CIVASEL: 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.
CIVASEL
Largest movements
- Cash -€39,249
down €39,249 (-10.5%), from €372,289 to €333,040
mainly Investment in fixed assets (net) (-€211,411) and Other debts (-€96,316)
- Other debts -€96,316
down €96,316 (-65.8%), from €146,292 to €49,977
- Reserves +€43,530
up €43,530 (+31.9%), from €136,596 to €180,126
of which Distributable reserves: +€43,530
- Tax, wage and social debts -€20,158
down €20,158 (-47.8%), from €42,204 to €22,046
of which Taxes: -€18,518
- Trade debts +€18,465
up €18,465 (+57.8%), from €31,956 to €50,422
- Accrued charges and deferred income +€16,571
up €16,571 (+581.2%), from €2,851 to €19,422
- Depreciation +€23,371
up €23,371 (+12.3%), from €190,711 to €214,082
- Financial income +€16,335
up €16,335 (+15.0%), from €109,112 to €125,447
- Staff costs +€13,603
up €13,603 (+10.1%), from €135,297 to €148,900
- Taxes -€6,411
down €6,411, from €666 to -€5,744
- Gross operating margin +€4,970
up €4,970 (+1.8%), from €270,450 to €275,420
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 | €565,188 | €530,784 | -€34,404 | -6.1% |
| Fixed assets | 21/28 | €93,846 | €91,176 | -€2,671 | -2.8% |
| Intangible fixed assets | 21 | €36,500 | €36,983 | +€483 | +1.3% |
| Tangible fixed assets | 22/27 | €57,346 | €54,193 | -€3,153 | -5.5% |
| Plant, machinery and equipment | 23 | €57,346 | €54,193 | -€3,153 | -5.5% |
| Current assets | 29/58 | €471,342 | €439,608 | -€31,734 | -6.7% |
| Amounts receivable within one year | 40/41 | €97,991 | €103,459 | +€5,468 | +5.6% |
| Trade receivables | 40 | €62,604 | €95,999 | +€33,395 | +53.3% |
| Other amounts receivable | 41 | €35,387 | €7,460 | -€27,927 | -78.9% |
| Cash at bank and in hand | 54/58 | €372,289 | €333,040 | -€39,249 | -10.5% |
| Deferred charges and accrued income | 490/1 | €1,061 | €3,109 | +€2,047 | +192.9% |
| Total equity and liabilities | 10/49 | €565,188 | €530,784 | -€34,404 | -6.1% |
| Equity | 10/15 | €340,297 | €386,280 | +€45,983 | +13.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €136,596 | €180,126 | +€43,530 | +31.9% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €116,596 | €160,126 | +€43,530 | +37.3% |
| Investment grants | 15 | €3,702 | €6,154 | +€2,452 | +66.3% |
| Amounts payable | 17/49 | €224,891 | €144,504 | -€80,387 | -35.7% |
| Amounts payable after more than one year | 17 | €1,586 | €2,637 | +€1,051 | +66.3% |
| Financial debts | 170/4 | €1,586 | €2,637 | +€1,051 | +66.3% |
| Amounts payable within one year | 42/48 | €220,453 | €122,444 | -€98,009 | -44.5% |
| Trade debts | 44 | €31,956 | €50,422 | +€18,465 | +57.8% |
| Suppliers | 440/4 | €31,956 | €50,422 | +€18,465 | +57.8% |
| Taxes, remuneration and social security | 45 | €42,204 | €22,046 | -€20,158 | -47.8% |
| Taxes | 450/3 | €21,624 | €3,106 | -€18,518 | -85.6% |
| Remuneration and social security | 454/9 | €20,580 | €18,940 | -€1,641 | -8.0% |
| Other amounts payable | 47/48 | €146,292 | €49,977 | -€96,316 | -65.8% |
| Accrued charges and deferred income | 492/3 | €2,851 | €19,422 | +€16,571 | +581.2% |
| Remuneration, social security and pensions | 62 | €135,297 | €148,900 | +€13,603 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,711 | €214,082 | +€23,371 | +12.3% |
| Gross operating margin | 9900 | €270,450 | €275,420 | +€4,970 | +1.8% |
| Operating profit (loss) | 9901 | -€55,557 | -€87,561 | -€32,004 | -57.6% |
| Financial income | 75/76B | €109,112 | €125,447 | +€16,335 | +15.0% |
| Recurring financial income | 75 | €109,112 | €125,447 | +€16,335 | +15.0% |
| Financial charges | 65/66B | €296 | €99 | -€196 | -66.5% |
| Recurring financial charges | 65 | €296 | €99 | -€196 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | €53,259 | €37,786 | -€15,473 | -29.1% |
| Income taxes | 67/77 | €666 | -€5,744 | -€6,411 | |
| Profit (loss) for the period | 9904 | €52,592 | €43,530 | -€9,062 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,592 | €43,530 | -€9,062 | -17.2% |
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.