CIVADEC: what changed
What changed
CIVADEC
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€59,268
2024 · €411,825-€352,557
Equity
€3.2m
2024 · €3.3m-€15,794
Cash
€436,380
2024 · €438,141-€1,761
Balance sheet total
€4.3m
2024 · €4.3m+€5,348
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward +€77,473
up €77,473 (+28.0%), from €276,720 to €354,194
- Reserves -€68,205
down €68,205 (-8.0%), from €855,054 to €786,849
of which Tax-exempt reserves: -€74,914
- Trade debts +€61,532
up €61,532 (+102%), from €60,246 to €121,779
Income statement
- Gross operating margin -€361,686
down €361,686 (-37.0%), from €976,281 to €614,595
- Provisions +€90,000
up €90,000, from -€90,000 to €0
- Taxes -€29,035
down €29,035 (-39.3%), from €73,806 to €44,771
- Depreciation -€13,792
down €13,792 (-3.2%), from €436,749 to €422,958
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€411,825
Gross operating margin
-€361,686
Depreciation
+€13,792
Write-downs
+€266
Provisions
-€90,000
Other operating charges
-€6,402
Financial income
-€3,183
Financial charges
+€704
Taxes
+€29,035
Deferred taxes and other
+€64,918
Result 2025
€59,268
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€460,733
Investment
-€387,307
Financing
-€75,187
Cash 2024
€438,141
From operations (derived)
+€460,733
Net result for the year
+€59,268
Depreciation
+€422,958
Receivables after one year
-€6,633
Receivables within one year
-€38,747
Deferred charges and accrued income
+€2,620
Provisions
-€24,971
Trade debts
+€61,532
Tax, wage and social debts
-€31,888
Advances received
+€11,437
Other debts
+€4,977
Accrued charges and deferred income
+€180
Investment (derived)
-€387,307
Investment in fixed assets (net)
-€387,107
Current investments
-€200
Financing
-€75,187
Debts after one year
-€125
Contributions, distributions and other
-€75,062
Cash 2025
€436,380
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,287,137 | €4,292,485 | +€5,348 | +0.1% |
| Fixed assets | 21/28 | €3,209,986 | €3,174,135 | -€35,851 | -1.1% |
| Tangible fixed assets | 22/27 | €3,209,886 | €3,174,035 | -€35,851 | -1.1% |
| Land and buildings | 22 | €3,147,335 | €3,124,562 | -€22,774 | -0.7% |
| Plant, machinery and equipment | 23 | €62,551 | €49,474 | -€13,077 | -20.9% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,077,151 | €1,118,350 | +€41,199 | +3.8% |
| Amounts receivable after more than one year | 29 | €36,550 | €43,184 | +€6,633 | +18.1% |
| Other amounts receivable | 291 | €36,550 | €43,184 | +€6,633 | +18.1% |
| Amounts receivable within one year | 40/41 | €84,876 | €123,622 | +€38,747 | +45.7% |
| Trade receivables | 40 | €84,876 | €123,622 | +€38,747 | +45.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €501,904 | €502,104 | +€200 | 0.0% |
| Cash at bank and in hand | 54/58 | €438,141 | €436,380 | -€1,761 | -0.4% |
| Deferred charges and accrued income | 490/1 | €15,680 | €13,059 | -€2,620 | -16.7% |
| Total equity and liabilities | 10/49 | €4,287,137 | €4,292,485 | +€5,348 | +0.1% |
| Equity | 10/15 | €3,253,040 | €3,237,246 | -€15,794 | -0.5% |
| Contributions | 10/11 | €1,687,713 | €1,687,713 | = | 0.0% |
| Capital | 10 | €1,687,713 | €1,687,713 | = | 0.0% |
| Issued capital | 100 | €1,687,713 | €1,687,713 | = | 0.0% |
| Revaluation surpluses | 12 | €347,051 | €347,051 | = | 0.0% |
| Reserves | 13 | €855,054 | €786,849 | -€68,205 | -8.0% |
| Non-distributable reserves | 130/1 | €177,557 | €184,266 | +€6,709 | +3.8% |
| Legal reserve | 130 | €142,111 | €148,820 | +€6,709 | +4.7% |
| Other | 1319 | €35,446 | €35,446 | = | 0.0% |
| Tax-exempt reserves | 132 | €654,195 | €579,281 | -€74,914 | -11.5% |
| Distributable reserves | 133 | €23,302 | €23,302 | = | 0.0% |
| Profit (loss) carried forward | 14 | €276,720 | €354,194 | +€77,473 | +28.0% |
| Investment grants | 15 | €86,501 | €61,440 | -€25,062 | -29.0% |
| Provisions and deferred taxes | 16 | €240,460 | €215,488 | -€24,971 | -10.4% |
| Provisions for liabilities and charges | 160/5 | €22,395 | €22,395 | = | 0.0% |
| Other liabilities and charges | 164/5 | €22,395 | €22,395 | = | 0.0% |
| Deferred taxes | 168 | €218,065 | €193,094 | -€24,971 | -11.5% |
| Amounts payable | 17/49 | €793,638 | €839,750 | +€46,113 | +5.8% |
| Amounts payable after more than one year | 17 | €609,850 | €609,725 | -€125 | 0.0% |
| Financial debts | 170/4 | €594,000 | €594,000 | = | 0.0% |
| Other amounts payable | 178/9 | €15,850 | €15,725 | -€125 | -0.8% |
| Amounts payable within one year | 42/48 | €172,340 | €218,398 | +€46,058 | +26.7% |
| Trade debts | 44 | €60,246 | €121,779 | +€61,532 | +102% |
| Suppliers | 440/4 | €60,246 | €121,779 | +€61,532 | +102% |
| Advances received on contracts in progress | 46 | €9,741 | €21,178 | +€11,437 | +117% |
| Taxes, remuneration and social security | 45 | €45,281 | €13,393 | -€31,888 | -70.4% |
| Taxes | 450/3 | €45,281 | €13,393 | -€31,888 | -70.4% |
| Other amounts payable | 47/48 | €57,072 | €62,049 | +€4,977 | +8.7% |
| Accrued charges and deferred income | 492/3 | €11,448 | €11,627 | +€180 | +1.6% |
| Non-recurring operating income | 76A | €321,502 | €0 | -€321,502 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €436,749 | €422,958 | -€13,792 | -3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,158 | -€4,425 | -€266 | -6.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€90,000 | €0 | +€90,000 | |
| Other operating charges | 640/8 | €130,507 | €136,909 | +€6,402 | +4.9% |
| Gross operating margin | 9900 | €976,281 | €614,595 | -€361,686 | -37.0% |
| Operating profit (loss) | 9901 | €503,184 | €59,153 | -€444,031 | -88.2% |
| Financial income | 75/76B | €37,171 | €33,988 | -€3,183 | -8.6% |
| Recurring financial income | 75 | €33,891 | €33,988 | +€97 | +0.3% |
| Non-recurring financial income | 76B | €3,280 | €0 | -€3,280 | -100% |
| Financial charges | 65/66B | €14,776 | €14,073 | -€704 | -4.8% |
| Recurring financial charges | 65 | €14,776 | €14,073 | -€704 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €525,579 | €79,068 | -€446,510 | -85.0% |
| Transfer from deferred taxes | 780 | €28,253 | €24,971 | -€3,281 | -11.6% |
| Transfer to deferred taxes | 680 | €68,199 | €0 | -€68,199 | -100% |
| Income taxes | 67/77 | €73,806 | €44,771 | -€29,035 | -39.3% |
| Profit (loss) for the period | 9904 | €411,825 | €59,268 | -€352,557 | -85.6% |
| Transfer from tax-exempt reserves | 789 | €84,758 | €74,914 | -€9,843 | -11.6% |
| Transfer to tax-exempt reserves | 689 | €204,598 | €0 | -€204,598 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €291,984 | €134,183 | -€157,802 | -54.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.