Ciwalo: what changed
Two fiscal 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.
Ciwalo
Largest movements
- Cash +€43,430
up €43,430 (+69.1%), from €62,812 to €106,243
mainly Net result for the year (+€62,696) and Receivables within one year (+€22,269)
- Receivables within one year -€22,269
down €22,269 (-69.7%), from €31,932 to €9,663
of which Other amounts receivable: -€15,424
- Deferred charges and accrued income +€3,125
up €3,125 (+33.3%), from €9,375 to €12,500
- Tangible fixed assets -€1,642
down €1,642 (-6.2%), from €26,530 to €24,887
of which Other tangible fixed assets: -€2,634
- Reserves +€52,696
up €52,696 (+120.2%), from €43,842 to €96,539
- Tax, wage and social debts -€20,998
down €20,998 (-46.7%), from €44,974 to €23,976
- Other debts -€15,000
down €15,000 (-60.0%), from €25,000 to €10,000
- Trade debts +€5,896
up €5,896 (+36.5%), from €16,132 to €22,028
- Gross operating margin -€5,135
down €5,135 (-5.9%), from €87,437 to €82,302
- Depreciation +€2,094
up €2,094 (+280.1%), from €748 to €2,841
- Taxes -€1,475
down €1,475 (-8.2%), from €17,960 to €16,485
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 | €130,649 | €153,293 | +€22,644 | +17.3% |
| Fixed assets | 21/28 | €26,530 | €24,887 | -€1,642 | -6.2% |
| Tangible fixed assets | 22/27 | €26,530 | €24,887 | -€1,642 | -6.2% |
| Furniture and vehicles | 24 | €847 | €1,839 | +€992 | +117.1% |
| Other tangible fixed assets | 26 | €25,682 | €23,048 | -€2,634 | -10.3% |
| Current assets | 29/58 | €104,119 | €128,405 | +€24,286 | +23.3% |
| Amounts receivable within one year | 40/41 | €31,932 | €9,663 | -€22,269 | -69.7% |
| Trade receivables | 40 | €11,790 | €4,944 | -€6,845 | -58.1% |
| Other amounts receivable | 41 | €20,142 | €4,718 | -€15,424 | -76.6% |
| Cash at bank and in hand | 54/58 | €62,812 | €106,243 | +€43,430 | +69.1% |
| Deferred charges and accrued income | 490/1 | €9,375 | €12,500 | +€3,125 | +33.3% |
| Total equity and liabilities | 10/49 | €130,649 | €153,293 | +€22,644 | +17.3% |
| Equity | 10/15 | €43,942 | €96,639 | +€52,696 | +119.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €43,842 | €96,539 | +€52,696 | +120.2% |
| Distributable reserves | 133 | €43,842 | €96,539 | +€52,696 | +120.2% |
| Amounts payable | 17/49 | €86,706 | €56,654 | -€30,053 | -34.7% |
| Amounts payable within one year | 42/48 | €86,106 | €56,004 | -€30,103 | -35.0% |
| Trade debts | 44 | €16,132 | €22,028 | +€5,896 | +36.5% |
| Suppliers | 440/4 | €16,132 | €22,028 | +€5,896 | +36.5% |
| Taxes, remuneration and social security | 45 | €44,974 | €23,976 | -€20,998 | -46.7% |
| Taxes | 450/3 | €44,974 | €23,976 | -€20,998 | -46.7% |
| Other amounts payable | 47/48 | €25,000 | €10,000 | -€15,000 | -60.0% |
| Accrued charges and deferred income | 492/3 | €600 | €650 | +€50 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €748 | €2,841 | +€2,094 | +280.1% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €87,437 | €82,302 | -€5,135 | -5.9% |
| Operating profit (loss) | 9901 | €86,572 | €79,341 | -€7,231 | -8.4% |
| Financial income | 75/76B | €1 | €1 | +€0 | +25.0% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +25.0% |
| Financial charges | 65/66B | €304 | €162 | -€143 | -46.9% |
| Recurring financial charges | 65 | €304 | €162 | -€143 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | €86,269 | €79,181 | -€7,088 | -8.2% |
| Income taxes | 67/77 | €17,960 | €16,485 | -€1,475 | -8.2% |
| Profit (loss) for the period | 9904 | €68,309 | €62,696 | -€5,613 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,309 | €62,696 | -€5,613 | -8.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.