CISEO: 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.
CISEO
Largest movements
- Receivables within one year -€230,327
down €230,327 (-96.3%), from €239,131 to €8,805
of which Trade receivables: -€215,064
- Cash -€66,001
down €66,001 (-98.3%), from €67,171 to €1,170
mainly Trade debts (-€134,710) and Tax, wage and social debts (-€85,898)
- Receivables after one year -€64,102
down €64,102 (-7.6%), from €841,682 to €777,580
- Deferred charges and accrued income +€56,562
new in 2025: €56,562
- Stocks and contracts -€30,689
down €30,689 (-100%), from €30,689 to €0
of which Contracts in progress: -€30,689
- Trade debts -€134,710
down €134,710 (-99.3%), from €135,709 to €998
- Tax, wage and social debts -€85,898
down €85,898 (-100%), from €85,898 to €0
- Current portion of long-term debt -€55,000
down €55,000 (-20.0%), from €275,000 to €220,000
- Other debts -€39,495
down €39,495 (-100%), from €39,495 to €0
- Turnover -€680,857
down €680,857 (-74.3%), from €915,847 to €234,990
- Purchases and services -€478,282
down €478,282 (-67.9%), from €704,141 to €225,859
- Gross operating margin +€16,119
up €16,119, from -€7,495 to €8,624
- Financial income -€12,231
down €12,231 (-100%), from €12,231 to €0
of which Financial income: -€12,231
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 | €1,178,673 | €844,116 | -€334,557 | -28.4% |
| Current assets | 29/58 | €1,178,673 | €844,116 | -€334,557 | -28.4% |
| Amounts receivable after more than one year | 29 | €841,682 | €777,580 | -€64,102 | -7.6% |
| Other amounts receivable | 291 | €841,682 | €777,580 | -€64,102 | -7.6% |
| Stocks and contracts in progress | 3 | €30,689 | €0 | -€30,689 | -100% |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €30,689 | €0 | -€30,689 | -100% |
| Amounts receivable within one year | 40/41 | €239,131 | €8,805 | -€230,327 | -96.3% |
| Trade receivables | 40 | €215,064 | €0 | -€215,064 | -100% |
| Other amounts receivable | 41 | €24,067 | €8,805 | -€15,263 | -63.4% |
| Cash at bank and in hand | 54/58 | €67,171 | €1,170 | -€66,001 | -98.3% |
| Deferred charges and accrued income | 490/1 | - | €56,562 | +€56,562 | |
| Total equity and liabilities | 10/49 | €1,178,673 | €844,116 | -€334,557 | -28.4% |
| Equity | 10/15 | €621,949 | €617,068 | -€4,881 | -0.8% |
| Contributions | 10/11 | €1,101,400 | €1,101,400 | = | 0.0% |
| Capital | 10 | €1,101,400 | €1,101,400 | = | 0.0% |
| Issued capital | 100 | €1,101,400 | €1,101,400 | = | 0.0% |
| Reserves | 13 | €2,750 | €2,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,750 | €2,750 | = | 0.0% |
| Legal reserve | 130 | €2,750 | €2,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€482,202 | -€487,083 | -€4,881 | -1.0% |
| Provisions and deferred taxes | 16 | €4,500 | €0 | -€4,500 | -100% |
| Provisions for liabilities and charges | 160/5 | €4,500 | €0 | -€4,500 | -100% |
| Environmental obligations | 163 | €4,500 | €0 | -€4,500 | -100% |
| Amounts payable | 17/49 | €552,224 | €227,048 | -€325,176 | -58.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €536,102 | €220,998 | -€315,104 | -58.8% |
| Current portion of amounts payable after more than one year | 42 | €275,000 | €220,000 | -€55,000 | -20.0% |
| Trade debts | 44 | €135,709 | €998 | -€134,710 | -99.3% |
| Suppliers | 440/4 | €135,709 | €998 | -€134,710 | -99.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €85,898 | €0 | -€85,898 | -100% |
| Taxes | 450/3 | €85,898 | €0 | -€85,898 | -100% |
| Other amounts payable | 47/48 | €39,495 | €0 | -€39,495 | -100% |
| Accrued charges and deferred income | 492/3 | €16,122 | €6,050 | -€10,072 | -62.5% |
| Turnover | 70 | €915,847 | €234,990 | -€680,857 | -74.3% |
| Non-recurring operating income | 76A | €24,067 | €29,973 | +€5,906 | +24.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €704,141 | €225,859 | -€478,282 | -67.9% |
| Remuneration, social security and pensions | 62 | €0 | €403 | +€403 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,500 | -€4,500 | +€6,000 | +57.1% |
| Other operating charges | 640/8 | €1,006 | €1,684 | +€678 | +67.4% |
| Non-recurring operating charges | 66A | €48,135 | €0 | -€48,135 | -100% |
| Gross operating margin | 9900 | -€7,495 | €8,624 | +€16,119 | |
| Operating profit (loss) | 9901 | -€46,136 | €11,036 | +€57,173 | |
| Financial income | 75/76B | €12,231 | €0 | -€12,231 | -100% |
| Recurring financial income | 75 | €12,231 | €0 | -€12,231 | -100% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €18,307 | €15,917 | -€2,390 | -13.1% |
| Recurring financial charges | 65 | €18,307 | €15,917 | -€2,390 | -13.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€52,213 | -€4,881 | +€47,332 | +90.7% |
| Income taxes | 67/77 | €1,224 | €0 | -€1,224 | -100% |
| Profit (loss) for the period | 9904 | -€53,436 | -€4,881 | +€48,555 | +90.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,436 | -€4,881 | +€48,555 | +90.9% |
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.