | €1,643 | €1,643 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,643 | €1,643 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,643 | €1,643 | = | 0.0% |
| Current assets | 29/58 | €7,119,645 | €7,339,371 | +€219,727 | +3.1% |
| Stocks and contracts in progress | 3 | €2,234,468 | €1,704,288 | -€530,180 | -23.7% |
| Stocks | 30/36 | €2,046,138 | €1,665,499 | -€380,639 | -18.6% |
| Raw materials and consumables | 30/31 | €1,748,969 | €1,413,339 | -€335,630 | -19.2% |
| Finished goods | 33 | €297,169 | €252,160 | -€45,010 | -15.1% |
| Contracts in progress | 37 | €188,330 | €38,789 | -€149,541 | -79.4% |
| Amounts receivable within one year | 40/41 | €3,512,606 | €2,667,294 | -€845,312 | -24.1% |
| Trade receivables | 40 | €3,480,653 | €2,636,777 | -€843,876 | -24.2% |
| Other amounts receivable | 41 | €31,953 | €30,516 | -€1,437 | -4.5% |
| Cash at bank and in hand | 54/58 | €1,339,081 | €2,927,799 | +€1.6m | +119% |
| Deferred charges and accrued income | 490/1 | €33,490 | €39,991 | +€6,501 | +19.4% |
| Total equity and liabilities | 10/49 | €10,372,301 | €9,819,206 | -€553,095 | -5.3% |
| Equity | 10/15 | €4,652,680 | €6,323,613 | +€1.7m | +35.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €4,540,131 | €6,098,429 | +€1.6m | +34.3% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €802,638 | €1,221,580 | +€418,942 | +52.2% |
| Distributable reserves | 133 | €3,729,993 | €4,869,349 | +€1.1m | +30.5% |
| Investment grants | 15 | €37,549 | €150,185 | +€112,635 | +300% |
| Provisions and deferred taxes | 16 | €47,899 | €44,348 | -€3,550 | -7.4% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €35,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €35,000 | €35,000 | = | 0.0% |
| Deferred taxes | 168 | €12,899 | €9,348 | -€3,550 | -27.5% |
| Amounts payable | 17/49 | €5,671,722 | €3,451,244 | -€2.2m | -39.1% |
| Amounts payable after more than one year | 17 | €2,356,783 | €1,696,802 | -€659,981 | -28.0% |
| Financial debts | 170/4 | €2,356,783 | €1,696,802 | -€659,981 | -28.0% |
| Leasing and similar obligations | 172 | €1,040,266 | €820,707 | -€219,559 | -21.1% |
| Credit institutions | 173 | €1,066,517 | €876,095 | -€190,422 | -17.9% |
| Other loans | 174 | €250,000 | - | -€250,000 | |
| Amounts payable within one year | 42/48 | €3,291,960 | €1,754,442 | -€1.5m | -46.7% |
| Current portion of amounts payable after more than one year | 42 | €451,589 | €456,469 | +€4,879 | +1.1% |
| Financial debts | 43 | €500,000 | - | -€500,000 | |
| Credit institutions | 430/8 | €500,000 | - | -€500,000 | |
| Trade debts | 44 | €1,936,855 | €980,779 | -€956,076 | -49.4% |
| Suppliers | 440/4 | €1,936,855 | €980,779 | -€956,076 | -49.4% |
| Taxes, remuneration and social security | 45 | €298,236 | €203,344 | -€94,892 | -31.8% |
| Taxes | 450/3 | €142,674 | €67,806 | -€74,868 | -52.5% |
| Remuneration and social security | 454/9 | €155,562 | €135,538 | -€20,024 | -12.9% |
| Other amounts payable | 47/48 | €105,280 | €113,850 | +€8,570 | +8.1% |
| Accrued charges and deferred income | 492/3 | €22,979 | - | -€22,979 | |
| Operating income | 70/76A | €17,515,334 | €17,150,340 | -€364,994 | -2.1% |
| Turnover | 70 | €17,211,790 | €17,105,835 | -€105,956 | -0.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €49,014 | -€194,551 | -€243,565 | |
| Other operating income | 74 | €254,530 | €239,056 | -€15,474 | -6.1% |
| Operating charges | 60/66A | €16,256,137 | €15,720,220 | -€535,916 | -3.3% |
| Goods for resale, raw materials and consumables | 60 | €11,608,268 | €11,086,568 | -€521,700 | -4.5% |
| Purchases | 600/8 | €11,777,625 | €10,750,939 | -€1.0m | -8.7% |
| Change in stocks: decrease (increase) | 609 | -€169,356 | €335,630 | +€504,986 | |
| Services and other goods | 61 | €1,930,963 | €2,054,474 | +€123,511 | +6.4% |
| Remuneration, social security and pensions | 62 | €1,620,083 | €1,576,995 | -€43,088 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €931,768 | €931,434 | -€335 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,435 | - | -€31,435 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €35,000 | - | -€35,000 | |
| Other operating charges | 640/8 | €68,085 | €70,749 | +€2,664 | +3.9% |
| Non-recurring operating charges | 66A | €30,533 | - | -€30,533 | |
| Operating profit (loss) | 9901 | €1,259,198 | €1,430,120 | +€170,922 | +13.6% |
| Financial income | 75/76B | €41,960 | €595,571 | +€553,612 | +1,319% |
| Recurring financial income | 75 | €41,960 | €595,571 | +€553,612 | +1,319% |
| Income from current assets | 751 | €1,929 | €13,336 | +€11,407 | +591% |
| Other financial income | 752/9 | €40,031 | €582,235 | +€542,205 | +1,354% |
| Financial charges | 65/66B | €150,667 | €118,142 | -€32,526 | -21.6% |
| Recurring financial charges | 65 | €150,667 | €118,142 | -€32,526 | -21.6% |
| Debt charges | 650 | €135,594 | €93,525 | -€42,069 | -31.0% |
| Other financial charges | 652/9 | €15,073 | €24,616 | +€9,543 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €1,150,490 | €1,907,549 | +€757,059 | +65.8% |
| Transfer from deferred taxes | 780 | €9,246 | €3,550 | -€5,695 | -61.6% |
| Income taxes | 67/77 | €306,821 | €352,802 | +€45,981 | +15.0% |
| Taxes | 670/3 | €306,831 | €352,802 | +€45,971 | +15.0% |
| Tax adjustments and reversals of tax provisions | 77 | €10 | - | -€10 | |
| Profit (loss) for the period | 9904 | €852,914 | €1,558,298 | +€705,384 | +82.7% |
| Transfer from tax-exempt reserves | 789 | €17,948 | €23,108 | +€5,161 | +28.8% |
| Transfer to tax-exempt reserves | 689 | €328,380 | €442,050 | +€113,670 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €542,482 | €1,139,356 | +€596,874 | +110% |
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 16 October 2026 via checked.be.