CIVAR: 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.
CIVAR
Largest movements
- Receivables within one year +€600,732
up €600,732 (+68.5%), from €877,188 to €1.5m
of which Trade receivables: +€585,106
- Stocks and contracts -€106,644
down €106,644 (-5.4%), from €2.0m to €1.9m
- Cash +€65,436
up €65,436 (+152.1%), from €43,035 to €108,471
mainly Short-term financial debts (+€550,000) and Debts after one year (+€296,932)
- Trade debts -€624,324
down €624,324 (-27.1%), from €2.3m to €1.7m
- Short-term financial debts +€550,000
up €550,000, from €0 to €550,000
- Profit (loss) carried forward +€517,872
up €517,872, from -€517,872 to €0
- Reserves -€392,440
down €392,440 (-89.0%), from €441,168 to €48,728
of which Distributable reserves: -€392,440
- Debts after one year +€296,932
up €296,932, from €0 to €296,932
- Gross operating margin -€455,222
down €455,222 (-65.6%), from €693,836 to €238,614
- Depreciation -€26,930
down €26,930 (-83.3%), from €32,346 to €5,416
- Financial charges -€17,436
down €17,436 (-48.8%), from €35,714 to €18,278
- Taxes +€10,746
up €10,746 (+41.2%), from €26,062 to €36,808
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 | €2,917,509 | €3,474,829 | +€557,320 | +19.1% |
| Fixed assets | 21/28 | €13,691 | €8,275 | -€5,416 | -39.6% |
| Tangible fixed assets | 22/27 | €13,691 | €8,275 | -€5,416 | -39.6% |
| Plant, machinery and equipment | 23 | €13,691 | €8,275 | -€5,416 | -39.6% |
| Current assets | 29/58 | €2,903,817 | €3,466,554 | +€562,737 | +19.4% |
| Stocks and contracts in progress | 3 | €1,978,923 | €1,872,280 | -€106,644 | -5.4% |
| Stocks | 30/36 | €1,978,923 | €1,872,280 | -€106,644 | -5.4% |
| Amounts receivable within one year | 40/41 | €877,188 | €1,477,920 | +€600,732 | +68.5% |
| Trade receivables | 40 | €874,435 | €1,459,541 | +€585,106 | +66.9% |
| Other amounts receivable | 41 | €2,753 | €18,380 | +€15,627 | +567.6% |
| Cash at bank and in hand | 54/58 | €43,035 | €108,471 | +€65,436 | +152.1% |
| Deferred charges and accrued income | 490/1 | €4,671 | €7,883 | +€3,212 | +68.8% |
| Total equity and liabilities | 10/49 | €2,917,509 | €3,474,829 | +€557,320 | +19.1% |
| Equity | 10/15 | €540,296 | €665,728 | +€125,432 | +23.2% |
| Contributions | 10/11 | €617,000 | €617,000 | = | 0.0% |
| Capital | 10 | €617,000 | €617,000 | = | 0.0% |
| Issued capital | 100 | €617,000 | €617,000 | = | 0.0% |
| Reserves | 13 | €441,168 | €48,728 | -€392,440 | -89.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €438,070 | €45,630 | -€392,440 | -89.6% |
| Profit (loss) carried forward | 14 | -€517,872 | €0 | +€517,872 | |
| Amounts payable | 17/49 | €2,377,213 | €2,809,101 | +€431,888 | +18.2% |
| Amounts payable after more than one year | 17 | €0 | €296,932 | +€296,932 | |
| Financial debts | 170/4 | €0 | €296,932 | +€296,932 | |
| Amounts payable within one year | 42/48 | €2,346,265 | €2,505,199 | +€158,933 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €179,838 | +€171,838 | +2148.0% |
| Financial debts | 43 | €0 | €550,000 | +€550,000 | |
| Credit institutions | 430/8 | €0 | €550,000 | +€550,000 | |
| Trade debts | 44 | €2,304,909 | €1,680,585 | -€624,324 | -27.1% |
| Suppliers | 440/4 | €2,304,909 | €1,680,585 | -€624,324 | -27.1% |
| Taxes, remuneration and social security | 45 | €29,955 | €41,554 | +€11,598 | +38.7% |
| Taxes | 450/3 | €29,955 | €41,554 | +€11,598 | +38.7% |
| Other amounts payable | 47/48 | €3,401 | €53,222 | +€49,821 | +1465.0% |
| Accrued charges and deferred income | 492/3 | €30,947 | €6,970 | -€23,977 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,346 | €5,416 | -€26,930 | -83.3% |
| Other operating charges | 640/8 | €2,541 | €2,690 | +€149 | +5.9% |
| Gross operating margin | 9900 | €693,836 | €238,614 | -€455,222 | -65.6% |
| Operating profit (loss) | 9901 | €658,949 | €230,508 | -€428,441 | -65.0% |
| Financial income | 75/76B | €0 | €11 | +€10 | +2802.7% |
| Recurring financial income | 75 | €0 | €11 | +€10 | +2802.7% |
| Financial charges | 65/66B | €35,714 | €18,278 | -€17,436 | -48.8% |
| Recurring financial charges | 65 | €35,714 | €18,278 | -€17,436 | -48.8% |
| Profit (loss) for the period before taxes | 9903 | €623,235 | €212,240 | -€410,995 | -65.9% |
| Income taxes | 67/77 | €26,062 | €36,808 | +€10,746 | +41.2% |
| Profit (loss) for the period | 9904 | €597,173 | €175,432 | -€421,741 | -70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €597,173 | €175,432 | -€421,741 | -70.6% |
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 11 October 2026 via checked.be.