CIWELD: 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.
CIWELD
Largest movements
- Receivables within one year +€25,096
up €25,096 (+74.1%), from €33,867 to €58,963
of which Trade receivables: +€25,096
- Cash +€21,268
up €21,268 (+302.8%), from €7,025 to €28,293
mainly Net result for the year (+€21,869) and Deferred charges and accrued income (+€16,769)
- Deferred charges and accrued income -€16,769
down €16,769 (-97.4%), from €17,213 to €444
- Stocks and contracts -€9,142
down €9,142 (-92.2%), from €9,920 to €778
of which Contracts in progress: -€8,369
- Tangible fixed assets -€3,832
down €3,832 (-6.4%), from €59,412 to €55,580
of which Leasing and similar rights: -€6,489
- Debts after one year -€23,951
down €23,951 (-33.3%), from €71,978 to €48,027
- Reserves +€20,203
up €20,203 (+203.2%), from €9,944 to €30,147
- Current portion of long-term debt +€12,700
up €12,700 (+186.7%), from €6,804 to €19,504
- Tax, wage and social debts +€5,769
up €5,769 (+122.7%), from €4,703 to €10,472
of which Taxes: +€3,934
- Gross operating margin +€37,171
up €37,171 (+200.4%), from €18,547 to €55,718
- Staff costs +€10,094
new in 2025: €10,094
- Depreciation +€7,299
up €7,299 (+94.6%), from €7,712 to €15,011
- Taxes +€5,218
new in 2025: €5,218
- Financial charges +€1,168
up €1,168 (+48.6%), from €2,403 to €3,571
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 | €127,437 | €144,058 | +€16,621 | +13.0% |
| Fixed assets | 21/28 | €59,412 | €55,580 | -€3,832 | -6.4% |
| Tangible fixed assets | 22/27 | €59,412 | €55,580 | -€3,832 | -6.4% |
| Land and buildings | 22 | - | €824 | +€824 | |
| Plant, machinery and equipment | 23 | €15,134 | €20,380 | +€5,246 | +34.7% |
| Furniture and vehicles | 24 | €13,735 | €10,322 | -€3,413 | -24.9% |
| Leasing and similar rights | 25 | €30,542 | €24,054 | -€6,489 | -21.2% |
| Current assets | 29/58 | €68,025 | €88,478 | +€20,453 | +30.1% |
| Stocks and contracts in progress | 3 | €9,920 | €778 | -€9,142 | -92.2% |
| Stocks | 30/36 | €1,551 | €778 | -€773 | -49.8% |
| Contracts in progress | 37 | €8,369 | - | -€8,369 | |
| Amounts receivable within one year | 40/41 | €33,867 | €58,963 | +€25,096 | +74.1% |
| Trade receivables | 40 | €27,867 | €52,963 | +€25,096 | +90.1% |
| Other amounts receivable | 41 | €6,000 | €6,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,025 | €28,293 | +€21,268 | +302.8% |
| Deferred charges and accrued income | 490/1 | €17,213 | €444 | -€16,769 | -97.4% |
| Total equity and liabilities | 10/49 | €127,437 | €144,058 | +€16,621 | +13.0% |
| Equity | 10/15 | €14,944 | €35,147 | +€20,203 | +135.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,944 | €30,147 | +€20,203 | +203.2% |
| Distributable reserves | 133 | €9,944 | €30,147 | +€20,203 | +203.2% |
| Amounts payable | 17/49 | €112,493 | €108,911 | -€3,581 | -3.2% |
| Amounts payable after more than one year | 17 | €71,978 | €48,027 | -€23,951 | -33.3% |
| Financial debts | 170/4 | €71,978 | €48,027 | -€23,951 | -33.3% |
| Amounts payable within one year | 42/48 | €40,422 | €60,064 | +€19,641 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €6,804 | €19,504 | +€12,700 | +186.7% |
| Financial debts | 43 | €37 | - | -€37 | |
| Credit institutions | 430/8 | €37 | - | -€37 | |
| Trade debts | 44 | €19,906 | €20,085 | +€179 | +0.9% |
| Suppliers | 440/4 | €19,906 | €20,085 | +€179 | +0.9% |
| Taxes, remuneration and social security | 45 | €4,703 | €10,472 | +€5,769 | +122.7% |
| Taxes | 450/3 | €4,703 | €8,637 | +€3,934 | +83.7% |
| Remuneration and social security | 454/9 | - | €1,835 | +€1,835 | |
| Other amounts payable | 47/48 | €8,972 | €10,002 | +€1,030 | +11.5% |
| Accrued charges and deferred income | 492/3 | €92 | €821 | +€728 | +788.7% |
| Non-recurring operating income | 76A | €796 | - | -€796 | |
| Remuneration, social security and pensions | 62 | - | €10,094 | +€10,094 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,712 | €15,011 | +€7,299 | +94.6% |
| Other operating charges | 640/8 | €527 | €371 | -€156 | -29.6% |
| Non-recurring operating charges | 66A | €6,037 | - | -€6,037 | |
| Gross operating margin | 9900 | €18,547 | €55,718 | +€37,171 | +200.4% |
| Operating profit (loss) | 9901 | €4,272 | €30,243 | +€25,971 | +608.0% |
| Financial income | 75/76B | €28 | €415 | +€387 | +1371.1% |
| Recurring financial income | 75 | €28 | €415 | +€387 | +1371.1% |
| Financial charges | 65/66B | €2,403 | €3,571 | +€1,168 | +48.6% |
| Recurring financial charges | 65 | €2,403 | €3,571 | +€1,168 | +48.6% |
| Profit (loss) for the period before taxes | 9903 | €1,897 | €27,087 | +€25,189 | +1327.6% |
| Income taxes | 67/77 | - | €5,218 | +€5,218 | |
| Profit (loss) for the period | 9904 | €1,897 | €21,869 | +€19,971 | +1052.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,897 | €21,869 | +€19,971 | +1052.6% |
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.